The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-09-11
FINANCIAL AND COMMERCIAL.

Tne condition OF the stock market has been artificial
and somewhat feverish during the past week, and tho
fictitious buoyancy which impaired to Erie at the
opening gave way to depression at the close, tho ex-
treme prices having been ok and 6ox, showing de-
cline between Wednesday morning and Saturday even
ing Of AZ per cent This q great disappointment
TO the professional operators who had loaded them
selves with the stock, because the Broad street
party were buying, land rumor had IL that 1t
was going to par, and after going to par might
go to 100 The imagination Of the bulls, eager
to win fortune by q single throw Of the dice, was
fired by stories Of an impending contest between
the Drew party and the English party en- route from
Europe for the control Of the road at the forthcoming
election, and who knew into how desperate struggle
that contest might resolve ITSELF "The Duke Of Tala
manca is coming " afterwards changed to "the Mar
qus became the ralyng cry Of the curbstone and the
beam of hope radiant in the bul'seye Of specula
ton. But when the expected capitalists (minus
"ths Duke" otherwise "the Marquis" came
and went and no contest began, the ardor Of
the men Of the "street 4" was dampened, and
as Erie halted in It's upward course and then slowly
gan to sink from its zenith their faith In the expected
contest diminished. But still they had faith in s'Uncle
Daniel and 1t was not until Saturday afternoon that
they began % SEQ that even he had deserted hem and
that he was no longer buyer but seller.
The advance which had taken place during the first
three days Of the week than lost with couple
Of exceptions afterwards But while Eric decidedly
weak at the Close the rest of the list steady Should
the former continue to Decline however ID likely to
do before hardpan Is touched the general market must
sympathze just did with the RISE and there will be
rush Of weak holders TO SELL and these constitute the
great majority Of those operating at present.
The gold market was firm during the week, and the
extreme fluctuations OF the premium limited to
tbo 0rhT
material influence upon the Of the market
the drift Of speculation. The amounts sold are esti-
mated to have averaged only about three millions and
half per MONTH whereas the demand for customs duties
at this port equal to So,90s 191 in July, and
$13, 100, 400 in August. Whenever the government
is selling gold the price will be found at or
near it's minimum for the day week, the
brokers at such times making 1t point to bid the
price down for the purpose Of buying cheaper Notwh
standing that nearly thirty millions Of gold has found its
way from private boards into the banks and Sub Treasury
Of this city since the beginning Of the present year. the
supply the market is limited that, although specu
laton was never more sluggish the difference between
the cash and regular rate s frequently as much
per cent in favor of the former, while
1872 1-1o per day are common rates TO
pay for coin loans. How long the drain Of gold
from private boards will continue before the supply Is
exhausted cannot be precisely estimated but 1t may be
roughly conjectured that the receipts from this source
will soon show marked Decline and gradually dwindle
into insigniHcance.
It is fortunate therefore, in view OF this contingency,
that the Treasury possession pide statement of the
public debt August 81 q s45. 435 I'll in COIN OF this
the Sub-Treasury held, at the date mentioned
$685. and the banks Of this city, together with the
SubTreasury $50 404 s93 On the 1st Of January the
banks and Sub Treasury held only $50 064450 During
the eight months following added to our stock
$l1 294 received from California and 81 sol 1856
ceved from foreign ports against which exported TO
foreign ports $40 1914 143 The amount Withdrawn from
private hoardngs during this time is ascertaned by ad
ding to the amount in the banks and Sub Treasury
the lst of January the receipts from California and
foreign ports then by deductng the amount Of the
ports and again deducting the remainder from the
amount the banks and the Sub Treasury the 3lst
of August Thus
Specie in New York banks and Sub-Treasury
January l, 1865 ........ OOo4. 400
Received from California and foreign ports
from January to August 81 .......... 10 212, 500
Total. ACKNOWLEDGEMENTS. s4a, 2oe s7s
Deduct exports to foreign ports from jan
uary to August 81 ................... 20194, 143
Balance. .................. s2a, O72, 500
Specie in New York banks and Sub Treasury
August 81. $50, 404, s9s
Deduct balance 23,072, $50
Withdrawn from boards ............$ $40, 332, 057
Coin in Treasury August 81 1885. S45, 435 I'll
Coin in Sub Treasury at New York August 81 49, S93
At other bTrcasuries and Washington. $3.50 S7S
number Of causes combine TO keep the gold market