The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-08-07
FINANCIAL AND cOMMERc GAL.
SUNDAY, August 9, 1865,

SUNDAY, August g. 1866.
The stock market has been unsettled during the rast
week, owing chiefly to active seven per cent money
market and apprehensions Of stringency the ACTIVITY
was mainly due to the temporary WITHDRAWAL OF
t8 TIA in currency from ordinary circulation by the
government that being the "amount In the Treasury
July 81 according the recently published statement
. q the national debt We good reason, how
ever for the accumulation of large sum in the
Treasury and its branches but there is reason to believe
that since the of the statement referred to the
Treasury disbursements have been active and
that a large portion of the amount will soon be
restored 10 circulation. 1t is difficult to
tain exactly the total OF paper money in the
gub-Treasury here the 'baance )" which Saturday
was 500 $40 $780, includes all the gold coin in hand It
b that the proper would be state the
and paper separately and that the of count
ing "mixed currency in common total however
satisfactory it may have been a specie basis is not
sufficiently explicit under the present condition affairs
Moreover, as the government is just selling por-
ton If not the whole, Of its current receipts for duties,
no secret should be made Of the fact the especially
- the policy Of so doing open censure on account
NJ its being unauthorized by Congress as well as on
score Of inexpediency
But the money market active and threatened
With stringcncy in Imagination than fact,
and owing to fears and consequent dstrust
tend to produce real scarcity the absence of
any real II is TO the of the government
70 keep money easy in order keep its securities from
sinkng, and TO enable II TO pay out certificates or IN
Aebodness freely The issue of the latter is virtually
that OF loan and monetary ease Is requisite TO
Aoat them. The addition OF more than twenty seven
millions to the between the LIST OF June and the
end Of July, exclusive Of national bank issues indicates
the reverse Of desire to contract its volume on the
W. ahr.,t f1,ap
sand millions Of legal tender paper in circulation,
269 Of which in the form Of direct Treasury
Issues $685. 440 that of national bank notes,
The remainder being State bank notes. The issues Of
the nat ona banks steadily increasing ard will before
long aggregate three hundred Millions the limit imposed
By the II must at the same time. be considered
that large amount Of the smaller denominations of
thirty employed currency the int
Tor and especially the West, where the people have be-
come accustomed to currency below par that they
take them without the coupons Under ali these
stances stringent money market may be considered
next TO impossible although moderate activity may be
tsow this standard
Some of the former bulls the Stock Exchange who
unioaded few days ago, still using the bugbcar of
tight money market TO depress prices, in order that
they may load up again at lower prices than
current But they opposed by the prevailing
spirit Of the street. which favors rise, well
By the large and increasing volume Of the currency.
The bank statement on Monday may not make very
favorable exhibit, owing to Withdrawals by the Treasury
a balances from the national banks and the fact that its
disbursements actively going forward have not yet
been fully felt But all the Inconvenience arising from
the temporary reduction Of oanablc funds this point
Aas been already experienced and future statements VII
show progressive increase in the deposits and legal
lenders In the event Of any artificial stringcncy
Arising, the banks cnn promptly supply the remedy by
presenting portion the whole Of their Clearing Eouse
certificates for redemption. There twenty-five mil
Hons Of these issued and they payable at the Sub
Treasury At sight
Tho following table, giving the closing prices Of stocks
~ the first Board the four last Saturdays will show
that, with the exceptions Of Erie and Reading, they
nre but trfe higher than they month ago.
Cleveland and Ptshurg has advanced two per cent
she 18th Of July; Rock Island, j. Northwestern, u;
Hudson River, 3A Michigan Southern IN Reading, o;
Erie, eh. On the other hand, Illinois Central, New
York Central and Fort Wayne have declined -