The New York herald., 1866-09-03
FINANCIAL AND CONNER CiAL

during the past week and the OF capital has
sluggish The fact of Wednesday being observed
as holiday the Stock Exchange, partial one in
the Gold Room, in honor of the Presidential VISIT gave
temporary check to business and during the remainder
the week the tendency Of both gold and stocks in
cIuding government securities was downward but ON
Saturday afternoon Appearances indicated that the
cline had reached it's limit and brisk reaction is likely
70 follow. This was indeed begun in the stock market
after the morning session OF the regular board yes
,erday, and the railway list closed firm at five
o'clock at the following prices:-New York Cen
tral 1929 4, Erie 721s q, Reading 1i3% q,
Michigan Southern SAL a, Cleveland and Pittsburg
s61s y, Northwestern 352S 49, preferred 67lS u,
Rock Island Ios5s 100, Fort Wayne lo4 a. Illinois
Central l2sss z, Cumberland 46a4 471 Quicksilver
5oa u. Mariposa preferred 27%.
Government securities continued strong until Thurs
day, when they began decline notwithstanding the
hrmness OF the foreign market for fvetwenties and
the six per cents closed recession Of per cent
from the highest point touched and sevenhry notes
"a ~. All but the large holders are tirnid of dealing
in them owing to the great advance which they have
laeriy experienced and ii is feared that the heavy
speculative shipments which have been made during the
last few weeks will have the effect OF Cutting the Euro
peau market Wall street is already glutted with
them but the holders sanguine that the
demand for export will be sufficient to absorb
abroad Home investors not generally di sposed to
buy at the current quotations, but long money
easy which it is likely to do during the remainder
OF the year. the heavy spectators in them
tor obstacles in the of carrying their load in the
event of their expectations not being Immediately real
i2ed
The supply of capital remains largely in Of the
demand and loans stock houses made freely by the
banks at four per Under this condition of affairs
probable that the multitude of brokers and pro-
fessiona speculators, who returning to town
after their summer vacation will long remain idle
These unusually quick to opportu-
mites and to them, and it obvious
that while there is little margin
for fall in stocks there is expansive for RISE
based not only upon monetary ease but substantial
values Railway shares such Illinois Central and
Rock Island which paw regular dividends the of
per per annum must surely attract attention at
a time when 1t is difficult to find employment tor money
open market at four per cent. In proof Of this
have only say that large amount Of the tempo
rary deposits which maiured the 26h OF August have
not yet been withdrawn from the Sub Treasury by
the banks, owing their being unable TO the
money. They simply hold the Sub-Treasurer's
checks for it. In paying these checks at the
Sub. Treasury about half their amount has been
in national bank notes thus far and depositors very
reasonably complain Of this mode Of rcdeemng govern
ment obligations to the public The government would
doubtless lind difficult to get rid OF these notes in any
other way than by paying public creditors with them
but il is at the same time morally obligated pay in
bankabe money which national bank notes are not in
large sums present time, because the banks
making exchanges with each other through
the Clearing House Some palliative remedy is
quircd to mitigate correct this evil, arising from
the accumulation OF country national bank notes at this
centre Either the Clearing House should admit
national currency equally with legal tenders in the
adjustment OF balances, all the country banks should
be practically compelled to redeem tn cir in OF
the three cities of New York. Boston and Philadelphia
There is ample surplus Of oanable funds here now,
Aowever that this inconvenience is practically OF little
Importance, and the Western drain which going for
ward to q limited extent will gradually clean the New
York market Of their abundance.
THERE'S denying at the same time that the creation
OF national bank circulation grave financial
which will ultimately have be corrected by its with
drawa, and II 1t possible TO cancel it to.
morrow and substitute in its place legal tender
notes It would destroy great element OF
weakness in financial system and the
Congress egslates towards this end the better
SO long as 900 100000 OF national bank notes remain
50 circulation they will DO greatest stumbling block
the way Of appreciation Of the currency par,
or In other words, resumption Of specie payments in
this connection may ask why MIR. McCuloch who Is
partial making stump speeches and writing spread
eagle about the nnances In which he invariably
dwes upon specie payments tho one thing necessary
10 the counys salvation, has made al!usion
that excrcscence Of present financial systematic
national bank circulation the obstacles presents
Tho consummation devouty TO be wished for by the
fund holders. There is perhaps bo nd Of sympathy
between him and the banks and "a fellow feeling
US wondrous Kind 4"
Gold steady up TO Thursday morning, when, under
the advance OF American securities in London the weak
of the foreign exchange market and the specua-
tive shipments OF specie from England, the price in
currency declined till 1t reached 1857 Saturday. after
selling at 1ls,. on Tuesday II had however, sold as
sow as l48K on Monday morning early, although IL
racted TO 14sk the day The extremes OF the
week, therefore. 1867 149's The shipments Of
specie and bullion from this port and Boston th'
1st OF May last aggregated ssl,i33573 The tee
graph has advised OF the shipment in all OF f475 0Ot
IN specie or s23I5 600 for this country which move
ment Is a speculative that cannot last
and must be followed by reaction ia
the opposite direction the present state Of foreign
trade The gold value OF imports at this port for
the seven months ending with July was exclusive Of
freight charges $3.50 2is against si0 I7s 500
for corresponding period last year. while the exports
for the same time valued, exclusive OF specie aud
bullion, only sl2l, $50 in currency, against
$50 T6O for the corresponding months last year In
the month Of July exported at this port to the
iue Of thirteen millions and half only and imported
tho value OF nearly twentyseven millions, and this
dsproporton between exports and imports still
finues, and Is likely to do for indefinite period
The receipts for customs in july eleven and half
millions and the total receipts at the port
since the beginning Of the year s7a,055. .37s
The receipts show no reduction, but are slightly on
tho increase those last having been ssi7a $50
The export Of three .hundrcd thousand cbofy
1n buion Tho disbursement Of the coin interest the
ten-forty loan due the LIST instant begun yescr
day when about s24o, 900 paid out at the sub.
Treasury hers. The total interest aggregates abou,
slsooooo Of which only two aud half millions viii
bc disbursed In New York.