The New York herald., 1866-09-08
FINANCIAL AND CONNER ClAL.

raDAY, Sept T-6P NJ
rho stock market has displayed increased strength
aad activity to-day and the espectan bulls have been
saying freely tho slight decline which, by artificial
means. they succeeded producing The bears are
the reverse Of sanguns Of being able to hammer prces
lower and operations have resulted in moro
loss than prof. themselves. Predictions cOna.
dantly ventursd that railway shares will rise higher
turing tho present autumn than they did before
,ut without endorsing this view OF tho case, II Ia
,ery probable tina. active bull speculation will
let In, which must inevitably result in higher range
Il prices and TO encourage this there is money
let OF unexampled ease and prospective increase Of
railway earnings consequent the crop moving.
The banks still sutted with currency, AMI loans
made freely at four per cent to leading stock houses
exceptions at three dealers in government
tics. First class commercial paper continues request
ave per cent. The Western money markets only
moderately active and The bank at Chicago remains
a ten per cent The drain from this centre IS mean
while, light.
AT the early session of the open board Erie active
and sold at 10 ~ Hudson River l20IinS Michigan
Southern 1914, Toledo, Wabash and Western a; Ceye-
land and Toledo 1i41, Rock Island l09 Northwestern
S5h-prscrrod 60I, New York Central lo3ss, Marposa
-"serred 27A AT the first regular board the marxe.
was urn w. ',creased speculative activity. E,c sold
up to 7oS closing "a .han Al Tho same time yes
terday Illinois Central Z low, rova,o,d ana 20
iedo u Fort Wayne -, Ohio and Mississippi sc.,a
81, Tennessee Skies, new, l. New York Central was !,
higher Hudson River =, Michigan Southern Y, Rock
Island Il. Cumberland n Western Union Telegraph a
Missouri State Skies d. Government securities
heavy Coupon lve.twentes Of 1852 - lower
issue of 1865 u, ten-forlies a. sevenhry notes OF the
drst series y, second u, third 81.
At the one o'clock session the market continued nrm
but without any material change in priccs AT the half
past two board 1t was stronger especially for Erie which
closed q; higher than at the first regular board Read
Ing u higher Michigan Southern a. Cleveland and
Pittsburg x, Fort Wayne r. Rock Island !, lover
Quicksilver x. Government securities dun and
without improvement Coupon 1ve-twentos were x
lower tcnorties =. There TRANSACTIONS IN
seventhrty notes After the call the market was lrac-
tion lower
At halfpast ve the quotations current under
New York Central 1885, Z, Erie 7oa@ =, Hudson
120k ~ Reading ia X Morgan Central li0a i,
Michigan Southern s3s. "a, illinois Central l22 Cierc
land and Pasbprp q, Cleveland and Toledo lI4i.
IFS. Rock I..snd, ios a y, Northwestern s54 81
pressred 66h 67 Fort Wayne l04 X.
The gold market has been firm The opening price
145si, followed by gradual advance to li8,.-,
closing quotation. Loans made at l32 per ia
favor of the lender and aat The demand for customs
duties is large and steady averaging about $3.50 per
day
The foreign exchange market was steady the dernand
for bills being moderately good and the supply ample
Bankers' bills on England a sixty Days qeoed AZ
los u, short sight 1O7S, commercial I0i}s a 1857.
Wo referred In statement of the public debt yeste-
day to discrepancy between the "details ana total OF
the dobt, tclegrnphed, OF aboht twenty millions
This IS explained in the return ITSELF which has since
como to hand, under the head OF 'matarcd debt no,
presented for payment $40 853 443 leaving tho figures
Of the total debt 81, 72s, ,3ii. ss5--corret
The circulation Of the country the lst Instant stood
under
Legal tenders 1856 ll6. 7s2
Fractional currency 26 as3 e9S
Total ssh SIS $50
Between the 1st Of Juno, 1855 and the Is OF Septom.
Der current there total reduction made IN The
amount Of legal tender Of slO4O44 s8r and
crease in the national bank notes during the same time
OF t52 Thus the circulation has increased
more than foryeight millions within that length OF
time
The statement OF the debt shows that Mr. MCulloch
continues 10 tamper with the market for government
securities through some agency unknown to Inc pub
lie. Thus the nve-twenty bonds outstanding were
increased In amount during the month of August
$N. N.Oes I5O while The seven thirty nstes were
reduced $40 43O $50. What good this dabbng in what
the Secretary should not himself about Is
pcoed to do, 1t is hard 10 but doubtless Mr. McCu
looh has object In so doing comprehensive fund
ing policy would be much better study however, for
the Secretary OF United States Treasury than these
petty nterfsrencss with the Market especially at
period when they are in need Of such.
The large holders OF government securities are
iust now anxious that the Treasury should
sell gold, because, forscoth, st has 500, $50, ,ess
IN its Golfers, exclusive Of $15.4 ,920 in
gold certificates in the hands OF the public and that
should buy up with the same equivalent amount Of
national securities or in other words relieve the bu
specuators them of their load at profit instead OF
leaving them TO sell at loss, seems probable The
'shors in gold also In favor Of this measure the
motive in zach being Of personal proht But
Mr. McCuloch will be unfathfu TO his uust he repeats
the bundcr Of last May and his proper to hoard
all the gold he and sell none The Of coin in
the treasury viii operate 70 preserve confidence
in the national credit, Just as the reserve
In the Bank Of England acts there and the larger
hoard Of gold the better will be for the public credit
FThe individuals who recently signed petition to the
Secretary to sell his gold, merely wished him
tool for the accomplishment Of their purposes and
they anahematized and usulted him when he failed
comply with their insoent request The subject would
have served the carcaturist for picture OF dignity and
tmpudence; Mr. McCullochs attitude in that instance
being perfectly proper one, before which Messu.
Brown, Jones and Robinson ultimately retired abashsd
The effect Of boarding gold in the Treasury is to
steady the gold market, whereas II the
Treasury sold Il would play into the hands Of
speculators encourage fluctuations and simula,e the
export OF coin just IL did few months ago. The
Secretary called upon TO sell gold when il ten
per cen, higher than Il il now, short time since, and
gold then than at any previous time snce
tho suspension Yet Il declined without his assistance
aud Is now easily borrowed as IL ever wac II tho
Treasury had sod the premium would have been higher
and coin scarosr to-day. Moreover the Treasury
qures TO keep up considerable 10 be pos.
ton TO meet is coin interest the public debt The
semi annual Interest the fve-tweuty due on the
Is Of November will aggregate about twenty-five mil