The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-09-24
FINANCIAL AND COMMERCIAL

49, oC the market sympahzpd with this break slightly
snd become less animated, Saturday its
lrn am Ele time recovered to 1914, but finally
closed ii 75S = agains. 721s on the l4th inst The
annual election Of officers OF the company viii take
plac, on 9th OF October and meanwhile the proba
Dites attending IL much discussed. Con
hdencc in tho value OF railway property
hardy over stronger, and all the indications
favor the development OF the present activity
into very brisk speculaton lasting at least till Ncvem
Der and probably TIL December In the interval the
prices will be es.imated by the increased earnings
leading railways in consequence of the moving OF
the crops also by the unparalleled abundance OF
money which results in large amount being held IN
employed al this centre, although it is offered freely at
per cent, and IN instances ut three. There IL
the time every prospect of this extreme ease
being prolonged for several months at least TO
The Western money easier than usual at this
season, and the drain from the East is hardly
pcrcepuble, while already there Is return aow
from the country TO the local centres aud at
Chicago prime commercial paper passes freely at ten per
some have anticipated considerable drain south
ward the cotton CROP but there is TO
apprehond that it will be sufficient any material
influence upon the money market here and the return
fow of currency from tho West will probably fully Offset
IL Moreover the cotton crop promises be very light
one ana the South is already we'll supplied with curren-
cy. There will doubtless be drain Of gold southwar
for this purpose; and this In all likelihood will
prove considerable than the other To
add to the existing plethora, the Treasury will
be prepared disburse than twenty
two IN lions the 25th instant and I'm equal amount
the 25th Of October redemption Of the Clearing House
certificates interest upon which will thereupon
1t possible 'hat OF the banks may view of the
difficulty in employing money just now allow their de-
posts % remain uncaed for until they require them
tho certificates being meanwhile used as BEFORE but
the demand for loans increases they viii
surcdy withdraw them There Is, however, an objection
70 be raised against their using the certificates the
payment O. balances through the Clearing house after
tho time fixed for their redemption The Treasury would
be thereby forced position of the banker OF the
banks against lis will and the Clearing House in this
city shorld conformity with the spirit well a
the OF Secretary of the Treasury
the subject
Government securities have been neglected and the
speculative activity which carried the original issue OF
nvetwentios ABOVE lis has entirety died out Wilde tn
demand for Investment has likewise subsidized. The
market, however, remains steady at the late decline.
The banks having bought up the floating supply Of
pound interest to include In their reserve the
activity In them has also subsided and dealers
in governments waiting for something to
mp Meanwhile they carry their stocks for three
por cent per aanum.
The closing quotations for railway and miscc lancons
shares Saturday under:-Eric 751k u, New
York Central 1861 a l07. Hudson River I2Ils 81
Readirs l15h q, Michigan southern $40 r. Clcve-
land and Pittsburg S7s =, Northwestern 35ss a q
preferred OK Z, Rock Island lllA 4, Fort Wayne
1864 l06, Cumberland 49, s., quicksilver 50 a 4,
Western Union Telegraph go. "a Mar posa preferred
35a35
The gold market dun and heavy during The week
the extreme range having beea from il7Ts Monday
a.. Cot, Isoar
Tho demand for customs datios 81 AS 600 and
amount Of interest dsburscd by Sub treasury
400 Some pressure has been brought bear upon
Mr. McCuloch to induce him TO anticipate the coin
interest the nvc-twenty bonds due on the LIST OF
November to sell portion Of the gold the Trcs-
sury. some Of the parties making this application
known to be short Of gold their motive : there
FORE obvious; but whatever their object the Secretary
Of the Treasury, the custodian of the national funds
should turn a deaf ear TO such solicitations Tho
affect OF the Treasury selling gold anticipating
the payment OF coin interest on the public
debt Is to disturb the gold market anc excite
apprehension among all classes OF the Community.
The only gamers by these fluctuations in Vod
spectators and especially those within ear sho: or the
Treasury sanctun. The tendency OF all iaeddn with
the gold market, directly indirectly, the part OF
the government is to unsette for the time being and
Afterwards 70 produce rise in the premium Thus II
"
had done selling the premium would rise to point very
much tbove its present range and the government by
havirg thrown away lis would have LEFT the
market al the mercy OF the spccustors circumstance
calculated 10 INSPIRE panic among the peopie We there
fore again advise Mr. McCulIoch neither to sell any part
Of the gold in the Treasury to anticipate the interest
the public debt, Tor thereby he would DO playing Into
the hands OF spectators and exposing himself
70 suspicious which h. ought TO avoid II
he thinks thai the effect OF either course
would be make the paper dollar and gold Ipprcxiate
more closely, and that therefore one or tho other Is
desirable, ask him how the reduced premium would
bcreN the public credit aud the grafton of
specie payments' Gold deciaed TO 1881 after he
render O. Lees army; yet II has lately been up 10 a
point 100, yet the public credit higher
than II did when gold was i2sIf and f It defined 70
the sane prcs 20 morrow We should be specie
payments thai would DO II rose TO 200 Moreover,
the interests Of the government the largest Debtor
opposed rapid appreciation OF the currency. 81 f
specie payments 10 be suddenly resumed " wpuld
be insovent within week afterwards for ali the ia "a
night hold would be Withdrawn BY run upon the
Treasury for the redemption Of legal tender notes The
government, IN other words Cannot Afford ~ well
NJ the country a. large 10 act upon the tn ores OF the
buionss, the fund holders and the spectators and
Mr.. Mccutoch vii do wcli 70 take warning due
tima
The foreign exchange market was firm bat quiet dur.
Ing the week, and the leading drawers shoaed dis
position their rates Prime bankers balls on
England at sixty days quoted at Io7ss among the
brokers saturday, but the drawing rates were y AZ
higher Tue floating supply OF bills is very light the
mporetions heavy aud the exports OF produce
light and there securities being shipped 10 an
amount ~orh mentioning.
The trade of the city including the dry goods
TRADE continues active and prices for fabrics, foresn
aud .crne,.,- have advanced somewhat under brisk
zousaa rom the south and Southwest and the upward
tendency cotton There is notwithstanding, very
hide com eerca arcr being made and that Of the best
grade d In !. lues, at 5 Z per cent discount
N.etn IA, a mari NJ In