The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-08-09
FINANCIAL AND CONNER CiAL.
WKpSrspAr, August So ?. Y

bdoyancy to-day and the spectators who sold Tow
i,yl aeo in anticipation Of fall among the
ost eager Of the multitude OF buyers for rise. II y
ACT An evaporation 10 say that these prosperous
amss for Wall street Impecunious stock brokers are
beginning to feel themselves, nguravely speaking in
clover and the unwashed crowd Of Jews and Gentlles
who stake their paliry iucrs At the shrine OF
tho Stock Exchange are jubilant When a pinch
IN tho money market comes these gentlemen
will be Intensely disguised, and their brokers
aill fsll down upon them like shyocks cormorants
FOR more margin money which they may may not DO
able furnish Profits the poetry and losses the
prose OF Wall street life. The Stock Exchange is lot
terry open TO the public. and brokers and professional
spectators the whales and sharks that dcvom the
ANAL ash who venture their Just the
Shines and foos havo only to buy stocks In order TO
make money but u single monetary spasrn would leave
shsse spras sardnes and minno~of the street and
dry on the shore whore only lame ducks yander. The
Stock Exchange is 10 o great extent simply gamb
Bng where railway shares and such Ike, instead OF
dollars the stakes ard those who yield 10 lis asc
nsLcn prepared suior the penalties II nncts
The money market continues in the same encouraging
state 70 spectators for rise that mentioned yester
day Loan Gu government securities made by the
banks 10 first class s three per cent and al -four
on misccsaneous shares whilo only second rate firms
have 20 submit TO Ave per cont These second rate
houses almost invariably consider themselves first class
and wonder why they should be asked to pay one per
cont Others but lenders are, OF course, too
courteous explain their II s notorious that
weak generally the most venturesome and
sometimes requires only an extra pound TO break the
cancels back In the discount line there very limited
supply OF good commercial paper Tho frs grade Is in
request at per cont and the second BEST at Ga T.
The Western money markets remain easy At Chicago
che bank OF discount for the best commercial paper
10 per cent, and at Cincinnati o. Tho lnerchan-
disc markets reported bare that section OF the
country while exchange the East continues arm and
inght supply, the rates being par buying and lilo pre-
mum selling.
Al iho carly session OF tho open board, New York
central sold loih, Michigan southern s43, Erie 6s,
cleveland and pttsburg ses X, Rock Island 1911
i, North Western 367s-prcfcrred 6sA, Fort Wayne
DiH r, Ohio and Mississippi certificates 29a Western
Union Telegraph 57S 90
Al the drSt regular board the market was buoyant
Erie closed 4 higher than at ihe halfpsst two board
yesterday; Hudson River y, Reading 81 Michi
Southern "a Cleveland and Psburg Il, Rock Island i,
Northwestern hprefored l. Fort Wayne AZ, Marlposa
preferred a. Western Union Telegraph n. Quicksilver
x lower Government Securities steady.
Coupon fyetwentios OF 1852 accepted which declined ~
Five .wentes Of 1886 advanced a. seven-hiry notes OF
the second series r.
At the one O'Clock sessions the market 6r hut at
tho half-past two ,ard was co. although under
tone strong Erie closed 4 higher than ut the frst
regular board Illinois Central Fort Wayne " Marposa
preferred y. Reading u lower, Michigan Southern
Y, Cleveland and Pit,sburg u, Northwestern 5prc-
ferred x, Western Union Telegraph y. Government
securities buoyant Coupon sizes Of 1881 advanced
N. nve-.wenes OF 1862 u, third issue =, sc-enthrty
notes Of the first series y, third series a. Tennessee
Sizes new, were X lower N
tha hoor tbraa r1oseL Tho ~ una
stronger. Erie sold al O. ,2prefered 7s Hudson River
100 Michigan Southern s55, Cleveland and Pittsburg IS
STyS. Cleveland and Toledo 116H, Rock Island l07Y,
coedo, Wabash and Western AZ, Northwestern e0k--
prefcrrcd esx, Fort Wayne 1861 Western Union Tcle.
graph 6eH Marposa preferred AK.
At haifpass i've the market closed 6rm at the sub
ioaed quotstions:-New York Central los n, Erie
dsL -, Hudson River 100, Reading ia u, Michigan
Central 1l0h u, Michigan Southern e6sS SO, iii.
aos Central 122x X, Cleveland and Pitsburs sly
ss. Cleveland and Toledo 1lsN X, Rock Island 1919
Ak, Northwestern ss< u; preferred osH a u, Fort
Wayne lco1< u, Ohio and Mississippi certificates COX
AZ.
the gold market has been strong and the supply Of
coin for delivery scarce the borrowing rate having been
generally per cent per diem In favor Of the lender OF
the specie. Tho opening price l4s, followed by
advance TO 14sx, relapse to 1897, and subsequent
rise TO Aq From this point reacted TO 1881 q,
the closing quotation The Scotia took out only $4,000
"a specie, while the Palmyra took mono.
II IL understood that the foreisn bankers and
cthers who signed the impudcnt application
to the Secretary Of the Treasury, which
we published yesterday, are highly disguised
end thai their memorial has been made public
Being short Of gold they feel sociy touched In the
pocket and this exposure they fear win not benefit heir
reputation, while adding nothing to their gnns. They
heartily laughed at tho street, aud Is generally
sdmited that II Nj. Mccuioch veniurcd TO play into
Their hands by selling gold. thu work OF standardization
rhioh he commenced time ago would be imme.
dacly completed, and he would have TO retire from
she Cabinet In Disgrace. But In justice 10
Mr. McCucch arc glad to say there is no proha.
bi,y whatever OF his lending his influence 70 promote
The sesb ends OF mossrs Brown Jones and Robinson,
"sherts 10 gold. Gold above all other commodities
should be loft free from government Interference be
regulated by the natural laws Of supply aud demand
aud business OF the Secretary the Treasury
TO disturb values " attempting 20 control Il.
Foreign Exchange hsm but dun Bankers bills
oa England at sixty days quoted at 1914 los
three days 1881 1921 Commercial loc'< lo7 !,
sils Paris sixty days or zoe q ST. u.s., threO days
So Iohc. atf 1sac.
The quotations for American securities and oonsols
he London Stock Exchange Gs under on hc dates
named--
s T. : 'so..:..i ss a. s1S go es'i
cousols. ........ssss a sSls $50 ssss 81.
The fat OF the Bank OF rrglsnd rate Of discount be-
ting maintained AZ ten per cent whie prces tho Stock
Exchange s,l depressed sign tha, monetary af
airs 10 the United Kingdom not yet ADJUSTED on
aiisfao,ory oasl and the rcoe failure the Preston
bank among others shows tba. The ful effect OF the
ate panic has no. ye been oxperiepced. Rotten Hnan
sal tmbSrs sui' exit, and ono by they are falling
rOycelrg their weakness The managers OF tho Bark
y Enslandnrs shrewd enough perceive the insecurity
q tho situation, ans they therefore remain passive nm.
ict the protection Of the letter Of Nesrrs Russell and
gladstone virtually susrendlng the bank charter This
u course Indicates their dsirust aud inspires
somewhat corresponding degree Of disirust both IN
lrcai Britain aud Continental Europe The uncertain.