The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-08-23
FINANCIAL AND CONNER lAL

FINANCIAL AND COMMERCIAL
- wxpsrapiy, August s2-Sf, ~
Business In Wall street ooplnues unusually active fo'
rs present season OF the year. and y general 10 the
Confidence In values that with the existing and prcspec
dss monetary sass prices must tnsvsbly tsnd upward
4 least on the stock Exohsiss untn change In hi
Conditions applicable 70 the market tAkss plaza Aps
this change l. more remote than u generally IMPOSED
d the Treasury 70 redeem the I'VE per cent tempo
pafy dsposs on the Goth inst, on which day ntArts
thereon csasss,I there would b . probability Of
sonswhas active six and sevsa per cant monsy
MARKET and this would favor speculation for
o but a. y tie disbursements Of the Treasury In
Guiding the 900 Of Interest due tho LIST insan
on the rss series Of the thirty loan win far
ed the drain westward and the plethora moro likely
toscroase than Diminish during the next month two
TOR tn return now which IL always rapid win BE- more
20 this S.sr owing 70 ths easy condition Of monssary
adaiH in~he West Al the same time the heavy crops
now being harvested win contribute largely TO the traffic
OF the raiwaysin Mat section Of tho country, which IN
s turn win have SOM influence In stimulating specsa'
ton on the Stock Exchanae and lines Of road Ike tho
Illinois Central. Rock Island and Michigan Southern
senilbt fail v be especially Dssentsd.
Al dei prevalent that tho eject OF the redemption
OF the Temporary deposits referred 70 will DO to some
y
payment OF their Treasury balances; but this Is ex-
ssgsratcd, for with balancsN Including gold Of
soI 600 600 In the Sub Treasury here is hardly likely
that the government drafts upon thsm will be heavier
than usual, while tho aggregate indebtedness Of
the banks Is SO extremely light ~ to remove
ali danger from this source. To odd to the
prevailing feeling Of security there Ia the
important consideration that Of Congrees passed
at the session. limits the power Of the Secretary
in circulation more than $40 0o0,o 900 during tho six
months following the passage Of the act faster than
at the rate of $4,000, 600 a month afterwards and
S1l,5oO,0oo more OF National Bank notes have
yet to be issued Thus for long time to como the
amount OF currency in circulation will be likely
main steady and although gold may meanwhile nuctuats
rather widely it only affect foreign commerce.
leaving internal trade to be conducted steady
folume of paper money the rotation OF which to
sold is matter Of only trining Importance,
,s specie like any other commodity s during period
" suspension, influenced by the the laws Of supply and
demand.
There was moderately brisk demand for money to-
day from the gold market and the Stock Exchange,
owing the Corner in the former and the increasing
activity on latter but it freely at4 per
cent the great majority Of transactions being at the
lower rate few weak parties paid six for special
accommodation; but tho transactions at this rate
afforded criterion Of the general market First
class commercial paper is in little better sup
ply. owing TO the rowling activity Of trade,
and passes at per cent the next best being quoted
at eksr The best proof that lenders look forward TO
prolonged found In these low rates Of dis
count Ha4An
The Volume OF business transacted In stocl has been
somewhat larger than any previous day or he week.
and the Improving tendency Of prices was we'll nain-
tanned. 3 7
At the early session Of the open board Enss at
y3k y, Reading llsk X, Michigan Southern sSx,
Illinois Central l23 y, Cleveland and Pitssbuts o. ~
sox, NorsAvssssn 2ox-preSsrsd q - SIX, 0Ais ana
Mississippi certincatN DK a. the hrs regular
board the market VS. steady. but prices were
generally lower A the end Of the ca thsn at the
umc yesterday. New Ysrk Csutsai showed decline Of
Y. Erie X, Beading ~, Michigan Central u, Michigan
Southern y. Northwestern preferred x, Fort Wayne X
Alton and Terre HAuts X. Cumberland y, Western
Unsn Telegraph u. Cleveland and Pitssburg vas y
higher. Toledo anA Wabash 2, Pacific Mall !. III nois
Csotral sd Rock Island were nru and unAitsrsd In
prca 0ovsrpnsns goA-beariag securities were msdsr
stslv active but lower Notwithstanding The sAvasos Il
Avs-twsnues IN London. 10 10 Yhn was. doubtless,
manly owing v the largo supply Of bonds which b
nndas III way Into ths srsss from iEvesncnt hsaders
anxious 70 sell out 1t the present unusually hsh poea
Coupon nvstweaiiss Of 1851 CLOSED \ lower than ~
yestsrdays first board second issue y, third issue H.
tsnfortes n sevon-thiry aoes Of the nrst sesios 4,
second ssrios y, third series T. State stocks were
stssdy Tennessee skies advanced y.
At the one O'Clock SESSIONS the market nrm, md
a. she half pasttwo board continued 20 improve Erie,
Reading Mlchigaa Southern and Rock Island being the
strongest a the railway share and Mar posa preferred
the NEST buoyant OF the miscellaneous stocks Fro
closed higher than nj the FIRST regular beard, Reading
n.rh, utvof
land and Pittsours X, Rock leland y, Northwestern
xprsged V, Alton and Tcrre hautc Y, MsrIposa pro.
fsrrea X, Western Union Telegraph T. New York Central
was y lower Chicago and Alton Y. Government se-
curcs dull Coupon ten.fortics declined 4. Ave-
twentics Of 1862 advanced y. Tennessee State SKIES
sdvanced L. AT tho three o'clock open board Now York
Central sold at leaI y, Eric, 7sX Michigan Gen.
trial 1i3 Illlnsis Central 70. 81 l22X, Chicago aud
Rock Island iosH Fort Wayne ID 81 1oSx. harposa
preferred To- 81 2s Afterwards. In the lower hall OF the
esock Exchange Now York Central declined 1884, but
the OF the market remained steady. AT Ave o'clock
New York Central was qusted 1884 lo4 Erie tax
\, andson River 1lSk s. Reading ll5 bid, hichigaa
soslbsrp sax X, Cleveland and Pi,tsburs s7Js y.
Rock Island 1esx . u, Northwestern ssA k-frc-
fsrsd esS u, Fort Wayne io4x X, Ohio and Mssis-
sappi certificates 2ok o. Cumberland 81, Quicksilver
sou. Western Union Telegraph SAX.
The gold market excited and strong from the
opening she cIsss Of business ewing to the extreme
scarcity Of for delivery. and the active borrowing
asnand oossesucut the large outstanding ''rhort''
interest Loans wore madc asiow ls2 per cent per
dem In fssss Of The cndcr In the morning but the Dor
rowing rate gradually advanced 70 y y per cent In
The Afternoon and difous for sii 10 borrow
~ shsss agures. and soma paid - mach ssar NE
CLOSE d business Deliveries, - nay DO
vePposed, were made very kryu,ary and
he ceiilns in or loans by means universally 70
ppondsd TO- Gold was received In not few cascs after
Arss O'Clock Under this condisn 81 things the price
assd,y advanced from ll7x 81 the opsniss TO 1875
four O'Clock, when there was . strung pressure 10
buy, 10 anticipation Of SILL greater scsriy Tomorrow,
the supply TIE market being limited shs, can DO
Ill hold IN private strong bose~ Tho extreme advance
If Tho IA, took place the face of the fur,hss advance