The New York herald., 1866-08-25
FINANCIAL AND COMMERCIAL
FnlpAY. August 2A--e P. n

FRIDAY, August 2x-6 p. n
r.. ,ocs roarkot was strong the commencement Of
n,sn,ss ibis morning there was brisk demand for
IA edyidend paying railway shares Prices were vel
snstaned Ill about two o'clock, when the "bear' ele
mani began to show itself nsrcuousy, and decline
followed but the last open board tho disposition To
buy increased, attended BY general recovery. The
slight reactions which occur al frequent intervals arc
The natural accompaniments of rising market and
always rrecpitated by those who desire to buy IN
al the decline with Wow TO operating for fresh
advance The supply Of money was in excess Of the
demand at four per cent to first class houses,
while exceptional transactions to leading dealers In gov
securities reported at three Transactions
1t ave per cent were, however common railway and
miscellaneous securities and gold The surplus Of capt
tai seeking employ but increase rapidly after
Monday next owing TO the redemption Of the five per
cent temporary ipan, and the amount thus dsbursed
wl probably considerably moro than offset tho drain
Westward to move the CROPS thus entirely obyiating
she strngency which usually occurs at this season
OF the year from tho cause referred The increased
activity Of trade is perceptble in an augmented
supply Of notes Offering for discount; but those
Of the best grade are freely taken at ae por cent
There Is brisk demand for money in the Western cities
but strngency yet and their drafts upon New York
ARE as yet light in keeping with their balances.
At the early session of the open board Erie sold at TAN
Now York Central d. 81 l04, Reading ID. 81 1l5zs,
Michigan Southern s5x q s64, Illinois Central 123A,
Cleveland and Pttsburg 8sS Northwestern 37-prc-
fcrred 6s;< Marietta and Cincinnati first preferred
dividend ~, second preferred ex.dvidend 21H Fort
Wayne l06, Spruce Hill Coal e. 3) AZ, Mariposa pre-
ferred d. 3 49, At the first regular board the market
was active and Arm. Erie closed y higher than the
same time yesterday, Michigan ceatral ~ Michigan
southern Y, Rock Island Z, Northwestern X-pre-
Fort Tnr Han
IL preferred 2l Ohio and u ssouri certificates u
Western Union Telegraph u. Reading e lower
Illinois Central x, Cleveland and Pittsblrg u, C'eve.
land and Toledo % Chicago and Alton 4, Cumberland
y. Government securities were nrm Coupon hve-
wenes OF 1862 advanced Il third issue g. tenfortics
Il seven-thirty notes Of the rs series q lower
OF tho State stocks Virginia sixe declined n aud North
Carolina new bonds advanced q.
At the one O'Clock sessions thero considerable
anirnaton and prices generally higher; but after
the call the market began react and at tho harpass
two O'Clock board 1T rather heavy. New YORK Cen
tga closed x lower thor the afst regular board,
Erie " Raadi-s n, Mchgsu Southern r. Cleveland and
p.rBurg ~ Rock Ksand Il, Northwestern 4-preferrd
81 Fort Wayne u, Toledo aud Wabash r. Alton Terre
Hauio 1-prefenod n Ohio Mississippi ccrlifca es
u, Maviposa preferred ~ Government securities we're
neglected, ten-fortics excepted in which there was
transaction at an advance OF Il. The market subsc-
uucny continued heaVy ana NJ Inc open board AZ tnroe
O'Clock quotations were IN instances fraction
lower Towards tho close Of business, however. there
was general Improvement and at five o'clock the
market was firm at the subioincd quotations: = New
York Central l04 u. Eric 72X 7s, Reading l15k
u, Michigan Southern s5h X Illinois Central l22N
i23 Cleveland and Pitsburg s7H y, Cleveland and
Tocdo 115sx 11S Rock Island 100 a u, rthwcstcrn
s6sf T-proferred 67sl r. Fort Wayne 10fH q u,
Ohio and Mississippi certificates 2e>S IS, Cumberland
EHa48.
Gold opened at I6o7s, and Immediately began to
down Hill TIL II touched 14s2G, after which II reacted TO
i4sA, but at four O'Clock dun at 1887. Loans
werc made at 5S per cent per dem in favor OF the
lender OF the coin til two O'clock when the rate declined
y. Tho cause Of the decline is to he found In
alcs Of gold for cash py large holders whether In
ont OF 'tho combination" Ia not generally known and
matters little. There were rumors OF breach OF faith
among the members OF the combination; but is moro
probable that the decline the result Of concerted
movement, designed 10 increase the 'short' interest
and fleece the bears again as before.
The foreign exchange market was weak and unsettled
aud tho FOR bankers bills England sixty days
varied from 108n to l07b. and short sight from 1914
to 1854 Tho further advance Of American securltics
indicated below, cxerted depressing influence upon
rates. but Is prepostorous look for any important
receipts Of specie from Europe In consequence-fhe
gl00 900 reported 10 be board the Aemanna bolng
merely sporadic and probably speculative movement
made for eneot:-