The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-08-10
FINANCIAL AND COMMERCIAL

Business in Wall street to-day has been moderately
active bur free from excitement So long as money
remains abundant II s at present there will be no
probability OF recession OF prices and there Is no I'm
mediate prospect OF any material change in the cond
ton OF monetary affairs although II 10 fair 10 assume
aha. the movement OF the crops may impart greater
activity TO the circulation Of capital Loans made
freely stock coateras at four with exceptions
three governments and at Ave railway shares
There is somewhat stronger demand for discounts but
no change In rates. First class commercial paper is
taken atPae per cent and long date at e,s. The
Western money markets remain easy and prime paper is
in active demand in Chicago at 10 per cent discount
while Eastern exchange very scarce, tho rates being
par buying and lilo premium selling. The leading
bankers there still under the necessity OF sending
currencyby express to New York TO meet their drafts
On the Stock Exchange there well distributed
business but the Western shares led the IN point OF
activity The general impression is that the present rise
has not yet eliminated, and that rather wild specua
tion will cap its climax, after when 'ne
bears will enter tho and demoiish theT
adyersares, the bulls. Those who venture 70 sou
t'short at present, however, court peril ana, hAo
those who SOW the storm, may reap The whrlwihd.
At the open board at o'clock the market opened
with arm tone New York Central sold at loo's' Etlo
$751; Cleveland and Pittsburg S. Reading liza, hchi-
gan Southern Sc d, Northwestern 3o5-preierred os}s,
Rock Island 1919, Fort Wayne lOo5s, MarIposa pre-
ferred 275s Il, Western Union Telegraph 56h Al the
rst regular board somewhat Irregular but on the
whole steady New York Central closed u higher
than at the half.past two board yesterday; Michi-
gan Southern ~ Illinois Central 4, Norh.
western y, Mariposa preferred Il. Erie was
q. lower Cleveland and Ptsburg q, Cleveland
and Toledo a. Rock Island z, Northwestern re
fcrred ~ Government securities sron Il IA
special activity in coupon lvetwenties Of 1850, winch
advanced y. The rise in the latter il dc q demand
from the national banks, which rqaire The bonds to
deposit with tho Treasury bs;s Of circulation, &c.
cordng to law Coupon SKIES OF 1881 advanced aS;
coupon ivc-twencJ ~ 1862, I seven.thrty notes Of
re first series, I third series 1s.
At the c'cock board the market was steady, and
81 the Lapas two session without material change Of
3n'. Erie closed y higher than at the first regular
),ard; Fort Wayne "a; Ohio and Mississippi Ger
aacates y Michigan Southern d,
lower, Illinois Central a. Cleveland and Pi'isbuT 4,
Cleveland and Toledo u, Northwestern preferred q.
As impression prevails that the quotation OF s5s for
Illinois Central in London Is dividend included, ii is
well 10 mention that this was the price cx-dvldend
Government securities were firm Coupon skies Of
1881 n higher seventhrty notes of the second and
tbld series -.
AT the three O'Clock open board the market was
steady New York Central sold at 105, Reading III,
trad l22s q Cleveland and Pittsburs s76, Cleveland and
Toledo 1l6x, Northwestern 382-prcerred Is Is. -,
Rock Island 100K 1o7 Fort Wayne lo5,s, Toledo Wa
bash and Western AN Mariposa preferred 2A, Western
Union Telegraph SOY "a. Afterwards the market
closed steady, the quotations at Ave O'Clock being as
under: New York Central 1918 los, Erie 6si4 Y,
Hudson River 120a y, Reading lll7s 112, Michigan
Southern s6ls y, Cleveland and pttsburg s7s *,
Rock Island 1861 1O7 Northwestern 36l4 Gpre.
feued 07h . u, Fort Wayne 1857 a1os Ohio and Mis-
sissppi certificates 3Ok e. Quicksilver 4ss &c. Ma
rposa preferred 81 q q. aia.I a.&B "s4 1915 (
Gold was firm the early part Of the day at 14Sss
IL after o'clock weakened and the closing
quotation was l4sx. There was a brisk borrowing
demand CON- and the rate paid for loans advanced
from l-l8 per cent per diem at the opening to y per
Gcnt. -. n ~. ,a, "a ,,-.e -..sss.. Is .s,f
Tho parties who signed the memorial to the Secretary
OF the Treasury TO sell gold have been thoroughly
laughed that they anxious TO taboo their conncc.
tion with it. The wonderful GOODNESS OF these gentle
men was shown by sentence Of the documents
namely 1--WE consider the rate OF premium matter of
secondary importance That meant that the Treasury
ought sell its gold at low price to them, in order
sl,st they might Afterwards sell IL at higher Then
again these highly patriotic foreign bankers "shor OF
gold remarked In their excess Of zeal for the future
welfare Of their adopted country "eoId a. $50 means
practically tho population OF all debts, public and
private, to the extont Of their whole amountn6 Do
thcse foreign bankcrs1 s'short' or gold think that
ir tho Treasury sold lis socalled surplus The premium
would DO any lower that account and what do they
by being so inconsistent 90 say in sentence
that tho rate OF premium OF secondary Importance and
In another thai IL ID much reputation? II is easy
enough to discern the drn of their argumen; but a
schooboy could have written memorial for them in
better English. However, being foreign bankers IL is
pcrhaps too much TO expect from them knowledge OF
good Anglosaxon. The fact ~ that the gold the
Treasury holds the stronger II makes position
and more decidedly IL paves the way towards
resumption Of specie payments If the condition Of
our foreign trade is such az TO keep the gold premium
high the higher it goes tho more win be likely &c
turn the exchanges in our favor by stimulating exports
and checking rnportatons. In the present OF
foreign trade the Tue gold prcmari i the create
exports Of specie likely 10 be- while the highc
" the less likely 10 ship it. Gold is
commodity the price Of which, during a pc
not OF suspension, Is e,ulacd by tho sam
laws OF supply and demand which govern ii
price Of any other commodity, and bccaus
gold fals We are, pending mach larger supply OF tn
metal, nearer a resumption Of specie payments thar
whom rises The Treasury must be the first resume
spccio pas ncnts and Il cannot do 80 wlhou, boarding
up amount OF treasure somewhat corresponding &
tho amount Of paper money in circulation. Tbat Til
suspension OF specie payments aud The present high pre-
MUM the or blessings all know, but Il
than Idle 10 suppose that shutting Of gold
bstwcen the hanks aud the Sub Treasury would remedy
the owl with respect 10 q premium being virtual
pud aon II is only necessary reflect that Il cons,i
tutcs the standard for the tine being, II IL fair toward
bnc member Of the community as another
Foreign exchange moderately firm, but the vol
fmo OF business light. Bankers bills on Engaad
psix,y days were quoted at Tie close mioTa los,
Darcc days iosA iOo,i; Commercial 100 Io;I blls
IN Paris At sixty days 81 zoe ST. a21sc short SIGHT
81 1870, or 1880
Mining stocks we're ial aud goneral y lower AT the
hrs board Consolidated Gregory Gold closed 81 10 lower
tlan y the same time YESTERDAY; New York cold To-
Atlantic aud Pacific was g. higher Al the second beard
Consolidated Gregory Gold closed n 81 lower nn Al tho