The New York herald., 1866-08-27
FINANCIAL AND COMMERCIAL.
SUNDAY. August &c. Is60

SUNDAY, August 26, 1854
Tho speculation for rise the Stock Exchange con
tnued rather active last week. but the market nuctuaed
at intervals rather spasmodicaly The genera, tendency
of prices is unmisakaby upward and this will be still
more strengthened by the extreme monetary ease re-
sutng from the heavy disbursements Of the Treasury
redemption of the. Temporary loan On Saturday the
supply of capital was largely in excess oI
the demand at four per cent and this con-
dition of monetary affairs is likely TO prolonged
The speculation in government securities closed buoy
ant but these have already advanced SO far that they
invite reaction.
The stock market closed firm on Saturday, and the
quotations at five O'Clock were as under:--New York
Central 1925 lo3 Erie 1874 x (ater previously soll-
ing as high as 7i3G, Reading 1l5s * Michigan South
ern S5s ~ Illinois Central 1885 Il, Cleveland and
Pittsbnrg 81 a u, Cleveland and Toledo 1l6N q 1l8,
Rock Island 1o91S a n, Northwestern s6zS 37-pre-
ferred 6s7S u, Fort Wayne los s, Ohio and Mssis.
sppi certificates 2o1s sS, Cumberland 4714 x, Quick
silver sos a. Mariposa preferred 26h a27.
The effect OF the disbursements in redemption Of
the five per cent temporary loanthe interest which
to-day-wi be felt all over the country as &C.
cord ng despatch from Washington they will aggre-
gate more than sixty eight millions while only thirty
four millions Of the amount will be payable at tho Sub
Treasury in this city Thus the Western money markets
will be largely supplied at the same time that tho
week
mand for money at the Western centres to move the
crops has bcen quickenng and light drain from the
East has set in At Chicago first class paper Is dis
counted freely at ten per cent but inferior grades are
not in favor at the banks which pursuing
tive policy in order the better prepare themselves
meet the drafts Of their country deposiios during the
next thirty days These already checking to a
siderable extent upon their balances Exchange
New York varied the close of the
week from SOC. to 81 10 discount buying with excep
tons al par, and SOC. 81 10 premium, selling with
exceptions also at par to good customers If add to
the amount to be dsbused Of the temporary
loan the interest Sl0 $50 O0o due the 1st instant
the thirty loan find that the total amount of
currency payable by the Treasury this month about
eighty millions portion of this viii be in national
bank notes; but these VIII Inconvenience,
they be readily employed in the West legal
tenders
The gold market unsettled and somewhat excited
during the week in consequence of tho operations Of
clique formed make gold run the price up
three four per cent The modus opeyond obvious
enough. A few firms agreed among each other to buy
gold and not to lend il for certain time They also
borrowed gold largely, and locked IL up In the same
manner Gold a natural result became in the
street, and the rate for loans advanced as high
per cent per diem. In many the
"shorts' paid this difference in default OF
delivery without borrowing the gold at oil.
The price touched ISL. but beyond this there
tempt made to enforce IT. The bull clique began TO lend
portion OF their gold at per cent per diem, and
this continued until Friday morning when the "corner
turned clique having sold out and Saturday coin
abundant that loans made without interest
and the price declined to 147, the late bulls having
meanwhile accelerated the fall to the best Of thcir
ability with Wow buying again and repeating tho
performance. The daily range Of the market is thus