The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-09-19
FINANCIAL AND CONNER GAL
MrpsrsrAr. Sept. ls-sP. N.

activity to-day and the price gradually advanced from
l44k, soon after the commencement OF business, 10
la5 with the closing transactions Mltss. There was
NO special cause for tho advance except certain
degree OF depression cvs~iweauss abroad supposed
20 be owing 10 TIE rear tAas NE Arguments Of Butler
Foundation aaa osAsrs asyos o. paying OF the funded
dsbl in legal sassr resss may take practical shape at
some fasers Ena rhAs very rasasy feeling does
sxiss On tAs saeSscs ancag those conversant with
the ssrlnsss q she Western people in this parti-
ealAr "a snasGsbls; bat 1t would bs premature
10 attach much importance TO II at present the
main OF the really nrm undertone which the mar
kst has lies in The commercial demand for gold to pay
foresn trade balances aga INST u.s. and noXt IN poh' VI
consequence Is the antagonism which exists between
the President and Congress on the reconstruction cues
ton and the uncertain results TO which II may ieaa'
Cash gold was abundant and loans were MADE "i'hou'
interest and at per for carrying. The gross
oearngs amounted to ssh 2l2 0Oo the gold balances to
Il $50 724 and the currency balances TO 50 66s 400
The state of the money market is now the lead
tug topic OF conversation on the Stock Exchange
On sccoun, OF its influence upon prices. The
bssrs and the banks combined have succeeded
IN producing considerable apprehension among the
tmld relative its future course, and by withholding
srse amount OF currency from active use they have
succeeded in forcing the rate up to seven por cent in
mos, cases temporarily, although not few loans
made to-day at six. fair quotation for money is
= per cent, with a good demand; but some Of the
heading dealers In government securities have loans still
standing at four per cent and they can borrow all they
require at 9. The market has been made to ap
pear active by artificial means; but II the natural ten
dency had not been in this direction this would
have been, Of course, impossible Tho bears
and the banks have simply made the most
Of their opportunity to suddenly pu. up
the OF interest The best way for tho bulls to meet
lzhed and they will nnd that they get all they
qurs this figure The apprehension that the propara-
Mons Of the national banks for their quarterly returns
the LIST OF October will quicken tho demand for money
may have disturbing effect but after this bugbear is
out Of tho way we SHALL according to present ndica-
tons, have moderately easy market at per cent
With confidence and far dealing money would be easy
st4 per now, but the tricks Of trade bale all
ordinary calculations. There steady but not heavy
drain OF currency westward The banks doing very
little in discounts aud the best grade OF commercial
paper passes at seven per cent.
improbable that the advance in the rate Of in.
terest this side viii have the effect OF drawing capital
from Europe for employment here The gut OF gold in
tho Bank OF France Is without precedent the accumu
ation OF coin and bullion in its vaults exceeding thirty
millions sterling, while its outstanding liabilities
OF all kinds less than sxytwo millions. The pres
condition OF tho Bank OF England has only been par
slieled occasion, namely, in June, 1852 when
consols about per cent above par exdvdend.
The coin and bullion in both departments exceeded the
circulation the 26h OF that month to the extent Of
c700 2s The excess is considerably less but never
heess there such excess and the second instance
OF the Kind in the history Of the bank 1t Is interesting
Moreover this feature is likely to become still moro
marked. the Of coin is still the increase,
although 1t already amounts to more than twentyfour
millions serlingthe largest total accumulated by
the bank. The return for the week ending September
4 showed the amount of notes in circulation to be
ga, 062 940 while the stock OF coin and bullion was
t24 2s2 The bank rate of discount at two
per cent, and although loans made in Lombard
street at and half and per cent there is
--iS-aih~~a ,hA will be further reduced.
nation Of capital long continued, has exerted no
effect in stimulating speculation. Capitalists are tmid
and unwilling to lend on any but tho best security
hence, although vast sums are lying idle In the
banks 1t is difficult for tho mass Of those
IN need OF accommodation TO borrow. Under
these circumstances when money be employed in
call loans satisfactory colla,erals in Wall street. at
Cal per cent 1t will be strange OF the immense
surplus In Europe docs not find its way across the
Atlantic.
The railway share market was dull and dropping
during the morning. following which remained steady
until after the second regular board when was vigor
ousy attacked by the bears and rather heavy decline
was the result but before the close reaction Of about
half cent took place The market has been largely
oversod and prices have been unduy deprsss cd since
Thursday last 1t Is reasonable, therefore, to look for
recovery thu fall having averaged Ave per
Of the leading stocks.
Al tho early session OF tho op.n board railway shares
were erm at the closing quotations Of last evening New
York Central sold at 1854 1855 Erie esI, and Rock
Island at 1884 At the FIRST regular board the market
~ i've but ioyyer wi n lin
York Central closed 4 higher than at the same time
yesterday Eric s., Michigan Southern l. Fort Wayne Y,
Toledo Wabash and Western a. Pacific Mail Ia, Yves.
tern Union Telegraph a. Ohio and Mississippi certificates
were u lower. Government securities inactive
and rather heavy. Coupon hve-twentes Of 1864 do
clined u, issue OF 1865 y. Tennessee skies, new
declined " Among the express shares Adams advanced
ak. selling at 81. Merchants Union sold at 1o. with
$50 paid.
At tho open board, at one O'Clock, the market was
heavy and lower Erie sold at o7, Michigan Southern
sok Fort Wayne 1898 and Northwestern preferred
esL. Al the second regular board the market
was steady At the decline with two exceptions. Now
York Central closed y lower than at tho AFs, regular
board, Erie =, Michigan Southern u, Cleveland and
Pt,sburs l. Rock Island y, Northeastern =, do pre-
ferred ~ Fort Wayne y, Milwaukee and ST Paul pre-
ferred 2 Ohio and Mississippi csrn ates ~ Western
Union Telegraph Y. Government securities
tremely dull Coupon avetwenties OF 1862 advanced a.
while the issue or 1865 declln.d y.
At the open board at half-pas three concerted raid
was made on the market and prices declined sharply
Subsequently there further decline In the midst OF
very unsettled state OF feeliug, Erie touching 65s but
the close there fractional recovery from the
lowest point touched aud at ak o'clock the market
assumed steadior tone, the following quotations being
than cuuent:-Sew York Central, 1914 a 1917: Erie
80 coz; Hudson River, l3i 1873; Reading lolI
1o2; Michigan southern 7oH 7oA; Cleveland and
rittsburs, sii ass; Rock lslanl lOlis 1OlA; Fort
Wayne, Io2l 1925; Northwestern, ass a45I; do.
preferred, CO.. e65s; Milwaukee and 81. Paul pro-
ferred, 62'f 63s; Pacific Mail, ls21l Ohio aud Msus-
sipp certificates 2s's 2os Western Union Telegraph,
k21 s42k.
The old express shares were nrm AMI in demand at
The close notwithstanding the weakness OF the general