The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-08-26
FINANCIAL AND CONNER ClAL.
SUNDAY, August %. 1857.

SUNDAY August 81 1857.
The railroad share market depressed and unset
tied during The greater part Of last week. but on Friday
afternoon the speculative feeling became stronger, and
Saturday morning prices advanced throughout the
list Erie selling up to 7oz. When It became known.
however, that the bank statement Likely show
important decline In legal tender notes and deposits,
there was rush SELL aud Ere relapsed TO 69l Il.
The furry was however caussIess and when Il is dis
covered that money continues easy there will be dis
position manifested to buy back the stocks
which were suddenly sold. The decrease in
the items referred to is not attributable 10 the
Western drain, TO anything Ike The extent that
n supposed other having operated to pro-
duce the change. The principal oil these Is the drain
sno the sub-Treasury pay for the gold sold BY the
government; and the next the fact that the country
banks and others have sent to their correspondents
here August compound interest for redemption
against which they drawn before the banks at this
centre had time collect the proceeds from the
Treasury delay necessarily attending the sxamn-
alton OF packages containing the compound notes
after their delivery to the SubTreasury. Thus IT Is
stated that OF total Of twelve millions and half pre-
sented at tho Sub-Treasury for redemption since the
18th inst, only eight millions have been actually
paid. The difference is sufficient to account for
. portion OF the decrease In the two leading
items Of the bank statement, aud, together with
abe Treasury gold movement any discrepancy
which may seem to exist between the figures Of the
statement and the actual drain westward during the
week
II any event. however, there is nothing in the pre-
sent aspect Of monetary affairs apprehension
There will be no material change for month or
elk weeks to come and then il is probable the supply
will DO fully equal tho demand or below the legal
rate The week closed upon easy market four per
cent governments and five mixed colaterals,
while nrst class commercial paper rated at or
per cont The prevailing impression the Stock
Exchange n that the largely increased earnings
which tho railways cannot fail to show, week by
week during the remainder OF the year. will
'smuate the demand for stocks and that active
bull speculation win be the result AS 1t is there is
only brokers' market, the outside support being very
triug, while the speculative feeling in the street is
divided against ITSELF There Ia knowing, however,
what day may bring forth in Wall street.
At quarter to six on Saturday the stock market
closed steady at the following quotations New York
Central. lo47< e; Erie, cox e Reading 1915 a
y; Michigan Southern, S0x X; Rock Island, 1925
q; Fort Wayne 104x . 4; Northwestern, ASK u:
do. preferred, o9k q; Pacific Mail, 146X Western
Union Telegraph, 43K y.
Among the miscellaneous shares those OF the old ex.
press companies the armest and yesterday they
experienced sharp advance attended with considerable
activity, which attributed new developments
growing out Of the present contest between the old
panies and tho new Adams closed at 70X q u,
and American at 74H.
Government securities we're dull and depressed up to
Thursday afternoon, when prices experienced recovery
under an improved demand. The daily conversions OF
seventhirty notes Of the August ISSUE which matured
on the 18th inst have been understaed At the Sub
Treasury since the beginning OF the month. and less
than ton millions Of the original three hundred millions
remain unredeemed-