The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-08-30
FINANCIAL AND COMMERCIAL.

THURSDAY, AuGust 81 p. n
yhs railway share mark OF u without any feature,
nd the prevailing monotcny has Encouraging effect
Npon speculation for . risa Nevertheless. the bull
iQuss show great tsnacity in hsdng their stocks and
She ample monetary fscies II their disposal enable
1hem To do this without dicalty. Much OF what little
activity there may traced TO clique manpulaiions
Involving wasss" and the increased earnings Of tho
taways appear neither swell the bull ranks the
erset induce the outside public to become pur
hhasora This barren monotouy Cannot however, last
Sery much longer. ana opinions are nearly equally
divided - TO the d,reciionin wbich the next move
msnt will be. The bulls argue that operators
pre- returning TO town after being absent for several
Desks past aud that those will 10 buyers Of stocks Tor
prssh rsa They stress upon the enarg rail-
way earnings and the prospective furthsr increase Of
Che latter In consequence Of the crop movements
They also contend thai will be nothing In the con-
alton OF the money market during the remainder OF the
gear 10 dsurb thu upward OF prices the stock
Exchange The bssrs on tho other hand maintain
Ilhas opera returning to town will not DO.
poms buyers N tue present prices and that
HE outside pubic ~ii continue to leave Wall
street 70 the brokers aud other professional
spectators. Thsv admit that the earnings Of thN rail-
jWsys viii BE- on rs ug scala for mont tbs ID come
put believe that We sna have active money market
Within six weeks, whoa will than neutraze the
oreass In the earnings Il 10 noticeable nevertheless
That the bears are mostly OF the doubling kind and slow
~ extend their 'snor contracts; and Ihs bsencs OF
speculative spirit both its natural result, In
ssagnaton To sil 'saor.' .uch q MARKET IL to in
;Sfts bull mosemsnt, while 10 buy Is to make capital
Tor the bears tn short" interest is however consld-
srbc enough already add greatly the force Of any
upward impetus wuca nigh, be impaired to II by the
efforts Of the bull clilnss aud sudden turn for the
nx kafy
Vbusdant.
There is considerable discussion just now IL
70 the futuro p,iicy Of tbs government in
Seiasion to the paper money issues The sent-
0sns of Congress u opposei 70 the further con-
Traction Of the currency. while important section
81 the Wost ID aiv"callng wholesale imitation The
leading idea Of the party ca a,ors the payment Of
Che OF the national debt In legal
tender notes Is thus expressed by their organs:-
Resolved, That as our national debt was contracted
~ imitation, BY imitation l. sauud be paid.
!, The proposition vi serious consideration In
The West 1t IL ended that Gvs.,wsnty bonds are
gedesmabe In currency, because there 10 no explicit
promise on their face or in tue acts Authorizing them
that they are TO be pail gold and this
may mention that the authorizing the ten-forty loan
y the only one which prov des for the payment Of the
principal OF . loan Ia cain. The Western journals
davs te been discussing this scheme for getting
Sid OF dobt aud taxation. aud Cincinnati Journal Of
Saturday last thus 1ppantly referred IT. which shows
that tho bad faith olives pabc creditors
b entirely ignorod:-
The bondho'ders and thsr paid agents profess to be
Greatly clarinet last issue 81 81 600 900 600 IN legal
sender grssnbacks would make money plenty that IL
would be worthless They re not Afraid, hos ever Of
thls Ia 1853 AMI 1884 had ST. 900 coo ou in
that currency aud doiias of It calculated
IN eleven STATES Of this Union Now, when tho states
are oil under the gov rn nent-wh the South Is com
n fA Nnrfh and pxl nj
ammense quaptit an To carry great public improve
ents suspended by ~ar-they terribly afraid Of
twioo the quantity which W. ID carry successfully IN
One-haf OF tn. Union This fear Of that
lepcy mere bugaooo there IL nothing tangible in 1t.
We only refer " this We tern sensation in Illus
ation Of the cause. which are likely to indasnce the
future course Of the Stock Exchange, and not
- project Likely 10 take tangible shape; but that all
power TO conacs tho c.rrsaey win be withdrawn from
the Secretary Of the Treasury the session Of Con
sre Il almost certau. the condition of the finances
may ultimately be SUCH to necesstate further issue
OF greenbacks as . aslre OF temporary relief.
The money market Continues siuggishiy easy, and
loans made rss bv tue banks ~ four per cent on
Govsrnmsnt securities, and four and I've on mixed COL
lalsrals while the leading dealers governments
ab0ndantly supplied by private lenders al three. Tho
demand from the Stock Exchange Is inadequate 10 ab-
orb ths volume Of ioanaDs capital. and the discount
Nas u too inactive give employment 10 any oonsid
b seven per cent aud the transactions below this rate
~ exceptional. The drain westward - on limited
ocaie and money 10 working castor Ia the Western
,eIsisA A Chicago Journal Of Monday remarked
issTbs banks Of this city have received large
ksnittances from the East, but expect soon
~ receive an Increase Of deposits. Trade
d improving, business ON the street 10 moro active
had currency 10 already coming back through the usual
eAannels The fall trade promises 10 be heavy" A
ACancnnau journal Of Tuesday says on the Same sub
1sci:-
bupply Of currency rsrned. but paper is closely
bcrunizsd, and only nrst class names pass IN bank
nsrs easily paced At 10 IL per cent Tnere Is not
much Of retorn no~ Of currency from the country
yss and ~ the sane me there s not As much gong
The receipts Of exchange are lighter and with fair
demand rates are runng shade hrmsr a. lilo soc.
discount buying aud par selling.
At the commencement Of business In the lower hall OF
he Stock Exchange railway shares nrm at ssht
advance upos the closing quotations Of last evening"
Ens selling at 7oK. Az the early session Of the open
Board, however, the improvement was not sustained.
Cleveland and Piitsburg steady .. 93x Michigan
eoushsrn sold ~ sax ~ and Cleveland and Toledo ~
121 ~ Al The 1rst regular board the market duh
Ind generally lower IInois Central was, however
hctivs than usual and sold ll9 100 Cleveland and
Toledo steady At l21 4. although there Is nothing
in the consolidation of the road With the Cleveland,
fainesve and Ashabula road to warrant the advance
Of yesterday. Tue stock Is undoubtedly selling at .
price above that jusaei by Its real valua New York
Central closed higher han at ths time yester.
DAY, Erie Y, Michigan Southern, Y, Cleveland and
Yittsburg y, Cleveland and Toledo 4, Rock Island y,
Northwestern y, do preferred q, Western Union
Telegraph Y.
Government securities dull and barely steady At
she nrst CALL but at the call they brm, and
soupon nvstwsntiss OF 1862 ia demand foreign
pccounL Those aud tsn-tortiss showed advance Of
X. Five-tventies or the issue or 1885 were y
bower The shares quiet and United
stasss sold at 70 ", Merchants Union with 30 paid
40
y Al The open board O'Clock there was no mate
eis change in ph ss and the volume OF business was
Hight Erie sold at es,, Michigan Southern s2 and
cleveland and Toledo l26s z. Al the second reqr.