The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-09-02
FINANCIAL AND CONNER cIAL.

whole OF last week. but steady, and AZ tho close II
showed nproviag tendency undr the influence OF
the favorable bank statement. the legal tender notes
having probably iucrr assd nearly four mlons, tbs
deposits about two millions aud half and the specie
moro than q million; while the loans have decreased
several millions These changes attributable to the
disbursements OF the Sub treasury, against which We
must place thu government sales OF gold and the
limited drain OF currency westward. The fact that
prices have been unyielding in the midst
Of staguation proves the market to % strong,
and the probabillies arc In favor OF brisS
upward movement before Tong At the same time the
market solely hands OF the brokers and other
professional specuianrs wDo form combinations 10 bleed
The street. and iney succeed in entrapping outside
buyers the latter will ind themselves losers In the end
The earnings OF the rahsays increasing largely in
consequence OF the cIop movements, and the bulls
using this strong argument just now IN favor OF
rise which it undoubtedly is when legitimately en-
poyed but in the the riss taking place the in
creased earnings will the market from . fall
for il s by promoting vi ent fluctuations that Wall
street lives ana has its being, and that margins
are suddenly transferred from one mans pocket to an
other'a TIE Stock Exchange full Of treacherous pit
Tails. which prdeli business should ven
tura Ii far ned r brokers and other professional
speculators but there 10 nothing which should be al
tempt the OUTSIDE pubic into such cacherous
company
Money was very easy throughout aud yesterday loans
were made below thu usual rates namely-at . per
cent On govsrnmeIts aad per cent on mixed coist-
erals the general sale being the latter and four
on tho former while first commercial paper Is dis
counted ct per cest the amount Offering being
small The stock market closed arm ~ . quarter
10 six las. evening ~ the subjoinsd quotations.
New York Central, 1861 . *; Ens 7oK - Is; Read
Ing l0l3S 4; Michigan Southern, S3X "a; Cleveland
and Pittsburgh, o. y; Rock Island, 1881 X: Fort
Wayne 1861 LOG; Norsuw essern, 48K 4; do. pre-
fsrrsd 7Oh a q; Pacific Mail l4AX las; Western
Union Telegraph, 43sk.
Government Irtes were dull and declining until
sitter the middle the week. when they became 6rmer
under scarcely Of i've t~eatiss or 1862 fos delivery
which ON Friday resolved itssIf ino something like
sooner" The market knoWn " have been over
sold and house. supposed be largely tong" Of govern
ments sought " convert into profit BY borrow.
ing Ill the bonds IL could Tor certain number OF days.
ranging from ten 70 t~euty, and 90 creating such
scarcity TO compel tnoss ~ho had sold "short or
sold In the against the bonds they had
loaned TO the nrm in question: 70 buy buck the securities
At higher prices order make their deliveries for
borrow them rendered impossible by the
eognersfA The bears arc OF course, greatly
ehagrned u this unexpected turn OF The tide against
them The practice Of selling government securities
~
tations to the bulls 70 such trucks Of Wall
street ths and lee fluctuations which, being
sireiy Of speculative character. ado:d criterion Of
che natural course Of the market Troy also tend to
disturb confidence in the stability Of government
lilies investments, whica might ultimately exert
somewhat damaging Effect upoa their market value.
AZ present money lenders show preference for these
ether coasras by lending them at one per cent
below the usual for loans but this dssinctoa
will become less marked In proportion ~ they
become speculative ad liable 70 b arti6-
cially advanced depressed for arti6c 81
xiss involves cosspoadiog decline when the support
10 withdrawn The insrke. Saturday closed strong
and active the brisk borrowing demand indicating that
considerable 'short" interest IL suu outstanding
The Treasury purchaser OF thirty notes up
60 Friday its disbursements this account being sst
mated u between millions; but 1t then
suspsndsd It's purchases, and u uncertain wneu 1t will
them. Its disbursements IN rode npton Of com
pound interest notes considerable From the
lsth 70 The end Of August about eighteen millions OF
compound interest were prsseated at the Sub
Treasury and within about million OF this amount was
lisbursed
me gold market was on the whole strong during the
week and ON Wednesday morning IL TO 1929 In
consequence Of from Washington that the Cabi
net had resigned, thai there was want Of harmony
between the aud General Grant relative TO she
removal OF district sders under the Reconstruc
sien sct In accordance 9Th the popular WILL however,
that The President shall supreme authority in
hh executive capacity. and especially in matters co.,
usctsd with the army or navy, Of which 10 10 Com
naadsrn Chief BY letter OF the constitution, Gene
ri yielded poiot that he had before contested
and sense OF relief felt that The difficulty vent
further The advancing tendency Of tue gold premiam
checked and saturday, it declined 70 i with
have, however, laltsriy epsrssed favor Of strong
sgoN Market nameiy-ramors Of var between
France and Prussia the balance Of trade against
rs and consequent nrmnsss OF the Of foreign
change, alleged irregularities In the Treasury Depart
men the unsettled aspect Of political ara.s 10 and In
relation 70 the SOUTH the dud market for United States
securities In Europe and the agitation OF an imitation
PARTY In the West which proposes 70 pay OF the
principal Of the entire intsrsssbsarug debt Of the
nation grsenbscks fresh from the printing press
The heavy or Administering the government il the
sooh and Of conducting shs against the Indians In
shs fas West also innusncs In the direc.
tion. II isIt that while We subject to
many contingencies which might advance the gold
premium, there very few, any, which could
appreciabs effect in producing decline. high II
prsssat ruca The facs Is however, that but for tho
enormous amount OF our securities which held
abroad the premium would rule much lower and be
much les sensitive both foreign and domestic inau
Of an adverse character The price OF gold hinges
TO far greater extent tnaa d good for upon the
foesiga market for nsstssniss and there constant
dread fst that something will 1t some time 10
cause the return OF securities 10 In unpleasany
Large suoanta Heno~. every rsmor Of foreign war Is
used By the bulls In the 20 room 70 inspire fear
among the bears, and induce them 70 cover their
'shorts' - the advance they generally succeed
ia engineering The Treasury is understood TO
have sold Considerably more than rs current
receipts a. the port duriog The past fort
night ana the bank statements have sustained
the Inference Tue customs receipts on Tuesday and
Wednesday exceeded sig hundred thousand dollars q
aay; but there Afterwards aIhns o. and the total
for the week WA osIy S2os7.osT. The exports OF
specie and buloa we're on very light SCALE the total
having been only sio3 7s2 The supply coin for Dc.
Livery superabunaaet owing 70 the Treasury sales
ana La ns era ssusrnv unade Without iutfrest M "A