The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-09-10
FINANCIAL AND COMMERCIAL.
WEDNESDAY, Sept. Up.

remains under the influence OF the operators for
fall, and some heavy sales, In lots ranging from
hundred thousand to q million dollars, were made
During the forenoon. The extreme fluctuations
were from 1441I to HAM, with the closing transac-
t0ns prior to the adjournment of the board ct three
O'Clock at 144H, following which there was more as
position shown to buy than to sell, and the latest
quotation on the street was l44,S l44h. There
was q brisk borrowing demand for coin, and
loans made without interest to either borrower
or lender and at one and two per cent per annum
for carrying The gross clearings amounted to
eb3 the gold balances to 81, 256 and the
currency balances to ST. 49, The Sub-Treasury
dsbursed $lsl 200 coin in payment OF interest on
che public debt The importing community are for
Che most part borrowers and not buyers of gold Tor
the payment Of customs duties and the purchase OF
foreign bills and the mercantile short interest," Is
large But this Of course Is small in comparison WIN
the speculative short interest the ultimate efect or
which Will be to stimulate reaction against ITSELF The
pteamer Scotia brought ten thousand pounds sterling
In small coin; this must not be construed as Sig
lincant of return now OF specie from Europe, as
pays to ship small coin from Europe when there
would be loss the export OF double eagles. The
political quiet which has latterly prevailed operates
against any material advance IN the premium, and
large majority OF the spectators In gold are bear
lsh in their views, but they liable to their
tactics at any time The price varied as follows at
Intervals
1880 A. M..........144si So. M..."..1AA
1901 z. .144S bP. No.. .1443s 1441z
The plethora OF money seeking employment was
at no time during the summer more marked than
CHS afternoon, when the supply at three per cent
to the leading dealers In government securities and
other first class borrowers largely in of
che demand and heavy balances had In not q few
instances to be carried over unemployed Some Of the
banks however, had no money to lend and the gene
Tal rate for loans stock collaterals four per
cent. There Is hardly an average supply OF CONNER
cal paper seeking discount but most OF that Offering
from the dry goods trade and the best quality
with four months to run, Is rated at seven per cent
Choice names connected with other departments Of
trade are however taken at six per cent and where
the paper has sixty days less to mature In at ve
but this rate Is entirely exceptional. The feature Of
che dry goods trade just now Ia the large auction
sales Of imported fabrics, OF which fair prices
realized, and both domestic and foreign cotton
manufactures are particularly firm, although
the demand Is not speculative, but limited
mainly to supplying immediate requirements.
The general business Of the country Is more
healthy and conducted on o more conservative
basis than 1t has been at any time since 1860, and
The disposition to guard against overtrading is ap-
parent all Sides The import trade Of the country
continues large while the exports are rather light,
the latter so far as the returns at this port
cerned being valued at less than half the amount Of
the former. The drain Of currency westward thus
Gar In the week has been very limited, and
the Western cities are well supplied with
money. At Chicago it is reported that the
Increased promptness Of country collections
mas relieved the necessities OF merchants
80 that they require but little accommodation and
ct the same time increase is noticeable in the de-
posts OF the banks having the largest mercantile
accounts. The movement OF currency from that
point to the country continues large, however,
through the commission agents who are renting to
grain buyers and 1t is estimated that two millions
were sent in this way from Chicago last week, while
the receipts Of grain averaged about four hun.
'dred thousand bushels, or as much as the rail-
ways running through the district from
which the crop is being marketed could
carry. The movement Of grain eastward from
Chicago has been, meanwhile, sufficiently large to
prevent any accumulation there's circumstance
which has facilitated the operations Of the banks in
conducting such heavy business. The western
banks are making moderate applications for dis
counts at this in instances; but notwith-
standing this and the heavy crop movement, which
mas now been going forward for considerable
length OF time, the important fact remains that
money Is still superintendent with us at three and
per cent; and thus far at least therefore,
predictions relative to the course OF the money mar
Ket this autumn have been realized.
The market for government securities remained
STEADY but dull at the decline OF yesterday until the
two O'Clock call, when about million of the i've
ttwenties OF 1867 was sold by general stock COM
mission house. the result being decline Of Y per
cent. This sale Is supposed to have been .short'
account by parties who usually conne their opera
lions to the speculative railway and miscellaneous
shares. The hammering Of the bears since Tuesday
morning has been persistent, and the leading bull
houses have thus far made no attempt to check the
decline, their object apparently being to draw out
fresh .short, interest and there IL no doubt that
The latter, although previously large, has been ma
terialy increased within the last forty eight hours.
There active borrowing demand for all the issues
OF fvetwenes, and considerable conversions Of the
bonds OF 1852 into the later issues are being made
by the foreign bankers. Large exchanges Of the
bonds OF 1867 for those Of 1864 have also been made
Tor the sake OF the difference In price, and bonds are
still being bought by Insurance companies having
branches In the New Dominion for the purpose Of
ioposi;Ing them with the Finance Minister in CON-
pliauce with the act OF May ~ 1868, section % OF
which reads as folows:-
And as regards British and other foreign in
surance companies actually doing business in
Canada at the time OF the passing OF this act which
cannot by the terms OF their constitutions char
ters by law invest in Canadian securities IL shall
be lawful for the Minister OF Finance, with the ap-
proval of the Governor in council, 70 receive the
amount OF the deposit required OF them under this
act in British or foreign government securities in-
CtuulHR BLUM vi Any JUG VI hViu Va .l.o Ohtcu
States at their then market value, but with power
60 him TO require from time to time, II such market
value should decline, additional securities equlva-
lent to their cimnuton In valuei and the portion Of
the premiums received by any such company required
60 be deposited under this act may be invested by
the company in any such British OF foreign stock az
Aforesaid, and such stock may be deposited with the
Receiver General, subject to che provision above
made as to value and dimnutonin values but all such
stock shall be replaced by cash or investment to the
amount aforesaid within three years from the issue
OF the license To the company otherwise such license
shall he void; and as regards any such company act
ing on the mutual principle In such wise as to be
unable legally to make n deposit under this act for
the security Of policy holders resident in Canada the
deposit may be for the general benefit OF all its
members, but the company shall specify the fact
published by them.
There have already been deposited with the FL