The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-09-29
FINANCIAL AND CONNER cIAL.

$500 MONDAY Sept. 2s-6P. NJ
= The gold market has been again the scene OF great
Excitement to-day, and although 1t ruled steady
curing the early part OF the forenoon at 1424 1424
ltwas subsequently rapidly sold down to l4l by the
BEARS This proved TO be the lowest point however,
and reaction to 141% succeeded under an active
demand both to cover shorts and on speculation
for rise. At a few minutes before six the closing
transactions were at this dgure, and l4l9 was bid
Tor large amounts Previously the borrowing de-
mand for coin for tomorrow from the bears
was unusually brisk and contracts were made
for loans at as high rate as u per cent per diem,
this being bid for million; but most OF the transac
tions were at 5-32 per cent. These high rates for
the use Of coin indicate the largely oversod condi-
ton OF the market and the desperate efforts the bears
have made to break down the market. Towards this
end 1t was rumored thai the Treasury was again
seller OF coin; but this is denied by those who are
known to be best informed upon the subject The
Borrowing demand for gold was less active during
the morning, loans having been made mainly at 1-S2
u 364 per cent for borrowing, and In few
Exceptional instances just after the hour for max
ing the clearngs transactions were reported tlat"
THE volume of business was very heavy, and the
clearngs tomorrow will refect 10 In amounts
largely above the average. The gross clearings
amounted to s6s,9ls0oo, the gold balances to
81 1876 and the currency balances to $22s, 1884,
n
the day in payment of interest on the public debt
The steamer Alaska brought s4lO,435 in gold from
California and Aspinwall, and the George Cromwell,
from New Orleans 421, All. The imports OF specie
at the port from foreign ports last week aggregated
$1s,65l, making total OF S5,s75l96 since the list Of
January. The price OF gold varied at intervals as
follews the extreme range having been from al to
a4aA:-
20 NJ ,........... 142H 1850 p: M.......... 141N
A ~
AZ ......,........ 14ls $50 P. M. .141H l4lM
J. There was slight reaction from the buoyancy Of
last week in railway shares and especially Erie, but
q very confident feeling animates the bulls and the
decline in the latter was generally regarded "a
scoop game'' in the midst OF an exciting contest In
which Messrs. Drew and Keep are supposed to be
Concerned. Money was in abundant supply
but III some quarters the exceptional loans
at five per cent were reported more
numerous. The general rate ON mixed
rcollaterals was, however, four per cent and the
sprincipal dealers in government securities were
offered large amounts OF three There is very
moderate supply OF commercial paper offering, and
the best grade is still rated ct 61s per cent-a
few choice names only passing at 0. There is an
almost total cessation OF the drain Of currency west
ward, and some Of the banks report that they are
receiving packages Of currency from Western cities
"a Chicago journal OF Saturday says that country
collections the whole more satisfactory, and
both wholesale and retail dealers appear TO be in
very comfortable circumstances considering the
ibackwardness Of trade The grain demand for
money at some OF the banks is rather heavy; nut
no difficulty is experienced in obtaining funds ON
straight shipping bills
/ A comparison Of the statement Of the associated
banks OF this city for the week ending on Saturday
last with that for the corresponding week in each Of
the three previous years shows the following
chnp