The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-09-30
FINANCIAL AND COMMERCIAL.


ne fluctuations were from 14lA to lax, with the
closing transactions prior to the adjournment Of the
Board at three O'Clock at l41A following which the
latest quotation on the street was 14lk lAh,
against 41K at the opening The leading feature Of
the gold speculation however, was not the course
Of the premium but the extreme scarcity Of cash
sold, or rather the excessively large borrowing de-
mand for it from the bears, which caused as
much as per cent per diem to be paid for its
use. The fluctuations in the borrowing rate were as
Soilows-H, 6-s2 s16 s-a2. 76a, 7-32, a. sic, y, "
y, u lie and l-32 per cent. 1t was rum0red that
the Treasury was again seller but as the Assistant
Treasurer declined to give the public any information
the subject impossible for speak to the
fact The extremely high rates paid for the loan OF
gold were attributed to the efforts OF combination
70 lock 1t up for the purpose OF producing scarcity
and so forcing the bears to their contracts and
loans are known to have been made to large
amount on the pledge OF gold certificates, the same
TO be held or the market like other collateras. The
volume OF business was very large, and the gross
clearings, representing the regular transactions OF
Monday, aggregated $780, 473 900, the gold balances
$SS7S 1872 and the balances S. 1885, 1862 The
steamer Cimbria took out $3.50, 600 in specie. The
exports this port to foreign ports In the month
Of August were valued at 1T in currency or
exclusive OF 49, $3.50 Of specie to $1 1885, The
imports In the same month were valued at
$2s 72i in coin exclusive of freight and charges.
The customs receipts in August at the port were
81, 1885, 500, making total OF $76 1884, 265 since the
beginning Of the year against $sl, 4s3, 422
for the corresponding period in 1857 and
sl,4o5, 1877 in the same time in 1865. 1t was
generally supposed before the opening OF the
board yesterday that the letter of Mr. Demar, the
Director Of the Bureau Of Statistics published in the
morning journals, and representing the Treasury
TO be In q very precarious condition, would
have the effect Of putting up the price Of gold,
as according to his estimates the Treasury will have
. coin and currency balance OF only twenty-eight
millions at the end Of the year. while at the end of
the current fiscal year there will be o deficit Of
hundred and ffty-four millions. 1t was, however,
soon looked upon as o campaign document, and It's
estimates after examination found to be exag.
gerated. Just as Mr.. Atkinson's exhibit was pro-
nOunced to be the radical view, Mr. Delmar's state
ment was denounced as the copperhead manifesto,
written for political effect; but it must be remem.
bered that 1t came upon the gold market in the midst
N bear speculation when it to the interest OF
the great majority Of operators to ignore and there
are none 80 blind as those who will not see. The
Treasury Is in less satisfactory condition, I'M
dOubtedly than could be desred for while the inter.
nal revenue receipts falling or partly in conse-
quence Of the deadlock between Mr. McCulloch and
Mr.. Rollins, which gives encouragement TO fraud,
the expenditures Of the government are in
creasng, owing to the appropriations made
by Congress last session. The customs re-
ceipts continue large however, and are at present
considerably above the average. The embarrass
ments Of the Treasury are nevertheless likely to
thicken, and 1t Is probable that Of the two prophets
Atkinson and Demar, the latter will prove to be
the truest The bears are still making capital out OF
the sale of Treasury gold last Wednesday and pre-
dieting steady supply from the same source; but
1t Ii hard to see why when the Sub-Treasury Is re-
ceiving for duties more than three millions and
half per week. light sales like the one In
question should depress the premium. This sale
was made clandestinely through broker instead
Of openly, although an act Of Congress, passed
Just before the adjournment last summer, and
which failed to become law only because the Pres-
dent omitted to sign it, expressly f0rbids the payment
OF commissions upon the sale of gold or bonds, thus
making the duty Of the Secretary Of the Treasury
TO effect such sales without the Intervention OF
broker Mr. McCuloch ought to have respected the
sentiment OF Congress and the country by adopting
this course instead OF which he has fallen into the
Old rut of extravaganza and favoritlsm in making
these Sales The Treasury reserve Of coin is so
low and the disbursements In payment of interest
are SO heavy that he is not In position to reduce
coin the government boards the better for the public
credit but Its currency balance is small and the
demands upon the government are SO large that its
probable relief can only be obtained by exchanging
coin for currency as Its necessities may require.
There has been increased activity In the money
market and the rate for call loans advanced to
five and six per cent while some exceptional trans
actions were reported at seven. The demand for
loans to lock up gold had something to do with this
but IL was mainly artificial, the bears the Stock
Exchange having availed themselves OF the prepare
tons OF the national banks for their quarterly state
ments to be made on Monday next and the uneasy
feeling at present prevailing to form a combination
for the purpose OF producing monetary sTlngency
and their efforts are being seconded by several Of the
banks which called in their loans to-day and adj
vanced their rate OF interest simultaneously. This
conspiracy means mischief on the Stock Exchange
but how much 1t Will succeed IN INJECTING remains to
be seen. Meanwhile 1T has unsettled confidence in
the railway share market by creating a vague dread
Of impending panic, and the street Is so largely
'long" Of the speculative shares that II would take
but little to precipitate heavy decline. The pro-
ceedlng is OF course very discredtable To all
cerned, including such bank officers are secretly
aiding 1t; but this does not diminish the Immediate
danger to weak holders Of stocks A private bank
ing house thus refers the change IN the market in
IT. circular issued this evening"
The money market has suddenly become extremely
active, and towards the close OF bank hours n was
with difficulty that accounts were made up even at
seven per cent. The plans of the clique engaged IN
locking up funds have developed more fully, and the
great scarcity OF gold for delivery Is due to the fact
that large amounts OF coin certificates have been
Withdrawn from the market and substituted col
lateral upon loans in lieu OF railway stocks which
have hitherto been hypothecated against the same.
and which are not released and notified for delivery
against sellers options aud borrowed stock the pur-
pose being to throw vast additional amount OF
shares upon the market TO be carried simultaneously
with the artificial scarcity Of money at which the
plan Is aiming. Q
At the commencement OF business the railway
share market was somewhat unsettled, and at the
early session OF the open board prices slightly
lower than at the close yesterday, while the specu-
Iatve feeling was tame and there was more dspo-
siton shown TO sell than to buy. At the first regular
board prices continued to decline, and on the call
New York Central closed Ia lower than at the same
m rIav cria D.a l. nj,