The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-09-26
FINANCIAL AND COMMERCIAL.

FRIDAY, Sept 25-6P NJ.
The tide OF speculation for fall turned to-day in
the opposite direction although the bears vigorously
resisted the natural tendency OF the market, and
ater opening at 142 the price declined to 141x, but
this proved 10 be the lowest point and steady adj
vance to l421 succeeded, the closing transactions
prior to the adjournment Of the board at three
O'Clock having been at this figure. Subsequently
che market remained firm, and the latest quo
tatton on the street was 142H 1925. There was q
very active borrowing demand for coin, and loans
were made at q per cent per annum and at 1-64
1882 per cent per diem for borrowing Later In the
afternoon contracts were made for tomorrow at 1882
and 764 per cent for the use Of coin until Mondays
suCient indication Of the largely oversold condition
or the market and the preponderance OF the demand
over the supply. The gross clearings amounted to
$1046OOO. the gold balances to ST. 1856 1873 ana the
currency balances to 81 194,Os2. These amounts are
more than double the usual average, and some idea
may be formed from them Of the activity OF business
In the Gold Room yesterday, the clearings OF one
day rejecting the regular transactions OF the pre-
vtous one. To-day the volume OF business was
much smaller, the bears having oversod them
selves and being afraid to put out new con-
tracts. The Sub-Treasury dsbursed SIS, 703 in coin
in payment OF interest the public debt during the
day, but it sold Lone, and it Is ntimated that no
more will be sold at present. 1t is admitted, how
ever, that quarter OF million, or a little more,
was sold Wednesday for the first time in several
months, and although none has been sold since
Ii fair to inquire how this quarter Of million was
disposed OF. BY an act of Congress passed last
session the payment Of all commissions on the sale
Of government gold and bonds was prohibited and
although the bill failed to become law by reason of
the President not having signed it after the adjourn
ment OF Congress it nevertheless embodies the SEN
timent OF both houses on the subject and we may
add OF the country at large, and Mr.. McCuoch
should have respected it and sold whatever gold he
had To sell publicly at the ubTreasury in this
city. II is rumored that the broker who sold this
gold did 80 with the understanding that he was not
TO receive any commission, but as the laborer is
worthy OF his hire, and is not reasonable to sup
pose that a broker any more than mankind in gene
raj would work without hope OF fee or reward it is
to be inferred that this report has foundation in
fact or else that the broker in question reward
ed sunciently by specializing upon his knowledge Of
what the government was doing. Certain it is
that this sale by the Treasury was made
In the midst Of bear movement and
was. therefore, a most opportune event for the
bears, who magnifed its amount and Importance for
the mrtherance Of their own sinister purposes. We
advise Mr. McCuloch when he has gold to sell in
future to sell 1t publicly through the SubTreasury
office In this city, and not clandestnely 1t is note
worthy that all the gold in the banks has been bor
r0wed, and the maximum supply is at present
on the market With respect to the policy
OF the Treasury In selling gold, especially when its
reserve is considerably below the average it may
very properly be regarded as indefensible unless
der urgent necessity, which does not exist just
now. and the more coin the Treasury succeeds in
boarding the better 1t will be for the public credit
and the stronger will be the foundation upon which
our financial system rests. The fluctuations during