The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-09-02
FINANCIAL AND COMMERCIAL.


TUESDAY, Sept. 1-SPM.
The gold market has been steady and moderately
active to-day, and the fluctuations were from l441
the opening to las, with the closing transactions
prior to the adjournment Of the board at las, fol-
lowing which this price was bid, and the latest
quotation on the street was las l45H. There was
good borrowing demand for coin, and loans
were made without interest and at one to
three per cent for carrying. The gross clearings
amounted to $S4 100000, the gold balances
to $l,079,45S and the currency balances to
81, TAO 764 The disbursement OF the September In
terest on the ten-iorty loan was commenced TINS
morning. and the SubTreasury paid out $500 600 In
coin. The steamer Hammonla took out $2S6,00O In
SPECIE The speculative feeling in the Gold Room Is
for the time being rather tame, but a. the leading
spectators have for time past been using all
their influence to depress the premium by specula-
tive means It is probable that 1t will tend upward
rather than downward in the immediate future. The
mercantile as well as the Wall street "short'
interest outstanding is large and herein turks
an element of danger to the bears. The growing
frmness in the rates Of foreign exchange not with
out erect Just now In giving tone to the gold mar
ket and there ID more disposition shown to puy
than usual OF late The price varied at intervals as
foll0ws:-
M:........... I44X sP.M.:,.....";:.: AS
r.
The railway share market has been quiet and steady
during the day, If we except Erie which, after SELL
ing down to 46N before ten O'Clock advanced
to 4SZ under q rush to cover short contracts
based upon the negotiations between the representa-
tives of the Erie and the Atlantic and Great Western
railways, Wall street having construed the proposed
purchase of the latter by the former favorable to
both companies. The advance was not sustained,
however, and decline to 4e2s took place in the az
ternoon although 46x was bid at the close. The
street is utterly befogged as to the probable future
Of Erie and 1t Is needless to say that 1t Is
equally dangerous either to buy 1t or to sell it
'short," and we repeat our advice to the public
to leave it severely alone. The interest on the
second and third mortgage bonds Of the Erie Com
pany was duly paid to-day and thus the absurd ru-
NOR OF yesterday that it would not be PAID was
finally set at rest The payment OF the ten per cent
dividend Of the Chicago, Rock Island and Pacific
Company was begun this morning at its ofllce In
this city, and those receiving it were required to
sign assent to the issue Of the fory-nine thousand
shares OF new stock which many months ago became
the subject Of protracted litigation between the
speculative stockholders and the directors
It ia noteworthy that recourse to legal
proceedings in this case practically awaited
nothing, and that tho stockholders engaged In the
contest finally withdrew their suits after q useless
the glorious uncertainty OF the law.
Money continues almost q drug and loans are
made freely on government securities and other
satisfactory collaterals ct three and four per
cent, while the banks hold large un-
employed surplus Notwithstanding the loss
In deposits they have sustained during the
last month, owing mainly to remittances
of currency westward. The latter have, however,
temporarily fallen or very materially and the appH
cations for accommodation from the West have at
the same time ceased There Is but little city COM
mercial paper being made, and the best grade
passes at Ga per cent. 1t il noteworthy that the
demand for money In England is Quickening, owing
In degree to the partial revival Of speculative
animation after the prolonged stagnation there. One
Of the nrst symptoms Of this revival Of confidence
is observable In the attempt which is
being made to restore tho fortunes Of the
Atlantic and Great Western Railway Company under
the management OF Mr.. McHenry, and as specula-
ton gains strength the demand for money win in
crease, and the Bank Of England rate Of interest will
be c0rrespondingly advanced from the low point Of
two per cent at which 1t has now stood for many
months 1t has taken England long time to re-
cover nom the financial shock which indirectly
suited from the termination Of the war In this coun
try, but to speak coloqulally, the bulls on the Lon
don Stock Exchange are beginning to sec day light
st last although for some time longer speculative
movements win doubtless be undertaken with great
caution.
Governments securities have been dull throughout
the day; but there was no pressure to sell 'l0ng"
stock although prices receded fraction except for
ten-forties There were some sales, however, by the
bears who are "short," at lower figures. and this
addition to the short interest viii assist the upward
tendency Of prices. There Is an active borrowing
demand for all the late issues Of nve-twenties and
ARt~ t. olan In, nth md liz
Philadelphia. The offerings from the country are
light ana fully onset by the investment demand.
further considerable advance In prices Is probable,
according to all the present indications. At the
close the market was steady ut the suboined quota
acknowledgement 1881, 1l3x 1l3K; coupon, 1884,
113K ia; 6-20's registered, 1852, 1oSk losk;
5-20's coupon, 1892, l13X l13H; do, 1884, 1o9X
1o9,s; do, 1886, 11l nix; do, 1885, January and
July, 10s 1OsA; do, 1867, 1o7x 1914; do, 1858,
l0s o 1osx; 1o-4o's registered. 1os lo4k; do,
coupon 1861 1o5x; September compounds, 1866.
ll9I; october do, 11sK.
At the commencement Of business the railway
share market was dull and barely steady, and Erie
sold down to le. At the early session OF the open
board Erie sold at 46I 4S,s and Northwestern pre-
ferred at s3X. At the first regular board Erie ad-
vanced to AK, and on the call New York Central
closed y higher than at the same time yesterday
Erie Ia, Michigan southern Il, Cleveland and Pitts.
burg "a Cleveland and Toledo ~, Northwestern
preferred q, Milwaukee and 81. Paul preferred ~
Ohio and Mississippi Y, North Carolina skies lex
coupon) 4, new issue l; while Rock Island was u
lower western Union Telegraph y, and Tennessee
SKIES fnew issue) y. Government securities were
steady but inactive After the call there was tenn
porary rise In Erie to 4s5s under rush to
cover "short- contracts. At the one O'Clock
open board Erie was quoted at AK, while other
stocks were steady. AT the second regular board
there was a moderate degree Of activity and Erie
closed y higher than at the first regular board,