The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-09-19
FINANCIAL AND COMMERCIAL.


FRIDAY, Sept. 1s-oP.M.
Trss gold market has been steady ana moderately
scye to-day and the fluctuations we're from l4i7s to
LAX, with the closing transactions prior 10 the ad-
tournment OF the board at three O'Clock at l4aA,
following which there was diminished activity and
the latest quotation the street was l44h l44ss
There was brisk borrowing demand for coin con-
seauent upon the large slort" interest outstanding
ana loans were made mainly without interest to
either borrower lender, the exceptional
transactions being at one and two per
cent per annum for borrowing and two and
three per cent for carrying. The gross clearings
amounted 10 900, the gold balances to
sIl9oeo2 and the currency balances to 81, 79S 900.
The Sub-Treasury dsbursed $36 5ss In payment of
interest the public debt during the day. The de-
mand for coin for customs duties continues at the
rate Of nearly four millions per week, and this
nec.s at least average degree Of activity In the
general trade OF the city. There is less animation In
the department OF dry goods, however, than there
was last week, but this IS partly owing
% the Jewish New Year festivities now going
forward. There were only two auction sales
held to-day, and the attendance at both was sparse
Domestic sheetings and prints remain duli anu
heavy at the recent decline, ana the prospect OF
larger cotton crop than was at first calcnated upon
gives downward teniensy 20 the raw material.
The price OF gold varied at intervals as iohows;-
10 A. NJ ............ Hi'S =. M.;;...:..:::. l441
HAS A. M....... l44A $40 +. NJ l443s a l442s
There has been great excitement In the stock mar.
ret all day, the volume OF business being very
heavy and the movement OF prices strongly
upward, especially for New York Central,
Northwestern and Pacific Mail, the advance
In the last mentioned having been equal to about
four per cent since the close last evening. Erie was
laru DIV daalt IN nm Ia af m
but late in the afternoon 1t suffered sudden re-
lapse TO AK. Money was in extremely abundant
supply, rs usual OF late, and large amounts were
offered to the principal dealers In government
securities at two per cent although the reg
ular rate on United States stocks Is three
and ON mixed coaterals four. The banks report
that they receiving currency from the West
than they sending there and that the applications
for discounts from Western banks are light while
they apprehend disturbance from preparations
for the quarterly statements OF the national banks to
be made the first Wednesday In October In COM
mercal paper there is very moderate degree OF
tivhy and the best grade passes freely at q per
cent discount. But although money Is SO cheap
and abundant at present 1t is reasonable to look for
diminished ease later In the season aud an advance
In the rate Of interest for limited length OF time to
six and seven per cent The supply will, however,
It is more than likely, be fully equal TO the demand
al these figures and the probability OF such change
need occasion no apprehension among borrowers.
Government securities have been firm and in good
demand both from the foreign bankers for ship
nent and from city and country investors, who can
ind no other equally profitable employment for their
money. The savings banks are also gradually alb
sorb.ng bonds, and the disposition OF the principal
dealers is 10 buy rather than to sell. The frmness
OF the market to-day attributed in degree
the strength shown by nve-tweniies In London and
the scarcity this side OF securities for shipment.
The bonds OF 1862 are scarce, and these ad- |
vanced 4 per cent, While those OF 1887 |
are Ia especially brisk demand, both on foreign |
and domestic account The "shdrt" interest In
the LAST mentioned heavy that there is also an
active borrowing demand for them. In comparison
with railway and other speculative shares our ma
uoha securities are remarkably cheap and eyentu
ally they must permanently command much higher
prices. Those who apprehend any legislation by
Congress adverse TO the public credit are more than
likely 10 be disappointed, and the question Of the re-
compton OF 1ve-twenties In com greenbacks viii
meet with no solution until the resumption OF specie
payments. Then Ii VIII be practically decided In q
manner satisfactory TO all parties. At the close the
market was strong at the subjolned quotations.
Rec istered, 1884, 1854 113i<; coupon, 1881, ia
1l44; 520's registered, 1892, 1osH q 10sA; do,
coupon, 1862, ia max; do. do 1854, 1907 10;
DO d. 1866, Ill ll1A; do. do. 1896, January and
July, 100 lo96; do. do. 1867, l09 lo9s; do do,
lsos, 100 1O94; lo-4O's, registered loi4 1o4R; |
do, coupon, 104A 1915; September compounds, |
1856, ll9i4; October do, lis.
Al the commencement OF business the railway
share market strong and active, and at the early
session OF the open board New York Central sold at
l27sS, Erie IS and Pacific Mail 10Y lloa!. At the
FIRST regular board the volume Or transa lions was
large, particularly for New York Central and prices
experienced further Improvement. On the call New
York Central closed at "a higher than at the same
r'ne yesterday, Erie ~, do preferred Y, Hudson
River =, Northwestern y, do. preferred y, Fort
Wayne, a. Pacific Mall 81, Qulcksilver TX, Cumber
land Coal preferred . and North Carolina skies ex
coupon, a: while Cleveland ani Pit,sburg was
y lower and Tennessee skies, new issue =. Gov.
erninent securities were hrm at advance OF Il q
Ia some instances. After the call Erie sold at Az.
and the speculative feeling spirited, while the
d. aIngs were attended VITA considerable excite.
meni. 81 the open board at one o'clock prices were
higher except for Erie, which sold at 4S. Sales OF
New YORK Central we're made at 1885, Rock Island
l)3G Northwestern preferred OF, ana Pacific Mall
III. At the second regular board the market con-
Tina strong and excited, prices being still In the
ese ndant and on the call New York Central closed
IL higher than at the arst regular board, Hudson
River a. Michigan Southern 4, Cleveland and Pitts
burg =, Rock Island =, NORTHWESTERN preferred =,
Milwaukee and ST. Paul ~, Pacific Mail 4, Quick
silver Z. Canton =. Mariposa preferred =. and
North Carolina skies, ex coupon, 49, while Erie was
lower aud Reading Il. Government securities
were steady. At tire open board at a
quarter past three prces continued to ad-
vance, and there was increased excitement in the
dealings. Pacific Mail sold at l13lt, Erie 4sE, New
York Genital i3lE Rock Island 1919. Northwestern
eoA, do. preferred 81, Reading S2s AMI Fort wayne
lloH. Several small failures among stock houses
committed 70 the bear side at tie same time Re-.
ported and stock was bought In for their account
under the rule. THE main " their failure was
the advance In New York Central, Erie and Pacific
Mail sull later Pacific Man was quoted at l13k