The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-09-09
FINANCIAL AND CONNER ciAL.
TUESDAY, Sept. SO p. M.

.t TUESDAY, Sept. Sc p. NJ
m the gold market the bears are still In the as
.endant and the fluctuations to-day have been from
I4a 10 l44Js with the closing transactions prior 10
the adjournment OF the board at three O'Clock at
l44h, following which there was decline 10 lax,
and the latest quotation on the street was 1445S
1Al<. There was an active borrowing demand for
coin nom the bears, and loans were made without
interest TO either borrower or lender and
ct rates varying from one to two and q half
per cent for carrying. The gross clearings
amounted to s435l4ooo, the gold balances to
Al $50 4S1 and the currency balances to So
The sub-Treasury dsbursed $50, 500 In coin during
the day in payment of interest on the public debt
ana the steamer Germania took out S2l5,0 900 in
specie The statement Of the public debt dated the
Ist inst. shows that the Treasury then held
t92,57090l in coin, being S916o,9S4 more than
at the beginning OF August and az this
has led to an exaggerated idea OF the amount
OF gold actually owned by the government
It is necessary to explain that only about
geo 900 belongs to the latter. Thus there were
at the beginning OF the present month $685. l6 $40 OF
gold certificates Of deposit outstanding. and these
represent so much gold, the property Of individuals
and corporations In the Treasury. Then again the
September interest on the tenfory'ioan aggregating
about $553 0Oo has to be deducted from tho total
Texas Indemnity bonds and si25S,2Oo OF 'the
overdue bonds OF 1S47 and lS4S, which
are liable TO be presented for payment
al any time. Hence the gold in the ownership
of the government Is reduced 10 Soo,35S,oel
without counting the accrued interest on the overdue
bonds The same statement shows that the amount
OF the public debt less the cash in the Treasury in
creased sl2,079,S33 in the month OF August and
sso67, 62s without taking the coin and currency bal
49, n<t.,,
must be remembered that this increase is mainly
owing to the payment OF ST. 600 in coin to the Rus
sian government on account of Alaska and to the
issue OF So I0i 900 ofnew bonds to the Pacific Railway
companies both OF which items enter into the present
statement The most noticeable feature Of the latter,
however is the increase of S. 49, $50 in the amount
OF ivewenty bonds outstanding, in the face of re-
dncon OF only s37S3,S 500 in the seven-thirty notes
This owing the fact that the Treasury sold early
August, when it's currency balance was running low
and the time for converting seventhrty notes into
bonds had expired fve-twentes OF the Old issue Of
1866 for the purpose Of raising the curren-
cy necessary to redeem the notes with,
but as these sales are limited by law
to the OF the seven-thiry notes redeemed in
cuirenry there is no to fear any further con-
siderable issues, the amount of seven thrties
redeemed the LIST instant was only $4,000, 900.
The price of gold varied at intervals as foows:-
10 A. M...........144G 2:27 p. .1441l
.1l:25 A M.........l443S 3P. M............ .144]S
Money continues very abundant and loans are
made freely on satisfactory coaterals at four per
cent while the leading dealers in government secu
rites are enabled to borrow largely at three
In exceptional cases transactions where small
amounts are involved on the pledge OF miscellaneous
stocks are reported at five. There Is very limited
amount of dry goods paper Offering, and this is dis
counted for the most part at seven per cent
although prime in other departments OF trade
are negotiable at six and where the time is short
even at Eve. The general business Of the coun-
try is rather quiet and hence the amount OF CON-
mercia paper being made 10 small. In the dry
goods trade, particularly, business is transacted
largely on q cash basis and very short credits
Just now there is quite revival Of activity in the
trade, although buyers generally manifest pru-
dent reluctance to buy more than is necessary to
supply their immediate wants. Both sellers and
buyers are much more conservative in their views
than they were while the lasted, OF even for a
year or two afterwards. The prospects are favora-
BILE to a moderately good and remunerative fall
trade, and for this and nothing more the obbers
here are prepared Money promises to continue
easy at this centre during the remainder of the
year, and the only drain upon resources Will be
70 move the crops.
Government securities were lightly dealt in during
the early part of the day, and prices remained
steady but at the noon call the bears showed dis
position to renew their I" short sales and in the
absence OF support from the bulls fractional de
cline took place. Late In the afternoon the pressure
20 sell "short " stock increased, and prices, al
though they had improved on the half-past two call,
suffered to yield by the bulls without resist
ance. This looks as IL the latter encouraging
the reaction for the purpose Of buying at the re-
and therefore the decline will probably prove only
temporary. The short interest outstanding Is very
large and there Is ON active borrowing demand for
Gil the issses At the close at five O'Clock the quota
tons were as subjoined :-Registered, 1851, 113x q
1i32 coupon 1884, 1lSA Ia 520s registered, 1862,
1854 1885; 520's, coupon, 1862 1135s 1131k; do,
1864, l0o3s 1o9S do, 1865, Ill 1l1j4 do, 1865,
January and July, 10s1S q 10sh; do, 1867 1885, O
1855 do, 1865, 10sH 1os%; 1o-40's. registered,
IoI q 104z; l0-40's, coupon, 1917 a 1o5; Septem-
Der compounds, 1866, 1ls4 October compounds,
1866, 1lsA.
At the commencement of business the railway
share market was firm and moderately active. and
at the early session OF the open board Erie advanced
TO ~ and Pacific Mail to lO4. AT the first regular
board the market was steady at further improve
ment, and the volume OF business was moderately
large aud well distributed. On the call New York
Central closed lower than at the same time yester
day, Reading 4, Rock Island q, Milwaukee and st.
Paul preferred IL, Ohio and Mississippi u, Chicago
and Alton u, Adams Express q and Wells. Fargo Il
Co. u; while Erie was q higher, Hudson River /,
Northwestern y, Pacific Mail Ia, Tennessee skies,
new issue, y, North Carolina skies, ex coupon 4,
and new issue Ia. Government securities were
dull, but steady. At the open board at one O'Clock
the Northwestern stocks were lower the common
selling at s6,s and the preferred at s64, bat
the market generally was steady. At tho second
regular board there was considerable activity, but
prices were generally lower except for the state
stocks, the transactions in which were unusually
large. On the call New York Central closed s. lower
than at the first regular board Erie Y, Reading n,
Northwestern a. preferred l, Milwaukee AMI ST.