The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-09-15
FINANCIAL AND COMMERCIAL.
MONDAY. Sept. lI-aP. Il.


MONDAY, Sept Ia p. n.
the bears have been vigorously at work al day in
Che Gold Room, and they succeeded in forcing de-
cline TO I4sx at one time In the forenoon, but
eovery to l41S took place soon afterwards and the
closing transactions prior to the adjournment at
three O'Clock were at 1887, following which there
was more disposition shown to buy than TO sell, and
the latest quotation the street was l44x a
l44h. The '.short" interest being very large.
there was an active borrowing demand for
coin and loans were made without interest
70 either borrower or lender and at rates varying
from half OF one per cent TO three per cent per an
mum for carrying. The gross clearngs amounted to
1856 $50 0O0 the gold balances to S1,ls5775 ana the
currency balances to Sl,97e,052. The Sub-Treasury
disbursed $751; 39 in coin in payment OF in
terest the public debt. The imports oi
specie at this port last week from foreign
ports amounted to $1l3,207, making an aggre-
gate OF s575ssO7 since the LIST of January. The
steamer Henry Chauncey brought sa99,7i7 in specie
and bullion from California and s4o1,0i from Aspln-
wall For some time past the great majority OF the
spectators in gold have been bears ana the result
il the decline OF the price OF that commonly
from $50, few weeks ago 70 1889 To-Day. IRE
viousy the current OF speculation had been IN the
opposite direction, and hence the advance TO l5o
The rise and the fall within about o fortnight were
equal to thirteen per cent, and the value OF foreign
merchandise in currency, was disturbed accord
tnoly and all for the benefit OF few spectators
who proted first by the rise and next by the fall in
the premium. This being the case, 1t Ia Got too
much TO say that speculation in gold as at present
carried on at the rate OF from two four hundred
millions per week is grave public evil, and means
should be employed to check it. Congress, when 1t
meets, should therefore pass law taxing heavily
all speculative transactions in gold, the present
stamp tax sales being altogether too trning for
the purpose Specie payments were suspended and
gold was at premium for many years prior TO the
resumption in 1921 in Great Britain, but no such
institution as gold room ever found an existence
there, and although it has thus far been tolerated
here it would be difficult to find good excuse for it,
for 1t has subserved no purpose that we are aware
of beyond the interests Of those who 1t gam.
bling arena and for this it has proved all that they
could have desired. To tax these speculative gold
saes heavily would practically break up speculation
to great extent in the Gold Room, and at the same
time there would be no difficulty in exemptng gold
bought sold Legitimate Objects such the pay
ment OF customs duties in the way OF trade. What
h most 10 be desired in the standard OF values ID
stability and the constant heavy stream OF specula-
tiOn which now floods the gold market makes the
premium an necessarily nuctuating quantity, ma
Dfpulated by a few at the expense OF the many The
men who are now bearing it and using the probable
result OF the Name election argument in sup
port of their operations will be bulling 1t and
uttering horrible predictions about the gulf
Of ruin and anarchy into which the country
is falling. Just now they see nothing but what
n encouraging and ingenuously ask who wants gold
But have they covered their 'shortsr than
they begin TO dark clouds the political horizon
and talk ominously OF the future OF the national
finances They use gold as a shuttecock and to tax
their play on scale sufficient either to produce a
considerable revenue or to break up the Gold Room
h something which Congress should not hesitate
about doing
A very active and buoy ant speculation in railway
shares set In late this afternoon and the market
closed strong at q considerable advance upon the
opening prices, with Erie and New York Central
leading the upward movement although at one time
previously the two stocks mentioned rather
weak Money was in extremely abundant supply
and loans were generally made at three per cent on
government securities and four on mixed cola
terals. In two OF three instances efforts
were made TO advance the rate OF interest
but unnecessarily. the parties concerned had
their loans promptly paid OF, the supply OF funds
Snerlng elsewhere a. the rates psns
IN rather light supply, and the best grade passes
Freely at per cent. The remittances Of currency
70 the west are temporarily almost suspenueu, Hnd
eome Of the banks received currency from that sec
tiOn this morning. Chicago journal OF Friday last
notes business at the banks dull, and says that the
demand for money on local account IL not
pressing and the tendency OF the loan
market Is 10 more ease, the demand for currency
having sensibly fallen OF, while the return OF
large portion OF that sent westward has com
menced, some OF the banks reporting that their
ceipts exceed their remttanccs. There is nothing
m the aspect OF affairs at this centre calculated
impair confidence in an abundant supply OF money
during the remainder OF the year. and all efforts TO
produce stringency by locking up greenbacSs win
prove abortve.
comparison OF the statement OF the associated
banks OF this city for the week ending saturday
last with that for the corresponding week IN each OF
the three previous years shows the following
Changes