The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-10-01
FINANCIAL AND COMMERCIAL.


FINANCIAL AND COMMERCIAL.
WEDNESDAY,. Sept so-s M.
1ns .o,d market was steady to-day until after the
Adjournment Of the board at three O'Clock. ana the
nuctuatons were from 14lx to 14i, with the closing
trsnsscs,ons at lllk Subsequently, however under
the price declined to l4o, and the latest
sales on the street were reported at this figure The
bears circulated rumor to the erect that the Trea-
sury had been q large seller during the last few
DAYS: but a the Assistant Treasurer de-
dimes to give any information on the sub
feet we are unable either to confirm or
deny 1t. The practice Of selling gold secretly, still
persevered In by Mr. McCuloch is however, gene
rally condemned and in view OF the act OF Congress
prohibiting the payment OF commissions on such
sales It is considered reprehensible. But even ad-
hitting the proprety Of secret Sales there Is no good
reason why they should not be published in the daily
statement OF the business OF the sub-Treasury for
the public has right to this information and Con-
Rress should strictly define the duty OF the Secre-
tary OF the Treasury in everything connected
with the sale Of gold and bonds. 1t was
al one time reported that the Assistant Treasurer
was selling bonds, but this was officially denied, and
there apparent necessity for sales either OF gold
or OF bonds the part Of the Treasury at present
Why therefore, 1t should select time when the
money market is being made artifciay active to
replenish It's currency balance suggests question
a. to the purity OF the motives actuating the de-
parment, or, at least reflects unfavorably upon its
business management. There was an active bor-
rowing demand for coin early In the day,
and loans were made at rates varying
from 164 to 1884 per cent per diem, but afterwards
the supply largely increased and transactions were
reported 'at" and at rates varying from to ten
per cent per annum for carrying and it was this
increase In the supply more than anything else
which prompted the bear raid on the market late in
the afternoon. The volume Of business was again
very large and the gross clearings amounted to
$780, 714,000, the gold balances to $4,177,5S2, and
she currency balances to $6,3el, ESQ. The mar
ket Ii largely oversold and the efforts of the
spectators to depress the premium artlhcially VIII
ultimately be followed by sharp upward reaction.
the condition Of the Treasury being sufficiently pre-
carious to occasion uneasiness with regard to the
future while the condition Of our foreign trade is
by no means satisfactory. The Sub Treasury dis
bursed ST. 1876 in coin in payment OF customs duties
during the day. and the price Of gold varied as fol-
lows at intervals
10 A. .141K 8 p. Hlh
l0:1l A. M..........1413S s P. 5al4O5S
The money market has developed increased &C
tivlty and the general rate for call loans was seven
per cent, although first class houses were enabled
TO supply themselves mainly at six. Some difficulty
IN borrowing even at seven was experienced by
those who failed to provide for their wants before
two O'clock and applications were made for loans
until after three O'Clock, while in some instances
seven per cent in gold is said to have been paid.
The stringency was known to be artificial, however,
and the bulls on the Stock Exchange undertook to
resist it under the belief that II win prove only tempo
Try and hence the railway share market showed sur
prsing steadlness, allowing for all the circumstances
Of the situation. Even New York Central failed to
decline, although it's rates Of through freight have
just been largely reduced, the reductions in some in
stances being equal to fifty per cent. Erie, TOO,
showed much stubbornness, and the Western shares
were on the whole steady, although in the morning
The market was weak and very uneasy feeling pre-
vailed. II Is known that strong bear combination
IL at work to back up money, and the in
timations are to the effect that the none
tary pinch during the remainder Of the
week will be very severe, although If left the ope-
ration OF natural causes the market would be easy
At four and I'VE per cent The conduct Of the bears
engaged In this operation is very discrcditabe, the
design being to create panic and 80 impoversh the
money market for the sake OF the few INSCRIPTIONS
spectators engaged In the movement. In the dis
count line there Ia greatly diminished activity and
commercial paper has to submit to higher rates cor
responding with the advance in those for call loans
In the dry goods trade to-day there was general
disposition to make concessions in prices, with a
view to erecting sales, and this was particularly
noticeable with respect to domestic cotton goods.
The auction sales were well attended, but the bid
ding was not spirited, and many kinds of various
fabrics had to be passed.
The Mariposa mining property has recently passed
into the hands Of new parties, and 1t is announced
that the difficulties Of the original company will be
soon settled. The estate Is In the hands OF trustees
who developing 1t In the interest OF the stock
holders. The encumbrances upon it, which
at one time amounted TO nearly two hundred thou
sand dollars, together with floating debt OF about
thousand dollars. have all been retired,
and the titles to the property, which were In tiga-
ton for long time have at length been perfected,
while the entire franchise has been included in q
deed OF trust. BY this the trustees, OF which Mr.
John A. Stewart President Of the United States Trust
Company, is one, have power to issue new certin-
Gates In exchange for bonds and preferred stock to
the amount OF four Millions and In this way 1t Is es
timated amilion OF dollars In cash wiz be raised
working capital.
The market for government securities has been
Siun and rather heavy all day, and prices closed
fraction lower than last evening, owing mainly to
apprehensions OF monetary stringency. The reduced
quotations have, however. brought In outside buyers
for investment to moderate extent. The "short''
interest has been materially increased and this VIII
assist the ultimate reaction. At the close a. fvc
O'Clock the quotations were AZ follows:-United
States 1881, coupon, 11a 11s; 5-2os, registered,
1857 1osa<; do, coupon. 1862, 1l2h Q ll2A; do.'
1884, 1Osk 1osss; do 1885, 1oex 1927; do, new
3so5. 1o7x 1osl; do. 1857 1o7x 1o7ys; do, 1858,
7os losx; lo-4o's registered loak lo4 do, cou-
pom, 104 . 1o4k.
At the commencement or business the railway
share market was heavy and at the early session OF
the open board prices were lower than at the close
last evening, Erie selling at 4eH, New York Central
I2es and Pacific Mail 1o61x. At the first regular
board the market was less unsettled and there was
Diminished pressure to sell. New York Central
closed on the call lower than at the same time yes
terday, Erie n, Reading y, Michigan southern "
Cleveland and Pittsburg y, Fort Wayne 4, Pacific