The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-08-31
FINANCIAL AND COMMERCIAL.
SUNDAY, August 80, 1858

SUNDAY, August 80, 1868.
The most noticeable feature OF the past week was
the sharp rise in government securities following
the previous severe speculative depression. We
predice during the fall that 1t would be followed
by sharp upward reaction, and the advance thus
Tar has been from one and half to two and half
per cent from the lowest prices touched, while the
indications that further considerable recovery
yet awaits all the issues Of ve-twenties Tho latter
are very firm In Europe as the advance Of Y In gold
ON Saturday IN London against an Improvements OF
e In currency here on Friday sumcienty
shows. the price of gold having hardly varied
In the interval. There is q movement going FORWARD
on an extensive scale looking to the exchange OF the
bonds Of 1862 which almost entirely held ABROAD
for those 1884 1855 and 1857 on account OF their
superior cheapness and the further advantage that
they have from two to i've years longer to rum and
hence under this process Of exchange the old and
the new bonds viii be likely to approximate more
closely in price than they have hitherto done.
The street is largely "short" of bonds the amount
being estimated at five millions at least, exclusive
Of immatured options ranging from thirty to
ninety DAYS Most Of the latter were put out IN
the midst Of the temporary agitation OF the
question are the 1vetwenttes redeemabe in gold or
Rreenbackss but the probability Is that those who
look forward any legislation which will settle this
question VIII be disappointed. The country will
money nor the hard cash men, but there will doubt
less be great deal Of political letter writing and
speech making upon the subject before the final
luton involved IN a resumption OF specie payments
sets the matter in controversy forever at rest In
favor OF the bOndhOlders and the maintenance Of the
public credit. 1t Is likely that the present
week will witness further advance In prices nearly
equal to that already experienced, and onr national
securities are, beyond question, still the cheapest
well as the safest In the country.
The gold market underwent but slight alterations
during the week, the extreme range having been
from LA to 146 with the closing transactions at
144%. the spectators in the Gold Room have been
operating of late mainly on the bear side,
and the short" interest outstanding is consequently
very large, the result Of which is that were
made 'that" in many cases during the last few days.
The shipments OF specie from the port were limited
to $453,032, but the demand for customs duties
above the average--a natural consequence Of the
large mportaiions those at this port for the week
having been valued at s6,19s,5o7 in CON- exclusive
Of freight and duty The Treasury will begin to dis
burse the september interest the tenfOrty loan on
Tuesday morning next; but the effect OF this has APP
parenty been discounted by the SPECTATORS In gold.
The leading operators being well that the pre-
MUM Will tend upward during the Presidential cam
paign, have been enieavoring to repress it, with
view to proflting both by the fall aud the ultimate
reaction upward.
Railway shares were rather dull but on the whole
drm, except for Erie, which declined to 46L Sat
urday. The outside public, however, continues q
disinterested spectator Of the doings the Stock
Exchange and the market remains entirely in the
hands OF the cliques, the brokers and few other
professional spectators.
Money was very abundant supply all the week,
and the principal dealers in government securities
cd N md 1,ro
and half per cent per annun, although the general
bank rate was four for loans on call. The demand
rom the Stock Exchange only moderate, and
the offerings OF commercial paper both on city and
country account were light while the best grade
was quoted at SAL per cent. The remittances Of
currency westward were small In comparison with
those for the two previous weeks, but the
banks ut this centre nevertheless lost accord
ing to their statements published yesterday,
$e,1oO,75s in deposits owing mainly to payments
into the Sub-Treasury, the balance in which
increased s8,2s7, l6o from Saturday to Saturday,
namely, from ss5, 500 to 500, le3s52 These pay
ments were mainly account OF the drafts Of In
terna revenue and other officials upon their balances
In government repositories, and the Treasury having
received in this way than 1t expected its future
receipts will be correspondingly diminished, while
its disbursements during the coming week Will be
larger than usual. OF the reduction in deposits
S2s19,573 is in specie, and as the Sub-Treasury
received more than s3,10o,oOo in customs duties
and only disbursed s165,ooo in coin In pay
ment OF interest the public debt, 1t fol-
lows that nearly half of the increase in its
balances was derived from this source. The
legal tender notes decreased $1,000, $50 and the
loans So 4i5o55; but 1t is very evident that this last
is not owing any calling in OF loans on the part Of
the banks, their supply Of idle funds being still
largely in excess OF the demand. and yesterday the
amount seeking employment at three per cent was
apparently as great on any previous Saturday
DURING the summer The totals OF the present and
last previous statements are as subjoned:-
august %. august 20.
Loans. s27j.245 7sl $21l, 7S0,726
Specie .... ..... .... 19,7oS,6si 1G,949, los
acknowledgements. % lJ76T 3i112,13o
Depo sits .............. 216.435,i)5 90, ,616
Legal tenders. ........ e9,7516l5 G7,757,37o
BY the foregoing II s apparent that the liabilities
of the banks In deposits and circulation aggregate
$2i4,446,7s5 and that the reserve In specie and
legal tender notes Is sS47odts4 or 1894 7ss in ex
cess OF the LEGAL limit OF Ssl1 696 or twenty five