The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-09-14

The daily range OF gold during the week was as I'M
derstated -
Highest. Lopest
Monday. ......................... l45 l44S
Tuesday OBSERVATION-DISCLOSURES" IAN la4s
Wednesday ................ i44ts 1919
Ihlrsdy ................ ...... 1919 1875
Frnay. ........................... l44A 1850
oasuruay. ....................... 1919 ia
The.e was an active market for government secu-
rifles at advancing prices during the greater part Of
the week. and II closed strong at the highest figures
touched, the indications being favorable to con-
timed buoyancy under the revival OF public conf
dence in the national credit for it noticeable that
savings banks private investors and others who held
back from purchasing in July in consequence OF the
disturbance occasoned by the Democratic Conven
ton and the project for taxing the interest
on bonds are now coming forward as buyers
the theory that these securities are
cheap and that 1t Is more profitable to
invest in them than to loan their money CALL
Moreover, they considerably lower now allowing
for the accrued interest than they were just antece
dent to the period referred to, and the supply Of
bonds having stopped except to q trlning extent in
substitution for seventhrty notes while the demand
continues undated ana promises to increase from
year to year. they cannot fail to gradually advance
price with the growing demand The foreign mar
kets are steadily absorbing bonds and the fivetwen
ties OF 1852 held abroad beng exchanged for the
later issues for the sake OF the difference In price be-
tween them, the result Of which will be closer ap-
proxinat price OF the old and the new bonds At
present the cheapest bonds the list are the i've
twenties OF 1864, which stand quoted at 4 per cent
below the issue Of 1865 although the amount Of &C.
crued interest both is equal. The bonds OF 1857
have however, been or lac the most largely dealt
In, and the 'short interest In these is particularly
heavy, although it Is very considerable in all the
Is iues. Hence there 10 an active borrowing demand
for bonds and the ''short' interest can be practi
cay covered whenever the leading bulls see nt
But this il merely looking at the market from
. local and speculative point OF view. Its
great support comes from Investors at large
both at home and abroad, to whom the high
rate or interest Is constant attraction. The grow
Ing confidence In our national securities Ia not
lk y to be disturbed by any legislation of Congress
with regard to the redemption OF the bonds although
the question of gold versus greenbacks will probably
be ag ta.ed from time time during the Presidential
campaign for political effect. As the public mind
has become accustomed to this, however, It
will fail to exert any mschievous erect The
closing quotations yesterday were ~ subloned:--
Coupon. 1881. ll+H . lax; 6-2o's, coupon, 1852
ll3k l13I; do, 1854, 1904 ITO; do, 1895, 1l11s
11lk; do, 1885, January and July, 100 q 1Oo.;
do, 1867, 1851 100; do, 1868, 100 1o9A 10los
coupon, 1o4x a 1o5
The statement Of the associated banks OF this
city for the week ending yesterday proved more
favorable than generally expected. owing to the
limited extent Of the drain Of currency westward.
All the items Of the account show decrease except
tie loans which have increased $22l 1914, the loss
In deposits being 81, ae5, 27i; in legal tender notes.
specie $664 s36, and In the circulation,
$3O4e3 The totals or the present and last preceding
statements as subjoned:-
Sept. 6. sept. IL.
Loans. $2i1 s5O,696 S212, 065, 900
specie. Aluminium. ltslhIs lo,lo0vsS
Circulation ............ 3,l,04l9 "a, l3o,826
Deposits. 1I,ooa, al IOo,45v,0IO
Legal tenders. 56,vc37I3 o3,429S2S
BY the foreaoing it win be seen that the liabilities
In deposits and circulation amount to Sass, e2s $685.
snd the reserve in legal tenders and specie to
s79,5so27o OF $lo,673o2l In excess Of the legal re-
qulrement Of twenty Ave per cent, which would be
sja,9o7,249. Money was In abundant supply all the
week aud the general rate for loans on miscellaneous
colaterals at the banks and elsewhere four per
cent but first class houses, including the principal
dealers in government securities, were enabled to
borrow all they required at three per cent, and on
Saturday balances were offered at two and In some
instances at one per cent. The large foreign bal
ances now held for employment ut this centre cause
those holding them to he free lenders OF money on
approved collaerals and hence Wall street borrowers
are suppl cd 10 great extent without resorting to
tie banks. These balances have been heavy for
many months past, but Is only now that they at
tract special attention In consequence Of appre
hended adverse turn the money market; but II Is
safe to say that there will, according 10 all the pres
ent indications, be strngency produced by legit
mate causes during the remainder OF the year.
The reasons in support OF this conclusion We have
explained on previous occasions, and nothing has
occurred since to occasion any modification OF our
views; but a. we then said, It IL reasonable
to look for a moderately active six and seven per
cent market for money for time when the full
elect OF the drain OF currency to the crops IL
gelt. At these rates the supply will be ample how
ever and the efforts OF stock SPECTATORS operating
Tor fall 10 create temporarily an artificial strin
gency are likely, II made, to be attended with fail
urc TINS easy condition Of AFFAIRS has not generally
inspired confidence in higher prices for the specula
veraiwsy and miscellaneous shares, their tendency
baviug been downward during the week under active
bear operations.
The foreign exchange market was duh and barely
steady, and towards the close rates had q dropping
tendency. The accumulation OF foreign balances on
This side ~ not without influence In this direction a.
the demand for bills IL diminished In proportion a.
remittances are deferred. Yesterday afternoon the
leading drawers asked 100x for their sserling Of
sixty days, and bankers bills on England 81 sixty
days we're quoted at Ios q loek; ct three days 1924
= iosx; commercial bills, losk . 1851. panksrs'
bills on Paris at sixty days, 5.1sx S.17X.
Annexed Is q comparative statement showing the
shipments OF specie from this port last week and
during the year date together with those for the
corresponding periods in lsOe and 1907
i56s 1897 1903.
Thirty-seventb week fl91,a39 t325,3g 3320,525
previously reported .s3,343,f2 n9So,S22 N,'22S 3i
Totai....... .s6S 54o. 7ss SASS ESQ seSoss,oso
suholned Is tho total valuation Of foreign Imports
the port Of New York for the week ending Sep
Nmoer II compared with those OF the two preceding