The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-09-25
FINANCIAL AND COMMERCIAL.


to-day and after opening at 1924 and selling up to
1929 the price declined at eight minutes past
one to l41s in the midst of great excitement; but
this was only momentary and reaction to l42 sue
ceeded The closing transactions prior TO the ad-
journment Of the board at l4ll. following
which tho fluctuations were eeL~ eei IA and 14o
the latest quotation ON the street being l4l7.
. l42 TIE efforts Of the bears TO de-
press the market were assisted by the rrl-
NOR that the Treasury selling, which was
false. II is however, understood that about quar-
Ter OF million was sold AT 43 yesterday afternoon
For special purpose, aud this the first sale OF
gold by the government for long time past; but no
further sales viii be made AT present. and time
can they he heavy, the policy of the Treasury very
properly being 10 Increase rataer than TO diminish
ITS coin reserve. The borrowing demand was Inuch
more active than any previous day tins week. ana
from TO 10 per cent per annum ana i-oi 10 LILO
per diem was paid for the of coin. Later
however few exceptional transactions were re-
ported 'natn and at TWO per cent per anhuui
FOR carrying; but this after the regular hour LOT
making returns to the Gold Exchange Bank through
which the cearings are made. Inc demand Tor GUS
toms duties at this port has exceeded SIX hundred
Thousand dollars a day since Monday, and nearly all
this gold is borrowed instead OF being bought by the
importers the result OF which is in the large
mercantile as well speculative ''short' interest
outstanding. The market is at present largely
sold and a reaction against the bears is
Inevitable from this cause alone The Sub
Treasury disbursed Sl7,75e In coin during the
day In payment OF the interest on the public debt,
and the steamer Weser, for Bremen, took out
Sl2, 900 in CON- The volume of speculative business
was unusually heavy and the bears put out their
contracts without regard to price, their main object
being to offer the market down fast as possible.
The decline has, however, been altogether too rapid
to be sustained, even supposng that the theory
upon which the bears are acting Is correct
One effect OF the fall has been to advance
the rates of foreign exchange and this win
react upon the gold market. There would
be no objection to this decline in the premium il it
resulted from natural and likely TO prove
permanent, but when II is merely the precursor OF
movement IN the opposite direction IL is grave
public evil for all these violent fluctuations unsettie
values and detrimental to the public interests
while they inure only TO the profit OF few specula
tors Hence Congress should impose heavy tax
on all speculative transactions in gold and thus
diminish the evil attending the present excessive
speculation in that commodity. The price varied at
intervals, as follows:-
10 A. M............ 142ti 1:Os =. M........ l41k
1885 A. M...."... 1922 $3.50 p M. .141zs I42
There was no material change in the tone OF the
money market, but the exceptional transactions at
I'VE per cent were somewhat more numerous. The |
general rate for call loans mixed coaterals was,
however four per cent, and the principal dealers In
government securities were, usual for many weeks |
past, enabled to borrow all they required at three.
There Is very little currency being sent westward |
rrom this centre, and small and moderate amounts
OF currency still being received from Western |
cities. Chicago journal OF Tuesday says that mer-
chants there are borrowing very little from their
bankers, owing TO the cash system Of doing business
ahat prevails and chat the aggregate demand for |
money is rather light although at the banks where |
large grain accounts are kept 1t IL reported active |
while there is a strong disposition to favor those !
who draw against shipments. The Southern cities |
are better supplied with currency than Is usual |
st this season, and a New Orleans journal OF |
Saturday last remarks that the money market then
was growing easier. All the indications at this
centre still In favor OF continued monetary ease
and the quarterly statements OF the national banks
ere likely to be made up without causing any dis
surDance whatever, although before long tempo
Hary advance In the rate OF interest Is not mproba-
hle but stringency Ia impossible The operators for
. rise the Stock Exchange have therefore,
nothing to fear from this source. The dry goods
auction sales were moderately attended to-day, but
the bidding not very spirited and prices
tne whole steady.
There was bearish demonstration against gov
eminent securities this morning aud prices were a
lower than at the close last evening for the later
ISSUES OF 1vetwenties, while in the bonds Of 1852
there further decline of about per cent. The
weakness OF gold was one cause OF the yielding ten
aency Of prices, and the rumor that the Treasury
was selling coin assisted il. The hve-twenties OF
lS64 and 1867 the frmcs, OF all the issues and
the demand for the latter was particularly good
The decline in prices brought In investment orders
from the country and the city demand was also
wuinL ann1 Tho If Rt.l.
market became strong IN the afternoon and
prices advanced = "a per cent. At the
close there were stocks Offering and the
following quotations were acknowledgement 6's,
1881 ll2& 49, coupon 6's 1881, 1872 1l4 5-2o's,
registered, 1852, 1855 1888; 520s coupon, 1852,
ia ll41S do. 1884, l0g3s no; do, 1865, HOS
1i0%; do. 1865, January and July. 1857 1855:
do, 1857 100 1oeIS do, 1865 l0sii lOa9s l04os
registered, 1O4 10l34; 1Ol0's coupon, I04ss 0lat
September compounds, ll9i.; october do, 1854.
The railway share market was heavy at the
mencement Of business and at the early session Of
the open board Erie declined to 49lS aud New York
Central TO 1879, while other stocks were also
slightly lower Than at the close last evening
under considerable pressure 10 sell AT the
frst regular board the market was active,
while prices were without material change, and on
the call Reading closed Ia lower than NJ the same
tDe Yesterday. Northw estern a. preferred 4. Fort
wayne 4, Milwaukee and ~. Paul preferred -,
Pacific MaIi q, quicksilver a. western Union Tele-
graph "a and Tennessee skies lex coupopl y, while
New YORK Central was 3 higher. Erie "a and Mari
posa preferred =. Government securities
heavy at decline OF y - per cent, and in the five
tweniies of lse2 a, the depression being due TO
speculative causes. 81 The open board al one
O'Clock the market firm but dun and Erie adj
Vauced to ip's and Reading To ~. At the sec ond
Sogular board the speculative feeling quiet and
prices were barely steady. except for Erie on the
ss'll New YORK Central closed = lower than al the
frst regular board Reading - Rock Island =, North.
western preferred =, Fort wayne a and North
Caroline skies NEW issucl v. Govern
mont securities were drm sc fractional advance IN