The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-09-23
FINANCIAL AND COMMERCIAL.


~cEsDAY Sept. 22-oP.M.
There Ia no charge to note in the condition Of
monetary anars at this centre. The supply OF loan
able captai continues superabundant, and the gen.
eral rate for call loans mixed coaterals Is four
per cent while government securities the princi
pal dealers can borrow all they require at three The
trust companies ask five per cent for small and
moderate amounts on miscellaneous stocks, but this
rate Ia 30 exceptional as to afford no criterion
Of the real state OF the loan market. There
Ii moderate amount OF dry goods
paper orering and that OF the best grade,
with four months to run, passes - os a Z per
cent, while few choice names In other departments
or trade are taken at six per cent discount. The
banks report that there is very little currency being
sent westward, ana that remittances Of moderate
amounts are being received from western cities, 30
that the outward dow Is nearly counterbalanced by
the receipts. As quarter day, the nrst Monday IN
october, approaches, 1t becomes daily more appa-
rent that the national bank returns will he made up
satisfactorily, without in any way disturbing
the money market here or elsewhere, ana
both the western and Southern cities are better sup
Piled with currency than usual at this season. On
the Stock Exchange the prevailing ease ia rejected
In the buoyancy Of the securities Of all kinds and
the boldness with which operations for a rise are
undertaken. New York Central has latterly been
mercurial in It's movements and these connected
TO some extent with the long talked Of stock dividend
which will, 1t Is expected be discussed at q meet
ing OF the company to be held at Albany tomorrow
Erie continues scarce, and loans are made "fatn
while the future course Of the stock Is q topic OF
which Wall street tires. The general trade Of
the city is brisk but prices hardly up to the
expectations Of sellers; and on the Produce Elk.
change particularly they have Of late suffered q
marked decline In the dry goods trade there is no
m IN nnn-
tatons, and buyers are holding on In
many instances In anticipation of lower
figures. Silk and woolen fabrics and fancy goods
are, however reported firm and In moderately brisk
demand. Several auction sales were held to-day,
and ct these the bidding for such was spirited while
cotton goods were comparatively heavy and neglect
ed owing in part to the recent decline in the raw
material. Business Of all kinds outside of Wall
street is conducted very conservative basis and
the disposition to guard against 0vertrading Is al.
most universal. n er
The gold market has been vigorously hammered
oil day by the bears, and the fluctuations were from
l43h to 1925 with the closing transactions prior
the adjournment Of the board at three O'Clock at
1924 following which there was no material change,
and the latest quotation on the street was 1879
LAX The rumor circulated yesterday to the effect
that the government selling gold revived for
speculative effect; but this is denied both by the
coin which was enormously supposed to belong to
the Treasury. Tue government has not sold any
coin for considerable length of time, and its re-
serve is so low that there Is probability whatever
OF its converting any portion Of 1t into currency.
There was an active borrowing demand for
coin growing out or the large short'
interest outstanding, and loans were made
without interest to either borrower or lender and at
Ka2per cent per annum for carrying. The gross
clearings amounted to $685. 094 oo0 the gold balances
TO 81 552 900 and the currency balances to ST. $751;
The steamer Holsata took out 500 In SPECIE and
the SubTreasury disbursed $2S,125 in coin In pay.
ment Of interest. The market is 80 largely oversold
that strong upward reaction Is liable tv take place
ct any time, and 1t is needless to say that these
speculative fluctuations in gold detrimental to the
interests of the mercantile community as well as
those OF the country at large. The sooner therefore,
that Congress imposes heavy tax on speculative
sales OF gold In addition to the stamp tax Of dollar
on every ten thousand dollars currency at present
collected, the better. In this way either q good
revenue will he produced or the evl euects OF the
excessive speculation in gold will be greatly
diminished. The Bank Of England return for the
week ending the 9th inst shows that 1t then held
In both departments eco 14S In coin and bullion
or f110,505 less than at the end OF the previous
week. while the notes In circulation amounted to
G23 s75e55. At nearly the same time last year the
supply Of coin and bullion reached the largest ag
gregate ever known In its history-namey,
GA 4oS, 447-whe the notes In circulation only
e23, OoO SO that the unparalleled spectacle of
the stock OF bullion exceeding the banks circulation
was presented.
The market for government securities continues
very strong, and there further advance during
the day In nearly all the issues but the vetwenties
OF 1862, 1864 and 1867 were especially buoyant and
active. There is particularly large short" interest
In the bonds OF 1862 and 1867 and the borrowing de-
mand for them is consequently active. The offerings
OF the last mentioned were large, but they were all
quietly taken up, and considerable sales were made
ct 1o9. The foreign bankers are purchasing freely,
although not for immediate shipment, and the de-
mand from savings banks and private investors is
Increasing. The high prices current for railway
and other shares are causing attention to be dl.
rected to the comparative cheapness Of ma
tonal securities, and the idle capital Of the
country Is gradually drifting into then. The
demand for nvetwenties In Europe Is reported 70 be
active, and they have experienced a further adj
vance to-day In London and Frankfort, partly In
sympathy with the decline In gold. The market has
not been egitimately active and buoyant 1t is
at present for several months and the indications
are in favor Of steady appreciation Of current
values
At the commencement of business the railway
share market was dropping, and at the early session
of the open board New York Central declined to
1894 Erie to AK and Reading to 92%, while Pacific
Mail was steady at los. At the FIRST regular board
the volume OF transactions was rather light and
prices were without material change. New York
Central closed on the call ~ lower than at the
time yesterday, Michigan Southern Ia Cleveland
and Pittsburg x, Rock Island IL, Northwestern 81,
preferred IL, Milwaukee and st. PAM preferred e,
Pacific Mail IL and Tennessee skies, new issue, u;
while Quicksilver was y higher and North Carolina
skies, new issue, u. Government securities were
strong at an advance OF an eighth per cent. After
the call Erie declined temporarily to Ala AN, but
soon recovered and at the open board at O'Clock
It sold at 47ss other prices being also slightly higher.