The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-09-18
FINANCIAL AND CONNER c,AL.

THURSDAY, Sept. Tsp NJ
Tbe gold market has been firm and rather active
tsday and the extreme fluctuations were from
I4,1 10 1447S, with the closing transactions prior
% the adjournment OF the board at three O'Clock at
I4x following which there was diminished firm
ness and activity, and the latest quotation on the
street was 144h 144x. There was brisk borrow
ing demand for coin from the bears, the ''short" in
terest stin outstanding being very heavy, and loans
were made in most instances without interest to
either borrower or lender, the exceptional
transactions being at half OF one per
cent per annum for carrying and two and three per
cent per annum and I-64 per cent per diem for bor
rowing. The gross cearings, rejecting the volume
OF regular transactions yesterday, amounted to
75079O0O the gold balances to $1,1s 800 and the
currency balances to 81, 726,3s6 From one to one
and quarter per cent is bid for the Of coin for
sixty days-a sign that the borrowing demand is ex.
pected to be very active in proportion to the supply
tpr considerable length Of time to come. The
requirements OF the importing community for
customs duties are larger than usual at the
present time--the average being considerably more
than half million per diem. The Sub-Treasury DIS
brsed sos 929 in coin during the day in payment Oh
interest on the public cebt and the steamer America
Tor Bremen took out 500 400 in specie. The disturb
ing political rumors relative to the relations OF
France and Prussia which were circulated yesterday
not revived in the Gold Room in the lace or the
somewhat reassurng news published in the morn
ing journals; but apart from European affairs, the
market for gold has a very firm undertone,
its natural tendency being upward after
the prolonged speculative depression to which
has been subjected. Recently published British
statistics show that up to the year 1850 the coinage
OF gold in England far exceeded that of France
and this country, but since that time the case has
been otherwise. From 1898 to 1866 France emitted
f262, 100000 OF gold coin, while the United King
DOM from 1915 10 1896, coined f1S7 600 600 and the
United States from 1872 to 1s49 $s45 600 900. Since
1859 France has emitted fl97OO0,00 Of gold coin,
the United Kingdom col, 600 and the United
states $780, 100000 The facility with which coin
be loaned here and the fact that the rates OF interest
Dor loans turning in favor of the lender will tend
" increase the accumulation OF foreign balances
this side, and in this way the money market viii
be affected iavoraby, far IL is affected by the
European capital seeking employment in Wall street.
The price OF gold varied at intervals as folows:-
"a, M............ 1AsS 2:19 p. M.......... 144s
1850 A. M......... i4f% 3P. M............. 144sS
The extreme and still growing abundance OF
money at this is the principal topic of CONVEX
saticn among the financial community and il is now
generally admitted, even by those who have been
hitherto predicting stringency, that the indications
are in favor OF continued during the remainder
reucy 10 the West has temporarily almost
ceased, ana we know OF several remit
knces or moderate amounts OF currency from
that section TO this city within the last
wo days. The Western cities are so well supplied
with currency, and the crop movement has already
progressed so far that IL begins TO look If the
West would tax monetary resources TO a much
more limited extent than usual at this season. The
cotton crop WILL it is true, require considerable |
nmonni, but one by no means sufficient TO occasion
heshghtest monetary perturbation here, even to
materially, n al ALL affect the rate of interest The
majority OF loans stock colateras to first |
class houses made during the day at |
three per cent and the principal dealers in govern
mems were offered much more money than they |
could use at this rate although the general one on
mixed colateras is four per cent. One or two |
hanks which advanced their rate 10 five per cent |
cary in the week find that they have shut them.
selves ont of the loan market. and are privately |
offering large amounts governments at three.
There "a no change to note in commercial paper,
The best grade of which is in moderate supply
and good request al per cent. The dry goods
trade has been quiet since the beginning OF the week
and there only auction sale held to-day the
bidding AZ which was rather spirtless. Foreign
SILKS and other fine fabrics are more active as well
A. fr,ncr than domestic goods which have been
heavy, particularly regards brown sheetings and
prints The general trade OF the city fully equal
~ The average at tins season.
The market for government securities opened dull |
bu firm 81 the closing quotations OF last evening.
In The absence OF any disturbing from abroad
buv ever and on tie receipt Of improved quotations
for h,c-tWentes in Lonion and Frankfort. prices |
deycioped an advancing tendency and the decline OF
weGurs,a, was more than FUZZY recovered the de
naud heing good, especially for the hvetwenties OF
1897 ani 1854, the former hcing in brisk request
au0ut the foreign bankers for shipment. The
Noluilc of speculative business was rather light hut
tn borrowing demand for an the issues and espe-
ehlS tlat o 1866, continues active. II generally
erncrlrd that nitrd STATES stocks are the cheapest
IL tno r0pir,. ajtd thc supply having reached ITS
nHVuUm thsi they must. in view Of the
,a.uv domaud. gradually advance in their mar
~ yg,gc. ~ ibe close az five O'Clock the fol.
hr1nr W atoms we're current, white their ten
G,.., was strongly upNard'Reai-tered. 1851. 49,
cpupul 1881. ia ia d: 5-20's, registered
-. 'eS q 1u>i: co.. coupon 1862, lisa III;
de- do. is4. iu276 10: Ito. do lS6a. Ill III -;
do. ,iu lSfl. January aud July. 1857. lO9: do.
do. iso, l0a irys; do do 1868, iOe ios}s
lotos registered. lo4 +. io4f; do. coupon, 1os'.
To- September compounds. 1904 lI9A. October
aV., 1854
Al The commencement ~ business the railway
share market was Gum and active and at the early
session OF .the open board Erie sold at i6N and
heading at ~ AZ Tie first regular board prices
tnucd 10 shoN an improving tendency and the trans
actions large and well distributed. on the call
Ere closed higher than ~ The time yester-
dty Reading q. Michigan southern 's, Cleveland
aud PittsbHrg az, Cleveland and Toledo a, Rock
Island -. Northwestern a. 10. preferred A, Fort
WAYNE =. asd ohio ana Mississippi a. while Mil
waukee and IT, PAM was lower and raciGc Mail =.
Express shares were q "a. higher Government
securities Wer' hru ou dun a tho closing prices Of
las evening. Al the open board at one O'Clock the
srcculativc feeling was buoyant ana Erie sold At
a. Reading o.. and Pacific Matt i0sa,. Al me
second regular board the market continued etr,liq
m nsnnrLnIN fnr pnninr Mni NM