The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-09-07

There considerable speculative activity in rail-
sway shares and prices were generally higher at the
Close than at the opening The Chicago and North.
western and the Milwaukee and st. Paul stocks un.
derwent the most marked advance, although the
dealings In them were confined entirely to the street
The fluctuations In Erie were frequent but not
heavy, and the transactions in 1t were very large
The closing price was 46ss, and II is said that
those who have been operating for fall
In the stock look upon this about
S'hardpanr for 1t, although they originally
Expected TO force 1t still lower. Large amounts have
however, been absorbed OF late by investors and
wealthy specuators who believe in its ultimately
selling "a high as has done since 1864 A ru-
mor was whispered about Saturday evening to
The effect that the present board OF directors had
conciled their differences with Mr.. Drew and agreed
10 elect him one Of the new board in October, and
chat perfect harmony with the Vanderbilt party will
result from this arrangement As Mr.. Drew Is known
~ have bought the stock heavily during the recent
decline this II true, Is hardly matter for surprise.
Money was In extremely abundant supply during
She week. and loans on call on stock collateras were
made freely at three and four per cent the principal
dealers in government securities being enabled to
borrow mainly at the lower rate. Commercial paper
Of the best grade continued and In request at
from i've to seven per cent discount according the
length Of time 1t had to The drain Of currency
WeS'wniu Is VI iButer scale tndu W % generally
supposed and In consequence the statement of the
associated banks for the week was Unexpectedly
favorable. The deposits show . decrease Of only
$24s0,305, OF which tl33,330 Ia in specie, and the
legal tender notes Of sl,77a,soa. The other
changes are unimportant the loans having
Increased $49s7o and the circulation SIS, ESQ.
The banks have still an excess OF about nine per
cent OF reserve 1bove that required by law, and
there nothing in the financial prospect TO indicate
the probability Of anything beyond q moderately
easy and therefore moderately active six and
per cent money market at any time this year. As
fast n the outstanding compound interest notes
certificates, which the banks can count as legal
tender in their reserve aud this will guard against
any disturbance whatever arising from the redemp-
tion OF the same. 1t must at the same time be
remembered that contraction has been 40 long sus
pended that the business of the country has adj
justcd itself to the volume OF the currency and that
trade quiet and than usually devoid OF spec
Gatve features; also that the government has ceased
90 be borrower, and that owing to its reserve OF
coin being considerably below the average II has
little or power to exchange COLE for greenbacks
aud In this way temporarily lock currency out Of
Circulation. Hence apprchensons Of stringency
seem groundless The requirements OF the West
viii doubtless be in the aggregate large but the re-
sources upon which IL has to draw are far larger
and the crop movement will be the only one de-
mandinr money to any important extent during the
remainder OF the year. The following are the totals
OF The bank statement referred to a. well Is Of the
one forthc preceding week.