National Republican., 1875-09-13
AatiuuaI gspnbliea1
FINANCE AND COMMERCE.
honetarY.

WASHINGTON, Saturday evening, Sept. IL.
There has been some Disappointment exps
rienced In financial and commercial circles thus
far during the year in regard to the revival Of
business both speculative and legitimate, and
while Q steady improvement Is undoubtedly going
OIL, notwithstanding occasional disturbances, the
transition to the new condition Of things incident
to the specie basis Is too slow the approval
OF the characterfstfs American, who would work
on the high pressure principle, which was the
order Of the day In aute anic times, when specu-
lstion was rife and values were On the apprecia-
ton. The fact Of the vast accumulation Of ma
uonal bank and private reserves until no smaller
amount than 800 600 900 lay idle there, and the
low rates for money, whereby it was, as It noWis,
an easy matter for we'll known borrowers or those
with approved collateral to get call loans In any
amount at 11z93 and time loans ct 46S5, were
taken as certain Indications Of approaching actiE-
ity in the stock markets. It was generally be-
Heved that cheap money would stimulate unpre-
cedented speculation at the Stock Exchange.
Small capitalists were expected to deposit q sum-
eient amount OF cash with their bankers and
brokers to carry heavy loads Of Stock the nsstors
Of the street were to launch out, and the antict-
pated result was an active and advancing mar
ket.
The very best authorities had taken the paInsto
feel the pulse Of the country and Wall street IN
regard not snly to stock jobbing, but, what Is
more important, to commercial trade, and tha
conclusions In the premises were favorable. But
these desirable results have at no time been
brought about for any enduring period since the
commencement Of predictions. The circumstances
which have occasionally risen with their depress-
ing influence upon stock iobblBg trade, could not
possibly have been taken into consideration and
no allowance was made for unforeseen events as
It was believed In Q general way that everything
Of disgusting character that could occur had
gone to record. The expectations were too great
to be realized, but there is prospect of better
trade IN the future than we have had In the past
team aeVsTss o. some twenty per cent IN Amer
movement and lively speculation about two
months since, has been gradually lost during the
past seven weeks, and prices are now about ss
they ruled before the setting in Of that dsnSnd.
and farmers are not so anxious Just now to market
&c, at New YORK from the West have not been
so large this week, but have been about sufficient
for the foreign demand; The crops through tho
ard being harvested successfully, and the large
yield, with the prospect Of q further demand from
abroad. which may reach 90 0ooO 900 bushels, viii,
after all, carry much wealth to the interior and
exert beneficial influence upon general trade.
-, Inc new YORK yosrndL 9f Commerce says that
Der Of New York houses are working at night to
The most marked event of the week in Wall
street was the gold speculation. There were great
spprehensions on the part Of importers that the
to Of ssn Of Ns S
purpose Of redeeming the bills OF the national
gold banks, which have now reached upwards Of
The bulls used the fact Of these transfers and the
action Of the Pennsylvania Democratic conven-
in raising it from lI45 10 lITZ during the latter
part Of the week, bringing the borrowing rstesup
TO u per cent. per day. The scarcity Of cash gold
has further depressed foreign exchange. Sterling
bills have declined per cent. during the past
montb b, and this has not been favorable to the ex-
continue, speculaIors will mark up the price Of
gold, which would be temporary benefit to the
holders Of brssdstuffs BY advancing currency
prices. 1t Is rumored that arrangements are be-
Ing ade in London for shipping American gold
to counteract the depression Of foreign exchanges
expense to the pound sterling Is only 1H per cent
The excess Of reserves held by New York ma
The following table shows the changes in the
New York city banks this week as compared with
last:
9ircuist'n. isiss.ioo l7,iss,s0o-psc: SS Ss8,8SS
Legal tGn.. 7o,oOe,SOo 90, Isl, ,2OO-Dec. 142I 100
Messrs Trask Stone, in their weekly record
Of the Wsllstreet markets, note increased activ-
ed. Quotations for the first three days of the
week were sensibly advanced, but to-day we have
70 reeoia very genera Decline and IN some IN
transactions Of to-day. The failure Of promI-
nent house dealing in gold and foreign exchange
evidence Of weakness In our midst, and another
esuee for 6istrust and alarm In the financial CON-
munity. The gold market has been unusually
excited. The Union Pacific Company have de-
cided to advance their quarterly dividends from
IL to per cent, which latter will be payable
alter October l. We unable to decide upon
tie feasibility Of such action upon the part Of the
directors. Erie has been bolstered up by hope
that tho representatives OF the English stock
holders now in our city would devise means Of res
cuing the company from It's present embsrrsss.
ments"
The walLstreet markets were free from excite
ment and only moderately active. Gold strong,
opening at 116H and selling at 1l61<4Il714@1I5I
az, closing at 11611Q5s. Carrying rates 11493
per cent. Cash gold lower; rates 3-l6 down to
il6. Foreign exchange weak nominal rates 4sI
for time and 4s5 for time bills. In the money mar
ket hrst-class mercantile paper has been 595 per
cent; call loans 3 closing at 11492. Government
tonds dull, but strong.
h. D. Cooke, u. s Co.'S dispatch quotes the
following closngs: