Year: 1862




aboa the course pursued by the banks, they have
actually increased their loans since last statement
nearly three millions Of dollars. The deposits
| now about sl65 100000, fact which alone dis
poses Of all the idle theories about the future of
the money market The decline in specie grows
out of the withdrawal Of special deposits for ship
| ment to Europe So long as the war continues,
! and the financial policy remains the same. money
must continue to accumulate here, and the banks
must have more money to lend than they can find
| employment for.


Gold fell this morning from l30 to 1877, closing
| at about l271S The decline is mainly produced
by apprehensions that gold will be stricken from
the list at the Brokers' Board and rejected
curity for loans at bank. Several leading banks
refused this morning to lend gold; and there is
some prospect that this policy may become gene
raj. The course of events is leading many persons
to desire that the committee appointed by the
Stock Exchange on this gold question should re-
port in favor Of the exclusion of gold from the list
II is true that this would drive the traffic in gold
into the offices Of the brokers and money changers
in Wall street; and this would be no gain to
the, public But it is argued that it would also
have the effect of very materially diminishing
the speculation in gold. People are tempted to
|
printed board lists, twice day, reports of its
active fluctuations. If il became an outside COM
modify, and was quoted like money or exchange,
large circle of spectators who are now ope-
rating in it actively, to the grave detrment Of the
public interest, would never hear of it. Again, If
gold was stricken from the Brokers' list, the
banks would have good excuse for not lending
on it. So long as official quotations of its price
are printed twice day at the Stock Exchange, a
bank president is embarrassed when asked to lend
on gold by q dealer whose account he does not
wish to lose; whereas, if it had no official price, SO
to speak, bankers would be quite justified in declin
ing to lend over par The interest Of this entire
community is and always has been opposed to. the
rise in gold. The interest Of the nation at large is
vitally opposed to the rise. Under these circum-
stances the Board Of Brokers win probably deem
it their duty to take any step which may tend to
discourage speculation in god even though it may
involve some minor Inconvenience.


Exchange was very inactive to-day. It ranged
from III 10 l42-a decline of ten per cent in
very few days. There are many importers who
feel confident that they will be able to buy bills in
the neighborhood of 1870 within month.
Money was worth per cent to-day, and there
was no very active demand for it. Mercantile pa
per of the highest grade sells at a per cent.
Certificates of Indebtedness sold at 993 this morn
ing; demand notes at 1927 q.


The stock market was dull to-day. and prices
were lower. Interest still centres on gold, and
stocks which were extremely active a few days
since are now quite inactive. The most active
stock on the list is Erie old, which opened this
morning at about 591l, fell to 5s1I, and closed
5sh bid. Erie preferred is irmer. Street rumor
speaks of large purchases of Erie predicated upon
the extremely large business Of the road New
York Central was steady this morning; the West
ern shares were all rather lower In bonds there
was very little business done. Government skies
were Il better. Between the boards the market
was weak, with very little business doing. At the
second board stocks were all "A "a per cent
lower and the market closed dull. the following
being the last quotations -