The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-07-02

Union Canal s,s 1000 Texas Treasury Bonds. $40
-
Markets
LONDON MONEY MARKET Friday, June 16.-The con-
tinental received this morning has had little
effect way another public securities. TIE
reduction Of the interest by the bank yesterday how
has continued the impulse and Consos have been
done at S3 for the accounts and are now quoted S3H
modera to amount of business has been done, but
there quotation for money
LONDON MONEY MARKET, June 16, Friday, two o.
clock.-The formal reduction OF the minimum rate of
interest for BY the bank to % per cent has
yesterday afternoon and this morning, The measure
Is not at all popular amongst the other bankers merely
because 1t will compel them to offer lower terms. This
is, however, not publicly avowed although,
s that nteresqis concerned the veil attempted to
feeling The ground taken up by these directors is,
that the example set by the bank and their anxiety to
get their capital employed viii lead TO m Undue sn
attendant upon sudden check Probably however,
at period Of commercial history had this objec-
ney the metropolis is purely local and partial for
every quarter Of the country complaints are daily
made that banking accommodation cannot be obtained
to enable the internal business of the country to be
carried Even in the metropolis the redundancy OF
money not absolute but relative 1t Is only In ree-
renee to what deemed undoubted and immediately
available securities that money bears low rate OF In
terest that in point Of fact it is entirely the result
OF the prevailing disrust to employ 1t where most
wanted We speak within bounds when we affirm that
there fewer commercial bills in circulation by up
wards of 600 600 sterling than there in the
binary state of trade whilst tho withdrawal Of one
tenth fthat amount from the London market would
raise the cry of scarcity and run up the rate
of interest to from five to six per cent There Is no
risk whatever therefore, Of the reduction OF the terms
upon which commercial accommodation is afforded
by the Bank OF England Mt present leading to undue
commercial speculatiops butt the contrary the
directors would confer great benefit the public
producing their terms one per cent lower than they
have yet done in order to restore confidence. The
continental received this morning has had little
effect way other public securities. The 70
ducton Of the interest b1 the bank yesterday howe
ver continued the impulse and consols have been
done at S37 for the account, and now quoted S3x
A moderate amount Of business has been done, but
there is no quotation for money The three per cents
reduced have been done at sak Y; the three,and-a
per csn 81 c so 90 Il s
Some Of the foreign stocks have been little more
tive. The remittance made from Madrid to account Of
the dividends the Spanish three per cents supports
the advance which took place the bonds yesterday
the Ave per cents having been last done at l2x the
d'ss 5 Bss ;fass tx Brazil ns.
at 81 Grenada at In; and Dutch two and-a-haf per
cents at ~ The railway share market presents little
and prices, upon the whole remain pretty
steady.
QUARTER BEFORE THREE--Consols for account 63H
IS ex div.
| LfvERpooL Corros Market, June 16.-The dullness
Of the last ten days, though without producing any
marked decline ut any moment, has placed the
quotations Of uplands at a lower point than any
previous occasion Fair upands and Mobiles for the
first time are quoted at a. Orleans at "a as before
| yielding tendency. The better sorts are without
change Long staped descriptions also of all kinds in
GLIDING Sea Islands, Brazis &c before with
/ only moderate demand, just barely to keep them
steady. Such Is the state Of our cotton market with
out anything new from America the subject of the
crop in that country and the year passing fast away
without giving to the Manchester trade
making its pursuit aremunerative occupation; 1900
American have been taken on speculation, and 2310
American, and $40 Pernams for export Sales for the
| week, %, 500 bales.-Geo. Holt Co.
| LrvERrooL Conx MARKET, June 16--Thc trade has
been quiet this week At market held the 18th
transactions in wheat effected to fair extent,
and the currency Of last week steadily maintained :
The supply Of Irish -four being comparatively small
and superior brands Of American scarce both these
descriptions realized the full, aud in some cases
slightly exceeded the rates Of the 18th instant
Barley continued to rule nearly the same. Malt, Of
~hich few cargoes previously forced OF lower
terms, held at former quotations Oats being in
slow demand were the turn cheaper and oatmeal
upon very dull sale, declined Cd per load. Indian
continued to be held steadily at the late advance
but although several more Irish mlers appeared the
corn meal there buyers at 15s, but few sellers
under lbs Sd to l5s Cd per barrel At yesterdays
ket wheat met steady sale to consumers at an i'm
provement Of Id to I'd bushel the price Of Tuesday
last There n fair demand for both sack and barre
quarter dearer and most Of the recent arrivals have
changed hands Oats and oatmeal both dull sale, and
rather cheaper. No change In barley or peas. few
purchases Of Indian made for Ireland at 32
to 33s per $50 lbs for American white and "a to 35s
yellow Indian meal las Cd to 15s per 1876 lbs but
with little doing in II.
state or Trade.
| MAScHEsrrR, June 16-We have had most mani
mate demand for both cloth and yarns this week. but
this TO be expected owing TO its being Whit week
no unfsvorablc inference otherwise well b.
drawn. A moderate tusiness Is doing for the Levant
Brazs &c. also to the United States Prices for good
and yarns may be called the turn further In favor
tho buyer.
! LIVERPOOL PRicrs CURRENT. Jnne l6.--Arranged BY
Committee of Brokers Sugar Owing TO the uncer
anty TO duties business has been nearly
and the sales confined to $50 hhds b. P 1000 bags
Bengal and 400 Khaur the latter at 30s 30s O.
per cwt, being old import. For similar The
demand for foreign has almost entirely ceased and thu
sales Of the week confined TO 30 hhds Porto Rico
30s to 43s and small lot of nambuco In barrels N,
sales In molasscs Cofee-The market Is tolerably
steady; the sales comprise 80 cs jamaica at 34s pei
plantation Ccylon at 45s, and 1900 bags Laguyra
ass to 67s Cd fer low to fine colory mddlIng 80 bag
Para sold mt 3ls Cd per cwt, and small lot o
pimento at Sd per Id. No sales Of ginger pepper
Rce2J0 ties Carolina sold at los Cd to 1Ss cwt N
East India the business IL extensive, counting u
1000 bags yellow and Madras at rs Cd to IA Cd
and Bengal mt 81 Sd TO lis cwt for broken TO IN.
white The market for rum Is nat this week, and rather
lower rates have been accepted for 100 Demerarn
TeaThc market continues quiet for all kinds of blacl
tea with the exception Of Inc mouipg congous. whcl
saleakle at further improved rates several sales
good and fine Tyson, imperall and powders hav,
been made ut previous prices In East India drysater,
articles the sales extremely limited and barely sup
porting the quotations Only 500 bags sapctre and 70
bags Of nrat Of soda reported both at rather lowe
prices DycwoodThc sales are 100 tons Campeachy log
wood mt &c 10 GO 20 Cd and 80 tons Jamaica at CO s
40 tons Lima Ncarsgua wood at E12 TO f13 10 ton
red sanders wood at e. and 80 tons fustc at "a 10
Il n 4 IN. = IL