The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-06-23
FINANCIAL AND COMMERCIAL
wEDS--pAy. June 22-6P. II.

wEDS--spAY, June 22-6P.h.
The letters by the Persi reveal very different state
~ things from the. which expected month ago
when the war first broke out. hen dear money con-
vulsed markets, suspension Of commerce, depresses
funds and general practice Of boarding, were confidently
expected and loudly foretod 1t seems that the pro
phesy sh uld have been the very reverse. Money 10
abundant in london at IL q per cent In Lom"A'u
street. and at the Bankthat is to say, cheaper 'hA
has at this for Ave years TRADE mas ''N
check In parts Of continental Europsi pu' tno 'es ~
ports from England show no falling On LUG "S' DN"
table sho xs an for the year thus ar OF
,on 600 90, over 1857 and Of si5 100000 over 1855
r,soe mr., ouoed on the day the steamer sailed At e2sS,
,p,r,st an esual to s4h; which, with one exception,
,nh than they been at this season for Ave years
Nor has hoarding begun TO DC practsed to any extent
4, The rnart countries The bullion IN the Bank OF
England amounts, IN round numbers, TO $4,000 600,
which is haa TIA, nst,aon has held in June for
Ave yeas with the exception of June 1855, VIII Il tue
bullion amounted to ssl 100000 The Eahk Of France
holds even moe, the stock Of coin unt bullion having
reached the extraordinary figure OF $4,000 ooo an in
crease SO 900 during the month of May And
these swollen reserves were, at our latest advioes, re
oeving rge Of the precious metals not only
Hom United States, Australia and the West ladies,
but so 4 ON Russia, Turkey and Germany.
If these are 10 be the fruits OF the war; the opinions
which were so generally entertained in financial circles
when broke will need modification. 1t must be re-
embered that the state Of things above depicted existed
after the battle Of Magenta after the debate in the British
Parliament and after the official announcement OF Prus
sAs position tina, to say, at time when it may fairly
be assumed inst trade suffering all tho injury that
the well ntct upon IT,
The pay ments the Sub Treasury account Of the
new Treasury up this evening about million
lc.- ala hafnr
delay allowed the successful bidders viii expire. The pre-
vspg impression still continues 70 be that half the five
millions viii paid in overdue Treasury notes. and that
the government will about $4,000 900 in gold by the
operation At the rate the department is drawing on the
SUB Treasury here, however, this will not long
main in the vaults The payments to-day, which included
oo0 cent TO Washington, were over million; and
advice received of about $780, 10 drafts which
the way. 1t is hardly expected that the Sub Treasury
balance will even be large as ii is when the July
the public debt has been paid. 1t is hoped by
the government officials that the receipts for duties this
fall viii be large enough to bridge the interval be-
tween July and the meeting Of Congress- II they not
the United States like the State Of New York. will have TO
appeal the beraliy of the banks and bankers for
means to pay its way.
The shipment by the Cunard steamer to day over
1851 ,600 less than generally anticipated yesterday.
Exchange closed dull without change Of rates Il
70 be supposed In monetary circles that the Fulton
Saturday will take out the last of the specie shipments
which will be felt by the banks Money continues very
easy, the demand being very limited and the supply
abundant There talk bank circles Of relaxing
the rule which has enabled the banks to reduce their
dscou1t line So eco 600 within month. It Is 10 be hopei
that the leading bank officers will have prudence
and enough TO resist the temptation and that they
will continue to curtai until their line falls below
$40 ooo and then keep there for the present The
banks must perceive that the mportatons OF
the hrs six months OF this year-whch in of
the corresponding period of 1s57-ca the utmost eau
ton and that any imprudence on part NAV lead to
one Of those relapees which have usually heretofore
,o~ed financial revulsions at interval Of one to
two years. they will keep the discount line
down $4,000 COO the fall months are safe against
any danger it, the contrary, they begin TO expand just
at the time when they moot expect to lose their country
balances, there vii certainly be trouble before winter
The stock market continues 10 present dull and mani
mate appearance, dvershet only by the operations OF the
bear jobbers is understood that encouraged by tne
succets and the pahy OF the public cques OF joboers
have been formed for the purpose OF depressing the only
three OF the Western railway stocks which have hitherto
eontnutd 10 command a respectable price, namely-Ia-
lena, Rock islsnd and Michigan Central The circular
which published on Monday Wac apparently prehm
nsry in the campaign dark a1oat the
effective character, and that, from the capital and skill
enlisted in The crusade is not doubted but tina. sui
Gent number OF holders may be frightened into selling 70
produce de slime Of SO SIS share. Those therefore,
who take an interest in stock movements will know what
10 expect The three roads in question cost the average
TO bud about onesxh Of the cost pe mile OF the leading
foreign roadg for years, and until the revusoa they
earned large prohts, which were divided among their
stockholders al the Of from eight fifteen per cen.
per the stock of them have any foa,ipg
debt all of them will do large business this fall the
crops fulfil their present promise all Of them the
hands of managers against whose integrity and capacity
whisper has been uttered. What success awaits
the jobbers however, remains to be New York
Central dull day, without material change the
stock opened at 1873 and closed at 733& bid Michigan
Southern hammered down per cent Mssours
steady al yesterdays price In the afternoon the
market steady but transactions limited. Pana
sold at III div equal 70 g. Stocks closed steady
at the following prices -Masouris, s6'I a; Canton
1sa q Cumberland, II Il Pacific MAIL es u New
York Central, 732s Il Eric, ca X Hudson River,
ak q "a Reading, 4216 q Michigan Central 3e& q
so1z Michigan Southern, so o; do guaranteed, %
q Panama, ICY y; Illinois Central, $50 So Gale
and Chicago, e314 u Cleveland and Toledo 25l
y Chicago and Rock Island, 5sl q; Harlem 10 a 4
The business Of the Sub Treasury follows To-
day
Total receipts 39l ,l55 IS
For customs. 1875 600 co
On account Of Treasury notes ......... 729 400 90
Fay Hnenn lol5,3s5 90
DaanCe 4,oiT ,Sol IA
The exchanges at the Bank Clearing House this morning
were SIS CAT Csc 49, and the balances $sio,2i5 IL.
The following dividends have been declared:-The Me-
cboncs' Bank, semannual dividend o, four per cent
ayabe July J. The Bank Of America, semi annual d.
vidend Of three and BALI per cent payable July ].
Tie Trademeps Bank, sem annual dividend Of four per
cent, payable July !. The Atlantic Bank Of Brooklyn