The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-07-30
FINANCIAL AND COMMERCIAL
FRInAY. July 29-eP. u.

ne non ~ market B decidedly growing moro stringent,
though II amour. Of mercantile paper which ia being
made fery rroa and there absolutely demand for
money the stock market We hear 10 day OF strictly
private sscesnce Is days run going at T. and of
line objectionable fret class paper, I'VE months to
Pun, as On call the street supplied ut six per
cent The prevailing impression 10 that the banks
curt aDg though, after the astonishing exhibit Of last
Nc nday, is unsafe thai they pursuing
nv gut course.
Exchange steady, with fair business doing. We quote
fierlpg exchange banKers at llo for 90 days, and
HoA = for sight francs $40 for short eight and
sl2A lsz for 80 days Mercantile exchange is very
scarce The amount OF specie TO out to morrow in the
two steamers generally estimated At 81 500 900, though
may exceed that figure. Three leading houses alone
chip 81 ,fto 600 between them.
Dulnesa continues 70 prevail on the Stock Exchange
There better demand this morning for two Of
the rHroed such Michigan Southern guaranteed
and New York Central in which advance OF u per
cant was realized But the market at large iul, and
PRICES bad rather downward tendency. rns was even
more married. in State than rawsy stocks. Why people
should cboose this OF all year. sell their
STATE stocSs, s problem easv resolved i. be
sccoOned for, in all probability, the theory
unwse policy Of the banks has frightened come aayy
holders, who think it best 10 meet the fall months
win cash instesd OF sccuriles hand. We
are bound to say that, unless the banks
should be reckless enough to perssvere in policy of
panson in defiance Of public sentiment and in the sce
obvious psris, We reason why sound State
stocks such vgnas Tennessees and hissours shou
be worth less in October than they New York
Central in demand today in consequence OF the
belief that a arrangement will shortly be made be-
tween the roads and the canals by which freshs will
raised We give below correspondence which has plss
ed between Mr. Moran and the canal transportation
psnies, by which will be that shoy agree rRse
canal tolls obvis;e the difficulties which have
hitherto stood in the way Of substantial advance rail-
road freights. In few weeks this time this silly
contest about fares will be ended by of bust
than sufficient for all the roads The Western
stocks were generally inactive today Illinois Central
bonds in good demand Mr.. Cobdens letter cacu.
Hated to produce favorable effect the securities
o.. this property. Wall street has jumped from one
extreme smother the subject three four yesrs ago
thought Illinois Central cheap at 40 per cent above par
il thinks il worthless The future will probably
show thAs the truth lies between the two extremes.
There wss more activity this morning in Cumberland
Coal, which declined to s13 share This is about the
point touched by the securities Of this company
the stock sold ID preierred," S. share having
been paid in upon eighteen months ago. We under
stand that the company Ia doing good business, and
that the demand for their coal pricss
large and increasing would probably be advantageous
q the stock could be reduced in amount
In the Afternoon stocks rather better and closed
steady at the following quotations -Missours, SO IL
Cumberland Coal, a. New York Central, "a 4; Ere
71sa4; Hudson River, s2A 49, Harlem, e% u
Reading, AK ~ Michigan Central, AK AZ Michigan
Southern, IN s. do. guaranteed, 2i% %; Panama,
1leX lI6; Illinois Central 64K X Gslena and Chicago,
sa1s x; Cleveland and toledo, 2aX ~ Chicago and
Rock Island, 6l4 4.
The exchanges at the Bank Clearing House today
$500 $40 As, and the balances 81, 1857 ,eo4 49,
The business Of the Sub Treasury to day was as fol
iows:-