The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-06-05

Week ending Loors. Spe1s. CtrrtfM D,posis
jane a... laa7saz1i ais'S,as1 s.17sOos sI,sso,s1s
E Rssss::s s'i''tss ,,,os.a ''s|le ,ss,,;;
This statement is even better than was anticipat-
ed, and proves that the banks could Withstand q
much heavier drain of specie than they are likely
to encounter without inconveniencing their Gus
toners by undertaking any curtailment. As we
have 50 often stated, there is no demand for money
and with all their viii to expand, the banks cannot
do so; and our specie l. and promises to continue
steadily on the increase.
There is positively no change in the money mar
ket The money brokers quote first class paper at
at a 81, with few transactions at the former
figure, owing to the scarcity of the right kind Of
paper. On call the brokers are amply supplied at
5 per cent, and when money IA left with estab-
lished houses, on temporary loan, the prevailing
rate is 4 a n per cent. The SubTreasury move
ments are OF little interest. The receipts to-day
were s3as 5s3; the payments, $3.50 $50; and the ba-
lance this evening, $500 ,s63.
The foreign exchange market was rather inactive
to-day, though rates remain the same-to wit, 517l
al3t for francs, and 1905 for sterling. Messrs.
Belmont 4 Co. selling pretty freely at 1906 and
5 l2l. The scarcity Of desirable commercial bills
il very marked, and drawers are obliged to cover
their bills with bullion, though there Is 30 small q
margin for profit on its shipment. From present
appearances, the Cunard steamer which sails on
Wednesday will take out about million ia gold.
There is no change In the domestic exchanges.
At present rates there is no profit the movement
OF coin from the South; in a few weeks We may
expect the usuai drain And the usual advance on
Northern bills In the Southern cities.
The news nom Europe and the general recovery
In public confidence operated benehcially on the
stock market this morning, aud we note q pretty
general advance. The rise VA most marked in
Pacific Mail Chicago, Burlington and Quincy, and
Illinois Central. all Of which stocks advanced from
i 10 "A per oeut New York Central rose T. and
was wanted at the advance. Erie was also higher;
the Vanderbilt, II seems. brought some orders The
Western shares were all higher. Galcna shows
badly for the fourth week In Nay az compared with
the corresponding week last year. but the earnings
Of that week (22-3l May 1861 were over sl2 600,
and II obviously cannot be regarded an average.
II is probable that some back earnings were
counted In, which accounts for part OF the excess
last year. The Michigan shares we're all better.
Michigan guaranteed has been sold short, mainly,
II would appear, upon paragraph 10 this column
q few days since, which seemed 10 have alarmed
the holders Of the second mortgage bonds very
considerably. We see that come Of our cotampo-
rates advert 10 the point witt some warmth, and
accuse the new administration Of the Michigan
Southern of seeking to repudls.e their bonds. We
are not authorized 10 speak Cor the new directors
of the Michigan sou,berp, nor have we seen the
details Of their plan. Gut We believe that they
have no intention Of edecti1g any reorganization
against the will and consent OF The second mortgage
bondholders whatever IL done must be done by
their consent. aud with their good will Ia any
event. something must he done with the first mort
gage for million dollars, which natures this year
IT, when this mortgage falls due, the subse'
quent mortgage creditors attempt TO take the road,
TO the exclusion Of the stockholders o. both classes
II is not unlikely but that some of the latter mag
be inclined to test the right Of the old boasd Of
1857 TO issue a second general mortgage, bearing
seven per cent per annum interest, only few
weeks after the earnings Of the road we're pledged
to the payment OF ten per cent annually 10 tie