The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1862-06-18

decline Of u per cent; II fen another Il this after
neon. There 10 SO much gold in the country, and
the idea of boarding for the sake Of possible ad-
vance in the premium, ct . cost Of n per cent .
month for loss Of interest, ia so foreign to the
ideas Of our people that further decline may be
consistently anticipated Parties who have gold to
sell should lose no time in realizing it. Exchange
remains a. yesterday-ll7H o llS for sterling and
4s7L 40 for francs. There is very little bust
ness doing.
The stock market was not SO strong to- day. At
the morning board there wasa decided increase Of
orders to sell at the recent advance, and Central
declined n, Erie "a, governments u, Michigan
Central "a. Southern old H. guaranteed 70, Illinois
Central l, Toledo n, Rock Island H, Harlem ~
Harlem preferred "a. Between the boards the
market was inactive and prices were unchanged.
At the 'second board there was further increase
In the supply Of stock, and further decline ensued.
Several leading stocks have been rising steadily
for several days past, and reaction was natu-
raj. Central advanced almost without stopping
from SO to sc, and some of the Western
shares in proportion. movement, which IL
said to have substantial support, is going on
in Harlem, which il selling at to per cent above
the price which ruled SO long. 1t Is understood to
be based on the prospective advantages Of the
new city railroad through Madison avenue, which
cannot fail to increase the net revenue Of the
pany in very marked degree. An active bust
ness was done IN railway bonds. The issues Of
the Erie, &C., which are coming from abroad are
eagerly absorbed at full prices. The Michigan
Central Fights are selling at l07; the sinking
funds of the Michigan Southern are held above
par. We notice considerable activity in the issues
of the Pittsbmg, Fort Wayne and Chicago, at full
prices. The managers here make light of the
criticisms of our Philadelphia correspondent upon
the reorganization. We trust they are right.
Before investing money in the enterprise, how
ever, the public should make sure thai
there are no flaws in the reorganization,
which may come to light hereafter, when times
are not quite SO bright as they are at present.
The market was weak at the close, the following
being the last quotations:-United States SIS, re-
gistered, 1881, 1881 1885; do. 6's, coupon
1881, lO8h 1867; do. SIS, 1874, 9e1 . s714t;
Treasury notes, z $40 per cent, l05I 1867;
Tennessee 6s, 50 a 604; Virginia SIS, 5e1a a 81;
Missouri SIS, 50 a 81; American gold, LOG 1865;
Pacific Mail, lltA l1s1S; New York Central,
94ss 941HI; Erie, 371l a S7s4 do. preferred, 65Hs
do. preferred 43 a 4314; Reading, 561I SIX;
and Northern Indiana, 27s4 a 27224; do. guaran-
teed, 62T G31s; Panama, 1877 1877; Illinois
Central, 62% 62s+; Galena and Chicago, y a
7214; Cleveland and Toledo, 465s 471I; Chicago
and Rock Island, 6SZ 6694; Chicago, Burlington
and Quincy, 70 1874; Milwaukee and Prairie ds
Chen, 33Z "a; New York Central rs, 1876, los
l0s1la; Erie third mortgage bonds, 90 9911a;
Michigan Central SIS, first mortgage bonds, l07
Try.- ~
There appears to be less excitement than there
was among people in Wall street ON the subject Of
Mr.. Chase's new application to Congress. Certain
foreign bankers and certain city journals continue
to berate the Secretary; but their influence is i'm
paired by the fact that they denounced with equal
bitterness the law os February, which has worked
SO well. Every one Of the arguments which is
now used by the faction calling themselves the
"hard money" party was employed to defeat the
original issue of Treasury notesto which issue it
is now clear that the success Of Mr.. Chases fnan-
cial policy has been mainly due. 1t is ru-
mored In the street that Senator Fesscn.
den will oppose the bill introduced into
the House by Mr.. Stevens. The Senator was
opposed to the first bill for an issue OF legal ten
der paper, and made known his objections, though
he voted for tho measure. He will probably do
the same thing low. The simple question for Con.
gress to decide is whether IL is better for Mr..
Chase to go or negotiating six per cent five year
bonds at par, by the simple and easy process Of
conversion, at the rate of half million day, or
to call upon the foreign bankers and capitalists Tor
loan. 1t is possible that at Washington this
question may admit OF debate; here, in tho fnan.
cial centre of the country, it does not.
Mr.. Cisco received to-day scOO, 900, Of which
ss50,o0 was for deposit at four per cent and
$3.50, 900 for conversion. The following was the
business of the Office today
Total receipts. III szo6 20 .!
For customs...... .................... ooo'0o
falancc.. ~ ,z9o4s' w
The exchanges at The Bank Clearing House this
morning were SIS ,239,s35 CO, and the balances
$l,57l ,l62 50.
The Bank Of New York has declared . semi.
annual dividend Q: three per cent, payable on
the LIST of July; the Cleveland. Columbus and
Cincinnati Railroad, ascmi annual dividend Of five
per cent, and an extra dividend 10 the Same
amount. both payable Juy1
The New York State loan sof $500 900 six per
cents 1875 IL to DO awarded at noon tomorrow at
Albany; to be paid for ia gold or in the ccrtia.
Gates Of the State stock due LIST July, which, If not
thus exchanged. will be paid ct the Manhattan
Bank on that day in gold. The bidders will no
doubt be numerous. Some Of the country bankers
have provided themselves with gold for this
object.
The creditors Of St. Louis win find an important
notice affecting their interests in sur advertising
columnq.