The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1862-06-23

fact, employed in what shrewd merchants pro-
nounce to be the most profitable kind Of trade
buying up our own paper; and the foreigners VINO
sell to us are paying us per cent for tho re-
mittance.
The money market became more active last
week, and as much as per cent was freely paid
for call loans stocks. The closing rates yester-
day were I per cent, money being abundantly
supplied at these figures. Commercial paper sells
at4 . per cent. Certificates of public indebted
ness which were sold ten days ago at lO01 have
fallen to par Y premium. The advance in mo-
ney is ascribed partly to the increased amount Of
speculation which has been generated by the in
PRODUCTION of the Treasury Note bill into Con-
gress, and partly to . feeling of general dispute
tude growing out Of the uncertainties Of the war,
which has led many capitalists to withdraw their
means temporarily from the market. In the event
that no disaster befalls arms, these causes Of
increased activity in the money market will
speedily cease to operate. And though check
IN the field would, for the time, lead to withdraw
ais of capital from the street, and to such fall in
stocks as would create new demand for money,
yet still tits obvious that the policy Of the Treasu
ny Department involves, as primal condition Of
success, the maintenance Of an easy money mar
ket; and we may therefore conclude that Mr. Chase
viii not hesitate to use the power he has, and is
about to acquire, for the purpose Of preventing at
the present time any material advance in the rates
of interest. The deposits at the Sub-Treasury, at
per cent, and for conversion into per cent
stocks, have fallen from an average of over half
million at the close Of last week to an average OF
about quarter Of million at present. This like
wise proceeds from the suspense in which the
public mind is at present kept. The battle before
Richmond once over the deposits will probably
fall but little short of the total expenses of gov
eminent.
Foreign exchange closed yesterday firm at ll7a4
a ll8 for sterling, and 4.s0 4.77H for francs.
With gold at 1861 these rates leave little or no
margin for profit on specie shipments; yet the ex-
port to Europe last week amounted to over
$500 900. In ordinary times this export would
attract no attention. In the month Of june we
always export large amounts of gold, and
So, 600, 900 is no unusual sum to send abroad in
week. But in the present condition Of our foreign
trade the movement has created some excitement
in Wall street. 1t arises mainly from the large
importations of American stocks which have re-
Gently been made, partly for account of Amer-
can bankers, and partly for account
European uOlQeTS. II Ut SOuo WOutLb AmcIiCdu
stocks have been so much lower in the
European markets than here that it has been ex.
tremey profitable to buy them there and sell them
here. Many European holders, too, frightened by
the articles in the anti-Amercan press Of England,
have been sending their securities over here for
sale in order to secure what they could out Of
what they regarded as our wreck. What amount
Of securities may have come here it is impossible
to calculate; but the aggregate must amount to
several millions. In most cases these stocks art
paid for in gold. Hence, in part, the advance in
the precious metal. The public are naturally Gu
rious to ascertain how long this importation 0
American stocks from Europe will last. That
question it is Of course impossible to answer posi-
lively. But the price Of bills must curtail very
seriously any profit which may be made on the
Importation Of stocks at present. 1t is probable,
too, that the securities which Europeans are known
to hold, and which are likely to come here. will
soon decline to such point as to leave no margin
at all for profit. Finally, the successes of the fede
raj government calculated to reassure that large
class Of foreigners who have been frightened by
the English journals, and to induce them to hold
on to their property. For these reasons we are
inclined to think that the importation of American
stocks from Europe is more likely to decline than
to increase.
The following table shows the course OF the
stock market for the past week and month";