The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1862-06-26
FINANCIAL AND CONNER GAL.
WEDNESDAY, June 25-6 P. M.


kets; but prices do not give way Exchange on
London opened with some weakness at 1l9, but
soon rose to 1917 l2O. There were some sales
Of small amounts at 100; at 1917 considerable
business was done. Gold opened at 1881, sold
freely at that figure during the morning advanced
in the afternoon to 1851 {. and closed at that bid.
With gold at 1887, banker who ships specie to
cover must sell his bills at 1917 in order to pay
expenses. Large supplies of gold are coming in
from the public for SALE But the demand from
the bankers who are RENTING to Europe the pro-
ceeds of American stocks sold here for European
account is in excess Of the supply The steamer
from Boston to-day only took out 500 900; very
heavy shipment on Saturday next is predicted by
the bankers.
The money market is moderately active. Cali
loans are per cent, and very little paper sells
under S. Green backs, which came out freely this
morning in consequence of Yesterdays advance,
are quoted 1887 a 1919. remarkable scarcity
of legal tender notes was developed to-day Half
dozen banks have been trying in every direction
to borrow them. Though there are 500 00O, 900 of
these notes ahoat, it seems that the payment of
81, 100000 of them iato the Sub-Treasury yestsr-
day swept the market of them. This is pretty
effectual answer to the outcry of the people who
are SO afraid of an imitation of psper money. Mr..
Chases first issue is out of the market alto
gether, being held at 4 per cent premium.
His last issue, though to the extent of ninety
millions, has been SO quickly absorbed by the
business wants of the country that sudden with
drawal of million of the notes from the market
of New York creates scarcity of money, affects
the money market and embarrasses the banks.
The new issue is most urgently wanted, and the
public will feel grateful if the measure il put
through Congress without further delay.
The stock market opened weak and duh this
morning, and remained so till the afternoon. At
the second board prices rallied, and stocks
closed rather better than yesterday. There
was no material change in government or
State stocks. Bonds continue in good de-
mand. The supply of bonds from Europe con-
tinues, however, to be ample, and appearances
are not in favor of further advance in the bonds
which are largely held abroad. We should recon-
mend the public to give the preference, in select
ing Investments, to securities which have not here
tofore been favoritcs in Europe, but which ha:e
been chiefly held here. However good bonds may
be, and however sure the interest on them they
cannot but decline in price IL the market il
glutted with them. Central opened THE morning
ut 81, declined to s31a, 93H and subsequently raj
lied to 93T and 81. Pacific Mail jumped up per
cent this morning; it closed ICY bid. The West
ern shares were all "a "a per cent lower
in the morning, but rallied at the second
board. At the close the market was firm,
the following being the last quotations:-Unted
States 6s, registered, 1881, 1927 1929 do. 6's,
coupon, 1881, 1861 1861; do, SIS, 1874, 9G3s
961s; Treasury notes, $40 per cent, 1851
1867; Tennessee 6's, $50 5ss; Virginia 6s, Sc
81; North Carolina 6s, ny 721a; Missouri G's,
sly 5lss; American gold, 1887 1887; Pacific
Mail, ll6A a 1l6A; New York Central, 935s "a;
Erie, 81 a 37h; do. preferred, 6l1la 6454; Hud-
son River, 46s< AZ; Harlem IL l71s; do. pre-
ferred, 43 u 431S; Reading, 57ss So; Michigan
Central, GA a 64H; Michigan Southern and North
ern Indiana, 27H o 272s; do. guaranteed, 6l24
CO; Panama, 1917 1917 Illinois Central, elSs
a 62; Galena and Chicago, 7l2s ia; Cleve-
land and Toledo, 4s Q 4s1IS; Chicago and Rock
Island, 87L e71a; Chicago, Burlington and
| Quincy, 70 70; Milwaukee and Prairie du Chen
| sc a 3614; Illinois Central bonds rs, 941l sc.
The business Of the Sub.Treasury was as follows
to-day
Receipts $o6s ,6a7 81
For customs ..................... 80 900 90
Paymsnts soo,ooa o.
Balance .2l4s93 60
The exchanges at the Bank Clearing House
this morning s22 ,999, las So and the balances
| 81 ,4s7 ,256 10.
The coupons due. July of the Sacramento VAL
ley Railroad will be paid at the Office of Schuchard
& Gebhard. The coupons due July the fire,
civil and school bonds of the city of San Francis
CO will be paid by w. I. Coleman Il Co.
The Metropolitan Bank has declared a semi-an
| nual dividend of three per cent, payable July Z;
| the Atlantic Bank, of Brooklyn, a semiannual
dividend Of five per cent, payable July l. the
| Washington Marine Insurance Company, semi
| annual interest dividend Of three and half per
| cent payable July L; the Continental Bank a
| semi. annual dividend Of three per cent payable
| July L; the Great Western Marine Insurance
| Company, o semi.annua interest dividend of three
| and half per cent, payable on the LIST of July;
| the Mercantile Fire Insurance Company, seminar
nual dividend Of five per cent, payable July l.
The project Of the new tariff, as laid before the
/ House Of Representatives by the Ways and Means
| Committee, contains, as might have been expect
| ed, some errors and oversights. Among others,
lead ore Ia taxed l x cent additional per pound;
but the duty on pig lead has not been increased at
7 all. Now, OF lead ore we have probably never
| imported over two hundred tons year, while we
import regularly over twenty thousand tons of pig
lead The object Of the committee probably was,
and certainly should have been, to lay the duty on
pig lead. This oversight will probably be correct
cd without delay. What the country wants il, on
the one hand, to render itself independent of the
foreign world for its supply Of lead and, secondly
| 20 derive a substantial revenue from any foreign
| lead which may come here. The Western lem.
bers should look to their interest in this matter.
The Boston Post Of yesterday furnishes the fol-
lowing information relative to Lake Superior cop.
per mining companies
Copper IL very Arm AT 20 cents, with an upward ten
dency II the present price oven holds, some OF ht
companies viii pay handsome dividends. Minnesota
with q Ave dollar dividend attached, Is fifm at from 4
to IL Ptsburg which will pay dividend In August |.
firm al go; National Is 0rm a. 80 bid the mine
ported A. looking boe and dividend WIZ bs mAde
dividend q three dollars in November srhaps no. I