The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1862-06-13
FINANCIAL AND CONNER cIAL.
THURSDAY, June 1915 p. M.

THURSDAY June 12-6 p. M.
The proposed issue Of $3.50, 900, 900 more Trea-
sury notes occupies public attention to the exclu-
sion Of every other topic The people who were
opposed TO the first issue Of government paper, on
the old hackneyed grounds of objection to all ire
deemable paper currencies, are still more ndig-
nant at this new proposal; but the public at large,
30 far as we can Judge, viii hail the passage of
supplementary act, authorizing q new issue Of
legal tender paper, with general satisfaction.
Contrary to the predictions of the bulonists-the
first issues of paper-viz: $50 900, 900 Of demand
notes. and $50 900, 600 of legal tender notes-have
not caused general advance in prices, and have
not Obliged the government to pay more for every
thing it has wanted, though they have impaired
buoyancy to Wall street, and largely helped in rails
ing governments to premium of six per cent.
There is no reason to believe that further issue
will have any different effect. There is not cur
rency enough in the country-of the right kind
Tor the ordinary transaction of business. People
everywhere will gladly exchange bank notes for
government paper, and having once got the latter
they will refuse to receive anything else, with the
exception of specie. Hence there is no reason to
look for any alarming advance in prices, or any
material Advance in the cost of living. In Wall
street, the new issue, by increasing the already
swollen volume of money, will cause the rate OF
interest to fall still further, and the price OF 60
vernment and dividend paying securities to ad-
vance. II will facilitate any negotiations which
Mr.. Chase may feel impelled to make, and will
afford the mercantile community excellent facili-
ties for the resurrection of trade after the war;
Further than this, it is unlikely that the issue
will be followed by any startling or important
results.
The money market continues very easy. Money
is offered freely at per cent. Mercantile paper
of the best grade sells at 4. Demand notes are
wanted at 1903, and offered at 1885. The 730
notes sell at 1867, besides interest; certificates
of Indebtedness 1909
The foreign exchange brokers and bankers were
. good deal disturbed this morning by the an
nouncement of the new issue of legal tender
paper, and exchange rose to I16 and gold to los.
Francs were held at 4.S7I. There is no
ground for any anxiety about tits advance.
Our dealers in foreign exchange and bullion
are very easily scared, and sometimes jump
to hasty conclusions. They got gold up to los
before; but it didn't stay there long. 1t will be
now From the present complexion of affairs, it is
safe to predict that there will be quite as much
gold and quite many bills in market this summer
AZ are wanted and that neither will sell at exorbi-
tant rates.
The stock market was buoyant to-day, and all
descriptions were higher. Governments led off at
the morning board with decline of a on the regis
tered skies, q on the coupons, and a on 100
notes. State stocks were not SO strong, from some
cause or other; Tennessees and Missouris each
declined Il. The whole speculative list was higher.
Pacific Mail rose "a Central "a, Erie a. preferred
II Hudrnp uarlnup prafarrad I paad;no
u. Michigan Central l. Southern old "a. guaran-
teed r. Panama l, Illinois Central a Galena u,
Toledo "a, Rock Island ~, Prairie du Chen /.
After the board the market was still better, and
for Central q was bid At the second board
everybody seemed to have orders to buy stocks
and prices of all descriptions were still higher
than in the morning. Coupon skies rose
to LOT, Central "a, Harlem preferred
TX, Michigan Central "A, Michigan Southern
N, Rock Island "a. The market closed firm
the following being the last quotations United
States 6's, registered. 1881, lO4 1O4 do. 6's,
coupon, 1881, LOT a LOT; do. SIS, 1874, 81 9711;
Treasury $40 per cent, 1868 1867; Tennessee
SIS, cox COZ; Virginia 6's, 81 571l; North
Carolina 6's, 1871 a. Missouri 6's, 5s1l 531a !;
American gold, lO51l 1857; Pacific Mail, 1857
sll61+; New York Central, 931. q "a; Erie, 3s1s
JoZ' 40. preIcTItu, oo>s u oo/a 1uusOH fsIver,
% q 4s1I; Harlem, II tn do. preferred, 4r1s
~; Reading, 57s@ q SO; Michigan Central 661S
66H; Michigan Southern and Northern Indiana,
s7ss a27s4; do. guaranteed, 591s . 59114; Panama,
l37 1871; Illinois Central, 64A IS; Galena
and Chicago, 7oss 7Os4; Cleveland and Toledo.
~ . 47h; Chicago and Rock Island, 667s 81;
Chicago, Burlington and Quincy, so so; Mil
waukee and Prairie du Chen, 2s1I 30; New York
Central rs, 1875, lo711 los; Erie third mortgage
bonds, 9s1I 991I: Michigan Central ss, first mort
gage, 1861 1867; Illinois Central bonds, rs sc
96E
The business Of the Sub Treasury was as follows
to-day
Payments. ........................-..l I2o64S II
81
The deposits for conversion and at four per cent
average from $3.50 900 to $3.50, 900 daily.
The Commonwealth Of Massachusetts, invites pro-
posals until the 5th Of July, at two o'clock p. NJ,
for its stock to the amount of $3.50 OOO to bear in
terest at the rate Of five per cent per snnum, pay
able semi annually, as follows