The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1862-07-25
FINANCIAL AND CONNER IAL.
THURSDAY, July "a g p. M.

| The money market il without material change
to-day. Loans on call are quoted at 6 . 8 per
cent first class commercial paper is done at about
the same rates. The large deposits made yester-
day and to-day with the Sub-Treasurer at four per
| cent indicate tendency toward lower rates
Foreign exchange is lower again, in sympathy
with the fall in gold the quotations quite ir-
regular, and huctuae with the board prices Of the
| precious metals. We quote at the close to-day
bankers sterling bills 1919 1291l; francs 4.35.
The feature Of the stock market to-day is the
great fall in gold, and the large transactions at the
decline. Opening at 1877 at the morning board,
| it sold down to lls at the close. Between the
boards it was again lower, and at the second
board the transactions were principally at 1l7H.
Just before the close of business, large sales were
made at 1T regular, and more was offered on
buyers option at the same price. Altogether the
transactions in gold to-day probably exceed those
of any day since the suspension, the printed sales
at the board alone footing up nearly million
of dollars. Silver is quoted 10 a III. Demand
Treasury notes, old issue, are lO7 a 1O7%. The
market for railway shares and bonds is better with
but limited amount of business. Speculation
seems to be almost at stand still, and an active
market is hardly looked for until we have further
news from Europe. Governments are steady at an
advance of % o "a per cent. Treasury notes, Il $40
per cent sold high as 1929 and closed at 1929
bid, an Improvement Of % per cent as compared
with yesterday. One year Indebtedness certif-
Gates are in demand at SO a 9s14 which is also an
advance on yesterdays prices. State stocks were
quiet but steady at slight advance, the sales
being quite limited. All classes of bonds are bet
ter. Chicago and Northwesterns advanced IL
the general share rose "A "a; Central rose H.
Erie a, preferred 4, Michigan Central q, Gale
na-which sells dividend Offs, Southern old
10. Pacific Mail is about steady. The market
closed steady the following being the last quota
constituted States 6's, registered, 1881 9SL
a Il; do 6's, coupon, 1884, 9s1a "a; do. SIS, 1874,
SO "a; Treasury notes, $40 per cent, 1929 u;
Tennessee 6's, so a a; North Carolina 6's, &C
a 6s Missouri 6's, 46I a AZ; American gold, III
Il; Pacific Mail 1919 lOs1s; New York Central,
925a a q; Erie, 33ss "a; do. preferred, CIV
%; Hudson River, 1871 "A; Harlem, l411S a q;
do. preferred, IS "A; Reading, 55A Sc; Michi-
gan Central, 59A q; Michigan Southern and
Northern Indiana, 2514 ~ do. guaranteed 55H
a r. Panama, l3l 1872; Illinois Central, Sc a Sc;
Galena and Chicago, $50 a "a; Cleveland and
Toledo, Az a "a Chicago and Rock Island, 631
a; Chicago, Burlington and Quincy 77ss IS;
Milwaukee and Prairie du Chen. 311% 32ls New
York Central rs Of 1885, 100 ITO; Erie third
mortgage bonds, 9sA a ~ Michigan Central SIS,
LIST mortgage, 1861 1915 Illinois Central bonds,
rs, 9211 a 90.
On 1st August United States stamps will begin
to be used as o currency. It is estimated that
forty millions of them will soon be put in crcula-
tion. We are not aware Of the data upon which
this calculation is based; but they command the
assent of official personages. Thus far there has
been no export Of silver or copper or nickel coin;
and as the country is full Of gold, which can
always be bought in any quantities at the market
price, we are not inclined to think that we shall
lose much silver or copper at present. The ave.
rage difference between the market price Of silver
and gold coin barely expresses the real difference in
the intrinsic value of the two. shipper will gain
nothing by exporting silver instead of gold, when
the former is worth ia and the latter ll9. 1t is,
perhaps, to be regretted that Congress had not
prohibited the export Of silver as it had an un-
doubted right to do; but constitutional lawyers
appear to think that if silver should begin to be
shipped in large quantities the President
might impose an embargo on it's further
export without waiting for law of Congress.
The Treasury Department has always undis.
putedly exercised the right Of regulating clear
ances. If 1t refused clearance to vessel carry
ing silver part Of it's cargo, it is difficult to dis
cover what remedy the owner could find. II is to
be hoped and indeed it is fairly probable, that no
occasion for interference will arise. In the mean
time it becomes o matter of national importance
that the silver mines in Nevada Territory shout.
be fully developed. Large quantities of ore have,
we learn, been extracted, and persons competent
to Judge say that they will yield handsome per-
centage Of metal. But thus far we have received
very little silver from Washoe. A contract was
lately made by the owners Of Washoe mines with
an experienced metallurgist and snelter from
Mexico; but circumstances appear to have de-
ferred its execution. The present premium on sill.
yer will doubtless lead the owners Of silver ore to
lose no time in converting their property into solid
metal Competent men, trained by experience in
great silver mines, will render the country pub.
lie service at the present crisis If they can provide
US with silver enough for o currency from our own
soil.
The business Of the Sub Treasury to-day was as
foliowe:-
Receipts. 1907 ,277 II
For customs ...................... 400 900 90
Payments Z42o 693 Al
Balance. ...........y............ 6,666 1870 4S
The following circular has been issued from the
Offices of the District Attorneys
The undersigned respectfully inform the public that
after the LIST Of August, motives Of commercial sxpe
diency, we'll Of Official duty, will compel prompt
prosecutions for any ssno or paper commonly called
shinplasters,n should such issue exist after the
recent act Of Congress shall have Afforded uniform
substitute for ''smail CHANGE
The collection Of the state penalties or the federal fines
caS Be rigidly enforced by due process Of arrest.
Z. DELAF1E1.D SMITH,
United States District Attorney.
A. OAKEH HALL,
District Attorney City and County New York.
JulY "a, 1892.
The Connecticut River Railroad has declared a
dividend Of IS 90 per share, payable August /,
the odd nine cents to be paid to the United States
for the tax on dividends.
The following table shows the amount Of -four,
wheat and corn in store in Chicago on the 2lst
inst, compared with the amount in store . week