The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1862-07-10
FINANCIAL AND COMMERCIAL.
WEDNESDAY. July 9-6P. N.

L .
The currency panic continues Gold rose this
morning to 1897. and exchange ON London to
1921. and bills on Paris to 4.S5. At q later hour
in the day bankers bills on London sold at l2S1s;
but there was no disposition to press them for sale
at the decline. We are entering upon an unpre-
cedented crisis in our financial history experience
affords no guide whatever for the future. Many
shrewd observers consider that we have reached
the eliminating point of the panic, and that gold
will now decline. But after all, it may just as
well 60 to 100 as it went to no. If the merchants
continue to buy gold and hoard it. There was no
sound commercial reason for any premium at all,
and yet people are quarrellng over purchases Of
gold at lis ll6. One thing is certain: the pre-
sent premium on gold puts an end at once to the
importation of American stocks from Europe for
sale here. That branch of business is done.
In course Of time-how soon or at what point
in the market no one can f0resee-mer-
chants will begin to realize profits on their
gold, and then it will be discovered that,
with stock on hand of fully $3.50 900 900, and an
export demand only slightly in excess Of our re-
ceipts from California, we have been dealing in
the precious metal at . prcposterous price. What
may happen in the meantime, however, it is quite
impossible to foresee.
Money becomes Tally more abundant. II was
generally offered to-day at per cent, though
few houses still decline to lend under 6. certif-
Gates of indebtedness are selling at 99H. Green
back demand notes sympathized with gold, and
rose to IL a *. The passage of the new Treasury
Note bill insures us an easy money market for
some time to come.
The stock market was buoyant to-day, and prices
of all descriptions were higher, with the single ex-
ception of Pacific Mail, which declined IA per
cent at the morning board, closing 1857 bid,
against 1917 at the close yesterday. At the morn
ing board, skies of 1881 rose n, Treasury notes
C-S0) a, Central 2, Erie ~, Erie preferred 2
Hudson L. Reading IA Michigan Central 2,
Southern old IL, guaranteed O. Illinois Central
l, Cleveland and Pittsburg "a, Rock Island !, Ga
lena ~ Toledo l. There was an active compe-
ttion for the Erie stocks, which, having risen less
than any of the leading railway shares,
are expected to exhibit some buoyan-
cy. The business Of the road for June
is stated uno6cially to show an increase of $780,,
900 over June last year. 1t is also stated that Mr..
Marsh has made contract with the Delaware h
Hudson Company for the transportation of $4,000
tons of coal, on terms satisfactory to the rail
road 1t is probably to these causes that the re-
newed inquiry for the stock is due. Between the
boards the market was very buoyant, and prices
were higher. At the second board there was q
large business done, and profits were very gene
rally realized. Prices, in consequence, werc a
| fraction lower than in the morning. The market
| closed unsettled the following being the quota
tions at halfpast Unrestricted States 6's, regis
tered 1881, 1O2 1927; United States 6's, coupon,
1881, 1921 1926 United States SIS, 1874, 9O1a
81; Treasury notes. $40 per cent, lO4s4 104s44;
Tennessee 6's, 81 a "a; Virginia 6's, So "a;
North Carolina 6's, 60 IL California rs, 81 %;
Missouri ss, 40 4s1S; American gold, 1l6a4 III;
Pacific Mail, 1867 log; New York Central, 93ss
93sl; Erie, 361l 36ss; do. preferred, 63A a
GA; Hudson River 4e111 465s; Harlem, 161. 1874;
do. preferred 39s4 40; Reading, 5724 IS; Mchi-
gan Central, s21S 62a44; Michigan Southern and
Northern Indiana, 26H a 2611I; do. guaranteed
5sL 5ss4; Panama, 1872 1885, Illinois Central, 6014
6O1s Galena and Chicago, II 7l1SS; Cleveland
and Toledo, 4slA 491l1; Chicago and Rock Island,
65L 65s4; Chicago, Burlington and Quincy, 771la
Is; Milwaukee and Prairie du Chen, 341a 35;
Michigan Centralss, first mortgage, 1867 1927;
| Illinois Central rs. 95 a Sc.
| After the second board prices were fraction
| lower; but there was very little stock sold.
| The business of the Sub.Treasury was as fol.
| lows to-day
Receipts 29s 1888 81
Payments 643 125 81
Balance O,2ll 1857 81