The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1862-06-17

l.. tl.695, 800 !"

ns "a i.4SissSo al Io2 ols ASIA, s2a l25os,s75
me" "'''' 60 sa4 n.Tn =
the changes from last week insignificant
except in regard TO loans, which have increased.
me increase, considering the difficulty OF using
money, reflects credit on the energy and shrewd-
ness Of the bank managers. 1t is not very easy TO
ind employment for money just now. The specie
reserve is now about eleven millions higher than
used to be considered a safe average. Some OF the
bankers will probably take advantage OF the pre-
sent excitement in gold to let the street have
few millions, which can be taken back hereafter
n a difference of two or three per cent
Some Of the brokers report an increased de-
nand for money to-day. This arises mainly rom
the increase of speculation in stocks, when mas
The effect of increasing the circle OF borrowers on
oau So far "a we can learn the amount OF money
y seeking employment is steadily on the increase;
III the leading lenders are ready to dispose OF
fheir means at 4 per cent, ard none OF theui VIII
slfow over 8 per cent for temporary deposits.
S,reen hack Treasury notes were worth SO Today.
Che Sinh Treasury received less than $l00,oO ON
aeposit at per cent, and over $40eocO Tor con-
vrrsion-makng about 81 $50, Goo received for con-
vsrsion since Friday morning. A very slight im-
pre,emsnt on this would put an end to all the idle
tsk about An imitation Of paper Soney, cpd would
secure for Mr.. Chase steady sale Of enough 6.W
Donds to detray all the expenses Of government.
The bullion and exchange market continued all
DAY much excited. At the opening to-day the
lssdng drawers asked llS for bills ON london then
MY, then lls, then ll7H, then lls, and lastly
n711. Gold opened at 1861, then fell to 1868,
x1en rose 10 1867, and closed, at the Brokers
pnth md chann
hsokers seem crazy. 1t is evident. however, that
u attack viii be Of brief duration. There is no
real basis for the rise in gold bills, and neither
en- be lasting The advance in gold will happily
lsve the effect of enabling many parties who have
been buyers and holders to sell out without loss.
DGnks and bankers in the country should not lose
lie present opportunity. but should order their
need sold at once. On LIST proximo--i. e., in two
vseks-between 100000 and So 900 Of
eed viii be disbursed in this city for interest on
Gs federal and State debts. If any one sup
Dssss that the Of this large sum will hoard
= st cost Of n per cent month, and
vAhout any prospect of dividends on It, when
people are making Eve per cent in month, and
sometimes 1--WE per cent in week, by the purchase
ee bonds and stocks, he is very much mistaken.
We have 70 believe that the holders of large
amounts of government and State securities are
akeady selling, for future delivery, the gold they
YIN receive on the LIST Of July. It is argued by
90 bulls in gold that We may lose large amount
e gold by export. We can lose no more gold to
Europe than win cover the difference between our
shpments Of produce and our receipts of goods
ffsm thence; and, - was shown by the tables in
tbs mornings HERALD, there is already balance
~ ever Sc 600 900 in favor on the trade OF the
FISCAL year and we increasing this balance at the
xxte Of over million monthly. We have stin in
had balance Of about SO, oOO, 900 Of the gold
re took from Europe last year, to say nothing Of
She receipts from California. The demand for
ssia for export will not, probably, this year, do
more than restore to Europe the coin we took
from thence last year; and meanwhile our reserve
= being steadily increased by the supply from
California. 1t is surely idle to expect under such
circumstances, to maintain the premium on gold.
Exchange dealers have been excited for the past
Gay or two by stories about stocks coming
home for sale. The fact is that some of our smart
bankers have been making good deal Of money
by trading on the ignorance and fears of European
holders of American securities. But the game
must be nearly played out. They are beginning
% understand, the other side, that this
country is stronger and richer. and better
akle to pay its debts, than it ever was, and
they are not as willing as they were when
Dr.. Russell was predicting our financial ruin
% part with their American investments. It's true
hat stocks are relatively higher here than abroad;
bit, with exchange at ll7L, the difference must
be very large indeed, even to cover expenses.
Stocks opened with heavy feeaing this morn
kg, and decline was generally anticipated. Before
ne board Central sold down to SO. But the market
was irrepressible, and before the morning session
lad expired Central was up again TO 96l4. Other
descriptions, with the exception Of Galena, which
vm Il better, were lower than on Saturday after
neon. Government skies sold at decline Of "a
Erie fell of u, Erie preferred /, Hudson 1, Har-
lem preferred 2, Michigan Central %, Southern
old n, guaranteed u, Illinois Central "a Toledo
n, &C., &c. Between the boards the market was
ue.sng, but transactions were limited. Al the
second board fair amount Of business was done.
1kis and Central were 4 higher than atthe morn
n board. Harlem preferred rose /, and the
Michigan shares Gan thrse) about "a u each. Co
vsrnments closed steady. The general market was
0ite firm at the close, the following being the last
0nstations: United States SIS, registered. 1881
~ do. IS, coupon, 1881, loe1s "a;
.. SIS, 1874, 971% . "a; Tennessee SIS, 591I 4;
Virginia s's, 5sH 81; North Carolina s's, 721s q
~; Missouri 6's, 52A Il; American gold, 1867
. n; Pacific Mail, 116,I III; New York Cen.
asal, 95s@ 90; Erie, $50 ~ do. preferred, es1s
az Hudson River, ls ~ Harlem, 1875 . "a; do.
pseferred, Az . y; Reading, 6s14 80; Michigan
Central, 67L CS; Michigan Southern and North.
sxn Indiana, 2Ss< a ~ do. guaranteed, Ga . "a;
Panama, 1917 l3s; Illinois Central, $50 a Il;
Galena and Chicago, n o u; Cleveland and Toledo
- u; Chicago and Rock Island, eS q x; Chi.
eago, Burlington and Quincy, 1874 q SO; MiIwau.
kse and Prairie du Chen, IS u; New York Cen.
sal rs, 1876, los II; Erie third mortgage bonds,
soH 100; Michigan Central SIS, first mortgage
bonds, 1071I los; Illinois Central bonds, rs.