The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-06-11


The money market was active today, and bro
kers were glad to get money at seven per cent.
At the close of bank hours, however, there was q
sensible relaxation in the market, and the indica-
tons were that thing would move more smoothly
tomorrow. The Sub Treasury is disbursing pretty
freely, and 80 900 900 stand to the credit of dis
bursting officers, the whole of which will be paid
ont within day or two. Under these circumstances
the stringensy which has been so much complained
of during the past two days cannot last. Rumors
have been current of negotiations between the
Sub Treasurer and the banks with view to the
withdrawal of part of the temporary deposits.
We have the best authority for stating that
nothing Of the kind is yet contemplated, though
the Sub-Treasurer has agreed 10 waive the ten
days. notice. and to receive certificates Of deposit
in payment of checks from any bank which is short
of currency. The banks, however, are well aware
that such active money markets as we have had
for the past two days always have the effect Of
bringing good deal Of money into the street for
temporary employment. The appearance Of affairs
this afternoon rather led to the idea that we have
seen the worst Of the furry in money for the pre-
sent.
: The rumor of the fall of vicksburg, though no
generally credited, affected the gold market this
morning, and the price of coin fell to l404, while
bankers bills sold at 1897 considerably
lower, usual. than gold. Later in the day there
was slight rally, and coin sold at l40A, and bills
at l54A Az At the close gold was 1AOs{ q r.
There ia little speculation in gold and bills,
and the Inquiry for remittance is extremely light.
There was quite panicky feeling in the market
this morning, caused mainly by the tightness of
the money market. Weak holders were freely
slaughtered by their brokers, and the decline was
accelerated by the offerings Of parties who in such
markets always want to sell everything short. At
the morning board Pacific Mail fell of Q per cent.
New York Central ~, Erie ~, Erie preferred
~, Hudson River 4, Harlem I, Reading TX,
Michigan Central ", Southern old Illinois Cen.
trail ~, Pittsburg ~. guaranteed 8, Galena TX,
Toledo l, Rock Island and Fort Wayne ~.
The fall was heaviest ON the New York shares.
Bonds of all classes were lower; the land grants
of the Mississippi and Missouri fell per cent.
Governments were steady. At the close of the
board there was a sharp rally, which lasted
through out the one P. M. call. Stocks rose from
to ~ per cent. Toledo jumped up suddenly from
LOG to liz. The mornings decline appeared to
have pretty thoroughly cleared out the weak men,
and to have begun to bring IN new buyers. The
old c~erators, who have been out of stocks for
some lime, took advantage of to-dsy's fall to eff.
feet some purchases, picking out the stocks which
have fallen the most-Harlem, for instance, which
has fallen thirty per cent within few days.
Such fall as this is pretty sure, in any event, to
be followed by an upward reaction. In the after
noon the whole market was Il Q per cent better,
and there was good deal Of competition for the
popular shares. The improved feeling lasted
throughout the afternoon, and at the four P. NJ call
there was quite an inquiry for stocks at further
advance Of ~ per cent-Erie 93H Harlem
sOZ, &c. The following were the closing quota
x;ccs cf< IN