The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-06-22
FINANCIAL AND COMMERCIAL.
SUNDAY, June a. 1868.

SUNDAY, June IL, 1903.
The money market was active all last week,
partly in consequence of the accumulation of an
unusually large sum in the Sub Treasury and part
ly from the combined efforts of money lenders,
whose interest is promoted by everything which
tends to raise the rate of interest. AT one time
concerted policy of calling in loans was adopted
by the regular street lenders, which for the mo-
ment gave rise to considerable embarrassment
among borrowers and led to some sacrifices OF
stocks; but yesterday afternoon all the leading
houses had money over which they were unable to
lend even at six per cent Merchants find the sup.
ply Of money quite adequate to meet their re-
qurements; the offerings at bank are very limited
indeed. And long the present dulness prevails
on the Stock Exchange it seems likely that the
large amounts of money which have been brought
into the street for temporary employment since the
market became active will at least suffice for the
legitimate wants of the brokers. Considerable dis
satisfaction is expressed at the accumulation Of
money in the Sub-Treasury. For three weeks the
balance has ranged from twenty to thirty million
dollars, and the government has been losing inter-
est on thislarge sum, while Wall street and the
banks and the various money consuming enterprises
which are in progress have been embarrassed
from an unnatural scarcity Of money. Fiscal agents
of the government excuse themselves by stating
that the greater portion of the SubTreasury bal.
ance has been for some time to'the credit Of dis
bursting agents, Who, however, seem to. display
remarkable unwillingness to draw money out.
The error will correct itselfs, in fact. -Corrscting
itself already. THERE'S every reason to believe
that, had the Treasury Department forborne to dis.
turb the money market conversions would now
With; 10 fnf <ho Ill "a tho ivi1o
Of conversion-havs been proceeding at the
rate of three to four millions day, instead of mil
lion to million and a quarter. And il the money
market continues active It is obvious that some
of the large amount Of $40 bonds which have been
bought on speculation will come upon the market
for sale at what they will command. They are now
at par-relatively dearer than the bonds of 1881,
which can be bought at l04.
Gold Huctuated last week between l4S and 142,
closing yesterday at about 1887. Exchange sold
as high as l62 and as low as 1884, closing yesterday
at about 1867. The rebel forays into Maryland
and Pennsylvania caused Autter in the gold mar
ket, and at one time it looked as though the dead
speculation in gold might be galvanized into life
again. But the semblance was deceptive, and the
course of the market justes the belief that nothing
short of the capture of Washington, or the utter
destruction of the Army OF the Potomac, Will again
give courage to buyers of gold. Ever since the I'd
of March the bears in gold have been as steady
winners as the bulls were previous to that date,
and each reverse of the Union arms has merely
enabled them to obtain o better position on the
market. This circumstance is in large part due to
the condition of the exchange market. Bankers
bills which esteemed by the trade as the equi-
vaent of gold, have rated steadily at from to ~
per cent below gold. This results, in considera-
BILE measure, from the heavy shipments of coin
from SaifFrancisco to England direct. 1t arises,
likewise, in some degree, from the conviction,
which is at last forcing itself upon the minds of
oven the most obtuse among our foreign mer-
chants that this country not going to be ruined,
however the war may terminate, and that houses
which can afford to wait will by and by be able TO
buy bills at rates not much higher than those
which ruled in the old peace times.
The following table shows the course Of the stock
market for the past week and month";