The New York herald., 1863-07-29
FINANCIAL AN CONNER CAL.
TUESDAY, July 2s-eP. NJ

TUESDAY, July 2S-6 Il. nj.
Money is pouring into Wall street from all part
o. the country for employment, and conversions
eT currency into fve-twenty bonds are again be
coming active. The Secretary Of the Treasury
will arrive here tomorrow morning; but he will
find that his machinery is working well that il
cannot be improved, and it may be taken for
granted that changes will be attempted. To
the brokers money is worth per cent, the
latter being the rate generally asked by the lead
ing banking houses, and the former the highest
rate allowed by leading brokers who have unex-
ceptionabe collateral. Mercantile paper is very
scarce; first class names a 5H per cent.
Gold was inactive to-day between 127 and 1885,
it closed at five P. NJ. at l275s. Exchange was
{39L l4O; at the latter figure some of the lead
ing bankers sold freely. At lao, with gold at l27,
it needs close sailing to be able to cover bills with
remittances OF specie, and it must therefore be
presumed that the sellers contemplate covering
with mercantile bills. though at present prices
there is hardly anything which can be shipped to
Europe at profit.
The speculation in stocks appears to be gradu-
ally and steadily increasing and spreading. just
as it did before the violent upward movements
of January and May last. The commission
houses report considerable increase of
outside orders, not only from city customers,
but from individuals in all parts of the country.
Prices of popular stocks advance, not with
a sudden rush. but steadily and firmly,
reacting a "a after every rise Of Ia 8 per cent.
This morning Erie rose n Reading "A, Erie pre-
ferred u, Michigan Central q, Southern old IL,
guaranteed "a, Illinois Central "a. Pittsburg Il,
Galena a. Rock Island %, Fort Wayne "a, Terre
Haute ~, Chicago and Alton l11s, Alton preferred
/. The only exception to the market was Prairie
du Chen, which fell back ~ per cent Govern.
mcnts were better, with good inquiry. It is
rumored that Mr.. Chase has been offered by capi-
talists in Germany the money at par for five per
cent thirty years loan. If the offer were accepted
the skies of 1881 and the fve-twenties could not
remain at their present price. State stocks were
steady this morning -Missouris about 7OA. It
would appear that short interest has lately been
made in these bonds. This would materially assist
an upward movement in them if any bold operator
took hold, and if the market continues in
its present condition it Is safe TO predict
that they will attract attention before long. In
one year, with good management, the whole ar
rears Of interest due on these bonds might be ad.
justed and the price of the bonds raised to its old
figure. At the one P. NJ. call the market was very
strong indeed, everything being "A Il per cent
better. Harlem rose per cent, with large trans
actions. At the second board there was some
realizing on Erie, Harlem, &C., and the market
generally lost the advance of the middle board.
Prairie du Chen dropped off per cent. Terre
Haute was strong and advanced ~. At the four
P. M. call the whole market was strong again; the
bids for all classes Of stock were numerous and
the ofieringsight. The following were the closing