The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-06-08
FINANCIAL AND COMMERCIAL.

SUNDAY, June 7. 1868
The money market was rather active last week,
partly N cquence Of the large and very singu
lar cufGlat.on OF money in tina Sub Treasury
and partly from concerted attempt on the part
q Ioaey lenders TO obtain higher rates OF in
tcresi. 9 his attempt would have been attended
Hta.vCty little success but for the fact that ope'
-ltors in merchandise which i extremely dull, are
a. ~ good deal Of money Just now to carry
their Goods, While spectators in stocks
az lrying and carrying large amounts Of
new aud loy.priced securities on which the
rceuyr lenders do not care to lend at
~. ~ point of fact, the supply Of money island
hl, b. III along in excess Of the demand Yes
ter.iy morning every one was anxious to make bis
htgt account good at an early hour, and at eleven
ari twelve O'Clock money was worth seven,
sharp; st two and three Z. NJ. the demand fell of
altogether, and money was freely offered at six,
without takers. In view OF the disbursements of
government ana the large increase OF money and
valuable paper securities, such debt certi6.
gates. ! : impossible that any strngency IN the
money market can last for more than day or two
., time. especially periods of acNyity on the
stock Exchange are invariably followed, as at pre-
sy periods Of du1ness, during which but few of
tn" brokers are borrowers. Debt certificates con-
tin', pretty steady at per cent discount FOR the
new ssue, and ~ "a premium for the old.
Mercantile paper is scarce; prime names sell at
So ca per cent. good mercantile papersat O
7aS
Gold was rather more active last week; but
there was little spirit in the speculation for the
rise. II sold high as l4S1s and "a low as l441I
closing last evening at about li5. Exchange con-
tinaes dull Trade il stagnant, and there is little
inquiry for bills among importers while the
large exports Of produce from this port and of
specie from San Francisco keep the market well
supplied with exchange. AT the close yesterday
157 a 70 was about q fair quotation for bankers
bills. Operations--invariably for the rise--coh-
tinue to be made in gold and exchange, for ac-
couut Of the parties whose headquarters are at
Baltimore and Washington, and whose sympathies
are generally supposed to he with the rebels; but
disappointment and loss have latterly invariably
attended their ventures. No bad news, however
distressing to loyal men, seems capable Of put
ting up the price OF gold and keeping il
up. With the exception OF few foreign mer.
chants. who do not understand the position
Of this country, and cannot gauge its resources,
one now cares to hoard 81 ccle. Neither
banks nor bankers willing to lend over par
upon it, and but few chartered institutions care
about tending at all to spectators in the depreca-
ton OF the national currency. The steady progress
OF conversions is convincing every that, under
any event, the government paper viii be good for
it, face, and that the experience Of foreign ma
tous with no resources, no immigration and no
steady supply of bullion, is no guide whatever for
the course of events in this country II Vicksburg
aad Port Hudson fall it will be safe to look for
severe decline in gold and bills.
The following table shows the course of the stock
market for the past week and month";