The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-07-07
FINANCIAL AND CONNER GAL.


THURSDAY, July e-6P.M
The stock market firm and more active than OF
I.ts At the frst board this morning New York Central
olosed higher than the second board yesterday;
Erie TX Hudson River IL, Michigan southern !, In
nois Central Cleveland and Pttsburg " Rock Island
q Ohio and Mississippi certificates Il, Quicksilver IN
Northwestern was unchanged Government securities
fully maintained yesterdays Improvement Tho chief
activity was In coupon skies OF 1881, which
closed at 1863. Coupon nve-twentes sold at l0S.
At the open board, at one o'clock, there was
q fractional advance throughout the list At the
second regular board the market was steady Quicksilver
being the only stock which showed marked rise
namely, 81 above the arst board quotation New YORK
Central was x higher, Hudson River u, Read ding ~
Cleveland and Pittsburg X, Northwestern X, Fort
Wayne y, Ohio and Mississippi certificates y. Erie,
Michigan Southern, Illinois Central and Cumberland
were unchanged. Government securities were quiet
and coupon ave-twentes Of the new Issue de-
clined H. At the open board at half-past three,
the market was firm New York Central closed at COX,
Erie sax, Hudson River ss lOsx, Reading 9sk, Michi-
gan Southern eAx Cleveland and Pittsburg 7oI, Rock
Island l0AA< Northwestern (b.3) ak, Cumberland ~
Quicksilver 5ox.
current of speculation for rise has set In and the
immediate tendency of prices upward but as the num-
ber Of outside buyers small tho market lacks perma-
strength and the rise Is liable to be checked at
any time. Meanwhile the abundance Of money is In
favor Of the bulls who enabled to carry their stocks
on easy terms Call loans reported at per cent
Good commercial paper rates at on o. per cent It Is
rumorsd that the outstanding compound interest notes
viii be receivable after allowing for accrued interest," at
some time before maturity in subscriptions TO tho
seven thirty loan in which other notes will be paid
out In substitution according to the authorizing acts
The subscriptions TO the thirty loan incrcas
ing owing to the surplus Of funds seeking investment
and the short time has to run, when 1t s redeemable
In currency fundabe into six per cent gold bonds at
the option Of the holders.
The gold market has dull and the supply OF cash
gold more abundant in proportion to the demand The
borrowing rate therefore, declined to e 132 per
day. The influences which have surrounded
the market during the last fortnight are
depressing and has shown great strength in resisting
them There is q large ''short interest outstanding
but the bearshave not begun to cover their expectation
being that the disbursements Of the Sub Treasury
count Of the July coupons will make easier market
for them. Tho effect Of the latter is, how
ever liable to be overrated. In the first place,
tho amount payable in New York is less than
seven millions Of the total, So, DOT, which,
In view Of the scarcity of gold both on the market and
in the entire country, s too small sum 10 work Of it.
self any important change in the premium In the next
place. the gold paid out Of the Treasury does not add
70 the stock in the country II is q mere transfer from
the agent OF the peope-namely, the governmeno the
people themselves and its effect only temporary Again.
there will be other payment Of coin interest till
September and then g. 252 will be dne upon the ten
forty bonds The payment following that will be upon
the nvetwonty loan, in November, amounting to
$1s 670s5 This will be the next and only important
ooin disbursement this year.
ha DriCe q which
declined 1881 1t then reacted to 1921 at twenty
Ave minutes past three p H. and soon after five stood
at 1894.
Foreign exchange is frmer, and bankers are asking
higher rates. but the volume Of transactions is light
Bankers sterling at sixty days is quoted at 100 and
ITO u at short sight
The commercial convention which is appointed to
Detroit tho 10th inst promises to be attended
by the Of all the Chambers OF Commerce
the United States and the neghboring provinces,
and IL is dHculs tn estimate tho amount
of good which may result to commerce through the
free interchange Of opinions such occasion The
question of the Reciprocity treaty especially important
A. present owing the of the late Congress giving
notice of its repeal That treaty calculated to
Duraxe trade between this country and Canada should
&st admits OF doubt In the minds Of mercantile
nen on both sides OF thu border, and the subject
Wi doubtless receive prominent attention at
chg trade congress Now tina the s over ship
PIN interests will gradually improve and considerable
qualities of Canadian produce which might in the alb
seno of . treaty, be exporsd to Europe in British
bottoms direct will be likely, heretofore, under the
operation of treaty. to be transported via ports of the
Unitet States. In this connection tho report Of the
Census Bureau showing the vue of the agricultural
produce shipped TO and receivedrom Canada during the
following years, is Of value the figures as fol-
lows.-l