The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-06-29
FINANCIAL AND COMMERCIAL.

wxDSxsDAr, June 2S-6
The stock market showed Increased animation this
morning. the chief activity being In Northwestern Erie
closed higher than at the second board yesterday,
Reading n Illinois Central g Cleveland and Pittsburg
n New York Central was unchanged. hudson River
was X lower Michigan southern u, Northwestern 4,
Rock Island ", Fort Wayne r. Government securities
were nrm under the European advices Coupon five
twentes advanced y Ak,
After the call market weakened and al the open
board at one O'Clock quotations were y X per cent
lower At the second board there partial re-
covery, but compared with the closing prices
at the nrst board Erie was y lower, Hudson
River y, Reading y, Michigan Southern ~,
Cleveland and Plttsburg TX, Illinois Central TX, North
western x, Rock Island y, Fort Wayne u, Quicksilver
~ Government securities were heavy. Coupon i've
twenties declined 4. One year certificates Of the
issue sold at 9sk. At the open board at halfpast
three the market without spirit New York Central
sold at osx Eric 70. Reading Hs) eAN, Cleveland and
Pittsburg 67I, Michigan Southern 81 Rock Island loo
Ohio aud Mississippi certificates (s.3) 2lk.
Later, on the street. the market was steady, with
tendency towards improvement
Gold has been depressed under the constant hammer
ting tho bears, who constitute all but small minority
of the operators In the market assisted by the further
advance Of 6vewenties abroad Cash gold however Gen.
tinues very scarce and tho borrowing rate is arm at
The opening price l4la, from which it gradually
sunk to 1891, then recovered to 1904 and at twenty
minutes past FIVE p. N selling at 1921 The ship
msnts OF specie BY the European steamers aggregated
$40 $50, Of which the Scotia took $3l $50 and the Ia
varia $3s, 900, ..s,,.er ..1
The scarcity of gold and tho consequent high
of interest which commands the natural result
Of an enormous 'short' with supply Of about
i've millions TO make the deliveries with If the bears
had buy in at all the gold necessary to
their contracts the price would rise point 200
than $50 during the process Some Of them are only
waiting the disbursement Of the July interest in order
TO take their shorts, which they hope 70 do without
advancing the market much they covered under
present circumstances But the disbursement OF the in
terest In question will not add greatly TO the supply on
The Market for II will be paid out gradually and rcab-
sorbed duties almost rapidly, the demand
for latter averaging about hundred and fifty thou
sand dollars day. Moreover. portion Of it Is due to
foreign bondholders
The foreign exchange market has been stagnant and
bankers sterling sixty days quoted at 1921 no.
This weakness il, however, likely to provo but tempo
ray and in Wow Of imports being in currency value
about four tlmss much exports the present
condition OF the market Is somewhat anomalous, and can
only be accounted for the theory that larger exports
OF Southern produce calculated upon than can be
made. Mercantile bills are quoted at 1851 1857.
Money remains abundant at 4 a S per cent CALL
with but limited demand The discount line Ia I'M
changed, at q Q per cent
The revelations made the Jefferson Market Police !
Court with regard to the United Service Pcro- !
7cum Company testify tho unreliable foundation |
upon which least Of the similar
panes before the public based But Notwithstanding
has been considered perfectly legitimate for set Of
adventurers who wished TO dcfraud the public by OBJ
tanning subscriptions worthless petroleum companies
70 do Bank presidents and others equally prom
nent In the community have freely lont their to
such undertakings and but ayarcious aud gull
hble subscribers azed accordingly. The
petroleum brokers and others who have placed these
stocks upon the market have much TO answer
for both legally and morally, and II they |
arc not prosecuted crminally civly 1t will bo owing
apathy lenence OF those upoa whom they have
knowingly or unknowingIy imposed Commercial mo
rsty We however regret to say is OF such character
that In the OF petroleum al least IL sanctions what
arc virtually swndks. man, or company OF men, |
formally and deliberately asserts that tract Of land has
cost him much larger amount than il really has Upon
what considers business principles In reality how
ever false pretence and he is lsble and ought to
b punished accordingly But no petroleum spccula;or
Or broker would endorse this OF the case because
Misrepresentation Is habiua and truth Ia rcsoried
b only when Il s accordance with the interests
vompany is but pattern VI many others which are
equally liable 10 exposure, and tho sooner they are
exposed tho better Meanwhile investors In petroleum
stocks will do well to profit by the warning r,errd 10.
II appears thus far to have been quarrel among
the directory anything else, but has been very
ssrious ono and although there IA proyerb which says
sswhcn rogues fall honest st their DUE il Is
BY no certain that thoy will DO so in this case,
although highly respectable Included In the
management. That guarantee for excel
lencc, however, we have had abundant proof.
The exports from this port exclusive Of specie for the
week ending June 90 valued at Only 2o2J471 as
the following comparison will show
1861 1894 1865.
For the week .... $4,2il, 4Gs 4l7e,so5 2,o234n
Previously reported. 81 55 los s5,4a,24o 75,.s2%l
-
since January L. SOL 2,576 81 523235 7',s3c.4G5
Tho imports the week and the corresponding weeks
In 1853 and 1854 were:-
1863. 1854 1868.
Dry goods .......... 1871, l47 1,is5oA l92