The New York herald., 1865-07-26
FINANCIAL AND coMMERcIA


TUESDAY, July 25-eP.M
Tho stock market was rather dull this morning. with
the exception of Erie which was steady and active, and
closed AT the first board - higher than at the second
noard Yesterday. Rock Island also advanced r. New
York Central was u lower Reading ", Michigan South
prn & Illinois Central /, Cleveland and Pittsburg Y,
Fort Wayne ". Government securities in demand
Ind stronger Coupon five twenties improved II. Ten
forties were steady.
After the call Erie continued active and in the ascend
ant under the belief that the directors of the road will
declare dividend OF either three per their
meeting tomorrow The prominent speculative director
is supposed to be in favor of four per dividend
the principle that for the sake Of the difference
about $l60 O00-between three and four per div-
dend it is not worth while to vary the In this
he is however, opposed by those who in favor Of
three per cent dividend. In any the money pay
1t will have to be borrowed At the open board at
O'Clock the stock after previously selling at 49, closed
s7x Cleveland and Pttsburg advanced u The direc
tors of this road will at Cleveland declare div
dend the I'd OF August The Of the market was
firm
At the second regular board the speculative feeling
tame and tho volume of business very light New York
Central was higher, Erie x Reading y, Michigan
Southern a Illinois Central lower Rock Island y,
Fort Wayne H, Cumberland u. Government securities
neglected
At the second open board tho market was steady New
York Central sold at s3,l tss, Erie S7A. Reading 1884,
Michigan Southern 83% Cleveland and Pttsburg (b3)
6s Rock Island 106S Fort Wayne 97H, Quicksilver o.
Cumberland AN.
The money market has been moderately active at six
per cent for call loans upon government and railway
coaterals with exceptional transactions at scven. The
monetary situation is becoming better understood,
and there is less apprehension OF strngency on
account of the necessities Of the Treasury than
prevailed a short time ago 1t will be the aim
of the latter to make its disbursements follow
its receipts quickly possible, in order TO guard
against any interruptions of the flow OF currency
through its accustomed channels that payments by
the the Treasury will involve no important
protracted Withdrawals Of currency from general
circulation and IL the government should call upon the
banks for loans pending the meeting Of Congress- they
will for the part against in favor Of public
creditors and mere transfer OF money from hand to
hand will be the result The national finances are in
that vulnerable condition which renders 1t matter OF
Importance to the to use every exerion TO
keep the supply Of currency at the great centres abun
dant and hence by paying out the smaller
denominations of thirty notes to the army 1t has
encouraged the circulation Of these as money In the
Southwest they pass freely without the coupons just as
national currency greenbacks do and the majority Of
legal tender paper The of national bank notes is
swelling volume Of the currency ut the rate OF
than three millions week. and only about ahundred
fifty millions has yet been delivered one hun
dred and forty three millions to be issued
Looking this condition Of things the most shrewd
among the bears and agacous of the bulls are expectant
OF further imitation Of prices on the Stock Exchange TO
keep pace with the imitation of the paper monsy sys
tenn To contract tho currency now is impossible with
out endangerng the collapse of the national banking
system and involving heavy depreciation OF national
securities, upon the par vaue Of which the national
bank notes are dependent their free crcuaton for
as ninety per of currency has, with few inmate
rial qualifications, been issued upon the security Of
bonds at par follows that If the bonds declined below
ninety the notes would be inrnscally at discount.
tight money market would, among other evils, bring
down the price Of certificates Of indebtedness rapidly
and this the Teasury afford TO permit for their
issue will hcnceforward during the year be its main
That great national debt is not national
blessing will be demonstrated at every stage in the
future progress of our own and it will require very
careful manag cement to prevent its becoming great
national disaster
There more demand for discounts and <he best class
OF commercial paper passes at per oent, and SH
10 FOR the middle grade
Foreign exchange has firm, but not very active
and 1O9h at three days There are still signs ap
parent that merchants shipping hvetwenties
In preference 10 gold remittance, and the
question arises Is there danger Of the Euro
pean markets being guted by these continued specua-
tive shpments2 II Is known that large amount Of
those already sent being held back in London
for favorable market and the present low rate Of
interest is favorable to the holders; but there is
danger these being pressed FOR sale ut some future
day when something like "a scare might be the con-
sequence Meanwhile however, the sun shines.
The gold market remained firm and inactive to-day.
Tho opening price was 1s3 followed by advance Of
3. and relapse l43 after which it improved - and
remained steady, closing at 1885.
The steamer Vera Cruz, from Vera Cruz, brought
$40 900 In specie
The Bank Committee met at the Clearing House att
noon to day to take into consideration the plan embodied
in their report for the redemption Of the notes Of
country nks wisely adjourned without taking any
action in the matter II is reported, however, that the
committee called attention to the necessity which exists
for more Of the specie in the banks and
that an inquiry into the subject will be Instituted
The receipts Of gold at this port from California this
year compare with the received during the
time in 1854 as follows
1854 1850
January .... s24l 1913 january 4...... 81 14s $50
january ill.,. $685. COS January 49,. 3S3,5lg
January 2S...... 324 s63 January 2,..... oil ,0ss
February g.. 9P5 e3s February S,.... 800 S ll3
Eal,r