The New York herald., 1865-07-15
FINANCIAL AND COMMERCIAL.
FRIDAY, July lA-0P. n.

FRIDAY, July llePM
ma ssock market was strong but not very active, a
sha or.t hoard this morning New York Central closed
higher than at the second board yesterday Erie 2K
Hudson River X, Reading y, Michigan Southern y,
cleveland and Pi.tsburg IN Northwestern X, Ohio and
Mississippi certificates ~ Rock Island 1, Fort Wayne
Quicksilver was unchanged. Government securities
aiso strong Coupon fvetwenties advanced y, coupon
sixes Of 1881 4.
AZ the open board, at O'Clock, prices were
. fraction higher. Coupon ten -forties sold at
oSX. Al the second board the market was dull
and lower. Erie showed decline from the closing
price at the drst board Of ~ New York Central hchi
gan Southern ", Rock Island lH, Fort Wayne TX Ohio
and Mississippi certincates Y, Quicksilver X Govern
ment securities continued strong and coupon ave-
twenties advanced 4.
At the second open board tho market was heavy and
prices declined the CALL New York Central closed at
e4N, Erie sox, Hudson River 1lo, Michigan Southern
o4K Reading l00 Illinois Central 1873 Cleveland and
Pttsburg 6Sx, Rock Island 1861 Northwestern 27x,
Fort Wayne o. Cumberland AK, Quicksilver oiA Can
ton Company 40 Later, on tho street, Erie defined to
co. and the whole market weakened.
The increased activity in money continues but the
supply Of baukable funds still Of the require
ments OF borrowers Cali loans made freely at per
cent on governments and on railway and miscel-
laneous collaterals The bears, who constitute the
minority on the Stock Exchange at present. have been
alarming the bulls by predicting tight money MARKET
which, In the existing condition Of affairs, simply
an mpossbility The money market Is only TO DC caed
moderately active now, because Il contrasts WIN inc
suggshness which has pecededit So long as the nde
Of paper money imitation continues to rse--and 1t Is
likely long to continue do sothe supply or currency
will be in excess Of the demand, although tho
rate of interest may advance to seven per cent
hat
an easy money market is indispensable to it,
and tho national bank issues are constantly
augmenting the volume Of the paper money afoa and
promise soon TO reach tho limit Of three hundred mil
lions An effort is about to be made by the subsgents
70 subscribe for the remaining ninety millions or SO Of
the thirty loan immediately in order to meet the
urgent demands of the Tho straits OF the
Treasury still such that 1t is unable to pay more than
about twenty-five per cent Of the requisitions upon
It In currency, and the remainder In certificates
Yet the seven thirty loan is being subscribed
TO at the rate OF from twenty to thirty five millions
per week. and internal revenue aggregating little
more than two hundred millions o year is constantly
contributing the amount in the Treasury" Instead OF
three thousand millions the national debt now appears
likely TO aggregate from four TO Ave thousand millions
by the time the government has effected full SETTLE
ment with all its creditors.
The discount line is dull and nrst class commercial
paper passes at a per cent
Gold was very strong till late in the afternoon, when 1t
weakened trife. The demand for cash gold, which
commanded 1872 in the morning. abated and loans were
made fat before the close Of business. The opening
price was 143, after which it advanced H, and then
receded gradually to 1924 at which IL closed at five
Pm
Foreign exchange has been dull but steady. Bankers
sterling at sixty days was quoted at 10s% 1925 and
llOx short sight Mercantile bills continue scarce
Opinions are divided to the next adviccs from
Europe respecting 1vetwenties On the sailing OF
the Persia the Afrca's news reporting gold at l41
the 21st Of June (her day Of sailing from BOSTON,,
and 143 the following day photographed TO her at Hall
rax) had not been received in London But tho steam
which left here the preceding Saturday. and which
had arrived before the Persas departure took out the
quotation Of l43x The Afrcas advices, therefore,
far the price Of gold concerned would have been
without material effect upon the price Of vetwcntcs
The mporations Of dry goods at this port during the
week ending July IL compare follows with those OF
the previous week.