The New York herald., 1866-06-29
FINANCIAL AND COMMERCIAL.
,nnRsnAY. June 2s-sP. ".

153 at half past four and the closing transactions on
fhe street at 1881 There full borrowing de-
nand for con but the supply adequate at lilo per
cent per diem in favor Of the lender, and acr Two
O'Clock loans were made nat
It is becoming generally understood that while there
fs much which may advance IN the premium
pending substantial turn of the foreign exchange in
favor there little that can depress H. and hence
speculation which must rely for success upon fore
sight of the future natural course OF the MARKET main
y ancpatory OF rise There is little or no doubt en-
feraned In Congress that the tarir will apply 10
goods in bond equally with new importaitona, and
shat il will take efect very soon after its passage.
rush pay duties such bonded goods ~ arc affected
by il therefore be expected II is estimated that
the value Of the goods in bond s about thirty
millions and that from half 10 three-fourths of the
whole will come within tue range Of the amend
ed tariff Even at this calculation = sudden de-
mand for from twelve 70 fourteen millions OF gold
for the payment Of duties would not be surprising The
daily receipts or duties At this port already on the in
anticipation OF the new tariff The amount re-
ceived to-day having been 900 such demand a.
have referred would be sufficient to produce very
considerable further rise in the premium in view Of the
banks Of this city holding only about eight
millions Of coin and supply and demand
regulate the price Of gold as much as that OF any
other commodity it is not impossible that we may yet
1t sell higher than it sold during the late war;
and that too while The credit OF the government stands
high does at present. and 1t Is safe to say that it
stood higher The sooner, therefore, we dscon-
meet The idea Of the public credit from the price Of gold
under existing circumstances the shall be
blcd TO look upon the freaks Of the gold market
dspassionatey and with equanmity without experience
ing that sense of mistaken indignation which is at
present far too common.
The suspense preceding the outbreak of hostiities
which prevailed in Europe at the date of LATEST ad.
vices was exertng damaging influence upon the price
OF securities on every Bourse on the Continent,
and especially in Germany, and this, mat
ter of course is the reverse Of favorable to
US Before can derive benefit from the
threatened war, II must have commenced its raw.
ages There must be dsrust Of the securities of the
begerent nations sufficient induce the holders there
of TO sell out in large amounts and renvest portion o.
the proceeds thereof in the bonds OF the United states
and there must also be demand for our breadstuYs
This demand for bonds and produce will undoubtedly
be as great could desire provided the CONT
mental Europe actually ranspres and lasts long enough
but meanwhile the people Of Germany have
TO pass through the present depressing transonary
ssato, and unless there BIO war; and OF dura
tion the results have looked forward to beneficial
20 ourselves arising therefrom will hardly be export
still further drain of gold and we have unfortunately,
80 little OF that to mention the Of In tho
entire country this side OF tho Rocky
Mountains would be to convince US that n
one-thrd Of the securities OF the United States held
abroad were returned to for their equivalent in coin
we should at the present price Of the bonds and gold be
unable TO comply with the demand
We have regarded the export Of fve-twcntcs from the
beginning as dangerous, and have expressed opinion
freely while others pointing il as source Of
strength and T Germany, in the throes Of war; should
send them back TO Us instead Of asking for more
the possibilities We merely hiuted at will be turned
into bitter realities. We sangunc that the threat
eDcd IN Germany and Italy will result in more good
than harm to unless should involve Francs Russia
England, all Of these Powers in which our
foreign trade would be adversely affected TO extent
which could not but Threaten disaster instead Of
promising benefit Tho FIRST shock Of war in Europe will
produce further depression in the begerent countries
In monetary AFFAIRS but . rebound will be likely 10
quickly follow far At least the securities OF this
country arc concerned. Meanwhile far our supply
OF coin affects MS stand weak and trembling and the
gathering cloud in the Old World grows tucker rs
peruse the adv.ces by every foreign mail Even the
Bank Of England, although lie bullion Increased
Ei. .2o2,o pa during the week prior to the Java's
sailing, is too fearful Of the future 10 reduce
Its discount rate below per cent because thereby
It would forfeit the promise OF indemnify for violation
OF ts charter contained In the letter Of Earl Russell and
Mr. Gladstone written the midst OF the recent panic
and II still desires to be ablc to avail ITSELF II necessary,
OF the protection and privileges therein conveyed
The stock market continues 10 improve in strength
owing to the prevailing confidence in values but not
characterized by much speculative activity. Erie alb
serbs more attention than any other stock but although
cheap II Is treacherous owing 10 lis being In corrupt
hands. Fort Wayne and Reading remain the strongest
Of the railway shares
Al the Grst regular board the market was quiet but
firm. New York Central closed 4 higher than ut the
past two board yesterday, Erie =, Reading Y
Cleveland and Pttsburg q lower Northwestern pre-
ferred Il, Fort Wayne u, Western Union Telegraph \.
Government securities strong but no. active
Coupon hvetwcnties Of the 1862 issue advanced y.
seven thirty notes of the second serics y.
At the one O'Clock sessions tho msrkct was nrm, and
a, The half two board prices without material
alteration except for Erie which sold up 6i1. and
closed 1x higher than at the first regular board New
York Central y higher, Reading y, Ohio and Mis-
ssssppi certificates IS, Quicksilver u Western Union
Telegraph was per cent lower Government securities
were inactive but firm. Coupon lvc.twentes Of the
third issue advanced r.
Al the open board at halfpas three Erie sold at Oh r.
New York Central ost Michigan Southern 7sis Ccve-
land aud Pittsburg ss, Northwestern 3o's, For Wayne
esx. Afterwards the market very firm, and
bafpast nye the following quotations we're current.
New York Central 9sx r, Erie Gf5s o. Reading
10sts * Michigan Southern 1875 Y, Cleveland and
PIttsburg s3IS y, Cleveland and Toledo ioets u,
Rock bland e+s -, Northwestern soI a H-prc-
fcrred 5els y, Fort Wayne osI x, Canton "a bid,
Cumberland Is bd, Quicksilver AZ a ~.
Money rs so much Of drug in Wall street that the
Ia
the Stock Exchange the wants OF which limited The
transactions at Ave per cent exceptional unless for
time loans The surplus Of capital seeking investment at
this centre viii be further increased BY the redemption Of
the year certificates outstanding presentation In
accordance with the Official notice given by tho sccrc-
larry Of THE Treasury that he Is prepared TO
redeem all such falling dne after August 81,
1850 with accrued iDlyres, before July Is after
which date they will 10 bear interest or these
certificates there were extan tho 1st instant st3.
o-5,ooo. on the 18th OF next month the semi annual
incres, on thc third Of tho thirty loan