The New York herald., 1866-07-20
FINANCIAL AND CONNER CiAL.
THURSDAY, July l9-6P. D

THURSDAY, July l9-6P. n.
with the fall or the mercury the Thermometer the
fSycr OF speculation the Stock Exchange seems u
have partially alayed and to-day the market for
railway shares has been moderately quiet There Is
aoceabls change however In the temper OF the street.
and the course OF prices promises TO be upward varied
BY light reactions and short intervals Of dulness With
such ample monetary facilities exist carrying
stocks and 80 strong speculative spirit the prospect
could hardly be otherwise.
At the open board at ten o'clock New York Central
scd At 1o4 a y. Erie o51, Reading ii07s Michigan
southern sS1s, Cleveland and Pittsturg s5h ~ Rock
Island sTH, Northwestern s6-preferred 65I, Canton
ok. Az the first regular board New York Central
closed higher than at the halfpas two board yester-
day. Cumberland x, Western Union Telegraph X Erie
closed 2H lower, Northwestern I-pgeterred Z, Fort
Wayne y. Government securities dull Coupon
dyewenties of 1852 sold K lower than the time
yesterday. Seven thirty notes were steady
At the o'clock sessions the market generally
lower owing sales 10 realize profits AT the hafpast
two board it was strong again and New York Central
closed higher than at the first regular board, Erie
y, Michigan Central " Northwestern y, Western
Union Telegraph y. Reading was = lower. Northwest
preferred y. Government securities were neglect
ed and the only transaction unimportant one in
seven thirty notes
was duh but nrm New York Central sold
lo5K, Erie s53 u, Cleveland and Pitts
burg S4H Northwestern preferred 65, Canton
53 Cumberland 46ss, Western Union Telegraph
64n. Afterwards the market remained Arm, and at
haf-past i've the following quotations current
New York Central LOG 4, Erie 65,f u, Hudson River
1t5% bid, Reading 11ots x, Michigan Southern s3
. Cleveland and Pittsburg SAX s5, Rock Island OK
a y, Northwestern S5% 86iS-preferred 65 y, Fort
Wayne 99x y, Ohio and Mississippi certificates 2Si5
y, Canton So y.
Tho loan market continues easy at five per cent with
few exceptions at four First class commercial paper
in limited supply and passes readily at about six per
cont the extreme rates being 5ls Z.
Gold has been firm but dull and the supply Of coin for
delivery is becoming scarcer in proportion to the de-
mand The leading rates varied from three per cent
Interest for carrying 1.32d per diem for borrowing
Tho opening quotation 1901, followed by advance
20 l50i< and relapse to i5O's At the close 1907
bid
foreign exchange IS steady but inactive and both buy
aud sellers show disposition await further
from Europe before doing than they can avoid
The leading drawers ask l09M for their bills at sixty
days England; but they difficult of sale at this
rate and second hand they are quoted at I09h x.
Opinions among the German bankers are divided as to
tao extent OF the future demand for nvewenes abroad
to how far this will neutraze the mporan. diff
ference between the value Of imports and
ports existing The few viii proba-
bly, enable Us to judge whether the in Europe
- 70 be long or short one, but in other
there will be little reason 10 anticipate any
thing but firm market for gold and exchange for
considerable time to come, taking all the conditions
Affecting both into consideration Bills Berlin
nhalers, nonnally TAX 754, Bremen 77ss 70,
on Amsterdam 4oz 4lk. on Hamburg 36h s7H.
Mining and petroleum stocks were fat. Al the first
beard Bennehoa Rhn Oil closed 81 SO lower than at
sbc time yesterday, Consolidated Gregory Gold
c5e. Bennehof Run was 3oc higher Smith 4 Parmeiee
l5c At the board Dennehod Run Oil closed &C.,
lover than ut the first board, selling at 81; Bennehof
Ran 75c, selling at 81 United States sold at 81 rs,
New York Gold 81 49,
Not long since the Boards OF LevGe Commissioners
for the State Of Louisiana and the Yazoo Valley district
OF Mississippi momorazed Congress for aid in the
construction of the evees the Mississippi river and
select committee appointed by the Senate report
upon the matter. Tho committee have since reported
that they satisfied the people OF these States
unable without aid from the government to undertake
and complete the necessary repairs at present they
possess neither labor money for the purpose and with
ovsrdowed lands and general peeunary distress II is i'm
possible for them TO command credit. The committee
are however OF opinion that the amount Of aid To be
granted should be limited to repairing in effective
manner, those important breaches which beyond
thc power OF individual local effort and by the closing
OF which large districts formerly cultivated may be
rescued from the foods until by crops the
planters may be able to provide for their security
The committee propose to conadc this work to the
United States government engineers under the direction
oil The War Department The national importance OF the
proposed measure reclaim the submerged lands II
oby Gus aud the bill submitted with the report claims
ths attention Of Congress.
Ond observations Of yesterday concerning the
fusding bill introduced By Mr Sherman in The Senate
were based upon associated press Telegram, which
" The nrst and second sections, giving the Sccrc
tay OF the Treasury authority tossue ve per cent bonds
stricken out" II appears however that the re-
porers mind confused In relation TO the amendments
o aud that the latter IL scheme for funding into
ave per cent bonds cent being provided to
cost OF the negotiation This consolidation loan It
proposed exempt from taxation national state and
srancipai OF every kind in view Of tho low rate of
interest IL is 10 bear The bonds 20 he payable
40, thirty years from date, and the saw
tngs Of interest arising from tho conversion OF
s'hsr securities into this consolidated stock are TO
De- devoted the establishment OF sinking fund for
tss gradual reduction Of the principal OF the public
deb, Considering however that the Secretary Of the
Treasury has already power 70 convert floating
securities into bonds bearing a rate OF interest
no, exceeding six per cent per annum, Il Is
Questionable whether any further legislation in
chs connection is necessary. II is far moro i'm
pctlant to amend the National Currency act
Substitute legal tenders for national bank notes. and In
doing cancel the bonds at present deposited by the
national banks basis Of circulation than TO be strain
log ., gnai after the manner Of Senator sherman.
rho business transacted Of the Sub Treasury In this
city today ~ foiiows.-
Ieccipts. 500 3a7 For customs. t40s 900
Payments. 900 3.a Colo notcs........ 3el 900
balance SO y64, las
With respect 70 this years cotton crop, upon the
i.ot OF which VIII depend large the price Of
gold and the rates Of foreign exchange the reports from
nearly all sections Of the South rather dscouragng
A private letter from Georgia recently written says Of
che prospect in tina, Slate
think the expectation OF large crop OF cotton this
year will be disappointed In 1890 Georgia produced
f2 bales OF cotton and So jo7 6s2 pounds Of