The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-06-19

Ere.... ....4Zis 80 AZ a4Z5a fl AZ
The increase of 81 900 in the bullion in the Bank
OF England sign that the drain to the continent has
partially II not wholly subsidized but there Is proba-
by any event Of an immediate reduction Of the bank
rate of discount From present appearances there is
reason believe that have experienced the worst
financial effects OF the threatened war In CONT
mental Europe already, and although gold be ex-
pected to recede but slowly after the heavy shipments
of coin which have attery been compelled to make,
therc is prospect OF the foreign exchanges turning
much in our favor ip consequence Of such that
its natural tendency after the first shock of actual hosti
ties has been felt will be downward. The rise has been
enormous in view OF the prices having declined to 1247
at one time in March last, and this will exert strong
influence in favor Of the expectation Of our
rites and in checking mportations by raising
the prices and limiting the consumption OF foreign goods
the effect of the advance in gold being the f
proportonaiely.
Some Of the radical contractonisis crying for
higher tariff and curailment of the currency as the
remedies for this sudden rise in the premium apparently
overlooking the operation Of gold upon the tariff which
have just pointed out and forgetting that the volume
Of the currency has nothing whatever to
do at present with the advance in gold
which is entirely owing to the exceptional
condition Of affairs in Europe, and not to
impaired faith the credit Of the United States govern
mont, either at home abroad for 1t better
than and with of nearly Ave hundred mil
lion dollars year it would be strange II It not
The price Of gold, like that OF any other commodity, will
regulate itself and all interference with it
not only useless but mischievous.
The Stock Exchange displayed increased activity and
nrmness early in the day. Its apparent tendency being
sympathzc with gold but in the afternoon the 'slump"
IN the latter caused tho market to become sluggish
while prices remained steady The general expectation
favors a brisk upward movement in the speculative
shares tho excitement in the gold sub
Ades.
At e early session OF the open board tho market was
nrm but dull New York Central sold ut 90k X Erie
$50 H.Reading IOo Michigan Southern 7sx. Illinois
Central 123 Cleveland and Pittsburg 49, Cleveland and
Toledo lo5x, Rock Island Is. 81 e3X, Northwestern
2Ox, Fort Wayne oeX, Western Union Telegraph SIX.
At the 1rst regular board prices showed improving
tendency New York Central closed higher than at the
Same time Saturday, Reading y. Illinois Central
~, Cleveland and Toledo X, Rock Island Northwest
ern preferred u, Fort Wayne e, Canton u, Western
Union Telegraph IL, Missouri skies l Y. Government
securities strong and coupon fvetwentes OF the
1sc2 issue ia higher second issue ~ third issue
u; ten-forties u.
At the o'clock sessions the market was steady.
At the half past two board 1t sluggish and prices
without material change. Cleveland and Toledo
Wayne v. New York Central was Z lower, Cleveland
and Pittsburg u, Ohio and Mississippi certificates u,
Canton u, Western Union Telegraph u. Government
securiies continued strong under a demand for five.
twenties for shipment created by tho rise in gold Cou
pom nve-twcn,ios OF 1862 advanced u, third ~
ten-fores y, thirty OF tho first series y;
second series Y.
AT the halipa open board the volume OF bust
very light but the tone OF the market was
steady New York Central sold at eoH, Erie 59S y,
Reading 1895, Mariposa preferred 2al Western Union
Telegraph jS4, Cumberland Az. Afterwards prices
well sustained, but tho speculative feeling contin
ued sluggish and at halfpas Ave New York Central
quoted at 90 =, Eric 5eS u, Hudson River 10Y
y, Reading 1895 y. Michigan Southern 70 n u,
Illinois Central Ia y, Cleveland and Pittsburg s3%
q q, Cleveland and Toledo 1904 y, Rock Island s3A
q o., Northwestern 80 k-preferred 59i< x, Fort
Wayne 81 T. Ohio aud Mississippi certincatcs27j6 "
Canton 90 u, Cumberland As "a, Quicksilver 80 "
Mauposa preferred 23k a "a
Tho supply OF money available for employment the
Stock Exchange continues in OF tho demand at
i've per cent while FIRST class commercial paper freely
discounted at per cent with exceptions at 81 T.
At the same time loans government securities are
generally made at four per cent TO first class houses
The OF the associated banks for the week
shows decrease every item except that OF legal
ders which have increased a. $50 $50 The loans
decreased 81 the specie 3ss the circua.
Non s79 377 and the deposits Sss,273 The decrease
loans reflects the dulness OF tho money
market while that In the specie is due Withdrawals
for export The totals of the present previous
ments stand ihus:-
JUN q. June 10
Loans. f24p, 53s, $50 $csT. sol, SAT
Specie .............. 1881, 663 Ill l7 3o5
Circulation ........... 25.s87, 2h3 ~ sS7 sT6
Deposits. ............. 202, 5o39Io 202, sI5G5G
Legal tenders ......... 7s,62s,61 7o,l70, Goa