The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-07-02
FINANCIAL AND CoMMERC GAL.


There has been quiet market for gold and dull one
for stocks dur ng tho week The subsistence Of the
export demand for specie checked speculation for rse
but without forcing decline, the range Of the premium
having been from l5i TO 1877 and the closing price
iSsx The prospect OF the passage Of the new tarin
the rush TO take goods affected by oui
OF bond give GrmDess to the market That the new
bin viii apply to goods in bond equally with fresh i'm.
portatlons is crtain, and the value Of the bonded
goods ut this port Ii estimated Ut thntyhve mil
Ions, while Il ID probable that al least half,
and possibly threefourlhs Of the whole will
be touched by the amended tariff amount calculated
to nvoIve sudden demand for from ten TO fifteen m l.
lions Of gold with which 70 pay duties IN anticipation
OF the bill coming into force Tho latter 10 monsrous
piece OF protection paichwork which rejects positive
discredt upon lts comphsrx II ID made up OF contri-
buttons from Interested parties who al hope TO DO benz
fitted by Its operation, At the expense Of the people
conflict with the modern spirit OF political economy,
and Is, in short mass OF political iobbery 1t Is the
work OF q Congress which disregards tho rights
and interests Of the people and spaws upon
them aboanDatlona But however long suffering
tue great army OF taxpayers--tbe people-may
appear they Will day Inct rerbutfon through the
ballot box. The Willingness with viii Oh they have thus
Gar submitted be the most heavily taxed nation IN The
world will characterize them and complete
revolution Congress viii mark the beginning Of erea,
changes IN financial system, involving q rigid
economy public expenditure and heavy reduction OF
taxation AMI the Of interest on the public debt
The banking system too, far as Its crcula
ton Is concerned, Wil be swept away rs dangerous
Incubus aud tie politl al watchword Of the hour Will
be sRetfeneh nent reputation
The next Europe now due Is no. expected
TO DO financially vita orabc because 1t will be partly In
response quotation for gold this side than
was before received but he steamer due week hence
will rtncc, the Influence OF the report that gold had
risen to 16S Z IN New York. American securities abroad
would naturally symtaihize with this advance and u
would Ia unreasonable not 10 look for correspond
ing decline o prices In consequence One grave evil
which tho fact Of securities being held
largely abroad. aud espec ally IN Germany 10 tho
increased or their sudden return owing 10
Germany beng state Of war; not by the act Of the
private holders thereof but by that Of the belgrent
governments
The Impoverished condition or Austrian finances is as
well known the hopeless semi-hankrup,cy of Italy
and the Iressug need Of money under which even
Prussia the well.,odo Of all the German Powers,
finds herself preseat time Specie Is already at
high premium IN ally and throughout the Austrian do
minions while q forced loan has been levied Vene
aa-and be rememb red that forced loans are
regarded trnaie methods Of raising tho snews OF
Contpep Europe while all the gold and silver
in q country war Ia looked upon pretty much pub
lie property and appropriated by the government accord
ingIy II h easy, therefore, to that where would
be dangerous to hold specie account OF seizure It
would be almost equally unsafe to bold nvotweniy
bonds OF the United States which could be sold for
specie by merely sending them to Now York. The
necessities OF all The parties TO this European war;
already urscut will be increased In proportion the
struggle prolonged aud nothing that DO so
conveniently converted into hard cash Un ted States
securities will probably be spared by the despoc Powers
concerned and Austria and Prussia probably considr
ably ti,sn half Of all securities In Europe
hel We have from The beginning OF the export Of our
bonds pointed the danger involved thercn for We
arc always liable 10 their sudden return in amounts
larger than might nnd IL conveniens 70 pay II 10
rumorsd that the Secretary the Treasury feels much
anxiey about he foreign market for bonds that he
has IN agent London Stock Exchange to manipulate
o. but this Is just hazardous and likely 10
be ultimately successful than his manipulation OF the
gold market here lopc The report is incorrect Were
Il mot that debt largely held In Germany and
thss continental governments have habit Ut Lok ng
upon private md public properly without much dist
tioa In tine, ihore would be no reason why We
should look forward 70 the threatened hostitss with
chs siightcst drcad- Even, however, Austria should
collect from her people and send back 70 hundred
millions u bonds the escs would not b % disturb
internal trrdo the condition Of money market
II would b. felt slmos, entirely In tho markets for
gcid forsga exchange and government securities snd
would have direct influence In mpairing the publ
orsdil mo rise In gold would, however, un.
favorable influences stimulating Wild speculation and
high prices, although n would encourage exports.
On the Stock Exchange holders show disposition 10
realize o. the current proed and therefore, notwith
ssAsdng business iangushcs. stocks are very ARMY
hsd In anti, ipacn OF rss when tho markes becomes
moro active Erie was the most excited OF the n lway
shares last wesF, asd advanced about two per cont
usdsr purchases cover short conirncts
now phase Of mo Harlem "corner IL The declaration
OF dividend OF oGr per cent the preferred and CON-
mon sscck OF the company. payable tho 81 instant
The PARTIES vAo 'cornered" Harlem sadiled WITH
enc whole Of stock after having taken irm
shs pookss OF the street all thai they could by far
mcans ortoul Tn y found themselves without mar
kss for A. and have kept from that day 70 this These
men control tho uanagemo Of tho Harlem Rail way, ami
with visw 10 secure a dividsud their stock
- soon q possible hsy suspended dividends the pre-
fsrrsd sock, although tho company was considered to
- In . condition to pay one A the charter
of NE road does not permit dividend
70 no paid on stock that In not paid the
vssfsucd the resali Is declaration Of uniform divi
dead now on both This Gao goes 10 show how much
railway management IN this country rs governed by Wall
srssS and how the policy Of railway directors may DO
made 10 contribute tho nns Of their purses,
gardiss Of every other consideration.
A. Eve O'Clock saturday tho stock market closed
dul bu steady nj the following OBSERVATION-DISCLOSURES York
csatrai esx q ". Eric oak n. Hudson River liik .
Iis Reading le4k LOG tex dividend Of i've por cent,
Michigan Southern 1851 AZ, Cleveland and P.tburg 50
M Rock Island esk Al %. Northwestern 90 x-prc-
fsrvsd 80 u Fort Wayne tex quarterly dividend of az
~ csap COX X. Ohio and Mississippi certificates IS
sssk
xhs money marke, throughout easy a4ss per
cent Cor call looms, and nrst class commercial paper
pssssd ii per cent discount The general markets
vsre somewhat unsettled durng the wcek owing IN.
certainty with fegnri the course Of gold. The dry
sscds TRADE war dull and priccs barely sustained
A the same time thai buyers arc keeping Of tho
market - much possible holders ndsposcd Va