New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1866-06-15
81
opry BOARD OF BroKERs-3l 7. NJ.


Gold has been very active at higher prices The OPEN
ing rate was Ii5l closing Ia after selling at Az
The stock market is dull, and upon most Railway and
other speculative shares lower prices have been accepted
The Transactions in Governments were upon large SCALE
without change in atos. In State bonds and Railway
MORTGAGES lte done Erie continues TO hold the chief
attention Of tho and sold down 20 50 at the Public
Board IT, leading shares transactions were made
at the S;oex Exchange After the Board the market was
weak At the Second Board the market was dull and gene
rauy lower Michigan Southern heavy and sold at'9!
Ere recovered fraction and sold at so After the Board
the market was dull but steady EXC active and sold
a, 59i Rock Island was strong closing at 92l bid The
closing prices were: Canton $50 G5si; Cumberland Coal
iil 10; Mariposa, 2iIa23; Quioksyer, 5Od5li New
York Central 9sl d9si Erie SO aj9li Erie Preferred
73l a7l; Hudson River 10 ll0i Reading 1921 1885,
Michigan Central IO7i 100; Michigan Southern, 79iG
79l; Illinois Central, lei! 9lSl Cleveland and Pitts
burh s2aS2l North Western, 3Oi a3)l Northwestern
Preferred sol a59; Cleveland and Toledo, loi eioiii
Rock Island, 92i at2i; Fort Wayne Ni ava.
Money on call is in good supply a. las per cent with
the greater part Of the loans at per cent For commercial
paper the d a6 for bes short bills, with excer-
tons at per cent
Exchange is more active and the follows Lon
DON prime bankers 10 days lili London, prime bank
ers sight 1921 doai Paris bankers, long 5.lo Paris,
bankers. Short 5O6l; Antwerp jll e5lO Swiss 5.ll40
$40 Hamburg 3iB37i; Amsterdam i2Ii Frankfort i3l;
Bremen so, Berlin 75a75.
Freghts are dull The engagements 20 Liverpool are
q 900 bushels Of Corn, per steamer, at SD bark was
chartered 10 the Bristol channel with Corn on private
terms.
The business Of the SubTrcasury Receipts, 81 u.s.
s2s flor Customs, $}6i 900; Payments 500, 6e673;
Balance, $9i O3i, 4S9 03-Gold notes, s663,0Oo.
Gold is again advancing, and unless Congress soon
amends the National Banking law and secures the re-
dempton OF the circulating notes in the three Atlantic cities
and reduces materially the volume Of currency there is
soon 10 be another gold panic and derangc
ment Of all legitimate business The National Banks for
the past year have been steadily flooding every avenue of
trade with rredeemabe trash and the country is ct this
moment further away from specie payments than when the
Rebellion collapsed The prime of the present prcmi
um on gold is to be found in the imitation of the
currency and until forced home be Cancelled thereca
be no improvement II is conceded by all managing Wild
cat banks that the poorer tho currency the moro rapid is
its circulation and consequently the damage II causes TO
business. As Treasury note s superior to National Bank
notes, Congress will act wisely by taking measures to
amend the law and the redemption OF the crcn-
la,on Of Me National Banks and canceng the god-bcar-
ing bonds held security. Eighteen millions per
annum gold is too large price 10 pay for the support OF
system OF banking which, at present managed, GRIP
pies the country and makes it unable 70 compete with
nations having a currency rcdeemablc in gold
The obligation of the Government to redeem the dan
gcrous issues of the National Banks would be contrae-
ton in this that it would make valuable the existing
currency. It would wipe out s30OOoo,OO0 of existing
bonds but would open the way to fund the surplus cur
rency whatever the amount might be- in new bonds Inc
obligation redeem would also bring the entire crcu-
atng money Of the country 20 standard and make IFS
retirement more easy than while it remains IN It's present
mixed condition This taking from National Banks the
profits Of circulation is sharp remedy. but the disorder
caused by the use of hundreds of millions of irredeemable
bank notes will not admit Of mild remedies, or Of delay
II will take from d swarm of banks large proportion Of
their profits bu. will deprive the commerce OF tho
country o, any the benefits OF sound currency IL viii
wind up good many banks, and send tho officers share
holders and good many the customers Of the banks to
some productive employment 10 the advantage OF the
community The present irredcemable National currency
ia the gas in the financial balloon which sustans gold at
Ifl and demoralzcs tho industry of the country. II
must be reduced Congress is not DESTROYS o. seeing the
country plunged in general bankruptcy.
The Cincinnati Ga-ete of Tuesday says:
The money market was somewhat closer than last week
owing chiefly increased demand for loans and partly to
further In the supply OF currency Rates Of inter-
est are very Od ~ with tho regular discount
houses As high dis cent paid on fair paper out
side Exchange was In arger supply and with moderate
demand the market heavy and rates shade lower closing
at 5O discount buying and par 5Jc premium selling
Gold declined per cent early the day but recovered
in the afternoon closing at 1881 di3ei buying aud 1921 selling
The Chicago Tribune of Tuesday, says
The money market to-day was very close and there
much greater pressure felt than Saturday Early IN The
DAY Of the bankers had 20 shin on The street FOR cur
e6cy 10 demands Of the Clearing House and East
and low az Is discount. Later IN The day there was
~ q lfla 81 exeh.