The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-07-15
FINANCIAL AND CONNER ciAL.


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susDAv. July II, 1867.
mo railway share market was buoyant up 20 Friday
list week, when vigorous bear attack made upon
It, ana hurry was produced by false umor one
OF the Ir up town hanks had failed In consequences
Its losses by tho failure OF George A. Weeks % and
other drms in the dry goods trade The ruDor in ques
ton IS well as others of sWiIar character relating TO
mercantile houses obviously fabricated by some
OF the leading bears for the purpose OF crening panic
The decline which succeeded was, however, neither
hosvy Of long duration. for before the close Of
business in Wall street Friday csenisg ths
stock market was in process Of recovery from
the depression thus caused, and yesterday che
Improvement made further progress Tho bears were
therefore Isss successful than they expected 70 b.
natural reaction was however, expected towards the END
Of the week after the sharp upward movement which
had previously taken place, and tho fact u ~ not
having been felt 70 any marked sxtsnt shows tho
strength Of he speculative feeling favor Of rise
now prevailing To Stock Exchanges SO far real
values are concerned the stocks that least desirable
have been the most 10 demand and bave advanced the
quickest ssce tho present speculation SGT and the
dividend paying shares selling - prces which
are not justified By their earnings financial
condition InvsstOrs vii Of lhink Of buying
them but spsculato Will buy anything however worth
loss at any price, provided they th,nk there prcba
blity OF their being enabled - sell tho still
higher price. The higher the market the twill
be exposed fsvsrish spssms and wide Auctuaons
when tho se finally eliminates the fancy stocks which
have been the most exravaeanty advanced will suffer
the heaviest fall To the public against buying
stocks as prices their value Is thankless task
and to many Is like striving convince fool against
his will Nevertheless is aduty. The Stock Exchange
in the midst Of panic 10 maslslrom which swallows
the margins OF outsiders and distributes them among
the brokers ana other professional spectators who
shrewd enough to be the bear tack when the
comes Some OF the dividend paying shares have
sympathzed only TO tr,ning extent with this bull
movement. and these still cheap for Investment II
the public must speculate stocks let at least select
sound securities There is yet very little outside
support to tho MARKET but while money remains easy
the spectators hold together the bull this
is Of little consequence Tho market closed strong at
quarter six Saturday subjoined quota,ions
New York Central. lO61s lOe; Erie. Tx Y; Road
Ing, 1041 u; Michigan Southern, S07s 81; Cleveland
and Pttsburg, 9lss o.; Rock Island, os,S u; Fort
Wayne, lOiX a 1O2; Northwestern, Ask y: do pre-
ferred. 6sx NJ Ohio and Mississippi certificates 26h
27; Mariposa preferred, 23x Q 2+k; Quicksilver.
asX asa
There large business done in government secu-
rites during the week, and prices strongly the
ascendant up to Thursday, after which the demand
slackcned and prices declined u per cent from the
highest point previously touched At the close they
were dull but steady.
Money remains in abundant supply at I've per cent,
with exceptions at four aud six the lower rate being
almost entirely confined to with tho loading
dealers II government securities. There Is change
In the rate Of discount for first class commercial
paper-nameIy, az . per oent-out signatures are
very closely scrutinizsd, and especially II connected
with the dry goods trade As a rule the banks refuse
oil paper offered them that they do not know all
about, being unwilling to incur the trouble of
making inqurea 1t rs known that several dry goods
houses have been in difficulties, some Of which
are efectng private settlements with their creditors
and knowledge hat the depression of the year
Involved the trade In heavy losses this class Of
firms to be regarded with universal dstrust at the pro-
sent time The indications favorable to continued
ease notwithstanding the enlarged demand from the
Stock Exchange the drain westward beng yet ncon
siderable On the 18th inst, 1t u stated ssmofciay,
about thirteen millions Of compound interest notes will
NATURE exclusive Of two and half millions Of interest
on them On the same date also tho seni-annual in
srest on ono section OF thirty loan, amount
Ing TO six millions, viii fall due. What tho aggregate
amount Of compound interest notes maturing during the
remainder Of year will b there Of
tanning Al the Sub-Treasury in this city the
principal officials are in utter ignorance on
the subject and the caahier 10 either
Rip Van Wrinkle or . know nothing regarding
matters in general Whether Mr. McCulioch knows the
amount and time Of maturity Of the compound notes
outstanding 10 doubtful IL We may judge BY the
contradictory statements made last year concerning
them by Mr. McCulloch and Afterwards BY Senator sher
man. on ofciAi authority; but IL the department has,
a. ought have the necessary Information, should
be given the public. The bank statement for the
week gives assurance OF continued monetary ease.
The gold market was nrm during the week under de-
mand for more than four millions and half export,
aud the extreme range from 1881 70 1922. The