The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-06-16
FINANCIAL AND COMMERCIAL.

SATURDAY, June 15-eP.M
railway share market has langud but steady
to-day. neither bulls bears having made any strong
efforts TO influence the OF prices The prev aing
impression ID that after abundant becomes
attsr Of certainty win the improvement in the
ahe Of the leading railways and the business OF the
country generally that the outside public will
como into Wall street - buyers. Both an
abundant harvest and this result Of u are
being now discounted by the great majority
on the Stock Exchange but Is noticeable that OF
the most prominent brokers and other professional
spscuato waiting for lower prices before .oading
up" whether the sanguins expectations OF the bulls
viii Be realized remains seen, but II is Of very little
consequence whether they arc not. We quite
willing that the bulls should devour the bears the
bears the bulls; but trust that the public will not be
% oblgug Is 70 come in to be eaten by them both
their turn Let spectators devour each
other speedily possible II will be good radiance
OF bad rubbish, and the public at large will fare all the
better for It
The supply Of money abundantand stock houses
generally at six per cent the excep
ton 70 this rate being per The leading deal
en- In government securities enabled to borrow, in
most instances at Ave. and the disbursement Of the in
tsrest the second series Of thirty notes. which
commenced to-day tended to swell the volume of funds
supposed to be between nine and ten millions; but
owing to the imperfect form Of the monthly debt state
meuts, IL 10 impossible to give the precise
On the 18th Of July the interest those
OF the third series will fall due. rumor
to tho effect that the Treasury about to interfere
with the practice Of the banks regarding the certhca
ton of checks Is thus far without foundation in fact
The National Currency act contains special reference
TO certified checks the language in application
IN fhorph o In q lichr ~,
And be it further enacted, That the total Liabilities to
any association OF any person or o. any company,
poration or firm, for money borrowed, including the
liabilities of company firm the liabilities OF the
era members thereof shall at time exceed tenth
part OF the amount Of tbs capital stock of such
ton actually paid in provided that the discount OF bna
de bills Of exchange drawn against actually existing
values and the discount of commercial business paper
actually owned by the person persons corporation
firm negotiating the shall not be considered as
money borrowed
That the practice OF certifying checks ndiscminatelv
10 dangerous for the banks is obvious aud in
stances still fresh in the public mind where they
have been heavy losers by misplaced confidence But
the abuse Of this system must be corrected by inst
buttons concerned the Comptroller the Currency hav
ing authority under the law dictate them in this
respect Their stockholders the proper persons to
complain of and reform the custom. The rumor in
question had little effect but it had any it was
dsquieting
Commercial paper OF the best grade is in improved
demand 1t ~ cent, but the supply is very light
and hence there is little doing in the discount line The
statement Of the associated banks for week is ex
pscted TO show increase Of millions in the legal
tenders but decrease Of four and half millions IN
deposits Of four millions and Of three millions
In specie.
At the early session Of the open board railway shares
were dull, and New York Central sold at l01x: Erie
cox; Hudson River, 10SH Michigan Southern, 6SH AK
Cleveland and Ptsburg, 76h Cleveland and Toledo 1ls;
Rock Island, 90h; Northwestern 35S; do preferred,
SoX u; Fort Wayne ok; Western Union Telegraph,
Ax.
At the rst regular board the railway share market
steady at fractional advance upon the closing
prices Of last evening" and the volume OF business
light and well distributed. New York Central closed
lower than q the time yesterday, Erie ~ Ceve-
land and nttsburg ~ Rock Island x, Northwestern 4,
do preferred q. Mariposa preferred y, Western Union
Telegraph e, Boston Water Power =. Cleveland and
Toledo was u higher Pacific Mail T. Government Sc.
curties were nrm, and coupon ave-twenties OF 1862
showed IN advance OF ~ issue Of 1864 r. issue Of
1896 and seven.thrty notes Of the second series T.
Among State stocks Tennessee sizes Of tho issue
declined x, and North Carolina skies, new, X.
AZ the O'Clock open board the market was steady
and dull New York Central sold At 1olK Erie, eosI;
Reading, 1o8X: Michigan Southern 6sK; Cleveland
and Pitssburg 76X Rock Island, 9ox North western,
S5K do preferred soy; Ohio and Mississippi csrtin-
Gates, Is; Pacific Mail, 1924 e.
During remainder OF the afternoon tho volume "a
business transacted very moderate In amount md
halfpast i've the following quotations currer>
Now York Central, 1ol. X; Erie cox q u; RssaS>
1863 e; Michigan Southern, 6s,<,a 4; Cleveks, o.
Pittsburg. zex X; Rock lsla nd, cox rAN.
Wayne, 81 y; Northwestern, 9.sX Axe. TT
6o5I AK; Ohio and Mississippi esrts w. ~.
Pacific MAIL 1917 14o : q
Government securities weresk'
che close Of business:-Res, 1917 ,so, 100, 20
coupon 1881, li2z lls; 30 registered 1ssa 1os-.
49, ~ o. Il07. u; $40 coupon, 1854,
1ass I.nn..v "a N, 1866, lo7H u; 20 coupon,
30 -. - TO-. .uIy, 1923 a X; 1910 registered,
~. -. - lpon, looX a u; August. 7-so. 4oeX
..,,n,uaa. }. LOG y; July, 7-so. LOG q y; June
-, =, - 1884. 1l93s; July do do, 119 q u; Au.
,,e,>. >. 1lsx Il9,s; October do. do, 117x
80. ecember do do, III "; May do, 1885, 116,S
August do do, I155s u; September do. do, 1l6
October do. do, Hay u.s.
The gold market steady the range OF the day
having been from l37 1874 with the closing transac
lions at 1871. There was a rather brisk borrowing de-
msDd for CON- and loans made without interest
and at rates varying from two per per annum to
llo per cent per dion in favor the lender OF the coin
The gross cleanngs amounted to $34e ooo and tho
gold balances to o5. The daily range OF the mar
ket during the week is thus shown
Hiohea Lopcss
Monday. ...I57L 1881
Tuesday. ............... 1914 137k
"wednesday. .....l3Iss 1917
Inursdny ..lS1A 137
friday ..................l31A 137
bsiufuhy .......... .lJIA 137
The steamer Laurent sailing to-day, took 1884, 800
In Specie tho City OF Paris $sisol4 the Allemsnia
slsi,474 the United Kingdom S. 900 and the Corsica,