The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-06-01
FINANCIAL AND COMMERCIAL

FRIDAY, Mag 3i-ePM
The railway snare market s,eady bat spirssls.s
to-day. and its future seems to be a unceran =
ever The monetary activity which just now prevail
ang furnishes an argument for the against any i'm.
mediate advance in prices, although there are no
indications Of srngency, and the Treasury d
disbursing It's receipts a rapidly a pos-
sibie. aa abundant supply OF loansbls funds
~ this centre being necessary to the furthencs OF is
policy with regard to funding WILL nevertheless re-
ure larger balance than usual provide for the June
Una July interest on the sevsn-thrty loan and the ma
sunng compound interest notes in those month"; But
should me department be hard pressed il can 10
sot 70 the issue Of the three per cent loan cor
sncstes authorized In redemption Of tho compounds
OF which about hundred millions mature during the
gear It is unfortunate, in view OF the heavy drafts
which will DO made upon the Treasury that the revenue
receipts are declining at rate entirely unexpected by
Sne department. The returns from ali parts Of the
country are unfavorable and the actual are likely
70 fa enormously below the estimated receipts while
sne expenditures are on scale far in OF the est
aee owing to the expedition against the Indians the
Southern reconstruction Law and the bounty bill
II Is pity that at such . period OF our history the
$country should be without competent Secretary Of tho
Treasury: for Mr. McCuloch in nowse DO considered
- SUCH However well qualified he may have been
she position Of bank manager, he has shown signal
want Of ability for controlling the financial affairs
Lsf great nation, although his sslf-concet is
little less than overwhelming. He is one idea
man. who believes in the almighty dollar but only when
shs sees IL in gold and he worships that Buddhist
would craven image. Although Congress is much to
blame for the fiscal legislation Of the last two years. Mr.
HcCulloch is still open criticism because is
immediately responsible both for advising and executing
tne policy Of contraction He Ia responsible too for
asgrayating the effects Of undue contraction by
Mu.u
his favortc dogma, while he virtually confesses that he
has deluded the country and impaired its prosperity,
and that he is now in the midst Of difficulties Of his
creation.
Massachusetts, legislation is not notable for its con-
sistcncy. While 1t is rctng or rather prohibiting
the sale OF liquors. and making 1t criminal offence for
ono man to shave another on Sunday, it is |
aboishing the usuy laws and after the LIST Of July the
rate OF interest will be longer trammelled by State
law. The National Currency act WILL however control
the banks organized under it by limiting the
tsrest to per cent 1t is to be hoped that the
time will soon come when usury laws will be abolished |
IN every State OF the Union for they unworthy Of
the age OF progress in which we live.
AZ the first regular board railway shares were dull !
and barely steady. Now York Central closed y lower
than at the same time yesterday, Erie e Cleveland and
Pittsburg u, Rock Island x, Northwestern " do pre-
fered y, Canton y, Boston Water Power q. Western
Union Telegraph u, Milwaukee and 81. Paul preferred
u. Government securities were quiet and steady. |
Tennessee State skies advanced Y aud Missouri skies
declined 4. |
Al the halfpast two regular board tho market was |
steady but inactive Michigan Southern closed y hg her
than 81 the first regular board. Northwestern u do.
preferred y, Pacific Mail 4. Rock Island y lower,
Milwaukee and 81. Paul preferred NJ Boston Water |
fowess.. Government securities inactive. Cou-
40 L. ~
~ lssS y lower Tennessee SKIES, now, experienced
further advance OF n /
During the rest Of the afternoon the market renamed
dull and 1t quarter TO the following quotations
were currsut:-Nsw York Central, 9SK x; Erie 50
y: Reading, loSk ax Michigan Southern, $50 q X:
Cleveland and Pitsburg. TAX IS; Rock Island SIX
o.; Fort Wayne. % u; Northwestern, ssx *; do.
preferred. SIX IS y; Pacific Mail, 1889 l20; At
iaac Nail lol y; Ohio and Mississippi certificates,
Slx 2sH
Government securities were dull ct the close Of bus-
mess and quoted thus:-18s1, coupon, 111x e; fve
swsssiss coupon, 1862 1926 81 nvetwenties coupon
ASA. 1855 N; nvs-twsnuss coupon 1896. 1861 y;
6vstwsssies coupon, new issue. los V; ten-forties
coupsa. eoK &; ssventhiry notes. FIRST Series l0oK
O X; ssven-thirty notes. second series. 105x X.
The gold market has ruled slightly lower than ysstsr
aay 10 Consequence Il the reaction In the Bank Of Eng
Had as Of discount and the tendency 1t has 70 cause
balances b le here for employment Tho volume OF
speculative 10 light; while the short interest
appears 70 have been reduced materially tho borrow
sse demand being inadequate absorb the floating sup
pv an he srest ana hence loans are made from
% ssvsa nor cant for carrying Tho gross cearnss for
The dsy we're 900, and tho gold balances
si.ossi<o.
The fasies exchange market 10 worry nrm. and fur
tner ADVANCE Of sterling has taken place, bills being
An rood demand Tho bills made . few days ago on
scccuns Of tho sale Of the Dundcrborg roncad 70 tho
Preach government quickly absorbed and to the
amount a Is reported, Of three hundred thousand dol
lara me fall price be paid for the vessel however,
b sspvossd Be equal 70 three millions in greenbacks
A the csss Of business bankers bills England at
arty days we're quoted al ITO ll0k: at three days
no. =. Commercial bills, 100 1924 Bills ON
Paris u sixty days, 51iz a5l5; a. three days, SOCK
s6ios
ne rsxucson Of the OF England ratio Of discount
% two and half per and the further increase Of
r7saooo In its bulon has had the effect Of advancing
shs pos Of consos s5s The latter bear three per
csss interest," and such Is the gus Of money that fur
thsr sdvsacs IL probable. Five-twentes are steady
ana railway securities are nrmer n
rs business transacted tho once Of the Assistant
Treasurer In this city to-day was - follows
Customs $zsZvV
Balance. izsszloxs
Gold notes ....................... aov'W
Total rscepta o,Ssi,SsV
uinag shares were dull. Al the first board Corydon
closed higher than al the time yesterday, sell
sng Il 81 2n Consolidated Gregory Gold sold al 50 s0
Rscrissa Copper. IS Is; Quartz Hill, 81 rs. At the
second board Quartz H closed ioc lower than at the
art board. selling at 81 IS; Consolidated Gregory Gold
&C. seians 81 80 -. Atlantic aud Pacific, 81 rs.
rbe ssrninxs OF the Unios Pacific Railway,