The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-07-23
FINANCIAL. AND COMMERCIAL.


BoMAy, July 22-eP.N
hs mock market has falJ sustained the promise Of
Saturday both ss 70 activity and buoyancy, and the ad
vance in prices To-day kas been general The specala-
tive feeling, which Was very tame during the greater
part Of last week. again strong, and the indications are
that the baa will continue to make hay while the sun
shnes-thst 10 10 say, while money remains abundant
The hopsulness which beginning 70 pervade the pub
lie mind after the sagnation and depression through
which the country has passed encouraging the opera
tors for rise the Stock Exchange to renew their
efforts in anticipation Of an outside demand for
stocks II high pIices This hOpefulness Is mainly
due 70 the prospect now almost reduced TO
Q certainty, Of abundant harvest and the
prosperity TO which it will conduce throughout Che COM
try IL at the time understood that ihere will
be no further contraction Of the currency for an
indefinite period TO come, ewing 70 the cond-
zion Of the finances, the currsat revenue receipts
being hardly in excess Of the disbursements This 10
the result Of the depression before referred TO- for which
the Treasury Department s ITSELF 10 great extent, re-
sponsibe The currency was contracted too rapidly at
juneture when contraction should have been suspended
altogether end the consequence that the Treasury
finds contraction impossible. But even moro dsas
rous than THE the moral effect Of the talk Of re-
sumption Of specie payments in which Mr. MoCulloch
INDUCED from the date OF s speech at Fort Wayne up
10 very recent period Even his views have, however
undergone considerable change With respect to the cur
rency, and there 10 no present danger oil any further
attempt contract its volume regardless Of the mate
rial welfare Of the nation Tho county about 20 enter
upon OF prosperity, and the Treasury is likely
to be in need Of money than the taxpayers. ia
Secretary w however, only have himself 70 thank for
any that may overtake the department
But because OF the improved feeling which now pre-.
walls does not follow ,hs. IT Is desirable for the public
buv atocka nj nreaAnt prces. nj stock
speculation perious and demorszing faro p,ey
,ng and outsiders nearly always losers the end.
The plethora Of money seeking employment is on
the increase and with IL the loans at four per cent
government securities are becoming more numerous,
while five Is the general for advances mscel
laneous colaeras the transactions at six being both
few and unimpoTtant Ttc amount Of commercial paper
Offering for discount s small that the banks have to
rely UPON The Stock Exchange almost exclusively for
market for Their funds, and these are s undergoing
augmentation The Treasury paying OF the compound
interest notes due August IL al par with the accrued
interest TO August added, and it has been decided to
pay in money instead of certificates al the compound
interest notes due in August amounting il lie estimated,
shoa thirty five millions. As the Treasury already
prcvided with the currency necessary for this
purpose, the effect will bc favorable 10 q
| continuance OF the prevailing ease. The best
| grade Of paper is still quoted at 6a7 pei
cent, but close scratipy of nance is observed The
statement of the associated banks Of this city the
! week ending the 20th inst shows no importan,
changes but there is direct loss Of little than
half million in the legal tender reserve including coin
and into account the increase Of deposits
tho decrease circulation find that these iDstitu
tons are about 100000 weaker their thar
they were al the date Of their previous The
loans and discounts show enlargement Of 81 68 246
the deposits OF ST. 563 $50, and the legal tender
| notes OF se45,593 The specie, the other hand.
shows elimination Of $5l7 704 and the circulation of
$7s92l The totals of the items Of the present and
/ stand Tins