The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-05-26
FINANCIAL AND COMMERCIAL.

" INANClAI ANU COMMERCIAL.
SATURDAY May 25-6P.M
The railway share market has 1uctuated feverishy
day, and 1t closes without substantial Improvement
The brokers and other professional spectators are for
the part still the bear side and they point TO
their best friend the Secretary OF the Treasury for proof
OF the sOundness Of their position "Mr McCuloch's
policy favori.e phrase with them and there is NO
doubt that the depression which that policy such
s has brought upon the country has greatly aided tn
In producing the present condition or affairs. Had Is
not been for the undue contraction OF the cur
rency the prosperity OF the country would have
received no check and the would not have
perienced the decline that 1t haa Hc 10 therefore 70
sponsbs TO great extent for the prevailing stagnaion
or business and the falling on In the public income
Moreover hs general mauag ment OF the affairs OF the
department has been bad and we have only TO refer to
che recent defalcation in the Sub.Treasury ct New
Orleans for an instance in point stricter supervision
ought TO have been maintained that important
branch Of the Treasury and with wAtchful Secretary
it, head such lroracted embezzement Of the public
money would have been impossible M. McCu noch has
just written . letter in which he says "ths no
port that the condition Of the finances would
qurs . special session Of Congress originated
doubtless with certain persons who want session for
purposes OF their session 10 certainly not needed
- far the Treasury Department II concerned. sAd
have no hesitation 10 saying that special session would
AFFECT inurousy the credit Of the government We need
industry than legislation" just 20. Mr. Mccul-
loch wants legislation, preerring 70 exercise ndivd
uai control and carry his destructive theories
He wants industry, too forgetting. apparently, that he
has been doing his best to parayze IL Well may the
bears thank Mr. McCulloch.
Money continues in abundant supply, but the majority
OF transactions mixed collAerals per cent
although first class houses generally supplied at
hve On governments i've Is the regular rate, although
balances left with Of the leading dealers four
The drain OF currency Is still towards this CENTRE and
Chicago journal Of Thursday remarked" New York
funds and rm with sales Of round lots from
bank to bank .. twenty-five cents premium. Most of
the leading drawers shipping currency" II is stated
that the bank statement for the week will show de-
Of two millions in loans. than millions
In deposits, and three millions in legal tenders
AT the open board at ten o'clock New York Central
sold at 97 q; Erie 5sT SO; Hudson, 101 Reading
10sk; Michigan Southern, 6ssI Cleveland and Pitts
burg Is; Rock Island, s7K y; Northwestern, 31H
30; do preferred, SIX NJ Fort Wayne, 95h Ak.
At the first regular board unsettled feeling pre-
vailed, but there was material change in prices
New York Central closed lower than at the time
yesterday, Erie y, Michigan Southern y, Rock Island
y, Northwestern u, do. preferred u, Fort Wayne u,
Toledo Wabash and Western " Ohio and Mississippi
certificates 4, kariposa preferred n. Cleveland and
Pittsburg was u higher
There moderate business transacted In govern
ments and coupon hve-twentes Of 1862 and 1854
steady but the issue Of 1855 declined " and coupon
SKIES Of 1881 T. Seven-thirty OF the second series
were y lower, and the third series higher.
At the O'Clock session Of the open board New York
Central sold at ok; Erie, 3d. ii Reading 1884 Mich
igan Southern o6K X: Illinois Central, 1l6k; Cleve-
Land and Pttsburg, 70 73k; Rock Island, s.; North
western, SIX; do preferred, SIX X; Fort Wayne.
o5k
During the rest Of the afternoon the market was DULL
and At intervals feverish and at hapass ave o'clock
che supjoined quotations were New York Con-
sral ok . X; Erie ssX 50; HUDSON, lOoK 1ol
e. d.; Reading, los K; Michigan Southern, ooK AZ;
Illinois Central. ll5K q x; Cleveland and Pittsburg
TAX x: Rock Island, SIX . n; Northwestern, slX .
~; do preferred, SIX *; Fort Wayne. eSx Ak;
Nariposa preferred, Tx 49, Ohio and Mississippi
tihcatss, Is e.
Government securities quiet during the afternoon
quoted thus the close Of business by the leading
lealers:-18Sl, coupon. 11lx q; do, registered,
nix . X; nvetwentiss, coupon, 1862, 1928 . x;
nve-twsntes, coupon 1854, 1o5X lo6; nvstwenties,
coupon, 1885, 1861 . X; nvetwenties coupon, 1885.
new ISSUE 1oSS; ten fortes coupon. sox Nj seven
thirty notes. nrst SERIES 1867 NJ seven-thirty notes.
second SERIES 1861 x; sevenshrty notes. third SERIES
loskax.
Tue gold market has been heavy In tone. and after
opening at 1917 h declined steadily to lSoX; but tho
closing transactions were at 1917. Loans were made
ct 2a5 per cent for carrying The gross clearings
amounted to $52,s2s,ooo, and the gold balances
70 g. els 47o The steamer England took out $1S5ooo
in specie the City Of Boston $50 The Guiding Star
S4lo tho saxonia 900, and the La Plata % oos
making in all $s9o,2 and total for the week Of
g. ass o67, exclusive OF shipment Of quarter Of
million from Boston on Wednesday
The daily range Of the market during the week was -