The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-06-18
FINANCIAL AND COMMERc GAL.

MONDAY, June 17-6 r. N.
Speculation in the railway share market has been
anguid to-day and very moderate business only has
been accordingly transacted The continued absence Of
outside support has discouraging effect upon the pro-
fesslonai spectators who present operating for
rise. and there is corresponding indspositon load
up further until the harvest prospects become more
decided on demand from the public springs up. The
latter is not likely to be experienced to any mate
rial extent until after the pecunary results Of
abundant crops have been reapsd in whole
or In part, and meanwhile the professional
spectators will have rely upon each other for sup
port cut each others throats at discretion the Kill
kenny cat and dog eadog principle. 1t il undeniabls
that railway shares and have been for time
past selling at prices low TO be- provided the roads
they represent were well managed below their real
value, and even under existing circumstances they
are probably cheap. The public, however, has
lost confidence in railway shares in consequence
OF not q few Of the roads beng man.
aged in Wall street for the benefit Of the spscula
tive directors and entirely regardless Of the interests Of
stockholders These men manipulate their RESPECTIVE
stocks mp and down irrespective Of real values and
solely 10 entrap tho unwary and all their pockets
They 60 desgnediy to work with the necessary capital
and for the outside public TO attempt 70 compete
with such skilled combinations is very much
like playing against sharpers with loaded dice,
ious a. tho other. To caution the public
agans. the and pitfalls Of Wall would
10 be unnecessary in view OF its past experience II
did not know that in many instances the latter like
seed sown stony ground and becomes effaced.
As 1t is We advise all those who contemplating 80
nyer in stocks to change their mind the subject but
to those who pay for their securities lock them
up for an indefinite period in their strong boxes
we have no words Of disbursement The
time will come when all the leading railways
in the country will be far valuable properties than
they arc now, and their stocks win undergo proper,
tonatc improvement in value By that time they will
be bought up for investment and stockholders will feel
sufficient interest in the management OF those great
highways Of traffic to vote at the annual elections
directors while the stocks being out Of Wall street.
directors will longer seek their positions for
jobbing purposes. The this time the
tar for stockholders and the and travelling
public.
The money market has been easy at six per cent with
exceptions at seven, mixed collateras and in most
instances the leading dealers in have
supplied at five. The supply OF first class commercial
paper continues light and fair demand at az a7k
per cent the majority of transactions being the legal
rate, in which connection may remark that the
sooner the legal rate Is abolished the better New York
in tins respect would only be following the example Of
Massachusetts,; and surely the State which prohibits
shaving on Sunday and the sale OF malt or vinous
liquors on any day Of the week should not be
allowed to Guido Us In libery-especaly the liberty Of
controlling our own money matters
The statement OF tho associated banks for the week
shows decrease OF g. 4l2 572 in deposits, which is
mainly attributable to decrease Of 49, $40 in specie
tho natural consequence OF the export demand for
and the payments into the Sub-Treary account OF
customs duties. The loans have decreased $4,24s s33
owing. probably, to the sale OF government securities
previously owned by the banks The legal tenders,
nevertheless show an increase Of $200l 49, while the
circulation has decreased 70 the triHng extent OF Sle
The totals Of the present and previous statements stand
O. under