The New York herald., 1867-05-31
FINANCIAL AND coMMERc GAL.


:
was prior 70 the publication OF Mr. McCullochs letter to
"the solid men OF the Hub and the general infer
encs deduced from that interesting specimen or his
>psolary style Ia that monetary may be relied
upon 80 far a. the noncontractcn Of the currency
contribute to that result upward reaction
the Stock Exchange ia expected TO as
coon a. activity supersedes the semi-stagnaton
as present prevailing. The letter declining
che dinner evidently studied piece Of work. and IL
s therefore TO be depended upon than any post
prandal speech In which he might have reviewed the
situation. Had he accepted the invitation who knows
that We should not have had another delusive Fort
Wayne Grafton teegraphed for the edfcation Of
kind, this time from the East instead of the west'
Verify Mr. McCulloch has much account for in hold
ing out persteny he has DONE prior TO this time
the prospect Of speedy resumption Of specie pay
ments. The letter referred to shows that
hs has done . grevous wrong to the people in mis-
leading them upon subject Of such paramount import
That at the time he made his Fort Wayne speech
and penned his subsequent official reports LIE enter
taned hopes Of being able to accomplish what he
phesied probable but he evidently either lacked FORE
sight believed too much In himself when he made
such rash predictions The contraction OF the
currency with which he supported his views, undue
though did far less damage than his talk, and he
before the public to virtually confess
that be was wrong that mis- annual report promising
resumption of specie payments this at the latest
next spring. was delusion and snare, and that the
mischief he created ali vain 1t is therefore.
clear that IN times like these Secretary OF the Treasury
should either not publicly predict anything, be per-
fecty OF his position. Mr. McCulloch seve-
raj written spoken words that wise
would have carefully avoided and he forcbly reminds
that too often foos rush where angels fear to
tread
Yet Notwithstanding all this he wishes to appear in
other character than that Of the repenant sinner
He asks permission say that he much persuaded
as OF the Importance of early return to specie
payments and Of reduction Of the currency
Of checking extravaganza and speculation and
ing production. That contraction will tend to bring
about this desirable things doubted
So it would seem but q to the end in view
supposng it TO be specie pay ments-t does
have been very successful and it may be
ddently said that further removed from
specie payments than we would have been two years
ago the proper financial policy which advised had
been pursued. Congress is blame in this mat
ter than the Secretary Of the Treasury but between the
two fnd the finances In very unsatisfactory
dition, and the deceptive talk Of return specie pay
ments Is suggestive Of nothing substantial than
the mirage Of the desert We nothing look
forward to for long time come but increased debt
and heavy taxation, and the expenditures will be
ecas to render contraction impossible, whatever the
viows Of the Secretary OF the Treasury might be.
The money market has been shade more active than
yesterday and the general rate for call loans six per
cent the exceptions At Ave per cent governments
being very few. First class commercial paper light
supply and generally passes per cent discount
although in some instances half Is submitted
b. There is material change to note in the aspect Of
monetary affairs at the West The banks in that section
pursuing very cautious policy, being determined to
keep themselves In easy working condition. There
b moderate amount OF good mercantile paper offering
IN Cincinnati, which discounted ct the usual rate ton
per cont Business in this department, however.
b restricted mainly TO merchants and manufacturers
who carrying stocks OF goods for which there has
beea Of late profitable market. The absence Of
credit facilities 70 all but limited extent has reduced
trade 70 . very conservative bass and inspired all
Glasses with unusual caution purchases being generally
confined 70 the supply Of immediate necessities The
harvest prospects anxiousy canvaed and these
are very satisfactory Is considered certain that pro-
vdsd NO June frosts other untoward events occur
che crops will b. very abundant winter wheat In par
ticalar promising exceedingly we'll Flour has for more
than week past been feeling the effect q thi and IL ID
new about two dollars per barrel lower IN this market
than II was short time ago.
At tho nst regular board railway shares steady.
Erie closed lower than st the same time yestsr-
day Hudson X, Northwestern preferred H. Fort Wayne
X, western unon Telegraph u. Michigan Southern
W. higher, Cleveland and Plttsburg J. Rock Island
n Northwestern 4. Pacific Mail r. Canton 4. Gov
eminent securities were neglected and coupon nvs-
sweates Of 1852 and thirty notes Of the nrst
series we're Y lower There sharp advance Of 1x
N Tsnnsss skies Of the issue, which sold at "a
Missouri sizes advanced u
At the hslf-past two regular board the market was
dull and generally lower than as the rst sesaion. New
York Central closed Y lower. Erie y, Cleveland and
A. nd " Norfh Ao
esrred \, Fort Wayne y, Pacific Nail u. Governments
were neglected, the only transaction being in Ave-
twsntIos Of 1895.
A. tho half-past three open board the market
barely steady New York Central sold at s7H; Erie,
6exa X; Reading 1osH "; Michigan Southern, es;
Cleveland and Pittsburg 75 Rock Island, ssK; North
western, s3x; do. preferred 67x X; Atlantic Mail,
1O1
During the rest OF the afternoon q very moderate
volume OF business transacted and AZ quarter TO
sx the following quotations were current:-Nsw York
Central ssx *; Erie, SeH X; Beading loati a n;
Michigan Southern, os q H; Cleveland and Pttsburg,
!. TAXA 75 Rock island, SO q y; Fort Wayne, 9oS Ak;
Northwestern, SO q V; do preferred, SIX Is; Ohio
and Mississippi certificates FAX rs; Mariposa pre-.
fsrred, lex 17K Western Union Telegraph. AK
A3; Quicksilver, PAX a25.
Government securities closed very dull and weak ut
the subjoined quotations ssl coupon, 1i1K Y; $40
coupon, 1852, 109k u; $40 coupon, 1884 l05k u;
$40 coupon 1885, 1881 u; $40 coupon, new issue,
los u; 1o-4o coupon e9H . H; $40 notes first
series 1863 4; = a-l0 notes. second series, 1osss
(. X; $40 notes, third SERIES 1861 Ak.
Tho gold market opened at 137k and advanced TO
t1s7X, but from this point It's tendency was downward,
and the closing transactions at l37s Loans we're
made without interest and at per cent in favor OF
tho lender The gross clcarings were 600 and
the gold balances 81 iS2 The steamer Hanss took
cut $50, 900 in specie
The foreign exchange market has been dull but steady
Bankers bills on England sixty days were quoted at
1ooH at three days. 11o's k commercial bills, 1os
Ioox; bills on Paris at sixty days, S.l3x 611k; at
three days. 512x 6loK. Other continental eiih
were rated thus
On Berlin ..72IaI ~ AJAX
On Bremen. a 49, sssI
fort 81 aAA