The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-06-03
FINANCIAL AND COMMERCIAL.


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SUsDAY. juno q 1867
The railway share market showed an improving ten
dsncy last week, and especially towards the Close not
whsancng the increased activity OF money The rate
ior call loans was advanced from six per cent on
mixed coaterals and I've governments seven per
cent on tho former and sx on the latter The supply
was, however abundant without any prospect strn-
gency and the advance In the rate Of interest was
chiefly owing to che absorption OF currency BY the Sub
Treasury in preparation for the payment Of the June
ant July interest on the ssven-thirty loan and
the rsdemption Of compound interest notes. About
hundred millions Of the latter mature during the present
year. and the treasury has authority 10 issue only nfy
millions OF new three per cent certificates in exchange
therefor the balance having 70 be provided for 10
rsncy or BY an issue OF fresh compound interest notes.
Al It il matter OF great importance TO the Treasury,
however that monetary ease should be preserved with
out interruption at this CENTRE DO considered
certain that stringoncy will bs avoided although
healthy activity may give employment to the volume
OF funds seeking such. Al yet the internal sx-
changes are still In our favor, but 1t Ii reasonable
to suppose that the current will set In the
opposite direction when the crops are ready 70 be
moved; but should these prove abundant, ibey
likely to do, such IN impetus will b thereby impaired
20 trade that the benefits arising from this will more
than oountsrsct the sect OF increased monetary &C.
tivity in Wall street. We have already seen that cheap
money market does not necessarily mpart buoyancy TO
securities and have frequently stocks advance
In the face Of positive strngency What most wanted
TO promote rise b speculative feeling and capital on
the bull SIDE For several months past the market has
been tame and has q tho sams time had little or no
outside support
Of n-oontraction OF the in the
immediate future, V favorable to she promotion Of
"buu' speculation and cheerful tone In busi-
circles generally, although Of itself IL gives some
what dolsful picture Of the financial situation From II
learn that the debt 10 likely to show an increase In
the monthly exhibits for time to come, while the
further contraction OF the currency WILL matter Of
course be impossible. The returns for March
and April show decrease OF forty per upon those
for the corresponding months OF last year. and although
this rate Of decrease Is not likely to be maintained
during all the other months OF the year.
there is every to suppose that the falling OF In
the In 1857 will be equal TO sum not far short
OF hundred millions To the undue contraction Of the
currency and absurd predictions Of Mr. McCuloch
respecting resumption Of specie payments, more
than the taxation TO which the people have been
subjected the depression which has overtaken
the country and the present unsatisfactory condition Of
the national finances
Railway shares were strong Saturday afternoon and
at hafp,st i've the following quotations current
New York Central, osX 90; Erie. COX K Reading.
104k u; Michigan Southern, 6SH 90; Illinois Gen.
trail, 11Tk X; Cleveland and Pittsburg, 75x Y;
Rock Island. ss,I a q; Northwestern, SAX Ak; do
preferred, 5Sx a X: Fort Wayne, s6h ~; Ohio and
Mississippi certificates, 26k Ak.
Government securities dull during the week, but
they closed Arm at subjoned prices:-lSsl coupon
Xix x; $40 coupon, 1862, losA y; $40 coupon,
1864, 1o5X 4; $40 coupon, 1885 1851 *; $40
coupon, 1895, new issue, l0s y: 1910 coupon 99k
*; Z $40 notes, nrst series, LOG "; $40 notes,
second SERIES 1858 k 1910 notss, third series, 1861
AZ.
Banks for the week will show decrease In legal tender
notes Of two millions and In loans and deposits Of three
millions EACH and increase in specie Of nearly half
million This return known the street last
Ing and exerted no influence in checking the upward
movement In stocks.
The demand for discounts has been rather light and
the minimum rate for first class commercial paper was
advanced 70 seven per cent with most OF the trans.
actions 1t seven and half The general
trade Of the city Is only moderate in amount,
but better feeling prevails among mercantile
men. In the dry goods market there is very little
animation the spring trade being nearly over. Domcs
tic goods with few exceptions, declined in price
slightly during the week. and imported fabrics
dull and Irregular Prior 70 the commencement Of the
fall trade certain degree Of sagnation Is looked for
ward TO- and hence apprehensions will be excited on
this account.
The gold market dull during the week, and the
whole barely steady The price advanced from l3oS on
Monday 70 lSs on Wednesday, Mr.. AcCulochs Boston
letter in relation TO the finances having been the main
cause Subsequently, however, IL declined gradually
in consequence Of the exports Of specie being lighter
than was expected we'll the reduction Of tho Bank
Of England rate Of discount two and half per cent
The lowest point touched was lS6f, and The closing
transactions at 1891 Tho shipments Of the week
assregatsd only $777,l4a The demand for customs
duties equal to 81 and the coin interest
disburssd amounted 70 $685. 3lo The daily average