The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-07-01
FINANCIAL AND COMMERCIAL.

money and a remarkably baoyant one for railway
shares when take into consideration the absence OF
outside support The bulls achieved decided triumph
their adversaries bears and made margins for
themselves with rapdity which must have been
highly gratifying after their long impoverishment The
movement originated in the street, and has thus far
been sustained by it; but the hope OF the leading
manipuators is that the general public will yield to the
temptation held out TO them and come in to buy the
stocks which have been so suddenly galvanized INTO
activity and buoyancy. The public slow to profit by
It's Stock Exchange experiences aud will probably grad
uay approach the qucksands OF Wall street, and when
the imitation at height outsiders will be found
ing themselves up with stocks while the shr ewd
brokers and other professional spectators selling
preparatory to going 'short" Then will succeed the
inevitable rush TO realize eliminating in panic and
general sweeping away Of margins. For tho time
being. however, the sun shines the bulls making
hay fast and "gayy the ship while the wind blows
fair" There would be cause for warning the
public against the rise II not for the fall
that is 10 follow The "bear and the "bul is the
great enemy Of investors aid tho public generally but
unfortunately the bul" of day likely to be the
s'bear'' Of another We're il not for Wall street the
railways Of the country would be better managed, and
their stocks would permanently command higher prices
than they do and 1t is for this that have
advocated investments in stocks the purchase Of which
speculation for rise have deprecated, because in
nine cases out Of at least such specuations result
In loss to the outside buyer The time to buy stocks is
when they low and neglected, and the time to sell
them when they active and high The brokers and
professional spectators follow this rule, and make
money instead Of losing it, in the long bull
movement the Stock Exchange is however always
more cheerful than in the opposite direction, and
after the prolonged sagraton and depression the market
has passed through it is refreshing, especially in the dog
days The bank statement for the week is likely to be
highly favorable one, and this will have tendency to
Still further stimulate the prevailing excitement for
genuine bull with the requisite collateras at command
could resist the offer of money at five six per
while the prospect OF abundant harvest is of
realization.
The railway share market closed strong Saturday,
at halfpast five O'clock at the subjoncd quotations.
New York Central, 1914 q Erie 667S 67; Reading,
10s1 1925; Michigan Southern, 77s4 IS; Cleveland
and Pittsburg, $50 u; Rock Island 955s 2l Fort
Wayne, 100A lex d.; Northwestern 1875 x; do pre-
ferred, e4I u: Western Union Telegraph, 45 u:
Ohio and Mississippi certificates, 2e,z y.
There was only very moderate degree Of activity in
government securities, the high prices which they
are now selling having checked the demand for invest
ment; but the market for them remained the whole
frm and some descriptions advanced. 1t is expected
that the Treasury will offer fve-twenties, dated
July /, 1867 in exchange for the August seven-thrty
notes not yet converted, and which supposed to
amount to about eighty millions, but respecting which
the monthly national debt statements afford informa-
tion.
The tone of the gold market frm and the 1uctua
lions were riaing in amount, the range OF the week
having been from 1874 to 1884, with the closing
transactions at 1851. The "short' account has been
considerably increased OF late, in anticipation Of de-
cline the premium after the disbursement Of the coin
interest the public debt due the 1st Of July
amounting to about eighteen Millions and in conse
queuce the borrowing demand for gold has become 80
active that Saturday from 132 to x per cent
paid for the Of till tomorrow. The interest re-
ferred to is on one section Of the fvc-twonty
loan. the skies OF 1881 and number Of
bonds issued prior to the late war; but the
amount Of the principal Of each not being given in
the periodical statements Of the public debt
able 10 give these details The public is entitled to
them however, and the omissions in the monthly debt
statements should be supplied The effect of the dis
bursement will DO felt in the gold tomorrow in
increase in the floating supply OF coin and turn In
the rates for loans in favor OF tho borrowers but It Is
hardly likely that will exert any material effect upon
the price, The meeting Of Congress next month WILL
IL expected develop debates Of an exciting poti-
cal character and the other possibilities Of the ses
sion are regarded more favorable to rise than
fall Of gold but all apprehensions OF
political or financial disturbance arising therefrom will
probably prove be unfounied II Is noticeable how.
ever that public opinion places higher value upon
gold relation to the at the present time than
Il did year ago. and that surprise is no longer ex-
pressed that gold rules at q premium which was con-
sdercd high Immediately after the capture OF Richmond
At that time tho almost universal prophecy was that
gold would sink rapidly to a nominal premium, and that
we should have specie payments within year from
Lees surrender. Moreover at that time the man who
had the courage 10 doubt the correctness OF the
q
reason for 90 DOING Immediately put down cop
herhead by the ''narrow- minded bockheads who cou-
sttute the great majority everywhere The demand for
coin for customs duties at the port during the week
amounted to 81 900 only, and the export Of gold
and siivor to s1,14o,09s Tho latter would perhaps
have heavier but for the disposition evinced to
defer rcmttances the sake Of oaning the gold in
Wall street, and this not without effect upon the
business foreign exchange, by diminishing the de-
nnand for bills.
Tho foreign exchange market duh throughout,
and time a fractional decline rates took place.
but this subsequently recovered from, and at the
close they firm, the general rate for bankers
sterling at sixty days being ITO. Tho quotation for
these bills was:-1io 1loH; at three days. lo5s 81
commercial bills 1925 q; bills Paris at sixy days,
6I3x 5.124; at three days. 5.l2is a5.ll% Other
bankers bills rated thus:-0n Berlin, s2% 4;
on Bremen. 7s11 u; on Frankfort, AK ~; on Am.
sterdam, AK Y; on Hamburg, 36l4 AK on Antwerp,
6.13x a5121s.
The trade OF the city generally reported moder-
etey active for the last week. and the tendency
of prices for most OF the leading staples upward. In
che dry goods trade particularly the improvement
marked both the volume Of business and the views
Of buyers and sellers There is disposition to hold
prime brands OF domestic goods and imported fabrics
ADVANCE the country being understood to DO rather
bare OF goods Of all descriptions. owing to the handc-
pur Of Nd
assormens for long time past. For woollcns better
demand is reported, and the light production OF the
mills ia being succeeded by q briskcr manu.
Sacturn nrenaraon for Tho u=4..a= .=..a.