The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-07-12
FINANCIAL AND CONNER GAL.
THURSDAY, July Id p. n.

A. tNANClAl AND COMMEhSiHI'
THURSDAY. July 1l-eP. n
1.-The railway share market has been variable to-day
Id although buoyant during the forenoon, IL closed
IN decline. The temper OF the street is, however.
,cidsdIy bulsh, and with or without outside support
rcss are likely 70 60 higher 90 long a. money con-
nues abundant Tho transactions are heavy but the
ayers are with 4 few exceptions, brokers and other
ofsssIona spectators both In and out Of Wall street.
Tho money market is beginning to show more activity
has been apparent OF late owing TO the increased
smand Tor loans from the Stock Exchange but there
% change In rates Advances continue to be made on
lock coAtsrais 10 within ten per cent Of their market
rice q Owe and six per cent the great majority Of
ansactions beng at ave, while the leading dealers In
toverrmsnt securities are enabled TO borrow nearly ell
hey require Il four per cent from the uptown banks
kpd other sources Of the immediate precincts Of
Vail street. The large aggregate Of foreign balances
tsn here owing 70 the glut Of money In Europe.
. one cause Of the extreme abundance Of money
q this centre, and although, IL these balances
ssrs rsmittsd. would be n gold and not currency,
sazatons would take place In consequence leading 70
) distribution Of funds and involving more active
novsmsat Of capital At the time that the exports
x Gpeoie would b enlarged n 10 not probable how
vsr that the funds held hers foreign account will
ss called for Immediately Money 10 with dcuity en-
faoysl Il two per cent in London although the bank
tats v two and half. and similar condition Of none
larry aArs prevails in all the principal continental cities
Europe The Bank Of England had at the date OF its
FAST weekly return received c22 OF coin and bull
Rioa In IT, two departments and the Bank Of France
hs still larger OF es5 ooo We have here nearly
wo hundred and eighty millions OF dollars in gold
lying idle In the vaults Of banks and speculation
and business necessarily become much more active
Ahau they al present before any large portion
Sof CHS amount 10 absorbed. Commercial pros
poets are, however. improving in England, aud
}shers ~ here there Is promise OF an unusually
abundant harvest Tho depression Of the past year has
given place better Of feeling, aud low water
mark having been touched corresponding reaction has
begun 10 In although the first steps in the march Of
Improvement. are. usual taken with great caution
with respect 10 cur money market there are no
II work likely produce srngency, but already
currency 70 Admitted extent being sent to the West on
sscount Of the wool crop, and anticipate that tho
rate for call loans will DO advanced to seven per cent
before the Let Of August mainly in consequences Of tho
drain westward, which will quicken alter that ume
While the present speculative feeling is rife however,
10 seven per cent money market will. hardly act rs .
damper upon the bull movement on the Stock Ex-
change unless che public is wise enough to leave to
che brokers and other professional speculaors which
unlikely; for an active speculation in Wall street
dame which outsiders like moths cannot resist, whether
their wings have been singed before or not.
There 10 very little commercial paper Offer
ing for discount, and only well known names
are In favor at the banks For those Of
the nrsi ce seven per cent is the general rate but
come signatures are taken at half per cent below
chis and few others at six per cent These are, how
sver. scarce. There is 30 much employment for
money the form Of call that the banks indif
srent TO paper and fnce the recent failures the dry
goods trade very close scrutiny has been observed.
The Western money markets continue active owing TO
tho scarcity OF currency In tina. section Of tho country
Ciucinuau Journal Of Nondayays that the supply Of
capital ID Inadequate to the demand for discounts
which 10 Increasing Al the feeling in business circles
Improves and yet there 10 not sufficient influx Of
currency from the East Tho rates OF interest range
from eight 70 twelve per cent good paper being obtain
able In the open market as ten
Al the early session OF the open board railway shares
we're ssrons Erie selling up TAX. At the nrss regular
board there was large volume OF business transacted,
and the only weak the list Michigan South
srn New York Central closed higher than II the
same TIM yesterday, Erie az, Michigan Central Y, ILL.,
nos Central q, Cleveland and Pttsburg e, Rock Island
e. Northwestern y, do. preferred W, FoH Wayne III
ohis asd Mississippi ceru0cales l. Pacific Mail N, A.
iantc Mall TX. Cumberland y, Western Union Tsle-
graph e. Michigan Southern wm az lower. hanposa
preferred q. Government securities were strong ana
nodsrstsly active Coupon SKIES Of 1881 showed an 3D.
vance Il " nvstwsnties Of 1852 and 1854 v issue Of
1895 x nthirss Of the second series v or the
STATE stocks Tennessee SKIES new advanced ~, and
Meth caspllna and Missouri sixes l.
A. the haif-pass two board the marked, which had
bssa previously variable barely steady at decline
Of per from the highest prices touched In the
msaAtims New York Central cosrd H lower than 1t
che nt regular board, Erie x, Hudson River Y, Rock
Island Y, Toledo, Wabash and Western Is Ohio and
Mississippi certificates Y. Quicksilver y. Cumberland
= Coal " Mariposa preferred y, western Union Tels-
graph =. Michigan southern Was V higher, Pacific
Mail 4, Atlantic Mail 4. Government securities were
quiet a.d while coupon sizes Of 1881 advanced ten
fsrlss declined " Among the State stocks North Caro-
lima sizes advanced IN.
Al the halfpaa three open board the market
vas rather dull and Irregular New York Central sold
Al 1857: Erie, Tx AZ; Reading, lo4x; Michigan
Southern. 81 q v; Cleveland and Ptsburg, %: Rock
f,iapd. e7x x; Northwestern, Ask; do. preferred,
ssk: Fora Wayne, lo2k lex. az; Western Union Tsle-
graph, 20; Pacific Mail, lAxah; Cumberland Coal
AK.
During the rest Of the afternoon the market with
ant animation and 1t SIX O'Clock the following quota
uous wsre currsns-New York Central, lo3k . q;
Erie. roHax; Reading. io<x AZ; Michigan southern
so,. q X; Cleveland and Pitisburg, % Y; ROCK
Island, eTx . ss; Fort Wayne. io2x x; North
western, Ssk . y; do. preferred. 6s's u; facino
usu ia . y: western Unon telegraph, Ssah
Govsrnnsst securities we're steady ct the close OF
BUSINESS ct the subloned quotations. Registered 1881
tlos. NJ coupon 1881. llox Ill; s-2os, registered
rso2 iesx "; do coupon. 1862, ii2s y; do coupos'
iss4, iosx q; do coupon. 1895. 1924 ITO; do''
,tsos. January and July. losss =. dos 1867. losH
x: 10 ao's rsss,srsd io7x Is; do. coupon, lo2S
q; August 1.so's ios,s *; June. 7-3o'a iosH . y;
,Iul,. rsos. iossak Compounds 1884, July. ilsk
~ Aur.ss 1854 q llsY; october, ll7X "a 1isx;
pesomber, ll1k . y; May, 1895, 1lsx Y; August
iIsy AZ; September lis . x; October. litxsk.
There 10 some little demand for hvstwsntiss for o..
BORT and In explanation OF the large amount 81
these securities held abroad 10 ssasd that about