The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-06-24
FINANCIAL AND CONNER CqAL.


up after the July returns OF the national
banks are completed and the result Of tho harvest
becomes matter q certainty. Il IL not improbable
that this expectation on the part OF tho street viii
- realized although 10 what extent ID yet uacsr.
taaa. II the nilways Of the country were well
assd thsir stocks woud be extremely cheap at
prices for investment; but the railway system 80 mo-
tesiousy rotten that the public has lost much Of
= thas ecandsass in railway securities % which
{ tAW ses really entitled The remedy for this
Il for stockholdss out Of Wall street to their in
dusacs In favor OF REFORM and the the so cks Of
the leading railways which are now the footballs
q spsculaaion, pass into the hands Of investors
tie hsttsss for the indscemsnss which now exist
FOR socktobbsu 70 sssk their control will gradu-
ally diminish and finally cease with the Withdrawal
of their shares from the Stock Exchange. A
essd svos v therefore done By the absorption Of rail-
way shares Cor permanent Investment but none by
purchases on speculative account for these merely
assst ''bull" movement promoted by professional
speculators, some or whom qualified for
higher occupation and generally result in loss to the
buyera who often have tho bad fortune TO buy at
the top Of the rise. With brokers' market such as
We now every little advances is followed by corre-
spending reaction the transactions being confined 70
limited lumbar Of brokers and others whose sales
realize invariably break the market
So FAR as the supply Of money is calculated to affect
che bulls have nothing Of material con-
sequence 70 apprehend Tho country national
banks will undoubtedly fortfy their position much
- possible In order to cook up favorable returns the
Comptroller OF the Currency; but It is not likely that
their efforts In this direction will be sufficient
any monetary disturbance at this CENTRE although
IL will quicken the movement Of capital and
perhaps cause an advance in the rate for call
losns 70 seven per cent During the week the
demand was generally met at six per miseella
neous collstsrala and five governmental
Railway shares closed firm At half past ave last even
ing = the following quotatons:-New York Central,
lo2k - X; Erie, cox y; Reading. 1o7H u; Michi-
gan Southern, u X; Cleveland and Pistsburg 7sx
y; Rock Island, COX X; Fort Wayne, osK *;
Northwestern, 3oX y; do preferred 5sH . Y;
Pacific Mail. 40 Il; Ohio and Mississippi certificates
2lxaX.
Government securities were dull and rather heavy in
the sary part Of me week, but subsequently they be-
came nrm and partial recovery took place. The pro-
posed meeting Of Congress in July tended to diminish
the demand from investors, and the dealers who haA
bssp specializing for advance had previously sold out
their stockG
The gold market was Arm, but dull throughout the
weak, the extreme range having been from 137H ON
MONDAY 70 1851 Wednesday, with the closing trans
aoons en Saturday IT 1885, There was agood borrowing
deanA Tor coin. ana loans made without interest
ad q rates ranging from 154 to Lie per cent per
diea n favor Of the lender The exports Of
spssas nom the port aggregated little moro
than half . million only, in addition TO
q uRht shipment from Boston. The demand
Ter customs dutes as Indicated BY receipts the Sub
Treasury amounted to 81, 100000 The expected meet
inx of Congress July impaired additional nrmness TO
che premium view OF the political and financial posi-
bfties 70 which might give rise II Is to DO hoped,
however that the session will be proracted no longer
chan necessary, and thas any fiscal measure u
introduced IL will be one TO withdraw all
power from the Secretary Of the Treasury in relation
- ths oGntracon Of the currency. The latter should
IN future Be left to regulate ITSELF the only change
called fer by the public interest being substsusion Of
lsga tenders for the three hundred millions Of national
sSSnk notes outstanding The fast that about eighteen
millions OF coin interest the public debt wiz fall duo
On the lgt Of July creating . 'short"
interest," In anticipation Of decline AFTER The
s0so o. the Disbursement becomes felt; bat owing to
che forhcomtng meeting Of Congress operations for
IAN ars likely 70 be fully not more than neuraixed BY
purchasss for RISE Al the same time there 10 no good
q present why gold should advance beyond lSS
ne foreign exchange market was firm, but the bus
,sss both IN sterling and continental bills was on
- vary moderate SCALE The leading drawers
an iudisposed 70 lower their rates, notwith-
stand,ne the limited demand from importers and the
prospecs ce IN increased export movement after the
crors arc harvested. The closing quotations were:-
Bankers' bills on England at sixty days, 1l0a lloh;
. three days Ilox n; commercial bills, lo0Ha y;
bills on Paris ct sixty days Slsx el2h; q three
days 6llx s6lo.
TIE s,psral trade Of thu city was dull last week. but
there was no disposition shown 70 undersell the
market in any department Of business The nsm-
usss Of cola the diminished mportations and
shs rsAucsd scale Of domestic manufactures caused
o,deru Of socks Of goods look forward 70 some I'm
proyement r. r-ces but advance was established,
and IN some articles Of brcadstuGs there was further
decline Tn dry goods very little movement,
The demand for domeslcs being mainly in the form OF
orders from The country merchants TO joobers Tor
mall parcels V keep up assortmenss lighter
=. ppy from the mills l. reported. while inc
.ks In the hands Of agents no longer unusually
80 /, In imported fabrics thore IL very light b1si-
,o,ne AZ usual at this The dulncss in the
combined with the prospect OF good cotton crop
s..o1 continues TO dsappoint tho expectations Of
=" IVA no have been waiting for recovery
u@e 1ce OF the staple, which remains barely
sns p he receipts at all the ports for th'
ssadG. M on Friday were only 1925
'ssx end 1855 bales In the previous week
ass. agaans since September last OF ,67o bales
making total sbaes In the previous year. The chic
sainst DISCO New Orleans and Mobile. The stock
alling on 70 - h and South is estimated 81 2so. 00
1.-the ports, Nor " Orleans had 7o,ese on the 14il
aes, Of which ~ -; Charleston, secs; Savannah
nst Mobile, A. Q: Florida $50, and New York
oooe; Texas, ios2 OF than 81, 900 being at oshe
o., 900. the remainder that the stand OF cotso
erts. II 10 ropessss country 10 GOOD bus that tn
throughout the sosthsrn led IL growth materially. IN
ret and cold spring rsiar, H. however, improving thu
resent proptious weather " The stock OF cotton Ii
appearance Of the crop a !. . 9th inst was $50 s5
varshouss d Liverpool oos a. = against COS, ITO an
alss. and u London 66,1o0s s5sLA last year. II
O. TO- respectively, at the sins daA we're 80 900 bale
stimated at the time that Ii ere anoat agains
American and ca, 900 baes az ads. correspondent
q. 900 and 7oi, 500. rsspesiiysiy. ~ The
ate In 1906. verencs
the following comparative table shows toe d. ks OF
etween the prices OF the leading 50 sentative sos on
ne 1ad mat and The lowcst torc,.~x a. 80,