The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-07-08
FINANCIAL AND COMMERCIAL.

rtNANCsAl AND COMMERCIAL.
SUNDAY, July 7. 1851.
The railway share market was active and buOyant
during tho past week. and prices experienced general
advance Tho extreme abundance Of money and the
consequent TOW rates OF interest for Stock Exchange
loans have given the bulls the ability to carry large
amounts OF stock and the prospect of very abundant
harvest encourages the expectation that such will be
The general prosperity that the earnings Of the railways
viii be largely increased and the public will into
Wall street 10 buy tho stocks which professional
specuators arc now builing Thus far the public has
not boon obging in this respcct the brokers and
Spectators are 30 numerous that while money easy
they can OF themselves control the OF prices
and II 10 unlikely that they will sell their stocks 81 pre-
SAINT prices while they have the ability 70 carry them
higher unless with the view Of buying them back ct
profit The public will however, consult it, safety
oy buying government securities u preferences 70 fancy
railway shares q high prices.
There vas largo business transacted In governments
ct advancing quotations. the demand from hsv
ing been quckened BY the disbursement OF the July div
dends Tho nve-twentes Of 1865 In especially
good request owing 70 their price being about four
cent below that Of tho original bonds the only differ
in faver Of the latter being that they carry interest
from the LIST Of May, while the now bonds with three
longer to rum carry interest from the Lat Of July
only Government gold bearing stocks ere now cheap
in comparison with railway shares II estimate both
BY the amount Of interest they bear Moreover railway
stocks have risen rapidly OF late that reaction is
expected by many Of tho bull speculatorA and the
expectation is very reasonable one The indications
however, that such reaction would be followed
by recovery. for tho temper street Is unms-
takaDly bullish.
The stock market closed Arm Saturday, at half past
Ave- at the subjoned quotations New York Central
1867 Ak; Erie, 6SH a u; Reading, 1864 a y; Michi-
gan Southern, S4H q; Cleveland and Pi;tsburs. SIX
"; Rock Island, 81 Ak; Northwestern, 45X 40; do.
preferred, 6yH es Fort Wayne, l0lh.
The gold market very firm throughout, and the
range Of the week from l3S 1921 with the clos
ing transactions al 1870. Loans made aat and at
per cent for carrying ON Saturday There is re-
markedly firm undertone to the premium and higher
figures talked Of not in consequence OF dssrust
OF the national credit but owing other causes In
the FIRST place. tho fact that Congress holding
extra tends advance rather than lower the
price or god the popular mind being always disposed
discount contingencies In the next place, the firm
ness Of the rates Of foreign exchange and the
steady commercial demand for customs duties and
port are opposed TO decline, and just now fears are
expressed with regard relations with Mexico and
the maintenance of peace between France and Prussia
The probabilities however, against any disturbance,
either from political financial causes and the
session Of Congress is likely to DO very short one
There activity in the foreign exchange market.
but it remained firm and the closing fol-
lows Bankers bills on England, at SIXTY days. ITO y;
at three days. 1l07f Il; commercial bills, 1osx Is;
bills on Paris at sixty days, 5.13X 612K; at three
days. 5l17S sos. Other continental bankers bills
rated thus:-On Berlin, Y a 72k; on Bremen,
76H 70; on Frankfort, 40I Al on Amsterdam, Al
ak; on Hamburg, S6% 36H; on Antwerp, SIS =
513X.
The recovery which Is now going forward IN England
from the monetary depression which eliminated In the
great financial panic Of last yoar gratifying symptom
OF revival Of confidence in that country Had not
been for the mistaken views Of the leaders Of British
political opinion with respect TO the duration and nnal
ssus Of in the United States. the which
operated TO produce that panic would not have existed
for the previous Imitation OF which it the
quence would not have been experienced Tho stop
page of the cotton supply from the southern States
threw large amount Of capital out Of employ ment
aud channels Of usefulness had TO be formed
TO absorb 1t. There were not wanting, Of course,
spectators to organize new enterprises and promote
financial schemes and TO these the British public lent
ready and willing Cotton rose rapidly In price, and
II was confidently predicted thas America would mover
her former place in the cotton markets Of the
world Hence attention turned 10 Egypt, TO India
and eloeWnerc a. cotton nedo designed TO supply the
looms OF Manchester, and cotton growing companies
rose like mushrooms within radius of half mile of
the London Stock Exchange. All went prosperousy
with these and thousands OF similar undertakings and
prices rose higher from month 10 month
the Stock Exchange aud in the cotton
ket till the In the United States
suddenly terminated, and q new prospect unfolded
tself panic in following previous decline Of
magnitude involved the loss Of many millions sterling
in England alone and effects extended to India and
the other cotton growing countries, where immense
which England passed, however, than discounted
the results of peace in the United States and hence
new period OF speculation has in which Is likely 70
eliminate another great imitation, although not rs
great as the former THIS time 1t will partake
OF the character national prosperity instead OF bubble
companies.
In this country are just escaping from somewhat
similar, although much less severe, period Of CONNER
cIa depression that through which England passed.
arising from popular fears Of revulsion and vague
idea that 1867 would witness panic grand scale.
There has abnormal degree Of dependency and
gloom, and the enterprise Of the nation has
ever Q change for the better has taken
place The people tha. all the talk about
an early resumption Of specie payments aud sweeping
rsvulsion only false alarms. We have over-dis-
counted the results OF the termination OF the war and,
ike the English beginning 70 feel sense OF re
sored confidence and to 60 forward again with enter
prising zeal And this Impulse is materially strength
eued by the prospect OF unusually abundant harvest