The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-06-09
FINANCIAL AND CONNER .AL.


Il. M
The railway share market failed 10 sustain the i'm
prosemeut Of yesterday this morning, but in the after
noon rallied and closed firm at an advance upon the
opening quotations Certain parties are at work abulI-
ing some OF the leading stocks with view to induce
the 'bears to cover their ''shorts - and de-
mand for them which would not otherwise be felt.
They also talk 'bulshyn in order to get the
sgo long " and thus tighten the burden they have 70
carry. The condition Of the market u.s. however still
unsatisfactory TO buyers, and it lacks what is most
necessary to an upward movement OF magnitude
namely. outside support Although the balance in the
Sub Treasury this evening sl34 919 apprensn
sons OF scarcity Of money entertained, the pay
ments IN redemption of the ten millions Of compound
interest notes maturing this month will commence
Monday II the volume Of business on the Stock Ex-
change had been heavy inconvenience would pro-
badly have been experienced Ia providing for current
wants. but the demand being light the supply Of loanabe
funds y found TO be abundant We have
already seen that superabundsnce Of money
will not induce speculation In the absence OF
other calculated promote activity and we have
also in the history of Wall street times when
scarcity Of money failed chock speculation for higher
prices
Tho money market has been we'll supplied at per
cent but there have been few transactions below
this rate government securities The dealers
fvstwenes Of the issue of 1856, and they are in
dustriousiy bulling the profit
able for them before the Treasury it's
The discount line unatered the supply Of first
GLASS commercial paper being light and rated at per
cent The statement of the Associated Banks for the
week IS likely to show decrease OF two
millions and halt in legal tenders and
. nearly equal in loans. The deposits have de-
creased between Eve and millions, while the specie
has increased about million. This reflects the drain Of
currency into the subtreasury, which has been going
forward in preparation for tho disbursement of interest
on the seven-thiry loan and the redemption OF
pound interest The accumulation Of currency
the Treasury the lst inst amounted TO $72 86 1885,
which appears excessive, and we should like
70 hear how Mr.. McCulloch defends the policy Of
allowing such large idle volume OF paper
money to remain in the Treasury. This cunt in It's
vaults represents much withdrawn fro the ordinary
channels OF circulation aud constitutes virtual
traction for tho time being.
At the open board at ten O'Clock the stock market
showed declining tendency. New York Central sold
at 1OOK u; Erie, 6oA; Reading, 1861; Michigan
Southern, 6sk; Illinois Central 10; Rock Island, SsK
. e; Northwestern, 34a< ~; do. preferred, 5sk
. q; Fort Wayne, 9s1; Atlantic Mail. loo; Western
Union Telegraph, "A; Pacific Mail. 13s% lssk Mari
posa preferred, GOA u
AT tho first regular board railway shares were barely
steady. New York Central closed u higher than at the
Same time yesterday; Illinois Central q, Cleveland l.
Toledo 2, Rock Island Y, North Western preferred
~ Ohio & Mississippi Certificates y, Atlantic Mail l,
Boston Water Power u, Marposa preferred " Western
Union Telegraph u. Erie was x lower: Reading u,
Michigan Southern 4, Fort Wayne u, Toledo Wabash l.
Western u. Pacific Mo TX. Government securities
steady Coupon hve-twenties OF 1864 advanced "
while ssven-thrty OF the second declined u
Tennessee skies Of the new issue higher: Mis-
rsouri skies 4.
At the one O'Clock open board prices lower New
York Central sold at 100 X; Erie. 595. Hudson, 10s
n; Reading. 1861 n; Michigan Southern, 67K os;
Cleveland Pittsburg, 75N u; Rock Island, ssH *;
North Western, 34K; do. preferred, 58I a y; Fort
Wayne. osK; Pacific Mail, 1884; Western Union Tele.
graph, AK Atlantic Mail, 1o6.
During the rest of the afternoon the market dun,
and quarter past five 1t closed the following quo
tatons:-New York Central 1ol1I "; Erie eox . X;
Reading, 1861 LOG; Michigan Southern, 6SK . X;
Cleveland and Pttsburg, 7ek Il; Rock Island, s9H
4; Fort Wayne, 9szs 90; Northwestern, 34H q u;
do preferred, 50 a "; Pacific MAIL lao . u; Western
Union Telegraph, az u.
Government securities were strong at the close Of
business as the subjoined quotations:-1sS1 coupon,
112 X; $50 coupon, 1852 l0oA q; $40 coupon,
1884 1857 l06K; $40 coupon 1895, 1861 81 do do,
1895, new ISSUE 1881 X; lo-4o coupon, ooH . g;
$40 notes, first series, LOG NJ do. second series,
1853 4; do third series, 1861 u.
Tho gold market was steady and rather dull The
extreme range Of the day from l3oX TO 1877, with
the opening and the closing transactions 1854 Loans
were made at2 per cent for carrying. The gross
cearngs amounted $4s ooo and the gold balances
20 ST. 2se 0e2 The steamer City Of London took out
SsA540 In specie. the Arago s206, $780, the Virginia
1900 600 and the Borussia Slo2 S6O-makinp for the
week total OF 81, ,sA