The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-06-17
FINANCIAL AND COMMERCIAL.
SUNDAY, June l6. 1867.

gonuemon
been living upon each other since last October and
the process has been sufficiently exhausting 10
make them anxious TO replenish their Golfers
With outside capital After predicting disaster to the
country In general and the railway interest in particu-
lar for more than half year, they now point 70 the
promising crop prospects, and, ngurativeiy speaking
proclaim what they before denied that there 10 still
corn in Egypt The reason Of this Is that they
longer short, but 'long Of stocks When they were
sshort this year to have been another 1857 and
20 hold stocks the and reap the whirl
wind; the railways were not earning their expenses,
and The prices Of last fall would again b.
rent in Wall street With Erie At and Rock
Island at 10 wore to usher in the millennium Of
specie payments under the bright banner Of Fort Wayne
Now, however, the very prophets Of evil sod Jobs
oomforsn have only good words for the railways and
they smile at the idle fears Of those who supe
stitcus a. TO attach importance to the figure Why
should the history Of 1867 bs repeated in 1867 they
ask They can find nothing TO warrant such an appre
hsaoa end they point 10 the harvest prospects with
something akin the enthusiasm OF farmers and count
up the probable valus Of each particular crop
their finger ends with peculiar xest They hope for
Ian abundant harvest because they believe II will i'd
the price Of the stocks they have bought These
men are the wsathercocks OF Wall street. and their
opinions always coincide with their interests They
now discountng what NAV or may not happen; but at
the time they display marked speculative bold
ness and have thus far failed to get the outside public
70 join hsm and the fleeing to which 1t has been sub
jected in the past by calculated to charm il
into the street again; but past experience, all
sknow, goes for little in such matters
Inc money market was easy, with . gradual ten
dency towards lower rate OF interest," and from
per cent the general rate mixed coaeras declined
TO six with most OF the business government COL
lateras at fvs The maturing Of between eight and ten
millions Of compound interest notes the 10th inst
and Of nearly equal amount Of interest the
thirty loan the 18th instant inspired confidence
more abundant supply Of money, without however,
producing any marked practical effect upon the market
or the balance in the Sub-Treasury, the latter
having remained steady, and It stood At $13 271
Saturday evening, against $134, 1l2,919 Monday.
Owing TO the income tax collections the internal
receipts likely to be considerably above the average
for the next three weeks and these will place lar
amount OF currency under the control Of the Treasury
and quicken the Of capital at the fnan cial
centres Al the time the national banks will be
preparing for their quarterly returns BY making thor
position artlnciay strong 1t is not probable however
that stringent money market will be experienced
even for day, and consequently there IL nothing
In the prospective condition Of monetary affairs
70 excite apprehension chill the speculative feeling
the Stock Exchange. The demand for discounts IL %
Hight ths tho banks rely almost entirely upon stock
loans for the employment Of their funds and only the
best grade Of commercial paper in favor the rate for
which ranges from to per cent With the majority OF
sansactions u l. Az intimated yesterday the
mont Of the associated banks for the week likely to
SHOW an increase Of shout two millions In legal tenders
and decrease OF four millions in loans and four and
/ half millions in deposits.
The stock market closed dun 1t haifpass i've Sat-
urday a the subjoned quotations: New York Central
1o1K 4; Erie, COX x; Reading. 1888 q; Michi-
gan Southern, esK Nj Cleveland and Pittsburg. TEX
. X; Rock Island, ooK ~; Fort Wayne, 81 x;
North western, s5,< VI do preferred, 5ox y; Ohio
snd hisssippi certificates FAX e; Pacific Mail. 1921
clio.
Thsrs was moderate degree Of activity In govern.
0sat securities among the leading Dealers and quota
tons advanced The opinion prevails that they
high enough and there IL less disposition shown ops
sats for further rise.
Tho gold market was remarkably steady throughout
IL extreme range having been from ls0Jx Is7X,
with the closing transactions 1t 137x The
volume OF speculative business was light but the
sshort" interest the increase judging BY the
eurn Of the for loans In favor or the lender the
transactions Saturday having been terms varying
from 'nss" 10 1-le psr cent per dom for borrowing
Tho foreign exports Of specie from this port amounted
% g. 1850 o63 and the demand for customs duties to
000 It 10 bs inferred from the fact that the
city hanks lost about three millions o. gold
during the week that the Sub-Trsasury was .
seller 70 . small amount only, II at all The
export demand has thus far lighter than gen.
srsly expected two or three months ago. This has
doubtless been Influenced to some extent by the
trsns abundance and cheapness Of money, both in
Orea& Britain and al the European Continent Tho
Bank Of England rate Of discount is ow-namey two
and half per cent-that those abroad with money owing
% them In the United States less DESTROYS Of having
RENTED than II IL could be employed more advan
tageously on the other sde and hence balances
allowed TO accumulate here interest, because the
rate is higher. The Bank OF France has Just
reduced It's rate OF discount one-half per cent
namely, TO two and a halr-and at Hamburg money is
quoted In the open market at X III The amount Of
bullion 10 the bank Of France equal TO f3s 2s3 900
ling which. with tho eco Alt 2s3 held by the Bank OF
England makes total OF esq TO O00 sum immensely
large Nevertheless and although the aspect OF political
affairs Ii calculated to inspire confidence speculation
continues langud II Is noticeable however, that there
Il little improvement in this respect just now, and
the plethora OF capital expected, will eventually
stimulate certain degree Of speculative activity the
STOCK Exchange.
The foreign exchange market was dull, but nrm,
during week. and while the supply Of bills very
limited the demand from importers moderate The
difference between short sight and sixty days sterling
reduced TO onehalf per cont owing TO the low rate or
discount at the Bank Of England At the close the fol-
lowing rates we're current:-Bankers bills on England
At sixty days, lloa 11oK; at three days. 10Y k;
commercial bills, 1921 Y; bills Paris at sixty days
G12K 5.13k; at three days, $40 ak.
The general trade Of the city 10 reported moderately
good for the season, which 10 usually duh one, but
there Ia marked activity In any department Of BUSH
ns In dry goods especially there Is very sluggish
movement and no material change 10 expected until
che opening OF the fall trade which will not be for
weeks 10 como The production Of low grades OF do
manufactures has been curtacd the stocks Of
these still excessive, and for some time past they
have net few instances. been selling Al or below
the cost OF manufacture The Is the case how
ever with prime grades OF goods the supply OF which
has hardly been equal 70 the demand. and the msnufac
OF these Is going forward undated. For imported
fabrics there has been very moderate demand Of late