The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-06-05
FINANCIAL AND COMMERCIAL,

"SNSN'N- H'sO S0WWEItNiAIs
TUESDAY,. juno 4-5P.M.
The railway share garket reacted to-day from the
cent advance and closed fiat The oslensble cause was
report thai the forthcoming statement OF the national
debt would show that the compound United
States notes had been contracted about million each
last MONTH and that the Treasury balance In
had been increased than thirty millions As
the Official return has been published however IL is
premature to form opinion to its contents from
sucn unauhentc street gossip that to which
We refer, although coming events sometimes
cast their shadows before in this The real
cause Of the decline attributable the absence Of out
side support the market and the OF sufficient
pluck and capital among the professional spectators
for rise The latter anxious to make small PROFITS
and ndsposed 70 incur great risks, and as this class or
mon make the market, the latter is necessarily one
upon which not much reliance be placed under OK
sting circumstances. So far monetary Affairs are
likely 70 affect the market the bulls have little or
nothing 70 apprehend the supply Of loanabs funds
win probably continue equal to the demand,
and Il 10 obviously the interest Of the government
that money should remain abundant this centre But
shall wait till after the crops are harvested
for influx Of fresh capital on the bull side, without
which the speculative movements arc likely 70 be botn
transient and tame.
Many or the national banks, finding their circulation
Of great profit them ANXIOUS TO increase IT, and II
is that the Secretary Of the Treasury has made
or is making arrangements with some Of these for
the issue OF substitution for those
OF banks which have failed been placed in liquda
tion the increase however, be limited to the amount
to which they may individually buy up the notes OF the
extinct banks The consequence Is that certain banks
wiling to pay premium Of from three TO five per
cent for the latter and the aggregate Of the forfeited
circulation sufficiently large to make its redistribution
question OF public interest The amount OF national
bank circulation is limited to three hundred Millions
aud the Secretary Of the Treasury has authority to
reissue currency in the manner described.
There is change to note in the condition OF the
money market The supply 10 abundant; but the rate
is seven per cent for call loans with very few excep
tons six with government collaeras There is
very moderate business reported in the discount line
and commercial paper is rated at from
to eight per cent the majority Of transactions at the
lower figure Chicago journal says that the losses on
grain during the past few months have been unusually
heavy, and the trade has become hazardous that
bankers unwilling to- make advances even on fair
margins unless the borrowers known to be response
BILE beyond doubt Notes falling due generally
promptly met and the applications for extensions
by no means numerous The advices relating
to winter wheat and all the small grain
planted little later than usual and in places
whore lands low and the drainage is imperfect
fields have be replanted but Is not yet too late
raise crops and the YIELD In the aggregate Is expected
TO be heavy II stated at the Sub Treasury that sales
Of Hve-twenes Of 1855 have been suspended tenn
porary order check the drain of currency into its
vaults, the object of the Department being to keep
money easy at this centre It Is now understood that
about ten millions OF compound interest notes will
mature in the present month"; in addition 70 the interest
on the seventhiry loan; but the public Is without on
ciai information as to the amount Of either.
At the first regular board railway shares mod
erately active New York Central closed y lower than
at the time yesterday Erie u, Michigan southern
r. Rock Island q, Northwestern preferred T. Hudson
River was higher, Reading u, Illinois Central X,
Northwestern a, Toledo, Wabash and Western u, Pa
ciac Mail az, Boston Water Power y. Government
curities steady Coupon skies Of 1881 advanced
~ Fve-twenues Of 1885 declined r. Tennessee SKIES
Of the issue advanced IT,
At the one O'Clock open board the market slightly
lower. New York Central sold at 9sh Eric, cox !;
Reading 1043< -; Michigan Southern, 6SH VI; I'LL
nois central, llsz Cleveland and Ptsburg, 1853 ~
Rock Island, ssH a u; Northwestern, 35h . y; Fort
Wayne, 97h
At the halfpass two regular board the market was
steady, but moderately active. New York Central
closed lower than at the nrst regular board Eric a.
Hudson u, Michigan Southern y, Rock Island ~ North
western u, do. preferred Y, Quicksilv l, Boston
water Power u. Cleveland and Toledo was X higher,
Pacific Mail ~. Government securities were steady.
Coupon nve-twsnties or 1885 advanced y. Missouri
skies were higher and Tennessee sxes, nov, showed
no variation.
During the rest Of the afternoon the market was dull
st q slight decline and halfpast Ave the following
quotations were currcnt:-New York Central, osx
Erie, 60k . q; Reading, l04k X; Michigan South
ero, 6S n; Cleveland aud Pttsburg, rs . u; Rock
Island, So "; Fort Wayne, 81 . n; Northwestern,
4xaX; do preferred. 5sJs . X; Pacific MAIL l341<
1856; Atlantic Mail, 100 "; Ohio and Mississippi GER
tacales, rs \.
Government securities steady at the close OF
business at the subioned quotations:-lSs1 coupons
ll2aK; i've twenty coupons, 1862. 1921 ITO; Ave.
swony coupons, 1884, 1854 7s; nvc-tweny coupons,
1885, lo6h s.; ve.twenty coupons, 1895, nov ISSUE
1osH n; scven-thirty notes, nrst series, LOG Vi
seven-lhiry notes, second series. 1861 X; seven.
thirty notes. third series, lo5xax
The gold market the whole barely steady, and
there was diminished volume Of speculative business
Tho opening price l37, followed by advance to
1871 and decline to 1894, with the closing transsc-
tions at 1887. Loans made without interest and
at 2a4 per cont for carrying The gross clesrances
amounted to $4s,3s5oo0, and the gold balances to
s., 496 063
The foreign exchange market was Arm but dull, the
supply Of bills being very light and the demand equally
limited. Bankers bills on England at sixty days
quoted ITO 1los; at three days. 1loss; commercial
bills I09S 1904; bills on Paris at sixty days 5l2K;
three days. 80 Other continental bills we're rated
thus
Brnkys'. Commercial
On Berlin. ........ 72sa TAX ~ TIA
On Brcmen........ 1917 79k 7sLa 791.
On Frankfort...... 40 AK Al Az
On Amsterdam.... llx H1 III Az
On Hamburg.... 36k n 38x 80 a &c.,
On Antwerp. 80. DISK q 612S 5.lsk a615
Consos and American securities, ave twsnties ex-
cepted have experienced further advance 10 London,
the quotations being