The New York herald., 1867-06-21
FINANCIAL AND COMMERCIAL.


The railway share market experienced further weak
enng to-day. ERE being the weakest OF the weak and
the bulls still discounted than Yesterday
and not . few sold out consequence But nolwilh-
standing the timdity of the bulls the bears showed no
courage in pursuing their advantage and business
on the whole dull The apprehensons growing out Of
the meeting ofCongr in July unfavorable to arss
and 50 also are the preparations Of the national
banks for their quarterly returns; but there is
Z less foundation In fact than in imagination
for these, ana II the majority OF people were
not ''narow-minded bockheads'' there would be no
reason 70 fear the consequences either Of the meeting OF
Congress the other referred There is
bearish feeling the than there at the be.
ginning OF the week In consequence OF the decline Of
the last two days. and the crop prospects less talked
about; but rise in July and August Is generally con-
sidered inevitable Whether there Ia not how
ever. matters little. The only gamers by the
rise. supposing such to take place, wovd be
tho brokers and other professional spectators who
haoitually do their best to fleece the public.
We are in favor Of allowing these gentlemen to prey
upon each other until at least fifty per cent of their
number driven Of Wall street to seek some more
Industrious and reputable calling than they at present
follow. more pitiabie sight than most OF them pre-
sent s not to be found outside Of asylum for nebr
ates villanous set OF countenances except
Blackwell's Island or In some kindred locality.
Stock speculation Is at all times demcrallzing, and
especially so when associated with strong waters
There Is probably not stock commission house on the
street that is not speculative house also. although
many Of them will deuy the soft impeachment The
commission business dull that without specuating
they would be unable TO pay their Office rent They
must, therefore, either break make. They are all
anxious for the outside public to come in and put up
margins BECAUSE forsooth. they the latter as
capital upon which to base their speculatons
It matters not whether they have bought or sold
90 much OF such stock for Mr. So-and-
So provided they make out notice to that effect They
are responsible for the contract and that is enough
And what harm is there they advise half Of their
toners to 60 song" and half snor'' of Stocks when
enables them to set ope side against the other and
them with stocks carry, although they supposed
to be carrying at times heavy loadS Verify, broker
can live when others sarve. but the dog eat-dog game
cannot last for ever, and it is desirable that il
should.
The daily chronicle Of the money market Is becoming
stale. The supply Of capital continues abundant and
loans made mixed collateral at per cent with
few trng exceptions at seven, while the ority Of
transacions on governments at dve per cent the
remainder being at six. In the discount line there
increase Of business reported and the best grade Of
commercial paper s still quoted at from six and half to
seven and half per cent The Western money markets
remain close the demand being light in keeping with
the amount Of business doing, and the supply Of
capital equally limited The Cincinnati journals agree
In reporting that the general tone of business is mprov
ing ve advance with promising prospects towards the
harvest Any change II is contended will be for the
better aftsr the depression Of the last nine
months provided the crops turn out they
likely do The present scarcity OF currency in tho
West attributed poverty Of resulting from
successive partial crop failures and the distrus thereby
created Those who have money 70 lend are not willing
TO lend to the ordinary Of borrowers and hence
there little employment q satisfactory character for
money In the West But with the harvest II Is expected
thar business will take fresh start and for this all
waiting
The railway share market opened dull and steady this
morning. and at the first session Of the regular board
the speculative feeling tame, the disposition
to soil bcing about equal to that to buy. Erie
closed Y lower than at the same time yesterday,
Reading X, Michigan Southern r. Cleveland and Toledo
~. Rock Island u Northwestern X. do preferred y.
Fort Wayne y, Toledo. Wabash and Western Il, Pacific
Nail y, Boston Water Power n, Western Union Telegraph
4. Atlantic Mail was higher. Government securities
were sluggsh, with dropping tendency. Coupon nvs-
twentiss Of 1854 and 1866 declined y. Among the
State stooks Tennessee sizes were lower, Missouri
sizes y. Tennessee SKIES, new, advanced North Caro-
ina skies n.
Subsequently the market weakened, and at the half
past two regular board there moderate pressure to
sell New York Central closed Y lower than at the
nrst regular board Erie e, Reading h Rock Island y.
Northwestern y, Pacific Mail y, Western Union Tele-
graph tx. Government securities wore dull with .
downward tendency. Coupon nve-twcntics of 1882 de-
clinsd 70 ITO and the issue Of 1865 lower Ten
nsssse sixes declined i. and Missouri SKIES advanced
K.
AZ the half-past three open board the market was
sady but Inactive and New YORK Central sold at l01k
Erie. ssx; Reading, 1oos; Michigan Southern osH
4; Cleveland and Pit.sburg. II; Rock Island, sek;
Northwestern preferred, 6sx; Western Union Tes-
graph A. During the rest Of the afternoon the market
was dull and hslfpast ave the suboined quoati ons
were currsnt:-New York Central, 1917 u; Erie,
6sx y; Reading. 1osk y; Michigan Southern, 6sS
AZ; Cleveland and Pttsburg, II u; Rock Island,
sox "; Fort Wayne, eoK s7K; Northwestern, 34,l
Ak DO. preferred, 5sA ,s Ohio and Mississippi GER
tifcates "a u; Pacific MAIL 140 v; Atlantic Mail,
iosx loT; Western Union Telegraph 42a ktexd)
Government securities inactive at the close Of
business and quoted s:--1ss1, coupons. 112H y:
1884, registered, 1881 "; $40 coupons 1882, Ito
ll0k $40 registered. 107 107k $40 coupons, 1884,
ioox lo7 $40 coupons, 1885, 1864 lo7k; 20 cou-
pons, new issue, 1923 4; 1o-4o coupons, 100 u;
lo-4o registered oo7t looK; $40 notes, drst scrss
ioek ax;7s-lo notes, second ssres, loek Nj s-lo
nqsss, third series io6Hs r. 49,
- Tho gold market showed diminished frmnssss The
range Of the day having been from las TO 1879, with
the closing quotations ut 1874 Loans were made fat
At rates varying from pcr cent per annum to 16ah
Per cent per diem In favor Of the lender The gross
csang amounted $40 o52 900 and the gold balances
70 sseA9ea The steamer Bremen took out $1,000 in
specie and the MORO Castle for Havana about $4,000
s volume OF speculative business limited. but larger
than |, was . few days ago. The rcassembng Of Con-
srsss July generally regarded a. certain and this
operates against any material decline in tho premium,
and is used argument In favor OF an advance
why Il should be, however, is not easy to explain,
n we except that feeling Of vague apprehension In
relation 10 financial affairs which has Of late years
existed whenever Congress has been In session.
desire svincsd guard against political possibilities
and the eccentricites Of fiscal legislation and this dur
snoca srancnsinn il aixaxa nnnnsed To