The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-06-15
FINANCIAL AND COMMERCIAL.
SUNDAY, June II, 1858.

FINANCIAL AND COMMERCIAL.
SUNDAY, June II, 1858.
The market for United States stocks WINS dull
during the greater part Of last week. and on Friday
II was dropping until AFTER two O'Clock, when an
active demand set In, under which prices recovered
about y per cent and this Improvement was fol-
lowed yesterday by further advance OF u per
cent the greatest activity and buoyancy having been
in the nyetwentes of 1865 and 1867 The former are
held abroad largely and relatively about two per
cent cheaper than the bonds OF 1882 the amount Of
accrued interest on both being equal while the fact
that the bonds OF 1865 have three years longer to run
makes them really more valuable than the others,
and win ultimately cause them to command a better
price, The reason why the bonds OF 1862 are higher
at present to be found in the very large amount of
these already held abroad where they are conse.
quenty better known than the later issues. These,
however have been almost entirely absorbed
by the foreign demand, which will In future
have to be supplied mainly by purchases OF
the bonds Of 1854, 1865 and 1857 The recent dull
ness was in part natural lu after the previous ex.
treme activity and buoyancy but the slight decline
which took place In prices was caused by the EFFORTS
of dealers who had sold out their stocks to depress
the market artidcially for the purpose Of buying
without putting prices up on themselves. In this
II has not yet been entirely covered The real
strength of the market was tested during this period
OF inactivity, and confidence In higher range Of
prices has been materially strengthened In conse-
Quence Of this test having been applied On the LIST
Of July about forty millions in coin will become pay
able by the Treasury to the bondholders, nearly
thirty millions being for interest the public debt
and the remainder In redemption Of the principal Of
the bonds of 1867 and 1885, This cannot fail to create
very active demand for investment, and the stimuli.
taneous disbursement OF about thirty millions
IN currency throughout the country, in payment Of
interest and dividends by banks railway insurance,
trust and other companies will doubtless operate
largely in the same direction. What will
tend most however, to advance the price Of United
States stocks permanently to a much higher point
than the average Of former years is the practical
closing Of all the gold loans by the funding Of the
whole OF the interest bearing floating debt. At the
end Of last month only sos 610650 of seventhirty
notes remained outstanding and nearly all Of these
viii have been absorbed by the beginning Of July;
that, apart from the twenty nine millions Of COM
pound interest notes and fifty millions Of three per
cent certificates hereafter to be provided for, the
funded debt will soon have reached its maximum,
while from present indications the old demand for
bonds will not only continue, but 60 on increasing
from year to year. The eject OF limited supply
the market value OF bonds, and the anticipation Of
this appreciation will be likely to create excited
demand for them from this time forward until ma
terial advance has been established. The combined
eject of the large disbursements OF money at the
beginning Of next month, for which 1t viii be impos-
sble to find employment in loans or discounts, and
the stoppage OF the supply of bonds Is indeed
likely to be seen in q condition Of the
market for government securities which we have
never yet witnessed. That they are relatively far
cheaper than any other stocks In the country is OBJ
vious upon comparison, and that they must grad
ually assume different position in relation to them
is equally clear. The public credit has at no time
since the suspension Of specie payments stood SO
high it does at the present time, and the resolu
tons adopted by the Chicago Convention with re-
gard to the national debt together with the action
OF the Senate on impeachment, has exerted reas-
surfing effect both at shome and abroad and the for
eign demand for our bonds has been quickened in
consequence; and with the glut Of money which pre-
walls all over Europe il will be strange II this
demand does not soon assume increased proper
lions.
The gold market gradually became frmer as the
week advanced, but the fluctuations were limited to
n per cent. the extreme range from Monday to
Saturday inclusive having been from ls9ss to l4Oh,
the closing quotation being lao 14o,s. The ship
ments Of specie to foreign ports aggregated
g. 9o7, 32l making total of 500 225 7s4 since the
22d Of March last. The receipts for customs
duties at the port amounted to ST. 600, l44 and the
SubTreasury dsbursed $500, 900 in coin in payment
OF interest on the public debt There was an active
borrowing demand for gold, and limited supply,
owing to the export drain and the absence OF any
considerable sales by the government, while the
rates for loans favored the lender. Money was very
abundant throughout at per cent on call, the
lower rate being the general one where governments
were the colaerals and yesterday the desire TO
ploy funds over Sunday caused loans to be made as
low as per cent-a lower rate than have ever be-
fore known accepted In Wall street The railway share
market very firm under this extremely easy condi
ton Of monetary AFFAIRS but no outside buyers made
their appearance and the public continues to regard
the speculative stocks with Indifference its attention
being directed entirely to government securities.
which alone offer safety to capital at the present
time. buoyant speculation In Reading was devel-
oped late in the week, and on Saturday afternoon
the price was advanced to 97S 90. Rock Island
affairs remain unsettled, but the large holders
OF the stock succeed in sustaining IT, while
the general market remains firm, although
there Is demand for 1t except from those already
loaded with it. Among the miscellaneous shares Pa
cic Mail neglected, and there is prospec; OF
any change in the relations Of this company to the
opposition, while those representing the latter assert
that 1t win be permanently continued.
Annexed Is a comparative statement showing the
shipments OF specie from this port last week and
during the year to date together with those for the
corresponding periods in 1865 and 1867
1885, 1861 1868.
Twenty-fourlh week sG,058,743 s2,7s4o83 s2967 32i
Previously reported 3f,477 535 200ss.21l 40 1855 300
Total. ,534, 27s So, s73 ia s43, 702 80,
The exports to the corresponding period in the pre-.
vious fourteen years compare az follows:-
10 A. sora AZ