The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-06-23
FINANCIAL AND COMMERCIAL.

FINANCIAL AND COMMERCIAL
' MONDAY, June 22-sP.M.
ghe gold market has been steady and rather quiet
to-day, and the fluctuations from 1A0H to 140<
with the closing transactions prior to the adjourn
ment OF the board at l4o, following which the price
declined to 1AoK under Q report that the Treasury
intends to anticipate the payment Of the July inter-
est There was moderately active borrowing de-
mand for coin, and loans were made at LEA Q l-S2
per cent per diem and 80 per cent per annum for
Borrowing and without interest to either borrower
or lender The steamer Arizona brought q, 06S $50
In treasure, and the foreign imports Of specie during
the week amounted to $o2,ll6. making q total Of
$3,549,l81 since the beginning of the year. There
were two attempts made at financial tinkering
In the House OF Representatives this afternoon,
neither Of which ia, however. invested with any Inn
portanse. Mr.. Loughridge offered o resolution in
favor Of reorganizing the public debt and Mr.. Price
did likewise with view to the reduction Of the gold
In the Treasury to $25 100000. Both are crude and
uncaledfor propositions, deserving Of no attention,
and nothing more win probably be heard Of them.
The finances are now in more satisfactory con-
dton than they have been at any time since the first
war loan was contracted and the policy OF Congress
should be to ''let well enough alone" All prOpo-
sitions TO reduce the interest on the public
debt BY any other means than voluntary
funding are aimed at the public credit and
productive only Of mischief and to adopt any OF
them-of which, however there Is no danger-would
be to pursue policy penny wise and pound fool
fish," There are members Of Congress, neverthe-
less, who are 80 anxious to parade their financial
views before the country that they have no thought
care for their erect upon public opinion but for
tunasely their n0nsensical bills and resolutions
stillborn. Our true policy Is to build up the public
credit by the abundant means at disposal and
observance OF the strictest good faith with the ma
toms creditors. That the people are anxious to do
this their willingness to pay whatever taxes i'm
posed sufficiently testifes and Notwithstanding the
frauds Of the whiskey rings the Treasury Is abund
anty supplied with funds.
Tho stock market has been strong and more active
than usual all day. Reading continues to lead the
railway shares, and those most familiar with the
affairs Of the company are among the principal buy
OF the stock 1t has advanced to 102k apparently
without any effort the part Of spectators in the
street and there Is no appearance Of clique In 1t
OF anything more than general disposition to
buy u in anticipation Of higher price based upon
its real value for prices go it Is low compared
wthmOst Of the speculative shares. The demand
for the stock at Philadelphia is active in proper
on to the extent OF the market there 1t Is here
and 1t comes mainly from outside buyers. Cleve-
land and Pittsburg advanced to 9l7s and then
relapsed but at the close Its tendency strongly
upward again. The speculative movement in Pacific
NAL which was developed on Saturday afternoon
made further progress, and sales were made as high
as 1881; but there Ii cause for the advance be-
You'd the operations Of two or three professional
Spectators who wish to sell out at profit. The
temper of the street s very decidedly in favor OF
further general rise in railway shares and even Erie
,hegins to show increasing firmness. Money remains
IN superabundant supply at 3a4 per cent on call,
while commercial paper Is scarce, owing to the dull
mesa Of trade and the best grade is In request at
.bk per cent. @rc-a -
The Secretary OF the Treasury has given notice that
holders Of seven-thirty notes who purpose convert
ing them into fvetwenty bonds must present the
notes that matured the 18th inst or before the
18th of July and those that mature on the 10Th of
July ON or before the LIST Of August The bonds to
be issued In exchange will carry interest from the
LIST proximo and the interest on the notes will be
calculated accordingly. The note holders have the
option Of calling for the bonds Of 1857 or 1868, and
their distribution will be on the principle Of "nrst
come first served" aoa.n ea'
A comparson OF the statement OF the associated
% anks of this city for the week ending on the Goth
anst with that for the corresponding week in each
of the three previous years shows the following
oh