The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-29

hahnloai ana 81 Joseph. 70 Ha ga ~
The only additional fact of interest during the
week was the approval or the lease OF the Atlantic
and Great Western Railroad to Erie by the stock
holders OF the former road. This lease has yet to
be ratified by the stockholders OF Erie.
THE MONEY MARKET
during the past week has worked smoothly at
ana 3 per cent as the average rate on call, with
more Offering at these figures than there were Dor
rowers. Commercial paper was IN demand ut
and per cent, with preference for short date.
The feeling In this market is OF hopefulness in
reference to the outlook for the fall. notwithstand
ing the disappointment felt at the unsatisfactory
result OF the spring business. But 1t Is worth no.
tice that while the past season has been OF
extreme dulness IL has been also with
out disaster Notwithstanding that it COW
cred period during which matured
many obligations that were extended from
last fall because OF the panic With low stocks
all through the country and the fair crop pros
pects, much confidence liz felt in reference to III.
ture business, based upon q more substantial
foundation than that upon which it rested previous
to the panic. because it now recognizes facts then
overlooked or ignored, and Is conducted on more
conservative principles Whatever may be the
opinion maintained elsewhere certain 1t Is that in
the money market per Sc the discussion OF the
financial question in Congress has been OF i'm
mense advantage to solid interests. 1t has served
to educate our people up TO higher standard of
average comprehension OF the workings OF this
market, the movement of capital, &c. and the
true relations that exist between it and currency.
the postponement. too OF a final settlement will
afford an opportunity for that increased knowledge
to suffer the test Of application while promising
to have its bearing upon the ultimate solution Of
the financial problem.
FOREIGN EXCHANGE
ruled dull but firm, throughout the week, CON-
mercla bills being scarce and the demand from
importers small. The latest monthly report OF
the Bureau OF Statistics s or special value in this
market at this time in its exhibit OF the balance OF
trade 1t appears by this that for the nine months
ending March 81 this year. our exports exceeded
our imports S35, 725. 992 while for the correspond
Ing period the previous year the imports were
$57,so2, las IN excess showing gain in our favor
OF nearly 500, 100000 in our foreign trade II
something could be done to stimulate American
shipbulding so that we might have the profit OF
our own carrying trade this total would soon be
largely increased. The
FOREIGN COMMERCE OF THE PORT
for the week was as foows:-Genera merchandise
imports, including dry goods, $6,646,57l; produce
exports, s642967s, and specie exports 81, 020310.
The total merchandise imports, including dry
goods, since January this year, S211 253, $751;
against $213, 6Oo last year, and $22A 1853 In
1872. The total exports Of produce since January
are $137, 7sl.O33 against $134, 800 last year,
and s10l, 1886, $40 IN 1872. The total exports OF
specie since January are $so,027.947 against
$26 962, 225 last year and $50, 036, GOT IN 1872.
GOLD DECLINED
as the result Of the weeks operations which were
however on q very restricted scale. On Monday
the premium advanced to 1l2 upon the signature
OF the new Currency bill py the President, which
was first interpreted as avoring imitation; but
later in the week the market reacted, and at
the close was steady at l11la. The old speculative
spirit seems to have died out almost completely
from this market circumstance perhaps not to
be regretted and dealings seem to be confined to
legitimate needs. Considerable interest is felt in
regard to the future policy OF the Treasury In re-
spect to gold saes The announcement II any, for
next month 10 expected tonight. and If received
Will appear elsewhere. This Will dispose OF about
the only question OF direct interest That appears
now as an unknown quantity in this market OF
sufficient Importance to affect speculation. The
following table shows the course OF the market Tor
the week.