MONEY MARKET.
STOCK EXCHANGE, FRIDAY AFTERNOON.
Tux Money Market has undergone no change this week, except it be in a trifle less demand, the improved rate of exchange from New York, 106k, having dissipated all apprehension of a further upward move- ment in the rate of discount. In the South-East money is worth 4 per cent. The principal feature in the English Market has been the continued large sales of New and Reduced Three per Cents, partly on account of the country banks, and partly, it is believed, by the Savings Bank Commissioners, to make room for an equivalent amount of Ex- chequer Bills now being sent in to the Treasury for payment. The effect of these sales has been to create a margin of 2 per cent. between the said stocks and the Three per Cent. Consols, the relative value of which at this period should be f per cent. in favour of the latter stock, offering a very advantageous exchange; Consols for Money, 91f 91f ; New and Reduced, 89f, 89f, Turkish Stocks have risen about 1 per cent. during the week, but with that exception prices are almost nominal.
'The English Railway Market has improved to the extent of per cent., and shows an upward tendency,- the traffics continue on the whole favourable. The setting in also of the fine weather is very much in their favour; indeed, unless we get any decidedly adverse news, an important rise may take place, it being apparent that stocks and shares have been over-sold by speculators. T91e present prices carry four months' accumulated interest, and it is well known that there is plenty of money waiting for favourable investment in the deposit accounts of the Joint Stock Banks and other places. The French Market has been quiet. The expected announcement of the issue of 10,000,0001. Railway Obligations has appeared,the whole of which will no doubt be absorbed by the financial institutions of Paris, and by the French public, with whom this description of secu- rity is highly popular. The subscriptions have been opened at the Bank of France, and applications for the bonds are likewise received here, at the agency of the " Credit Industriel et Commercial" Bank, No. 38, Throgmorton-street.
The English Market closes heavily. Consols for Account, 91f, 934 ; and for July, 92, 92*.
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