The Sun.
London, England, 1867-03-02 00:00:00

COMMERCIAL.

NEW Yoax, Saturday, Feb. 16.

Money continues abundant at 5 to 6 per cent., large
sums being even offered on Government Securities at from
4 to 5. At the West, however, the stringency does not
abate. At Cincinnati the rates are quoted at from 9 to 12
per cent. under the most favourable circumstances, and in
the open market it has gone as high as 24 per cent. This
state of things extends to Chicago, where money is scarce,
and becoming even more so. Wall-street is in a perturbed
condition. Many of the operators.aro watching their op-
portunity to relieve themselves from their engagements
with as little loss as possible. The Stock market continues
feverish, with sudden and fitful rallies, but with a decided
tendency downwards. Government Securities are strong
and there has been an active demand, but the railway
market is weak and declining. A special set has been
made at Erie. The average price is about 55, but on Wed-
nesday it was done at 53. The receipts of this road for
January have fallen off from the receipts for January last
year by nearly $280,000, and the most has been made of
this fact, though the reasons of the decrease aro obvious
enough, and such as to cause no anxiety on the part of the
holders. The severity of the winter, the country being
covered with snow, and the railways blocked, will cause
quite a general loss on all lines. The leading Western
Railway stocks are, however, iu good demand, and, being
firmly held, command high prices. Notwithstanding the
severity of the weather in January, the Pittsburg, Fort
Wayne, and Chicago Railway earned a slight increase
over the receipts of the corresponding month of the pre-
vious year.
Although slowly trade is still gaining strength and acti-
vity. Holders of goods are less inclined to force sales, and
hold in preference to selling at purchasers' prices. It is
evident that they look for better times, and anticipate a
favourable movement early in spring. Gold fluctuates be-
tween 136 and 137. There is not much demand for ex-
port, and little over half the sum was sent away in last
Saturday's steamers than had been shipped the week
before, $216,000 being the amount against $418,000 the
previous week.
The first series of two hundred millions of the 7 3-10
Loan matures in August, and will be funded into Five-
Twenties. To facilitate this process, Secretary M'Culloch
has announced that the Treasury department will pay the
express charges on all packages of bonds sent to Washing-
ton before March 31, and on all Five-Twenty Bonds returned
before that time. The Secretary offers this inducement to
avoid tho rush upon the Treasury during the month of
August.
The following are the latest quotations: American
gold 1361, United States Five-Twenties (1862) 1091,
(1861) 107 i, (1865) 1071, (1865, uew issue) 101 Uuito

gtates Ten-Forties 101, United States 7 3-10 Loan 106,
Missouri Sixes 92, Virginia Sixes 55, New York Central
Railroad 1001, Erie 561, Erie (preferred) 72, Hudson River
1281 Reading 104, Michigan Central 1071, Michigan South-
ern and Northern Indiana 73+, Illinois Con tralllsl, Chicago
and Alton 115+, Cleveland and Pittsburg 831, Cleveland
and Toledo 119, Chicago and North-Western 36}, Chicago
and North-Western Preferred 67, Pittsburg, Fort Wayne,
and Chicago 971, Ohio and Mississippi Certificates 25i
Western Union Telegraph Company 43}, Pacific Mail
Steamship Company 152}, Atlantic Mail Steamship Com-
pany 102+, Cumberland Coal Company Preferred 36, Can-
ton Company 461, Quicksilver Mining Company 411,
Mariposa Mining Company 101, Mariposa Mining Com-
pany Preferred 21+, Boston Water Power Company 26}.
The following remarks are from the Baltimore Weekly
Commercial, of Feb. 16:—" The continued inactivity of the
New York Stock Market has at last tired the patience of
many recent holders, who have for a long time past been
expecting an opportunity to get rid of their stocks at a
profit, and realisations have been sought generally during
the day without reference to first cost. Outsiders have in a
great measure becometimid, and, as we anticipated some few
days since, the whole market has declined under the pressure
of sales, and it is very probable that even lower prices will
rule before any increased activity takes place among usual
operators. It will be out of the question for another panic
to overtake Wall-street such as it has recently passed
through ; the condition of the money market is such as to
preclude the possibility of such a contingency, and prices
have not yet sufficiently recovered toward their former
status to admit of a much further deterioration. There can
be little doubt that after the market once becomes settled
we shall witnesd the opening of the spring campaign, and
that the WI side will be the favourite. As matters at
Washington wear a more distinct and feasible aspect, the
public mind will become more settled, business must re-
vive in every branch, and the New York Stock Market
will certainly be favoured with a renewal of its former
activity.