The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-03-10
FINANCIAL AND COMMERCIAL.
H~---- - --~-----~r~
NJ NE Y M A n X r II.

TUESDAY, March sc p NJ.
The tendency of prices in the stock market con-
tinues downward. At the first board today there was
quite active business good portion of which was
for cash. Nearly all the leading speculative stocks
show decline compared with the closing prices of
yesterday, ranging from u to 2 per cent The de-
cline was pretty general, and holders realized TO
some extent on each. There were buyers on time at
the current quotations, and after the board il APP
peared TO be the prevailing impression that it was
good time TO go in and take new line. At the
board Michigan Central bonds fell of / per cent;
Illinois Central Bonds, 1; New York Central Rail
road, /; Erie, 2; Hudson Railroad, q Harlem, \;
Reading, q Michigan Central, /; Michigan Southern,
2; DO. preferred, 2; Panama. IL; Galena and Chi
cago, IL; Cleveland and Toledo, 81 Chicago and
Rock Island, i; Milwaukee and Mississippi l.. Ten
nessee State skies advanced 4 per cent; Pacific
Steamship Company, /. great many purchasers
at comparatively low prices have undoubtedly rea-
lized since the reaction in the market commenced,
and in a few days they will be looking about for
something to do with their money. There is such an
abundance of capital that the difficulty is daily
increasing in finding profitable employment
for it. This fact undoubtedly has it. infiu-
ence in keeping outsiders well supplied with
stocks, and il viii be continually operating with
more force, in bringing new buyers into the market
A buyer of New York Central, Galena and Chicago,
Chicago and Rock Island, and Panama, certainly
cannot find better places for his money so long as
this plethora continues in the market and if holders
sell they must let their means lie idle or put them
In more doubtful and less productive securities No
particular cause Is given on either side for this de-
cline in prices. There are no indications of any
,ba In In MT of nnau al al.
In London, up to the latest moment the highest
quotations for consos sustained. The reduction
in the rate of interest by the Bank Of France shows
very clearly the views Of the most prominent fnan.
ciers in the great political centre Of that empire; and
from all parts Of Europe we have the strongest
evidences Of the permanency Of the present abun.
dance and reduced value OF money. Within our own
limits everything financially stands upon the most
favorable and most substantial basis. Our banks
are discountng paper at their counters at four and
half and five per cent, and the offerings in our
largest banking institutions are exceedingly limited
and far below the amount daily maturing. This is
70 temporary matter. II is not an affair Of week
or month but is likely TO continue throughout the
present year. declining stock market, therefore
in the face Of such money market, is so unnatural
and 70 unusual that must be very short lived. The
public may depend that no one will anticipate
MS on the change when circumstances will justify
such a course, but IL looks very much now though
the reaction upward would take stock 10 higher
points than they have yet reached.
At the second board the market opened and
closed al prices comparing very favoraby with those
current in the morning. The amount Of business
transacted was not large and no stocks were press
ing for sale. Pacific Steamship Company advanced
fraction prices ruling for the bulk Of sales at the
first board State stocks generally were well sus
tanned. Cumberland closed at Fl per cent which il
q decline Of I from the morning sales. Chicago and
Rock Island was steady at IS a s5l. This IS one Of
the irmest stocks on the list. New York Central
fraction better this afternoon than at the close
this morning. Erie was about the same. Hudson
River was q little better. Harlem was lower, and
closed heavy. Cleveland and Toledo fell Off per
cent. Panama shows a slight decline. Gslens
and Chicago left OF without change. Michigan
Southern, preferred was lower; while the old or com.
mon stock was fraction higher. After the board
prices ruled about the same, but the market was
heavy at the close.
heavy defacation In the Union Bank Is report
ed, and the first bookkeeper Is the party implicated.
The amount IL supposed TO be about 600 ,0OO From
his position inside the bank IL would follow that he
must have acted in collision with outside parties
The probability ia that some accounts have been
largely overdrswn, which has not appeared on the
books.
The Assistant Treasurer reports today as fol.
lows.-
Total receipts 3l29e2 81
peymenb. sss.ss.ssss.s...sss.s.ssss lOO,lOo 81
" balance. .....s............. 2,9ss, $50 OF
The receipts today include s9i 600 from customs.
The transactions at the Clearing House 10 day
were a. follows
Iutal exchanges. $50 Go o.
naAhcee ..s........s.......s.s i3Vc4,D3y ii
Tie Metropolitan currency certificates ase ~.