New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1858-03-11
COMMERCIAL MATTERS

and closing firm The old bull clique, whose influence
has hitherto been 70 powerful in sustaining prices,
were buyers again in the rally, either for the purpose
Of taking new interest in stocks at the more attr scve
figures offered or to che * a downward movement
which would prevent the realization of expected profits
on the bslsnCe of stocks remaining 10 their hands.
Ncw-York Central opened at 50 but was quickly sold
Up to %, from which quotation a revival aterwad
took place aud the bidding price up again to 9OI.
E,e went down 10 % but had the revivng iutu-
ences brought to bear upon it, and up to 80 again at
the close. Hudson River very active, with sales at
80 at the start but was in demand at 30 in concluding
transactions Reading steady at from TO to 6O!,
and did rot to sympsthize strongly in the gen.
eral depression. Michigan Southern broke down TO
27I and was one Of the weakest stocks operated IN.
Gslena held up very well as compared with other
stocks and at the close was steady at 92i Toledo de-
cined TO 4Si Rock Island opered at 81 and in sue
ceedipg sales went down to 50, but slightly
better before the cal terminated. Milwaukee and
Mississippi fell off | b cent, and sold freely at
the decline, but the supply was not exhausted
at the quotation. La Crosse was about the only
stock on the list which did not 10 be affected
BY the downward movement of the day, varying but
from the ruling prices of yesterday. Cumberland was
b.avy and went to 10. Pacific Mail Steamship Com
pany was sold down to 20, but had especial promi-
nence in the transactions The land stocks were ole'
raby steady. Canton shows decline OF per cent.
Cary Improvement was firm ut from = to - during
the day. Between the Boards there was considerable
excitement, and prices were generally knocked down
again to near the opening quotations of the morn
ibg At the afternoon session. Erie Lost ground
again, and was done at 90, during the call,
Though frmer Immediately aterward. Hudson
River held its Improvement with fair de-
gree of firmness. Michigan Southern underwent
further decline, touching 26i in the registered sales,
and finally selling down to 81. The Preferred Stock
was also heavy, dropping down to ., but ralying
slightly at the close Reading broke from the m0rrog
prices and brought up at IS. Galena declined y
cent and Rock Island touched 81 during the call sell
Ing Immediately after the adjournment in large lots at
50. Toledo declined | T. cent. Michigan Contra!
dropped / ard was dull. The sales of Panama were
small at mode rate concession The market cOntn-
ed active, and excited up late hour in the street.
but concluding transactions were at a decided inn
ptovement, and the impression seemed general
that the reaction had fairly commenced. Most
of the weak holders have probably been thrown
overheard, and strong parties have been attracted at
the reduced quotations; the result will naturally be
gradual if not rapid hardening of the market, and
peItal restoration OF prices within a few days. Ii is
seldom that such capricous state Of things ia wit
messed that noticed during the day, and has been
a matter of difficulty to tell from one half hour to
another What the condition of the market really was
at one moment the movement promising strong i'm
provement and at the next presenting features pre-
ci,ey the reverse. The latest bidding prices were for
New.Yolk Central 90i Erie, 29i; Reading, 58i;
Rock Island so; Hudson River, 81; Toledo, Al;
Michigan Southern, 90; GaeDa, Oh Panama, 1867,
&C. The foreign cOmmercis news by the Canada was
cor sdered favorable, but the political news and the
quotation fer COnscls assisted somewhat the unfavor-
able features of the market at the Second Board.
There is nothing of importance doing in Foreign Ex-
change and the tendency of rates is downward. Bills
aIe accommodating while the demand is very limited
Freigbts are dull To Liverpool 900 bbls. Flour at
Is Cd $50 bales Cotton at 3D.. % bales Sea Island at
2-lfd; ESQ boxes Bacon at LA. 3D.. 600 bbls Rosn
at IL. 3D. q. To London, 80 boxes Bacon at s 3D.;
$50 bb- Rosn at 2s. 3D.. 300 tuns Oil Cake on private
terms; 80 lC0-fb boxes Tobacco at e. A bark to
North SIDE Cuba and back with Molasses at % y ITO
gallons. The first Deal charter made this season tran
spired to-day II was for vessel to load at ST. Johns
for the British Chanel at 67s Sd.
The business of the Sub-Treasury was: Receipts,
So, 500 3l-frcm Customs, 1881 Oo0i Payments,
81. ,643 -; Balance, $3.50 us To-
The inquiry for Treasury notes is fair in the street at
y cent discount. As the 18th approaches, thereis
more movement in regard TO bids for the new iSsue
Several institutions in this city preparing to make
bids How not TO do it, seems TO be the ruling prnc-
pie at Washington well as in the red tape ofhce.
The Secretarys advertisement for bids requires that
10 bid shall be made in fractions smaller than quarters
and states that conditional bid will be received.
The Secretary duty under the is plain and in the
act there is authority for any of these restrictions
II bid OF e5-l0O y cent should be made and tnis
was lower than any other the notes must oe a"afoeu
to this bid. The Secretary has no discretion 10 'nfo"
out; and II conditional bid for the wno'e or none
should be made upon terms which were more ia'oraDe
to TIE Government than aggregation Of smai'r
bda although some OF them might be lower, II would
b.. plainly the duty Of the Secretary 10 award tue
whole smourt 10 ouch bid This has been Liways
the course adopted WITH our State loans, and the
nrecedsrt il good one Mr.. Cobb has only to exc
cute the law Of Congress and should not srogate to
himself powers he does not possess by modifying the
law. He should facilitate instead Of embsrass the
PROPOSITIONS for the loan. He should try how 10 do it.
Tie Metropolitan certificates reduced to $73i 900
The exchanges Of the Clearing. House were to-day
sl4 COs, Geo. Tie Phenix Fire Insurance Company OF
Brooklyn have declared semi.arpual dividend of 10
y cent payable on demand. At en- auction sale OF
upholstery goods to-day, the atteriaDce was large and
the bidding epirit'd The foe Lace Curtaus aud toe
r:chi DsmAsks brought very good prices; while the
e,mson Muslin Curtains and the iof, nor Damasks add
Plusbes sod low. There has been movement
Dry Goods at private sale within few day., but
the activity s 20! important. SfWs Seathen buyers