The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-03-04
FINANCIAL AND COMMERCIAL.


will be necessary will be decided this evening At latest
advces to the hour which this column Is dated, the
Treasury Note bill had passed the Senate and was expect
cd to pass the House tackled to OF the appropriation
bills but certain members who selhshy welded TO
protective tariff understood to be prepared TO coope
rate with the opposition rather than pass the bill TO renew
the Treasury notes without modification Of thetarn II
their petty views and interests are not consulted ese
politicians are ready To see the paper Of the United States
70 70 protest. and the entire financial scheme OF the year
frustrated There is fortunately very little reason to be-
eve that they can succeed in their aims. Should the
present Congress expire, It will tomorrow, without
having provided for the Treasury notes. Mr. Buchanan will
instantly call an extra session. The members elect Of the
new Congress will be summoned to Washington, and ex-
perience justhes the expectation that they will meet
the views Of the administration and act In more bust
ness like than the present majority In Congress-
few years ago, II will be remembered, the United Staes
Treasury notes left unprovded for by thoughtess
and foolish Congress- and Of them actually went 70
protest for nonpaymens At maturity. They declined, on
that occasion, about 97 in other words they were
oureat at discount Of TX per cent Should any OF the
outstanding Treasury notes decline half 40 much or ~
per cent, the country may rely upon it that no more
specie would be paid into the Sub Treasury for duties
Al H. the Treasury notes being current at discount OF
only 80 cents apiece the SubTreasury receives some
cned to 90 90, they would very speedily find their way
back into the public treasury and the government could
not meet It's obligations for the public service. In any
event. II the matter be not settled to night an extra SEES
aon would seem inevitable
Money continues TO be cheap ever Four per cent
Ia the rate at which oil call loans are being made
Outstanding loans at Eve not paid OIL as tnere no
saying when may not have another slight furry In the
money Market transactions generally rule at the
lower figure In the discount market prime sixty day &C.
ceptances 20 OF about fve nothing in the shape Of mer
camille paper can be quoted below that figure Long
paper good, is done at according TO character
of names and date Both banks and private lenders CON-
plain of the want Of demand But little is doing in the
foreign exchange market Bankers holding for 1924
ITO for sterling and there is general expectation that
exchange will continue to be high tomorrow, and that
some considerable parcels Of gold will be shipped On
Saturday.
In the stock market to-day there better feeling,
and prices were higher Several commission houses re-
port that they beginning to get orders from outside
There is no expectation that the public will rush In blind
y buy anything and everything at any price, as used
to do In the old days Of ignorance but the spring ad
vances and business deveopes natural to expect that
the railways which have weathered the storm Of 1857 in
safety and are doing improving business with reduced
expenses will again command high prices II Is with the
railroad companies with the merchants Mercantile
houses which rode out the storm of 1857 and remain in
sound condition. present. gensra rule doing as
fair business as they could WISH just all sound rail-
road companies which suspended dividends put stop to
needless expenditures for construction and improved the
crisis by introducing economies into their administration,
will in short time be In better condition than ever.
And there is always, at financial centres like New
York, large amount Of idle capital for which the
stock market affords employment is natural to expect
that reports Of improving business come in,
there will be general advance in the stocks which
represent these sound properties. As the spring ad
vances too speculation will naturally grow out Of the
prospects the crop. short crop in Europe and an
average crop In tho West would speedily obterate all
traces the revulson Of 1857 and would give the best
lines Of road an ample and remunerative business
Some Of the roads Of course are past hope No crop
could most Of the Western lines from bankruptcy;
the best that be wished them Ia speedy and safe
transition into the hands Of the bondholders But both
the Michigan roadside Central and the Southernthe
Galena ana the KuCK niani o~.nnt ha prevented from
doing handsome business II the crop in the West any
thing like an average The two latter have the advan-
tage Of o small debt which puts them to 4 mode.
rate expense for interest The two former have
. line Of road almost unequaled for traffic when
the West is In q prosperous condition. Holders
of stock in the Michigan roads will, however, Hnd IL
advantageous not TO conne their interest to the stocks
Of these roads prudent economy requires that each
stakeholder should likewise be bondholder The eight
per bonds of the Michigan Central which were selling
some months ago at &c. still be bought four FIVE pei
cent below par the per cent stock Of the
Michigan Southern, which equal to bond the ten
per cent must be paid rrespectively Of the earnings
Of the road is selling at as 49, with Is per due
on it, Stockholders these roads act mprudenty ifthey
hold common stock without taking corresponding nteres
In these higher securities.
The most active stock at the Board continues to be New
York Central, which the bears have oversold and in
which there is believed TO be active bull movement
originating with the Albany party. The stock opened
this morning at decline Of u from yesterdays
closing price, but before the adjournment tho price
was higher than yesterdays In the afternoon
1t advanced still higher and closed steady. Next
10 Central the most active stock to-day was Michigan
Southern guaranteed, which advanced q X closing in
demand The other Western stocks-Galcna Rock Island
and Illinois Centra-were likewise BETTER and were freely
taken by the brokers at the advance Pacific Mail opened
stronger but fell of before the close of the morning
session. in the afternoon however, recovered closed
steady The stories about Commodore vanderbts illness
unfounded The Commodore is in excellent health
and does not intend to be bued out of his route As
soon the directors Of the Pacific Mail have got through
with their stock speculaons they will accede to his
terms, there will be weekly line TO California, and the
Pacific Mail stock will naturally rise 10 the neghbor
hood Of par Panama is steady Hudson River, Harlem
and Reading oil quiet awaiting their turn. The bust
ness in bonds very light and prices rule were
shade lower. Missouris led the Decline falling S5 bid
the reaction from the excessive advance of the other day
After the Board, the arkot was steady. The following
were the closing prices
Missouri, s5H 4; Canton, 20 Il; Cumberland, 23X
"a; Pacific Mall Tx n; New York Central, sozt 81
Erie, l2K u; Hudson River, 32,S NJ Harlem, TX a
49, Reading, 49Ka, Michigan Central, Sax e; Mi.
chgan Southern, 49, ~; Michigan guaranteed, 4sX a
49, Panama, III III Illinois Central COX Y; Galena,
II a u; Cleveland and Toledo, 291S u; Rock Island,
82aH.
The business Of the Sab Treasury TO day was
Total receipts 1922 0l2 90
For cuftoms $4,000 90
povr roo5 70