The New York herald., 1862-03-07
FINANCIAL AND COMMERCIAL.
THuRspAY, March G-GP. NJ.


and per cent. Parties who have spare funds
can still use them in Wall street, if not at at
per cent Paper is scarce; first class names sell
at5Ha7. We learn that the government dsburs
ing officers will issue to creditors the certificates
Congress- so as to cave confusion at the Treasury
Department.
Exchange is firm but inactive. Bankers rates
are ll2A ll3 for sterling, and 500 sos for
francs. There are very few bills in market; but
the demand is light. Most of the purchases to-
day were on account of Havana houses. Gold i'm
proved shade this morning. There were large
sales at 1925, and 1929 was given, buyer sixty.
The California steamer arrived to-day with $679 075
in gold
Stocks were generally firm this morning. IN
Erie and Central and one or two other descriptions
there was slight advance. The Michigan shares
were all "A "a per cent better, on the strength of
the large earnings of both roads, 1t is supposed
that the Michigan Central will declare another
dividend on lst of June. Nothing is known of the
prospects Of dividends the Michigan guaranteed;
but the earnings Of the road are so far in excess of
interest and expenses that it cannot be long be-
fore dividends are resumed. Galena rose q, and
Illinois Central H. at the morning board. On the
other hand, Panama fell OF / per cent, Reading a,
and Pittsburg "a. Governments were not quito SO
firm as yesterday. The market is one of ex-
pectancy, the general feeling among brokers and
spectators being that the success Of our arms and
the ease in monetary circles which will follow the
issue Of Treasury notes by government are cal
culated to render the bull more profitable than the
bear side Between the boards very little business
was transacted. At the second board there was an
improved demand for governments, and likewise
for Michigan Central which is very scarce, and for
which some Of the commission houses seem to have
orders. 'Other descriptions showed no material
change from the morning price. Spectators were
full Of rumors this afternoon; but they did not
seem to rest upon any reliable basis, and produced
no effect upon the market. Stocks closed firm, the
following being the last authorized quotations
United States 6's, registered, 1881, 927 90; do 6s,
coupon, 1881, 92s4 "a; do. SIS, coupon, 1874, s5I
ss; Virginia 6's, coz Tennessee G's, co a "a;
Missouri 6's, 522s %; Pacific Mail, 93% "a:
New York Central, s31l q sss; Erie, 34s1 35:
do. preferred, 5S2 SO; Hudson River, 81 u:
Harlem, l29s "a; do. preferred, 291e 60; Read.
ing, 40A a IL; Michigan Central, SAX a u; Mchi-
gan Southern and Northern Indiana, 23Js 2l1s:
do. guaranteed, 477s 4s1s; Panama, l161% lI71s:
Illinois Central, G41S 64s4; Galena and Chicago.
67a Gs; Cleveland and Toledo, 4511a 5k; Chca-
go and Rock Island, 56H q; Chicago, Burling-
ton and Quincy, 6S1S 65; Milwaukee and Prairie
du Chen, 20 a %; Cleveland. Columbus and Gin
cinnati 1897 ITO; New York Central rs Of
1876, 1887 loi; Illinois Central bonds (7's), 80
931a; gold, lo2 1925.
Speculation appears to be revvng in Eric secu-
rites. At this mornings board 591a, buyer sixty,
orxsx tba efo @ Al.
fourth mortgage. The common stock also ad.
vanced a 4 Ier cent Eric securities have not
advanced during the past sixty days, while New
York Central stock has risen nearly seven per
cent and other railway shares, with less claim to
the notice of spectators than Erie, have advanced
sti more. The earnings of the Erie arc at present
at the enormous rate OF $s,0o0oo0 per annum.
The property has passed out Of the hands of the
receiver back into the possession Of lis stocllold-
ers. The process Of liquidation through which il
has passed; the economics which the managers
have been compelled TO practise the unanimity
with which the creditors have accepted the
plan Of reconstruction; the successful com.
ple,ion Of the Long Dock extension, which
is destine; TO produce such important changes
in tie business OF the company. should, in
the ordinary course Of affairs, especially when con-
curing with The recent remarkable increase In the
earnings OF the road, have led to general apprc-
citation Of its securities. This result has been pre-
vented b. c large sales OF Erie securities for the
account Of forci n holders. II is understood that
the Trent affair al NO led to sales in our market for
English account of some 10000 common shares,
besides preferred shares and bonds. The supply
from abroad has been so large that the increased
demand growing out Of the improved condition of
the property has been fully met, and no advance
in prices has taken place. II is now taken for
granted by houses which are known 10 act
for foreign investors that the improved
prospects Of the country, and especially the
comparative certainty that peace viii be main
tanned with England, will operate not only to
check further sales Of Erie securities for foreign
account, but likewise to tempt many parties who
recently sold ont to replace their securities. II
the market were relieved from the supply OF
foreign stock which las been pouring into il {eE