The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-02-27
FINANCIAL AND COMMERCIAL.

THURSDAY, Feb. 26--6 p. NJ.
The gold speculation received check this morn
ing. partly in consequence OF the tenor of the ad-
Woes from Washington respecting the financial
measures, and partly from the proposed tax on
dealings in gold. The price, which was about l72
at the close yesterday, opened at III to-day, fell
to 1921, then rallied to l7llS sold in the after
noon at i72 and closed l7lllS bid. Bills ductuated
between 1877 and 1879. 1t is pretty clear that the
proposed tax will deprive some of the gold gam
blers of their vocation. When they have to pay
one-quarter of one per cent ON each purchase or
sale Of gold and one per cent to the bank which
carries it, the margin for profit will be reduced
that we shall not witness rs many "quick turns
as at present. Let alone, and left to the opera
ton of the laws of political economy, gold would
decline considerably from present points. But II
cannot decline much 30 long q couple OF hun
dred people are gambling in it at the rate of half
q million an hour.
Money is easy enough at8'a per cent. Few
Of the brokers are willing to pay over Q, and the
supply at this rate is adequate for the wants Of the
street. Commercial paper sells at a 8 per cent,
and Is unccmmonly scarce The banks are eager
buyers Of certificates OF indebtedness at the recent
advance.
The stock market was irregular this morning.
Governments were very firm; the registered skies
were 4 higher. and the April and October notes
once more touched los. The demand for these
securities appears to be evenly divided between
the country towns in the interior and foreign
capitalists. As q general rule, railway shares
were lower. Erie declined a per cent Pacific
Mail ", Central "a Hudson 1. Harlem 1, Michi-
gan Central l, Southern old "a, guaranteed TX,
Illinois ~, Galena Ia, Toledo 1, Rock Island ~
The only stocks which improved were Pittsburg,
which rose per cent, and Fort Wayne, which
rose a. The advance in these stocks is due
to the announcement Of the ratification at
Pittsburg yesterday of the consolidation Of the
two companies, thus putting an end to the
rivalry which has so long existed between the
call rair' and "rail and water routes between
Pittsburg and Chicago. The consolidated compa-
ny becomes one Of the most powerful, if not the
most powerful, railway corporation of the West,
and stockholders may ut length congratulate them
selves on the prospect of regular dividends on
their property. No line of railway in the country
ought to prove more lucrative than that which
leads from the great manufacturing centre of Penn
syivana to the great agricultural depot of the
West. At the one p. M. session of the public
board the market was rather tame until the close
of the session, when a rumor that Congress had
agreed to q further issue of $500 900 900 legal
tenders started speculation afresh. and higher
prices obtained all round. At the second board
the rally was not sustained, and decline of Z,
Il per cent took place. Pacific Mail fell per
cent on some short sales, predicated, perhaps. on
the recent announcement of the Secretary of the
Treasury in relation to the c0asting law. At the
four p. M. session of the public board the market
was steady, without animation, the following be-
inr the closing ouOtatioDs.-