The New York herald., 1866-01-29
FINANCIAL AND CONNER cIAL.


SUNDAY Jan 2s 1885.
Hus,n.z, IN the Stock EXCHANGE last week continued
dull and prices experienced further decline The pre-
yang sense of uncertainty with respect TO the future
financial policy of the government induced very tame
sneculatye feeling on bull side Of the Market and
the bears were emooidened 10 hammer 1t accordingly.
On Friday afternoon however, 1t developed reactonay
ten iency and prices improved until near the close Of
Saturday when they reapsed under sudden weak ming
In Erie and the whole market closed heavy. At half
past five O'Clock Erie was quoted at sih New York
Central ELK, Reading ss7i, Michigan Southern osk,
Cleveland and Pittsburg 7s1s H. Northwestern
2sA u, Rock Island 9S, Fort Wayne 9s u h.
The large outstanding 'short" interest acts strong
incentive for the bears to keep tine market down; but
in view Of all the legitimate influences affecting prices
at present. the latter ought TO have touched ha pan
Temporarily At least The prospects of the leading rail-
ways having large spring traffic favorable, and the
earnings are consequently more likely to experience
considerable increase than ths further decline which
the operators for fall confidently predict, more Of
course to promote their speculative ends for the
time being than with view TO being ultimately en-
rolled among the small but select galaxy Of true pro-
phets With a very few really conscientious ald honor
able exceptions spectators the Stock Exchnge talk
railway securities down because they are Short O!
them not because they believe they selling for more
than they are worth any other substantial reason
Whom these men bulls they talk stocks up with
the persistent disregard Of principle as they talked
them down when they were bears Their opinions are
OF no except indicating their own course on the
market and the extent they may influence others in
buying or selling
Government securities depressed up 70 Saturday
morning, when the news of the advance in fvetwertes
the London Stock Exchange from ei1s 65 on the
1l,h inst TO SO the 18th caused recovery of II
n,yat h1t kaf
advance was afterwards lost, and the market closed
dull scven-thrty notes declined u u, and bonds
about per cent during tie week
The gold market firm under the influence or the
advance In the Bank Of England rate of discount to eight
per ami heavy demand for customs dut es, the lat
Ter aggregang for the week about three million two
hundred Thousand dollars. The price advanced from
13sx y on Monday morning to 1894 q at the close
of business saturday The disbursement Of co inter-
est ct the sub-Trea5ury for the week amounted 10
s279 s42 The shipment of gold by saturdays
was s34l, 100.
By return recently published 1t appears that Great
Britain imported in 1864 gold and silver the value Of
f26 O6l and n 1855 to the value OF 600 2s5 507
while she exported of gold and silver in 1854 only
f22 1885, $685. and ia 1865 f4 0S6 1872 thus gain ng sup
ply Of more than ten millions sterling durni the two
years large portion Of this was, Of course consumed
In the arts and man gfactures
Foreign exchange Ill, under a moderately full
suppiy Of Southern cotton bills At the close Of the
week bankers sterling was quoted at 1857 y, the
latter be the selling rate throe days, l0os 11OH
Southern cotton bills 1o71S 1osx; commercial 107x
q 1osX franc, 6l7H 52lH. Tho receip's Of COT
ton at this point the week ending the evening OF
Friday last Is 5l5 bales aud the shipments Is 0s2
bales. The receipts at the Southern ports have
lattery shown q falling on, but there is less dis
position 10 hoard there than was apparent few
weeks ago. The stock at New Orleans the Goth
of January was reported to be 1sl, 900 bales; at
Mobile the date, 200o0 bales; a. Galveston,
on the Is h. 20 S9S bales; at Apalacheola Fa on De-
cember 30, 25 52s bales; at Savannah January 90
p622 bales; At Charleston, on the same date, 2,S2i
baea The stock Liverpool the 18th inst was
estimated at 392, 200 baes The stock in Now York on
the 23d inst was estimated II 678 900 bales Should
cotton not continue to 60 forward TO Europe freely
higher OF exchange likely to be current; bat
therc s at present moderately brisk export movement
and the imports show slight decrease the gold value Of
those port for the week ending the 9th having
boen only 34o29,o2S.
The money market remained easy at per cent for
call loans during the week, with the supply Of capital In
exosss OF the demand Hence lenders have In not
. few instances placed . portion Of their funds
with the Sub. Treasury temporary deposit and the
balance In the latter stood Saturday afternoon at the
large total OF $50 SIS II s reported that the Trca
sury has In contemplation 10 reduce the rate Of interest
deposits ave per cent the present rate being
six and also 10 accept deposits at cal-that is without
the usual days notice after thirty daysa four and
half per oent the government Issuing therefor de-
mand certificates Why the Treasury should appear
desrous OF ransacting . banking business. and what
benet II Is likely to derive from the proposed deposits
It Is dinhcult 10 perceive The temporary deposit line
ought bs ouraed instead Of extended by extra in
ducements held out TO depostorA
The following table shows the quotations Of the lead
ing shares session OF the Stock Exchange