The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-01-12
FINANCIAL AND COMMERCIAL.


uence that is, they talk OF general collapse OF the
market values for goid stocks produce general merchan
disc and everything To be bought with money involving
widespread bankruptcy among the commercial
ind financial community, and . complete
tong OF all that has been done within the
hst thrs four years Is for railway property, they
pgard nothing worthless present prices and
eason If they sherty to be superseded by re-
wal OF sago coaches and canal boats especially adapted
for freight and passengers. Everything must come
down with crash, and our merchants must be broken
before the financial system created by the is swept
way and the old order OF things restored; and the
ME- failures there the better. These mon
utter these wishes and prophecies with carnestrcss
ana 'srous purpose; for they are ''shor" Of
soia or soc both, aud In the midst of tho ruin Gro
a'oo oy Widespread panic they would gather unto
themselves rich~s
When they say th.. the earnings of nearly all Of the
leading railways less than they were at
the corresponding period last year they utter fact but
they fail to tell how much larger Aey still. arc than they
were in 1864 They speak vaguely Diminished earn
ings In the future, while they forget 10 mention
that the completion of the Pacific Railroad viii
add largely to tho receipts Of the main Ines
extending from this centre westward and Which
prospect although somewhat remote one-two years or
lcss-is entitled to consideration in estimating tho fxure
OF the railway interest in this country; for IL will bring
with it an immense diversion of traffic from Chins and
tho Orient via San Francisco. II Is commended that
holders Of railway stocks for are selling them
out and investing in government securities; but So
Che movement has thus far been felt to very limited
extent, and its influence upon the uarket is
slight Even accepting the argument that the earn
angs Of the roads VIII continue decrease without
their working expenses decreasing in proportion ibis
TO be inferred that they will be unable pay dividends
The fact of the Is that far Wall Just
cd var la atto to p,;J Tho
values of stocks, the only question being what areu-
mens will best TO knock them down The market
Is influenced almost entirely by the o. specuit
aton and by the brokers themselves, and for the last
few days the great majority Of them have found 1t much
profitable TO sell than to buy. In the pursuit OF
wealth they arc with few honorable exceptions
entirely unprlncpcd and the bears OF to-day may be
the bulls of to morrow.
While railway stocks worth less than they
last year. according to their earnings Tor month or two
past VIC sos no occasion for panic and it is the duty of
public journal to ruSraic far can the efforts of
those spectators who seek to produce panic without
adequate reason, by stating 10 the best OF its know
ledge the facts surrounding the situation, mud pre-
venting useless sacrifices Of securities by the public
Wall street prices criterion of real values, and
Wall street has done more TO damage railways and pro-
duce corrupt management, involving long train OF
cidents and the loss OF tens Of thousands OF lives than
try put together Wall street will run stocks
up with the celebrity as 1t is now running them
do~h, whenever the present bears resolve that it will
pay better to turn tho other tack. Tsoy will thea
argue from the figures that stocks ought 10 no
higher only to turn about again and talk them down 1t
will be good thing for the railways OF the country
when their stocks all OF Wall and in the
hands Of honest investors
Az the early session Of tho open board New York Cen
M -
Michigan Southern 67 Cleveland aud Pttsbnrg I7ys,
Rock Island 1857, Northwestern 3a., preferred 5sH,
Fort Wayne 81, Ohio and Mississippi certificates ssh
AT the rs. regular board Erie closed Z, lower than
che haif-past two board yesterday New York Central
Az Reading N Michigan souihrrn l,s Cleveland aud
Pittsburg az Northwestern y. preferred IL. Rock
Island I, Fort Wayne ga. Government securities
Grm. Coupon 1vc-twentcs of tho old issue advanced
u sevepthrty notes of the Arst series y lower
AZ the ono o'clock boards the market steady, but
afterwards tho street IT weakened under the false
Of heavy failures and two hundred million loan
mipanc.like state Of things followed by a
stcader feeling at the balf-pas two board when Erie
closed 1I lower than At the rst regular board, New
York Central ~, Hudson H. Reading "a, Michigan
Southern 1, Cleveland and Pit.sburg 2x, North.
western l, Rock Island Ia Fort Wayne Ia. Cum
berland 1. Government securities dnll and coupon
6votwenties Of the old issue :. lower
further fractional decline took place, but subsequently
better feeling prevailed and the decline recovered
At halfpas Ave O'Clock Ere quoted at ssK, Ccye-
land and pittsburg 75'i y Rowling lo Michigan
Southern s74, Now York Central saN.
Money in abundant supply at per cent call,
with exceptional transactions at Ave per cen, gov
ernmeat coatcrals. Increased caution is observable
among Lenders the discount i1r aad tho second grade
OF comm, rcial paper T. not IN favor. Prime at
short dates arc however taken freely At per cent
Tho gold marse. sti abprs under strong "bcar" inu-
aud afr opening at 1884 and advancing 10 $50
It declined at tho close 1855 Loans were generally
made at oncsxtccnth per day in favor OF the lender
Foreign exchange dull but steady at 1857 100
for bankers bills England at sixty days Southern
bankers bills sold ioss n.
Pctrole stocks steady and moderately active.
At the second board Bennclol Run closed a, $40 Blu
chanan Farm 7sc, Bradley a., Empire City SOC e.
cclsor CSC, Manhattan sic, New York, Philadelphia
and Baltimore a3c, Palmer 80 %, Pholc Crock S,2 80
United States s23 f. 49, Webster 81 o.
There indications that the subject Of renewal Of
the Reciprocity treaty with TIE British provinces viii
shortly no debated in Congress an commissioners from
the Canadian government have boen already sent "a
Washington TO make representations regarding futurc
commercial Intercourse tctc@n the Two countries, boar
ing OF course upon the treaty. Tho LATER Is by man,
supposed TO apply Canad ard the fisheries only where
IL equally Affects all the British colonies Ia Nortl
nerica, including Prince Edwards Island, but will
certain rcservalIons TO Newfoundland.
Tho following are the articles Of The growth and pro
duce OF the British colonies the United states which
arc admitted each country respectively free o
duty under tie esty:-Grain -four aud brcadstais Of
all kinds anrr' II all kinds; fresh smoked and saiicd
meats; cotton wool, seeds aud vegetables; undf e
fruits dried fl; nsh OF all kinds; products Of nsi am
OF all osisr creatures living in the water pouI
try eggs hides. furs, skins or tails. undres-ed
stone or marble In IL crude or unwroagh
state; slate; butter, cheese tallow; lard, horn.
msnurcs; OF metals OF all kinds; coal, pitch. TAR
turpentne ashes, Hmbsr and lumber Of all kinda