The New York herald., 1866-04-30
FINANCIAL AND CONNER CIAC.


an the Stock Exchange during past week, with the
exception OF short interval following upon the receipt
OF the European reporting panic in the London
stock market attended by depression or consos 70 sos
. s6k The recovery was as speedy as the decline,
(which was slight as II became better understood that
ahers was nothing in the condition OF monetary alairs
abroad which could exert any material effect upon the
money market here The danger of the situation 1t was
seen lay in the possible securities in amounts
80 large sudden demand for gold TO pay for
them involving of course, corresponding advance of
the premium and the rates Of foreign exchange. But,
singuarly enough, although fve-twenties quoted In
London a per below the home price, they ad-
vanced after the arrival Of the news from 1o5A 10
400 \, and remained steady up to the close OF the
This partly due TO the fact that the bonds had
been sold somewhat largely "short by the German
bankers and others, in anticipation Of quicker ana
more considerable return Of them than has been yet felt
in consequence Of VII the sellers have been compelled
IN many instances "cover their contracts at loss,
these securities being scarce In the street, with
borrowing demand in excess Of the supply. The
ease in money than this, however, en-
abled the holders of The bonds to ignore the foreign
market while the current discussion Of prospective
I'VE per cent long loan for funding seven-thrties i'm
parted rength TO all the six per cent stocks But as
che success Of such o loan would be dependent upon
reduction by Of Congress of the rate Of interest
fvetwenties upon their maturity, or rather when the
option of redemption TO the ut the
expiration of five years from their date there would be
nothing justify any considerable advance in the latter
on this ground. The largest portion of them-namely
che first issue, of nearly Eve hundred and fifteen mil
aons-are redeemable after the 1st of May year.
1t probable that Congress will take action upon
the subject of their maturity and conversion into i've
per cent stock during the present session.
, The railway share speculation showed increasing
strength and animation and the ''short'
account limited for the prudent Of the BEARS
seeing the tide running so strongly against them are
naturally disncned to incur heavy risk FOR the clear
of light profit Hence the opposition to the ad-
vancing tendency of prices diminishing and all efforts
to break the market paake Of the character Of sporadic
raids aimed at the traing booty OF one per cent,
which is not always secured. Hudson River has
shown great hrihness, and advanced 1H per cent
under its largely increased earnings Northwestern pre-
ferred is strongly held and advancing from the same
cause and the prospect of early resumption Of dvi
dends In the miscellaneous list Marposa preferred and
Canton have been active and in the ascendant.
On Saturday the market was dull, owing to there being
afternoon session Of the Stock Exchange but closed
steady the street at the following quotations Road
ing 1857 log, Hudson River llO3S bid New York
Central 927l 90, Erie 73% 5S Michigan Southern
sos4 q, Cleveland and Pittsburg SIX x, Cleveland
and Toledo 104I Il, Rock Island 1928 1913, North
western 2S2s 20, preferred 5SA a So
The condition of the money market has been one OF
unbroken ease and the Stock Exchange has been freely
supplied with loans at 5 per cent. The supply Of
capital seeking employment has been far in OF
che demand that large have been temporarily
invested in government securities all descriptions Of
which have advanced accordingly. The deposits in the
city banks have increased from $3.50 ss1 the 10th
of March to sl96, soS57s the 2lst of the current
month and the drain from the westward still continues
The prevailing is likely to be still further increased
by the reduction Of the of interest temporary de
posts made with the subTreasuries to five per cent,
the take effect from the 18th Of May, and the o
cial notification, dated at Washington yesterday that
the Assistant Troasurcrs at New York, Philadelphia
and Boston and tho Uuted States depositares at Bai
more and Cincinnati have been directed to discontinue
henceforward the receipt OF deposits account OF the
temporary loan, except those intended for clearing
house purposes Every accession Of loanabIe funds in
Wall street have tho effect under existing crcum
stances and in the present temper Of the public mind Of
imparting additional impulse TO speculation for
rise the Stock Exchange; and all apprehensons that
any funding loan which the Treasury may ultimately
offer will tend to disturb this state Of affairs unfound
cd, such will b, exclusively intended to absorb
thirty notes and other noncgal tender portions OF the
floating debit aud far IL Is successful II will merely
be in exchanging form of security for another
The gold market WAS very firm and the of tho
premium steadily upward, under the influence OF the
gn avices and the scarcity Of coin for delivery in
proportion TO the demand, loans Saturday having
been made at y - per cent per diem, with some dii'
Guilty borrowing at these rates The bears have
thus been severely takcd to keep their "shorts out,
and there is some prospect that the relief upon which
they rely from the payment Of the May coupons will be
less than they expect the supply in the banks and
40 al
plcnishing The range of the market during the week
from 1861 TO l-o1i, tho closing price beng l2sh
as
The semi annual interest S5l4, $50 500 the original
ISSUE of Gvetwcn,e will be payable the 1st proxi
mo- the amount being sljii3 AS also 500 600 900
OF the second issue the beng 50 0Oo 000 also
on sos I75 500 OF the third ISSUE the amount being
nearly millions. The principal Of the fve-twenty
loan aggregated the 1st instant $67o eb6,O 600,
hut what it will be on the 1st Of May 1t is m.
possible to say And this reminds that he has not
yet explained the OF the remarkable changes In his
last published statement the style OF which last, by tie
way, calls for Improvement and far inferior to similar
returns made by his immediate predecessors II gives the
least amount Of Information possible for such document
and Is mere apology what 1t should be- 1t fails to
state the amount of each kind OF security outstanding
csuaraely but lunps the securities bearing the same
rate of interest together 1t omits the authorizing acts
she OF redemption, the amount OF Interest and the
fime when such payable. All thisis very unsatisfactory
20 the public surprised that practical man
such present Secretary Of the Treasury supposed
Go be should adopted form of statement 50 obscure
and imperfect
Foreign exchange was very firm, and tho rates adj
<auced IA poT under the threatening aspect OF
The German quosliop, and the decline in cotton and
American securities IN England Bankers bills on Lon
don at sixty days closed nonnaly a. l0sIs, and com
ncrcIa at 1917 a los. The cotton market here de-
cllucd IN sympathy with the depression at Liverpool; /;
but there was little disposition shown to press sales The
receipts at all the ports for the week only 80 900
bales while the exports have been about 60 900 bales
Al Ia Inc .ncha must soon be so far dLmnished as