The New York herald., 1866-03-29

Az the early session Oh tue open BOARD MtchiRan
Southern tsacs 5000 sharss) sold at SEX, Eric tsaes
1900 s2E. Reading saes so0) 10l New York Central
(saes l.O0o) 02h, Cleveland and Pittsburg 7s Rock
Island ts 81 1lox, Northwestern preferred 5o,s, Fort
Wayne 921 Canton 47 At the first regular board the
market without speculative activity but its was
steady. Michigan Southern (sales $1,000 closed y
higher than a. the half past two board yesterday
Fort Wayne y, Western Union Telegraph 4. Erie
was y lower Reading u, Cleveland and Pittsburg
y, Rock Island u. Mariposa preferred sold At 1sH.
Government securities were strong but quiet Coupon
vetwenties Of the old issue advanced n ten-forties r.
At the O'Clock sessions the market was steady At
the halfpast two board II without any marked fea
turc. New York Central Erie and Quicksilver closed
without variation from the latest quotations at the first
regular board. Reading was u higher, Michigan South.
ern u, Fort Wayne "a Western Union Telegraph x
Canton u. Hudson River was 4 lower Cleve-
land and Pttsburg 1s, Northwestern preferred u
Mariposa preferred 1s Government securities were
steady. Coupon Of 1881 advanced 4. Old FIVE
twenty bonds aud seven-thrIy notes unaltered
At the half past three open board Erie weakened TO
S0 under strong efforts depress it by parties,
probably with view to influence the general market.
New York Central sold at e2 10. 81, Reading 1005l,
Michigan Southern s2s, Cleveland and Piltsburg 79H,
Rock Island ll614 1l6, Northwestern 26M, Fort
Wayne 922S, Canton 47il Afterwards Michigan
Southern and Fort Wayne strong but the previous
effort to produce decline In Erie continued, and
halfpast five the stock, after selling low 78M,
was quoted at 79Ka4 Michigan Southern at the
same time selling at s2s ss, Cleveland and rttsburg
7sn u, Northwestern 81 "a, preferred SO a. Rock
Island l6 d, Fort Wayne o3 y, Hudson River 1887
bid Reading 1OOx q, New York Central 90 u, Can
ton 46jl bld
The supply OF money continues in excess OF the de-
mand and The Stock Exchange is freely supplied ut five
cent for loans rcturnablo at call Tho discount line
is however shade more active and only first COM
mercial paper passes at 6 Ia the second best quality
being rated at sac At the Yves: there noticeable
change in the monetary situation. The Chicago Tribune
Of the 25.h inst. rcmarks:-
The money market is very dull but currency is scarce
and there is little satisfactory paper Offer
ing Tho bank rac discount in steady at ten per cent
per annum but second and third class paper negOti
sted on the street at one to two per cent per month,
Eastern exchange Is scarce and the market firm
1T par buying, and onetenth premium selling. Round
lots were selling among bankers at premium of 7Oc.
per thousand
The gold market openedat decline from the closing
price OF last evening under the influence Of the Euro
pean news reportng avetwentios f the 1852 ssue)
y in London the 18th inst, against 7ox y on the
1h and also slight advance in cotton The improve.
ment In Eris during the time, from SAX 56ll TO
81, and In Illinois Central from Tx 70 to soy
. III, together with the reduction Of the Bank OF
England rate OF discount from seven to six per
cent assisted this tendency. Cash gold was loaned
7-32 per dom early In the Gay,
O'Clock the borrowing rate declined TO 1872 and subse
quently there was prefer to lend without Interest.
The opening price was 127K, followed by an advance
TO 12sX, and o relapse to l27X, after which the
market steadily rose and closed at i've p. n. at
I2sA e. The "short" interest u 20 large that
will be impossible for the bears to "cover without
further advancing the premium and herein lies the evil
of unduly depressing It, for which the Treasury itself is
great extent responsible. Every fuctuaton In the
price Of gold involves corresponding nuotuaon in the
valuc Of the legal tender dollar and in proportion
extent Of this ucuaton Is confidence In values dis
turbed and trade interrupted Without stable standard
10 20 by all calculations based upon experience and
drected by sagacy fruitcss and legitimate business
becomes as much n lottery q speculation In stocks
There was no good reason why gold should have sud
denly declined per cent and after declining should
have even moro suddenly advanced from I247.
Go 12Sk; but those who know Wall street
ere aware that speculative influences are ut
times omnipotent WITHIN given limits, and that
congregation of comparatively irresponsible persons
exert an important, although temporary influence
upon the fortunes OF the entire commercial community
Gold should be made the football Of spectators by
udiscrce, ampcrings with the market the part the
govcrnment and II Is the duty OF Congress cgisaie
upon this important subject withou, delay II Is nothing
less than rcproach to the Treasury that the price Of
the standard Of values should have uctuated from 1861
early in the present month i2iy and from that pon,
np TO 1888. II has been proved tina. the government,
'aes Of coin tend to rerub instead Of steady the mar.
kci by the questionable in which they con-
Quoted The extreme prices thus far during the present
HiGhes Lotres
January ................... ltss 1875
February .................. 1i1L 1876
Narch h...............,..... 1855 1247s
Foreign exchange inactive and heavy LeWlisV
drawers asked i071 yesterday for their bills sixty
days England, but sales second hand made as
low as lO6-s.
Mining and petroleum stocks were duh A. the first
board Bonn hon Run olossd 81 SO higher than At The