The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-02-28
FINANCIAL AND COMMERCIAL.

TUESDAY, Fen. IL r. n.
Tho stock market has been strong to-day, with some
what excited demand Tor the leading railway shares and
Especially Erie and Michigan Southern general ex-
pectaon prevails that the finance BILL which u to
be brought up again the House Of Representatives to-
morrow will be rejected, and that this will cause the
bears TO "cover their shorts' largely, which, In the
present oversod condition of the market would
exert immediate effect upon prices Even
In the improbable event Of the passage Of the
bill in question, however, is getting 70 DO generally
compehended that the Secretary OF the Treasury il SO
completely controlled by the floating debt a. TO DO power
sss to do otherwise than pursue cautious conservative
course during the next two years half least and
that the bill In any case would be nothing more than
bugbsar.
At the early session Of the open board Erie was very
active lsales $500 shares) and sold at SAX ~ Now
York Central Il 81 s2k, Michigan Southern "a 81 COX,
Cleveland and Pttsburs (sales 25oo) 7sK . y, Rock
Island lsales 7oo) 1o4k, Northwestern FIX preferred
S4x, Fort Wayne (sales ooo o3k Schuylk Coal IT, At
Che st regular board there well distributed volume
Of business Erie continuing the strongest and
tive Of the railway stocks saies S00b and closing IL
higher than at the hapast board yesterday. New
York Central (sales 2oo) higher Michigan South
u, Rock Island 4, Fort Wayne X. Ohio and Mssis-
sppi certificates y, Cumberland y. The shares Of tho
Western Union Telegraph Company advanced ton per
cent the understanding that amalgamation Of this
and the United States Telegraph Company bad taken
place.
Government. securities were dull but nrmer Coupon
hvetwentes Of the old issue advanced r. seven thirty
notes Of the first series y.
After the call the market quiet and prices declined
fraction but at the O'Clock sessions the decline was
recovered from. There rush buy Erie and tho
Bales ct the open and regular boards aggregated 1900
shares At tho half past two board the speculative feel
Ing strong and prices in the ascendant Erie
Michigan Southern and Cleveland and Pittsburg being
especially firm. Erie closed x higher than at the first
regular board, Michigan Southern u, Cleveland and
Pittsburg u, Rock Island 4, Northwestern n preferred
y, Fort Wayne H. Ohio and Mississippi certificates,
Cumberland and Quickslverwere steady Western Union
Telegraph was per cent lower. Government secur
ties were dull and steady. At the open board
ut hapast three the market strong with great
capent In Michigan Southern, the transactions agge.
eating $500 shares and the price advancing 7oH. An
active clique movement reported to be foot In this
stock Cleveland and Pittsburg in demand at 7sh
Az. Erie was neglected, there being only a single
transaction in 1t at s4,S d. 81 New York Central closed
on the cali at OK, Reading 1907 o. 81 Rock Island
tsales ,S00 105 Fort Wayne 93 IOho and Mississippi
certificates %, Cumberland 45x Quicksilver 42X.
Afterwards the market closed firm, with special buoy
ancy In Erie and Michigan Southern. At halfpast Ave
O'Clock Erie quoted at S5K u, Michigan Southern
7oaK u, Cleveland and Pittsburg 7ss X, Rock Island
1861 a u, Northwestern FIX X, preferred S. Foit
Wayne 93K u, New York Central OK q u, Reading
10ox 10l.
There was no pressure for money from stock houses
and the demand fully met at seven per cent
considerable having been offered at this rate
before the close OF business
The gold market has ruled very steady Tho open
ing quotation 1884, followed by an advance to 49,
NJ which remained till the close Of business Two per
cent was paid for carrying coin during the early part
Of the day, but afterwards the rate advanced TO
per cent The demand for the payment OF customs
duties ID large and the sub-Treasury 1t Ia understood
will make further sales OF coin In the present con.
dition of tho market
Foreign exchange dull ana about y lower than
yesterday. Leading drawers sold thek bills on England
n sixty days at 1851 and other bankers bills were
merca 107K efos, stebt bills were 100x Ito, com.
6.23x, short date 613x SIS -7udate 62i q
Southern cotton bills Ia very limited as the latcr ara
absorbed at the Gulf ports by the agents Of New York
houses which draw bills Of their own against them
here
The bank committee appointed TO proceed 10 Washing
ton FOR the purpose Of comforting with the Secretary Of
the Treasury and Mr. Spinner relative the tax de-
poss have returned from tholr mission the result Of
which was satisfactory. The average deposits OF the
banks 10 be taxed aer the Of checks drawn
against accounts each day deducted Tho gross de-
posts will DO returned and separate OF the
collected checks will be kept TO be placed the credit OF
the banks This adjusts this vexed question an equl-
table bas and In accordance with the spirit Of tho
law than was at first proposed
The business at the Sub Treasury to-day was as fol.