The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-03-28
FINANCIAL AND COMMERCIAL
TUESDAY. March 27-o P. NJ.

prices, Is becoming very ueclueu ino ooiS "'o
apprehensvs of danger. but fear to attempt
covering" their outstanding contracts lest the
upward tendency OF the market should receive, as
Il undoub edy would fresh impulse therefrom. They
therefore move wariy neither daring to take In ther
sshorsp nor 10 put fresh options; hence the
paratyo duness of the last two three days. during
which the "bulls" have held the market quietly but
nrmly in their grip Tho next movement will be a.
they may direct rather heavy failure the shear"
sde-that of banking and brokerage house in Nassau
street-was announced this afternoon but this IL TO
DO hoped, will prove an exceptional case.
At the open board at ton O'Clock Michigan Southern
(salcs TOO shares) sold at 81 ~ Cleveland and Pitts
burg sales 700) 7ss u, New York Central sales 1901
02., Erie (sales 200 s2 Reading 1915 Rock Island
Ill., Northwestern 27, preferred 5oS, Fort Wayne ~
Prairie du Chen o. Al the first regular board the mar
ket very firm. Erie lsaies 2,40o closed X higher
than at the half past board yesterday, Hudson River
n Reading u, Michigan Southern (saes OoO) q, cleve-
hand aud Pttsburg lsaes 500 Northwestern q, Fort
Wayne Il, Quicksilver a. Rock Island was steady.
Government securities firm. Coupon nvetwenties
Of the first and second issues y higher, tenfores
X Seyen-thry notes wcro unaltered.
Al the one O'Clock the market steady but
dull At the haHpast two board Il continued dull and
prices generally fraction lower than at the first
regular board Erie showed decline Of q, READING y,
Cleveland and Pittsburg 81 Rock Island 4, Fort Wayne
WAS y higher Western Union Telegraph weak and
closed 80 lower Marposa preferred firm at 1917.
Government securities rner, but the transactions
we're confined coupon ten-fortes and seven thirty
of the and third SERIES both Of which ad
Vanced u.
At tho hafpast three open board Michigan Southern
very strong and active (salcs 2,400 shares)
and advanced to s2's. The largely increasing
earnings Of this road stimulating the
demand for investment well speculative
Those for the third week Of March $50 0S against
$50 44 for the corresponding week last year, showing
increase of 81 863 The railways generally report in
earnings the present speculation for rise
based upon legitimate values than is usually the
case with similar movements the Stock Exchange.
Erie sold at s2ll "a, Fort Wayne 92H, New York Cen.
trail 925k Cleveland and Ftsburg Tx. Afterwards the
market closed duh but rn with special strength and
activity however, In old Southern. At haf-past 1--WE
New York Central quoted 92aS u, Erie SIX q,
Hudson River 100 u, Reading 10l 4, Michigan
Southern S29S y, Cleveland and Pitsburg 1873 q,
Rock Island l161a III, Northwestern 271S u, pre-
ferred 5sil y, Fort Wayne o2,Sa14 x.
The trustees Of tho Mississippi and Missouri Railroad
Company advertise a request for the bondholders to de-
post their bonds-in connection with which 1t may be
mentioned that the holders of the second mortgage bonds
announce they Will b. prepared pay the past due
coupons the bonds n decree is entered
their favor, which will obyiae the necessity for any
disturbance OF the bonds the part Of their holders
Tho mon " market siuggishly easy at five per
cent during the forenoon but subsequently there
ightiy increased demand and few exceptional trans
actions ut six reported for small amounts. In tho
discount line strictly first class commercial paper con-
tnues pass 6 pr cent but worry reliable names,
NJ the time, submit osa9
Our remarks with regard to q consolidation OF the
power the banking lat, this centre has attracted
considerable comment and the plan proposed Is looked
upon very desirable but doubts Of Its feasibility
entertained, arising from The pcjudccs Of old fogy
dom and the stumbling block of the usury Law. The
can be swept aside, however, and tho other
repealed, all usury laws ought To have
been long ago, and their continued existence
among US Inconsistent with national progress and
enlightenment In other respects. Some may object to
the presence OF financial power approaching in char
soter that OF the Bank OF England aud regulating tho
rate interest; but these fail To perceive tnnI tne
strength which would In this spring from unity
would DO for the public veal and not the aggrandize
ncnt OF q set Of monoposts, rs the combined
action Of the banks in defence aud promotion
or their interests would equally serve
60 protect the commercial community at large, by inau
fnCiDK the lnternhl cNCnhuycs, giving Whfuink VI ny
preaching monetary s,ngcncy and inspiring confidence
under opposite circumstances Tho country requires
central monetary power barometer of The
times, and sooner or later il will he accomplished
fact As II is our money market characterized by
spec es of huckstcrng which compares voraby with
that Of any great commercial capital Of Europe, and
which deiracts from the financial power and importance
which properly belongs To IT,
Tho gold market has been strong aud excited, the
bears like vauns ambition, having oycrl,apcd them
selves their efforts 10 jump upon aad unduly deprcss
o. They have experienced great dincalty in borrowing
90 mako their deliveries to-day, and loans have beer
made % i per cent per diem, the former being thu
minimum rate The price advanced steadily from l26
at the opening to 1854 at three o'clock, after which
reacted 10 i27gs 1t finally closed lbs &. Thu
market is 30 largely ovcrsod that the whole amour
of coin in the country, il gathered together
would be mere bagatcllc in Comparison witl
the aggregate of the "expor sales VIII ch have beei
made and are as yet uncovered. Almost every Tom
Dick and Harry the street has been 'shot' OF gol'
the last sales made by the Sub Treasury, ant
oven Gnwashcd Office boys have gathered together an'
made small ventures ia the game of speculation for
fd I'LL selling gold "sot" las become the farce Of thu
lay In Wall street Net few the financial small IT,
viii he hopolcssy hihkfupt by the present turn o
The market and they uuy veil blanc whoever au,ho
r1cd the las; sub Treasury 'es Of coin for sesucin'
them into q trcachcrgas ,urcut
Forcisn exchange wa not actively dealt in, but tn
market Wa ira. BarAcrs bills on England At s!xt
days sold At I0T lO5. The latter bcins the quotation
COR the Jes grade. short ssht, 1887 losi.; CONNER
cal, 100 a lOsa Balls on Paris al sixty days, 81 2;c
d. 3oc. three days o. .Dc. a g. are.
Mining aud petroleum stocks were rlher dull. but mo
dorstcly nrm. Al the irs board Bcnnenon Run close
Sc higher than AZ the tlme yesterday First Ma
tona &C., Pthoe Greek i5c, Excelsior Copper &c shsd
River l5o. lower Al thu second board Bcnnehoi
Ron closed &c higher than ~ the Hrs. board selling
81 Is, Quartz Hill loc selling nj ~ IS; United state
7Sc. selling at -; smith Parmci 2p, selling =
$40 - Buchanan Farm sold at Al. sScclsior 81 IS
Frs, National zoe, Homo~aok ~, o. Greek 81 %, Pal
rncr Petroleum o. 20 shade River - 80, Webster Sc
scbta a. Gunncl Gold 81 20, Holman ''od 4sc, Bate
Baxter, sS Atlantic and rscec tod vas In good Dc
nnaad and sold At g. IS.