The New York herald., 1866-03-09
FINANCIAL AND COMMERCIAL.

,dav n has been somewhat feyesh and the course Of
prces was in some instances spasmodic. The Erie
corner" has yielded whether for the purpose Of en-
tclng shors" otherwise is mystery to the street.
Michigan Southern has been very active and strong the
price this afternoon having touched TAX. and the
movements OF the clique manipulating It are
watched with much interest by both bulls
and bears. Cleveland and Pittsburg gave way
TX per and Rock Island advanced The volume Of
business is increasing and the operators for rise
pittng their strength against the bear element with
vigor than they have hitherto shown this year,
and brisk spring speculation seems to have set in.
At the early Of the open board the market
firm, with continued activity in Michigan Southern Tho
latter sold at 1917 (saes 400 sharesL Erie sold at
S6H regular s8s for cash. the demand for the stock
having diminished. New York Central was elx Reading
9SX. Cleveland and Pttsburg MA y, Rock Island 107
Northwestern 2eh, Fort Wayne 9oA schuylkin Coal
l4X. At the first regular board the market was gene
rally quiet, but Michigan Southern was excited and
strong the sales aggregatng $500 shares The stock
closed IL higher than at the two board yestcr
day. Fort Wayne u, Cumberland u. New York Central
was lower Erie ~ Reading z, Cleveland and Pitts
burg y, Quicksilver 4. Government gold bearing secu
rites were Hrmer under the Of the advance Of
hvetwentes in London to esH 6sx, on the 22d ult,
against 6S a 6sA the 18th. The old issue
sold q higher than yesterday, coupon ten-forties
X. u.
The second series declined 4, Missouri State
sixes were active, but steady. Some Of the
holders are dissatisfied with the terms Of the
bill, which provides for the payment Of interest
progressive SCALE ranging from throe to nine per cent
per annum The former will begin with January, 1858,
but the highest will be reached till twenty five
years afterwards
At the O'Clock sessions prices lower, except
for Michigan Southern which rose to 1877. and Rock
Island which advanced to 1919. Erie declined to
S47x, and there only difference OF 1 between
the cash and regular price At the haf-past two
o'clock board the market was irregular. Michigan
Southern was strong and closed higher than at the
drst regular board; Rock Island / Atlantic Mail r.
Erie was weak and 11l lower; New York Central ";
Reading 4; Cleveland and Pittsburg X; Fort Wayne
Ia. Government securities were nrm. Coupon ten
forties advanced thirty notes Of the second
series 4. The first series declined &.
At the halfpast three open board the market was
strong except for Erie which opened with large trans
actions 900 shares at s41S and closed at s3Z. Mich
gan Southern sold at 74h TAX d. 81 (ales 1,6O0
shares), New York Central 9lh y, Cleveland and
Psburg 76l, Rock Island los, Fort Wayne S9h. After
wards there was q further weakening in Eric to
s2X, with enormous transactions but at halfpast ave
o'clock it had recovered to s3X " Michigan Southern
was at the time strong at AJAX. New York Gen.
western 251 20, Fort Wayne soA Il, Cleveland and
Pittsburg 76h
The money market Is working gradually easier Loan
al call on miscellaneous colateras made per
cent and securities at six but the ten
dency towards the lower rate to the Stock Exchange
generally Notwithstanding the increased demand The
discount line quiet and first class commercial paper
promptly taken at a per cent
The gold market weak notwithstanding that coin
for delivery no longer of the demand Loans
made without till the close of business
when three per cent was paid by borrowers The
opening price 1929, followed by steady
decline to 13lx, and a subsequent reaction 10
1921 relapse to 1917 succeeded, and the
closing sale at 1872 The large amount Of
gold sold by the government. about fortnight ago,
still hangs the market to some extent and the de-
mand for customs duties is not absorbing II rapidly
enough to prevent the bear interest from maintaining
the ascendancy present As however, the Treasurer
has seller under 1874 and is not likely TO be-
the floating supply OF gold will be gradually reduced BY
Withdrawals for customs duties and rise in the pre-
mum seems therefore inevitable The government,
there reason believe had intention Of forcing
the premium TO the point at which 1t nov
stands as Of course every important huctuatior
n IL tends TO unsete values In the foreign merchandise
markets and create disrust Of tho immediate future
The condition Of tho national finances such that the
Treasury dependent upon an absence OF disturbing
causes In monetary affairs for without commercial pros
pcrty and easy money market II will find IL diff
cult IL not impossible to meet Its maturing obligations
during the next three years.
Foreign exchange was firm but Inactive. Bankers
bills England at sixty days were quoted at 1osh "
short sight 1osx no. commercial 1917 1881, francs
Qong date) 5lsx a62iK. The favorable advices from
Europe appeared exert effect upon the market, ~
rs considered that the heavy importatons now going
forward will continue unabated for months TO come
and that the demands Of the South will maintain them
at higher average than the exports for an indefinite
period The reduction Of the Bank OF England rate o
discount to per cent and the Improve
ment In American securities on tho Londor
stock Exchange confirm the accuracy OF ou
prediction on the subject, and Indicate growin'
ease which will probably within short time result In
further reduction Of the ratio Of discount Tho nearl,
simultaneous reduction Of the rates Of tho banks
France and Prussia at tho time show corresponding
relaxation in the continental money markets. Tho rat
Of the Bank OF France four per cent and OF thu
Rank OF Prussia six per cent Between the 4h OF Janu
ary aud the 10th OF month the coin and bul
lion In the Bank OF England increased from fis,l
fs3 TO f13,s22, e35, difference OF f'lo,7o2
while the reserve Of notes and coin increase
se7 or from Is o7o. 74s 70 fs,2eo34s The ter
dncy towards cheaper money all over Europe is decided
and those who predicted financial and commerci'
crisis in England this spring win have their prophecie
talsi0ed by events Erie quoted IN London on tn
tad at IS say, against sax 6ax on the 18TH Illinoi
Central rex IT, against 70 1914 Consols were steady
Money at call to tho Stock Exchange was quoted at nv
per cent by the discount houses
The business a. the Sub Treasury to-day was as fol
lows
Total receipts. e1,T6s -
Paymens' ~
os,otS,oo
For CUSTOMS E.l,vI
ON account OF government loan ............. 1850
Coin certIncates es...................... t2t 90
The amond State Bank Is the name OF new inst
tuition recently established at seaford Delaware II
notes are redeemed at the Third National Bank Of Phil
dephla