The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-03-27
FINANCIAL AND COMMERCIAL


FINANCIAL AND COMMERCIAL
MONDAY, March asp n
The stock market has the whole nrm but not
very active to-day The general IMPRESSION nevertne-
Ies IL that the Finance bill passed by the House must
have an effect in restoring confidence In values and pro-
uo,,,o ejaculation in Wall street, II 1t fails do 60
elsewhere for as Q contraction Of the currency to
.nv extent worth mentioning Ii prohibited by
the bill in question large and constant accumulation Of
Iosnabe funds rates Of interest," here
much of which, unless used for speculative purposes
will be lett unemployed The national banks will
during the operation Of the bill, add about forty
millions moro to the Of paper money
anoat and this unfortunately will be infa-
ton Of the worst kind. The Treasury, moreover,
will DO 80 absolutely dependent upon an easy money
market that 1t very doubtful whether the Secretary
will be able 10 avail himself Of tho extremely limited
authority to contract which the bill gives him and tho
endorsement Of which by the Senate yet uncertain
At the early session OF the open board Michigan
Southern sales ooo sold at SIX x, New York Central
OAK Erie s0x, Hudson River r. 81 10oK Reading l01H,
Cleveland and Pitsbug 7ox. Rock Isand lit 4 North
western FIX, preferred &c. At the nrss regular board
the market was firm, hut dull Erie closed TX higher
than at the half.past two board on Saturday, Hudson
River y, Reading u, Michigan Southern x, Cleveland
and Pittsburg u, Fort Wayne r. New York Central
was n lower Government securities firm. Coupon
enortes advanced seyenthirty notes Of the second
soriss r.
At the one O'Clock sessions prices were fraction
lower and subsequently, there further decline Of
y a n on . portion Of the list but at the half
past board the market had . hrmer Tone
Quotations were however flower than at the first regular
board Ere showed decline Of Y, Hudson River X,
Reading Y, Michigan Southern r. Cleveland and Pitts
huw~ No.
Wayne y. Marposa preferred sold at 18H. Govern
ment securities inactive but firm Coupon ten-for-
ties advanced A.
At the half past three open board the market had
. very Arm UNDERGONE, although the volume of
business not heavy. Michigan Southern sold
at 81A q, Cleveland and Pittsburg 794, Erie so,
SIX. Reading 10lx Is. 81, Rock Island 116h 70 81
Northwestern pre- erred GO, Fort Wayne 93 Cumberland
43k. Afterwards there material change, and at
half past Ave New York Central quoted at 92H ",
Erie s1M So, Hudson River 1907, Reading 1917 4,
Michigan Central IO3 lo4, Michigan Southern 81 X.
Cleveland and Pittsburg 791l ~ Rock Island lle14
", Northwestern 271 u, preferred So a u, Fort
Wayne 91Z 90.
The money market is without change the demand for
loans from the Stock Exchange being promptly met at
i've per cent while class commercial paper is freely
discounted ut 6 per cent The statement Of the
ISOLATED banks for the week Is favorable and there Is
every probability Of prolonged monetary at this
centre The legal tender notes have increased 81 800
and the deposits $429 $685. An increase Of $923 lao In
the loans indicates little moro activity In
the discount line. The specie has decreased
SOL owing to Withdrawals for duties and
there unimportan decrease Of $50 Gas In the CTR
ouaton. The extreme abundance Of monetary facilities
here is shown by the high quotations for thirty
notes. each Of which sold this msrnng at 100X.
Tt,A 0oxu of~u frnrr tbaW Mast
change he Eas, at Chicago Is reported firm par
buying, and Ito premium selling the bankers thcre be-
ing undcr the necessity Of expressing legal tenders al
most daily to New York The discount at the banks
Il steady at ten per cent por annum.
Considering that New York is the real and
knswledgcd financial centre OF the entire country IT'S
somewhat surprising that thure not moro consolidated
aa.ncs.i power here The banks are only nossipany
united through the Clearing House for tho purpose Of
facilitating heiz daily exchanges and practically there
Is unity among them unless special occasions when
they club together and appoint committee to re-
monstrate against advocate particular measure
q Washington otherwise, according to circumstances
Now perfectly feasible for the banks OF this
city 10 agree upon and observe such unity OF action
would virtually mako the Clearing House power equal TO
that OF the combined strength Of tho banks belonging
e. and give sway similar that of the Bank Of Eng
land The members Of the Clearing House should meet
weekly like the directors OF tho Bank OF England and
az minimum OF discount to be strictly adhered till
raised lowered by majority vote Of the associate
This would exert material influence regulating the
local exchanges and give New York undisp tied
control Of the monetary affairs Of the nation than It
now possesses, simply because banking system
laoks what tho Fenians suppose would call head
centre Every bank Is isolated fragment Of what,
Joined together, might become "one stupendous
whole" In tho absence or United States bank,
which, experiences has proved IL is not desirable to
create. But central monetary power we do require,
those which quick and far ghtcd enough
the advantages attending the establishment OF this
will reap their due Tho details OF the
plan propose and the influences It's operation would
exert for another occasion.
The gold market has developed strong rccupcratve
tendency and after opening at 1855 closed firm at 1876
The borrowing demand from tho "shorts" 10 30 heavy
that loans have been made all day at 1le per
Till tomorrow, transaction having taken place
below the former rate. The floating supply is notwith-
standing large but its nseniacance in comparison with
the amount sold by the bears may be inferred from the
difference between the cash and regular price. The
operators for fall still control OF tho Market
q they attempted 70 'cover'' largely they could
avoid running up Eon themselves and sharp
rise followed BY spasmodc fluctuations, would DO
the result 70 tho unsetuemcnt OF values and
the disturbance Of legitimate business evils
which tho Treasury should have sought guard against
Instead Of inviting by secretly ampering with the gold
market SO important to the interests Of the country,
indeed this last question that Congress should imme
datey investigate and iegislate upon It.
The foreign exchange market was nrmer than at the
end Of last week. and the day advanced increasing
disposition To buy shown In Wow Of the rising ten
dency OF gold Bankers bills at sixty days England
were quoted late in the afternoon at 1o7h ~ three
days losk Y, commercial IoSX Ioe,l; bills on Paris
long date, o. 25o 81 Soc; short sight ST. 2oc. .
g. 22kc.
Mining ana petroleum stocks were quiet and rather
heavy Al the nt board Bennehon Run closed 9oc lower
than at the same time yesterday OIL Creek 3oc, Pit
hole Creek 4Oc., Gunnell Central 1oc Ham McCntock
zoe higher, Shade River loc Al tho second board
Benehof Run closed coo lower than the rst board
selling M fl1 25 OIL Creek lOc aellinr al Al 10. Shada