The New York herald., 1866-03-23
FINANCIAL AND COMMERCIAL

THURSDAY March 22-8 P NJ
Business ON the Stock Exchange today has been
ratber mora sluggish than of late but there Is sach
marked under tone rmness to tho speculation for
rise that this is regarded only temporary nat IN tho
, ovenent The indications with regard to the
o,,prs legislation Of Congress in relation 70 the
anspoes are dsly becoming more decided and
all noint 10 the probability that there will
ma no interference with the currency. II is
now stated that Mr. McCulioch longer des irous Of
the passage bill giving him discretionary power and
that he is with the authority the
bearing floating debt conferred by existing acts fur
ther that he acknowledges what must be plain 10 all
quanted with the facts that contraction will be impos
sibe until alter the whole Of the sevenhirty notes ma
and provided fer and the temporary loan paid
or All the talk of contraction and resumption which
has been INDUCED in the slender and
Elusive basis Of after dinner speech at Fort Wayne
thus far only served to knde hopes born to disap
pontment the minds of the uniformed but this de-
fusion and snare which for . time fostered Is
rapidly giving place matter Of fact view Of the sub
jec and the "bugbear of yesterday will be laughed at
tomorrow
At early session Of the open board at ten o'clock
New York Central tsaies 400 shares) sold at 93 Erie
(sales 47oo 7sa, Reading (saes 3eoo) lolh, Michigan
Southern sales SIX Cleveland and Pittsburg tsales
2s00 s0%, Rock Island sales SO0I 1f84 114 North
western 27sS, preferred 55, Fort Wayne o. Cum
berlsnd 44 Schuylkill Coal 15 At the first regular
board the market firm but rather dull and prices
with three exceptions showed decline from thejhghest
point of those current at the close Of
che half.past two board New York Central was Il
lower, Erie y, Reading 1H, Michigan Southern y,
Cleveland and Pitsburg y, Northwestern Y, preferred
n Fort Wayne u, Western Union Telegraph q, Ohio
and Mississippi certificates u Hudson River steady
Cleveland and Toledo advanced u, Rock Island q,
Missouri skies u. Government securities firm but
Inactive
At the o'clock sessions the market was steady,
but in some instances at fractional decline. At the
halfpast two board it rather heavy New York
Central closed lower than at the first regular board,
Erie u, Hudson River u, Reading u, Cleaveland and
Pittsburg a. Northwestern 4, Cleveland and Toledo a.
Fort Wayne q, Chicago and Alton u, Western
Union Telegraph l. Missouri State skies I. Michigan
Southern Rock Island and Northwestern preferred
steady Quicksilver advanced Il. Government seouri.
ties active Coupon hvetwentes of the 1862
issue "a higher. Ten-fores and thirty
of the second series 4 lower. At the half past
three open board the business mainly confined to
Michigan Southern Eric sales $500 and Cleveland and
Pittsbug (saes $780, Michigan Southern sold at SKA
y. Eric sos u Pittsburg S0H So Reading 101I,
Cleveland and Toledo 1101S Northwestern preferred
65k. Afterwards the market became stronger and
prices improved At halfpast five Michigan Southern
was very firm at SIX u, New York Central % e,
Eric sO4 r. Hudson River lo7H 1os, Reading lol<
a " Cleveland and Pttsburg s0X n, Rock Island
1l8H y, Northwestern 27A y, preferred 55K a 4,
Fort Wayne 90 u, Ohio and Mississippi certificates
25K a26h
There change note In the condition of the money
market which Is one of extreme ease. The demand
from the Stock Exchange moderately light and with
few exceptions at six is freely met five per
largo amount Of capital is lying unemployed The
discount line Is quiet, and first class commercial
papor Is in request at 6X per cent and the
second quality at o. but inferior signatures
not In favor. There Is full supply Of tho notes
OF dry goods auctonecrs aHoat, resulting from tho
heavy sales recently made by them, and those
pass at 0 10. Al the West the discount market is
reported sluggish in consequence Of the light volume Of
business In Of transaction, but moderately close
Al Chicago Eastern exchange continues aud nrm
at par buying, and 1 10th premium selling
The gold market has been barely steady, nowithstand
ing the immense ''short" interest, which creates
active borrowing demand for all the available Wall
street Loans made to day at from per cent
81 the majority Of transactions being 132 10 per
day Considering that the floating supply Ia much
larger than usual Of tho speculation for fall
may imagined although cannot be very accurately
estimated The bears. however, show disposition 10
market, and they rely upon the payment Of about
Swcnty millions Of semia annual interest on tho
nve-twenty loan on the nrst Of May 10 further de-
press the premium. This expectation will, however,
probably be disappointed and Is TO the interest Of the
country that IL should be- The opening prce this
morning was 1881, followed by decline to 127T and
advance 1854, after which reapsed TO 12s, the
closing quotation.
Foreign exchange dull. and after opening nrm /.
in the morning for their sixty days bills England.
but they willing to sell at los in the afternoon
The supply question Turning the rates in favor
OF buyers Tho Liverpool Cotton Brokers' Circular Of
March 10 says In this connection:- tae
Cotton has b,cn in largo and general demand from
throughout the week. and the export houses
ever have supplied the demand readily and though
some descriptions tmore especially Eeyptan) show
general American continues extensive demand but
In still freely offered at about former quotations The
nc & 70 trnnn ,s 10 per .r 40 On tne
mont
Tho saIes Of the week add up 100 bales including
$500 TO spectators and H. 600 for export The author
txed quotations are:- ,-.t
New Orleans. ............. 2oxd 19kd.
Mobtlo ........ss .......... IOd lsd
Opiands s................... xOd nHd
rexas ............ ......... Nhd pSd.
The stock on hand Is estimated at 400 $50 bales IN
cluding 2os, $50 American Quantity at sea, from India,
oos, ,oo6 bsIss
Mining and petroleum stocks were rather heavy and
Les active Al the rst board Bennehod Run closed 35c
iower than at the time yesterday, Oil Greek 3oc
Excelsior sc United States ei as Benton isc, Consoi
dated Gregory Gold 81 90. Palmer Petroleum Was
&c higher Shade River &C., Smith Parmlee ssc., Ex.
oslsor Copper loc AZ the second board OIL Creek closed
ISc iowcr than at the nrst board. selling at SOC.
Pshos Crook 1Sc., selling at % 10; United
STATES soc., selling at SO; Consolidated Gregory
Gold SOC, seilinss- as 50; Smith Psrmce zoe sell
ins at $40 20 Erst4ey sold at 2sc., Excelsior 81 IS,