The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-05-23
FINANCIAL AND COMMERCIAL.
WEDNESDAY. Nav 22-6P. N.

FHNANOiHG ANO SOMMcnOtAI.
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WEDNESDAY,. May 22-6PM
Tho railway share market although nearly steady
this morning, became depressed In the afternoon and
closed heavy at marked decline This depression, OF
course, aggravates the maady Of mpecuniosiy under
which Wall street has boon long laborng but there
are far too many depending upon for living,
The starving ous process is likely to be attended with
the most salutary resulta II . has failed In
mercantile business and turn his hand to nothing
else no becomes broker, and the more inscriptions
he Is the better he is likely succeed Thus IL is
that the vicinity OF the stock Exchange has
Of late years been crowded with adventures
from ell parts OF the country, and now. like beseged
garrison driven 70 extremities they compelled
70 live upon each other and succor comes from the
outer world II would be good thing for investors II
Of the brokers and other professional specu
latous infesting Wall street driven away to
follow more legitimate and useful occupation; and II
this object could be accomplished should be glad to
eco stocks remain depressed and neglected for
the next I've years These men make 1t their
business to alternately run railway shares up
and down till they cease to have any reliable
value, and hence every investment that NJ made in
them partakes Of the character Of speculation Rail-
way directors cooperate with them and often their
leaders, a. In the notorious Of Eric, and they all
seek 70 al their own pockets by duping the public and
each other the latter particularly No wonder, there
FORE that the public stand aloof from tho treacherous
pitfalls Of the Stock Exchange and that stocks
low. Where Is the encouragement to play against
loaded dice and trust ones purse to Barabbasf 1t mat
not that railway stocks selling below their
real value, when prices no criterion Of values
and when the market ID under the con:rol
ofprofcssonal spectators Another panic like that Of
this there is no immediate probability The market is
likely to remain sluggish in its movements until some
element springs up wrest 1t from the depressing
influences which at present surround it.
Mining shares dull and they are neglected by the
general public At the first board Consolidated Gregory
Gold closed 10c higher than at the time yesterday
selling at 81 05 Corydon &C., selling at 81 65 Quartz
Hill 45o., selling at 50 So; Smith q Psrmeee sold
81 "a 20.
The money market is decidedly easy than It was
when last commented upon it, and the surplus OF
loanable capital is increasing. The Sub-Treasury dis
bursements in payment for seventhiry notes and the
dulness Of business the Stock Exchange the
tendency OF to be in favor Of the borrower Most
Of the transactions at Eve per cent mixed COL
laterals and four per cent governments per
loans except inferior securities being exceptional
The Improvement has extended the discount ne and
FIRST class commercial paper is in demand at Cat per
cent, and names rated "good pass at IN ASK At the
West money Is moderately active at the usual
rates and business Is limited TO current
stiles. The crop prospects are anxiously dis
cussed, and 1t is admitted that there never was
. year in which an abundant harvest regarded as
more necessary to the welfare of the country the
removal Of that sagnation and dstrust which pre-
vail at all the centres OF trade The reports relative
the winter wheat encouraging and in the absence OF
June frosts and other disasters the yield promises to be
large and the quality good all the country.
The gold market dull but very firm, and advanced
from 13TX It the Of business to 1857 at
che close The supply Of cash gold loans
made at per cent for carrying and without interest
Tho gross ciearngs amounted 70 0o0 and the coin
balances 70 40 There longer any doubt
tertaned Of the failure Of Frazier Trenholm Co., and
q reported that their BILLS England extensively
held by houses here and in the South unaccompaned
with bills Of lading and In most without endorse
ments the credit OF the nrm having stood WELL owing
chair supposed wealth. and Notwithstanding the suits
property brought against them by the govern
ment growing out Of matters connected with the rea
ops Of the rm towards the rebel confederacy Of which
<hsy wsre the Liverpool agents The steamer Palmyra
cook out $4,000 in specie.
The foreign exchange market hrm but inactive,
usual on Wednesday, and bills were IN demand.
Baakes bills England, ct sixty days. quoted at
l0ox no. at three days. Ito HOY; commercial
bills i0sk 10oh; francs, at sixty days. 6l2k SIS;
as three days. 512k 51o Other continental bills were
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