The New York herald., 1867-02-11
FiNAN CIAL AND COMMERCIAL.

me past week was one Of great dulness the Stock
Exchange, especially during the last half, when the
advance which had taken place previously partially
lost The railway share market shows the languor that
invariably succeeds such heavy decline in prices
have witnessed during the last three four months
this will be likely to continue till the ravages Of panic
are repaired by sufficient influx OF capital from outside
sources Meanwhile the bears manifest very little dis
position to operate for fall In view Of the low basis on
which the speculative shares at present rest while the
bulls feeling their weakness have not the temerity
| to attempt general upward movement, and con-
tent with small gains and quick turns. At the same
| time they look forward TO an active speculation
for rise during the summer, and it is not
| improbable that this expectation will be real.
lied and that the spring months viii witness .
gradual improvement in prices Just now the money
market a easy could be desired although the rate
for call railway securities remains at six per
cent with exceptions at The superabundance OF
oanble capital is however indicated by the fact that
large balances let with the leading dealers in gov
ernment securities at per cent This facilitates the
carrying Of stocks by those who weathered the late
storm with heavy load their hands, and many Of the
heaviest losers by the fall win prove to be the most
resolute Of the bulls in the future for in no other way
have they chance Of retrieving their LOSSES Pending
the general upward movement which is anticipated,
outside capital will be flowing into tho street to moderate
the progress Of the recovery from this source alone viii
be necessarily slow and the immediate signs point rather
to continued dulness and lower prices temporarily than
otherwise The old bull combinations have been broken
up, but few fragments still struggling TO keep
ahoat till the tide rises, with the hope Of sgetting OUT,
with diminished losses.
Should the bill embodyng the substance OF the resolu
ton adopted by the House OF Representatives agans.
any contraction of the currency during the present
become law, very considerable rise in stocks would
be inevitable and to this would be the case
II the proposed bill to issue hundred million Of four
per cent loan certificates passed We are informed that
the Acting Comptroller Of the Currency claims
that the proposition to substitute these for CON-
pound interest notes emanated from him. and
not from the prominent national bank proprietors
who conferred with the Secretary Of the Treasury
on the subject; but be this as IL may, there is
no doubt whatever that the proposition accords exactly
with the views and interests of those gentlemen as well
Of all the national bank stockholders In the country
The objection TO paying interest," however, when no in
terest is necessary is strong that tho bill on this
account alone merits defeat The strongest objec
ton TO IL lies in the weakening Of the bank
which II would ead for as the certificates to bo re
deemabe legal tender notes demand after ten
days. notice. and as they may bc held by the banks to
the full extent Of their reserve the latter would en-
ploy nearly the whole of their plain legal tenders in
loans and discounts. Thus they would only keep
practically smaller than they do present. but
their reserve to the extent Of the issue or these
certificates would yield them interest Another objection
to the bill lies in the embarrassment TO which sudden
demand for the redemption OF large portion OF these
certificates would subject the Treasury and it may be
accepted moro than likely that the event OF tho
passage Of the bill the authorized Of y millions
OF greenbacks for the redemption Of tho temporary loan
will have TO be encroached upon.
Government State and miscellaneous shares were du
in sympathy with the general market during tho week.
and there is noticeable feature to concerning
them. There more activity at the Mining Board
than at the regular Stock Exchange and transactions
IN Corydon and Consolidated Gregory were heavy the
former advancing on Saturday afternoon to 50 50 10
under strong demand Railway shares closed dull at
half past five Saturday the following quotations.
New York Central 1918 x, Eric 5sX 50, Reading
lo4Ka n. Michigan Southern TAX rs, Cleveland and
Pittsburg SAX IS, Fort wayne 0sH, Rock Island ssh
u. Northwestern a7% 49, do. preferred 0s,S'A u,
Western Union Telegraph AK a46.
s.-> rold market active and at intervals strong
oon .. mainly in consequence OF the unsettled con.
sens ON p'o.~ .aairs. The introduction or Mr. sie-
,a.,,. ae ~ military government Of the
morning. Subsequently. howevs.. o. ~ !" ,,... -.
bill caused the price 10 yield slightly, ~
fass
tone and every tri1ing. fall brings in stnng D.,
with more than six hundred millions Of American securi
| ties held in Europe, at least three hunired and
nrty mians Of which are in United States sonds,
we are necessarily exposed 10 contingencies calculated
advance the price OF gold. while none OF the coffin
gencies which threaten operate materially, at
all in the opposite direction. The prospect Of large
efux OF foreign travellers during the present year. %
consequence OF the Paris Exhibition, Is looked upon as
an element certain to advance the rates OF foreign ex
change and lead increased shipments OF gold, and
the existing commercial Indebtedness OF the country Is
larger than It otherwise would have been, owing the
duluess OF trade having compelled importers during
tho last few months defer remitSnces Regardless Of
the fact OF gold being commercially cheap DEAR how
ever every source OF political excitement occasions
speculative fluctuations, and hence on Saturday the
speculaors discounted the failure Of the military recon-
sirucon bill now before the House. Tomorrow or the
next day. perhaps they will discount its passage either
in its present amended form Speculation
is generally governed far by caprice than reason
and this applies particularly to the gold market The
demand for gold for customs duties - on the In.
crease the receipts this port for the week having
aggregated 81 $50 0oo while the coin interest on the
public debt disbursd by the sabrreasury amounted to
$2o6,0o0
The foreign exchange market was dull during the
early part Of the week. but Friday there was consd-
cradle activity and good demand for bills under which
rates advanced fraction. At the close bankers bills
on England at sixty days quoted at 1os 1osss
at three days, 1857 1oo4 commercial bills 1875 a
X; francs at three days. s.13sl SIS; bills on Berlin,
Tx 72K; Bremen, 7sk 79 on Frankfort, Al o
EK; on Amsterdam, 4olS 4lk; on Hamburg. 66,s
on Antwerp, 5.22k 61sA.
The Isthmus arrived today brings $7ss.o27
in specie The amount Of treasure brought to this port
by each California steamer from San Francisco and
Aspinwa January Of this year. and for the cor
responding period In 1860, compares as follows
lsos. 1867
| Januarv 70 s6s5.6lg January 1O.... Ss74. .764