The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-03-18
AND CONNER lAL.

The railway share market quiet, but remarkably
firm, last week, and toward the close IL exhibited
moderately strong upward tendency, with Michigan
Southern leading the movement mainly IN CONSCIENCE
OF the action Of combination who desire TO Gust some
of tho present directors OF the road; but nothing OF
definite character was done in relation thereto TIL yes
terday and hence tho report which was Circulated early
in tho week that contest for the management was
going forward fabricated for speculative purposes on
the supposition that there would DC ono DO
fore the closing Of the transfer books at the
end Of the present month. Erie, which was
very active previously, became comparatively dull
although 1t remained firm. There was considerable
activity in Ohio and Mississippi certificates at one time.
based upon majority vote to reorganze the company
ana tho price advanced but the advance was not sus
tanned In the other speculative shares there was
well distributed business and more buish feeling pre-
vailed on the street than has been observable since last
fall which recalls fall in moro senses than one.
period of active speculation is generally looked forward
TO during the ensuing spring and summer, and must
be admitted that the heavx decline from the
prices current i've months ago afford q sub
stantial basis for RISE At half-past i've
on Saturday the market closed firm at the following
quotations:--New York Central, 1913 x; Erie, 50 Vi
Reading, 1ol1s Is; Michigan Southern, 7511 u; I'LL
nois Central lis X; Cleveland and Pittsburg, S2H
u; Rock Island, 90 e; Fort Wayne, 96l6 u; North.
western, 351s y; do. preferred, 63h II Pacific
Mail, 124 l25; Atlantic Mall 81 ASK: Ohio and Mis-
sissppi certificates, 2e1z az.
The supply Of money was abundant at a per cent,
and In a few instances balances were loaned by the
banks to the leading dealers in government securities
Ave. while first class commercial paper was discounted
per cont The flow OF currency is now towards
this CENTRE and the supply at or below the legal rate
is likely to be abundant for long tmc to come
TY,a ctat Monday lie mt rtai
be very favorable but in the present condition
Of monetary affairs this Is immateral, so far
rs its actual effect upon the loan market Is concerned
Moreover tho figures not calculated 10 occasion the
slightest apprehension Of any greater activity in money
| in the future than has been experienced during tho
pas, week. supply the disposal OF the banks being
at tho present in OF the demand and were 1t not
for the neglect Of Congress legsate upon the finances
and particularly the currency buoyant feeling would
be likely prevail not only wa street. but In all
| Departments Of trade and manufactures. Congress
should therefore postpone no longer tho consideration OF
the funding currency and gold questions, and in acting
upon them It should provide against the further con-
traction Of the currency and for the publicity OF all fund
ing operations II 1t fails do this it will fail in doing
| It's duty.
The gold market was dull throughout the week and
declined from 1885, Monday to 1881 on Wednesday,
but subsequently showed armncss and closed on
Saturday at 13i5s ~ There was rather brisk DOT
rowing demand for coin and loans were generally made
at rates ranging from 164 to per cent per dem Inc
| demand for customs duties at the port nggrega'eo
1905 0oo while the coin interest on the puohc deo
disbursed by the Sub Treasury amounted TO s17,T00
The exports and the receipts from California were nearly
equal both being under s250oo0 The hrmness Of foTf
eign exchange and rumors OF Treasury over xcv of
currency and bonds checked the Treasury
the premium Notwithstanding thatto amount thus
was a seller Of coin, the a6stimated at about
secretly disposed OF POI dollars II Is high
o million and look sction uyon this gold ques-
time that CongTs scandal upon me administration Of
tion which ad is clearly ATTENDED with serious danger
the of the Treasury gould nave no discretion
~ authority whatever regfd TO the sale OF gold II
r roron or tho customs receipts Is to DO sold Con-
oress should specify the anne distinctly, together with
the time, place and mani OF sale; out IL would DO still
better to prohibit sal '"e government gold aito-
49,. %, Tho NOR effect Of large hoard would be
se'no.' ~. .nv Ateral influences produced by 70.
s A.. $500 the manner now practiscd.
U.S. .ange market developed an improving
"a light supply Of bills and moderate
ss.s 49, porters, and 1t closed nrm at tho SUBJ
-. Bankers bills on England at sixty days
y; at three days, 1905 q; commercial
IN TX 1884, Francs at sixty days. Six
.a95 at shrse days, 5.l3X aAl5 Bills on Berlin,
lnIa r.; on Bremen, 7sss 70; on Frankfort, Il q
81 on Amsterdam, 4oI az; on Hamburg, ssx .
ljk; on Antwerp, SEQ a 6.17k The importasons in
Feora.-v were heavy, their aggregate valuc in gold
being 5000 49, tho largest record for any cores.
pOndns mons. previous years. last year excepted,
when tue ' -. sao,eo2,557 The foreign i'm.
Ports ior wv - two months OF the year
were valued a. Ssoo66s aga.st sso 500 ss7 for The
time last year. sSea .s5 for 1895 and 40 ea a.,
IN 1864 me s.oeA ~ Sase in February. 1858, in
creased 9uf'ns '.' four millions; but last
warchousing. owing to apprhensSs a., -. go
bill would apply to goods in ond =.
for the eight months endingv Fsb.,,rv arr-ors,oa
| to s1s9, S2o,o21 against $2t3s32,,sa ,sss
| SOL SCI, 006 in 1865. The receilts for, -. |
| ruary reflected the warehouse increment % ~
being sll,4so4ls against si2,oAs 27s in am'aA.
"a, 7ol PAT in 1866 For the light months sndiR anu
February 1857. the receipts were Isl s7o, 2ss ngaK-
orc in 1896 and $685. In 1865 The exports
in February rather gh their toalva'us in currency
having been SIT g67 against $40 in 1896 and
sie774oos in 1885, all moulding specie. the exports OF
which were 1867 s2l34s1; In 1865, 81, $50; In
1896, 81 02s 2ol The export returns for the eight
months ending with February equally unsatisfactory,
the total exclusive Of ecie and bullion, having been
Slls 100 against SIS O03 62s for the corresponding
period last year and $6t sos in 1865 Tho falling
or a. might be supposed, Is In tho item Of domestic
| produce.
There was increased activity in the general mer-
| chandise and dr., goods markets last week. al
| though the cours OF prices was irregular The
failure OF Taft Co. and other cotton manu- factures
| 1t Providence, l., resulted In forced sales Of
unreasonable gocs, and decline the result, but
the demand from Western and other country houses
generally reptrtsd good The firm mentioned also
Me treasurersof the wanrsgan mills, in Connecticut,
|
Wall street ouse TO buy up their paper at per cent
discount II stocks Of dry goods on hand arc being
rapidly distributed, and brisk spring trade Is anci-
| pated. Raw cotton recovered about two cents per
pound OF lis previous decline under the steadness Of
gold and DIMINISHED receipts at the pors tho falling OF
being most marsd at New Orleans Mobile, Charleston
and Savannah the exports from New York wcro At