The New York herald., 1867-03-04
FINANCIAL AND CONNER ClAL

the past week, and the operations being mainly on the
bear side prices declined slightly. II is noticeable how
ever, that shorts quickly covered the bears, alike
with the bulls being ndisposed 10 undertake any but
short ventures As history always repeating itself IN
Wall street the end Of the prevailing depression gene
rally supposed to be not very off, although there are
few who maintain that for the bulls there is longer
any balm in Gead II glance over the earnings Of
the leading railways Of the country, however, for the
last few months and compare them with those for the
same months in the previous year, find little
to justify the gloomy predictions which some Of
the bears indulge in The earnings Of nine
teen Of these roads for the mouth OF January
last were only 900 short Of those for the month
in 1885, Eleven of these showed an excess over 1866 OF
$47s 276, while eight showed loss OF $5l2 s6S, the
Western lines being the chief gamers and the through
lines East and West including Erie the heaviest losers
mainly owing to their being snowbound, but for which
the earnings Of all the roads would doubtless have
shown an increase over those OF 1886. II will be
membered that at this time last year very bearsh feel
ing prevailed the Stock Exchange and railway shares
greatly depressed Prophecies then freely
hazarded that stocks going to settle permanently
down to the standard instead Of which the fol-
lowing six months witnessed a revival OF speculation
second only in extent to that which Immediately pre-
ceded the panic OF April. 1854 Exceptional circum.
these cannot be looked for but there is considerable
margin for risc within which prices may reasonably
go under speculative impulse. That impulse is at
present wanting, owing to the impoverished condition
of important section OF the street, consequent upon
the heavy losses incurred during the last four five
months; but the street has been in the condition
before and yet speculation revived and prices rose like
gouris in night New capital and new men took the
place OF those that had passed away and the ruin
which had gone before be lost sight of in the
new excitement. But just now speculation although
not dead, is in decidedly sound slcep and how soon
il may be aroused by Mammon is uncertain The night
is darkest when the dawn is nearest however, and this
reflection may be OF consolation to those
who still carrying heavy burden of stocks at high
prices They, doubtless find Jordan hard road to
travel especially with peas in their shoes; but happily
for them, the longest lane has farming.
The monotonous dulness of the stock market was
reflected in the light demand for money, the general
rate for which on railway coaterals was six per cent
and on government securities five per cent In some
instances per cent paid miscellaneous col
laterals by second class borrowers On Saturday there
diminished supply OF funds in quarters, and
the exceptional transactions at increased in
ber. but at the time the banks offered 10 lend
freely 10 prominent houses at six. moderate business
done in the discount line, and first class commercial
paper at sixty days passed at az per cent, and
"good" at 7k The break in Pacific Mail to l26 has
made lenders careful In their discrimination Of miscel
laneous securities and the failure OF old established
house the tea and general grocery trade has inspired
similar caution with regard to signatures.
The Loan Certificate BILL reported by the committee
OF conference and passed by the House Saturday,
be Of disappointment to the national
banks and OF surprise 70 all who have watched tho
course Of the measure The greenback provision has
been rejected entirely and the hundred millions Of
three per certificates reduced to my Millions This
is the more remarkable because the Senate voted In
favor OF hundred millions OF these, while the House
voted for . hundred millions OF plain legal tenders.
The fifty millions authorized by this bill is likely to
prove inadequate TO enable the Treasury TO meet the
maturing compound interest notes. and It may therefore
be regarded as . half way measure and making two
bites OF cherry. The principle Of the bill Is at the
same bad provides for interestbearing in
stead of non bearing security Further tinker
ing upon this subject will probably be done by the mex,
Congress- but is time that the country should have
something better than such petty makeshift financial
| legislation.
The gold market was firm during the week, the price
| at one time having touched 140x u, owing TO the
operations Of bull combination In anticipation Of the
President vetoIng the Reconstruction BILL but Il subse-
quenty declined, and Saturday touched 1881, not
wIthstanding known the veto had been cent into
Congress- Subsequently. however, u advanced and
closed I3o the street late In the afternoon the rise
being mainly due TO the prompt action Of Congress In
passing the bill over the vcto The demand for coin for
customs duties larger than usual for months
past the total receipts at the port for the week having
been So 202 204 The disbursements account OF the
m.annuai interest tho ten-forty Ioan which fell
due the lat instant aggregated $1626,232 Of which
ST. 143, 400 paid on Saturday. This had some
influence causing large speculative holders Of coin to
sell out with view to buying back again at lower
figures Tho weeks report OF about thrcequartcrs OF
million was partly In gold and silver bars
The foreign exchange market Grm during the
early part Of the week. but subsequently notwthsand
ing the decline in cotton in England 1t weakened, the
rates for bankers sterling recediug Ak. This was
partly due to the rise in gold and the fact that interest
was being paid for the loan Of coin Hence purchases
Of bills were deferred The indications on Saturday
favored fractional advance in rates. the leading drawers
quoting their sixty days sterling at 1osN, although
among the brokers bankers bills England at sixty
DAYS we're quoted at 10s 10s% at three days, 10oH
Ioo%; commercial bills 107 los francs at sixty days
517K 22,S at three days, lss< 5i5; bills on Ber
Iin 7lsl 72; Bremen, 7sss 7sK; on Frankfort Al
a41X; on Amsterdam, 40i< a 40lz; on Hamburg, %
36.4; on Antwerp, 522I6 h17k.
Railway shares and government sccuri ties quoted
thus at the close Of business on the street on Saur
day:--New York Central, 1927 1903; Eric, 55k 3;
Reading, 1927 1903; Michigan Southern, 72K 70;
Cleveland and Pittsburg, SIX 81 Rock Island, e5k
X; Fort Wayne, e4K X; Northwestern. 35ss y; do
preferred 65 a e5I; Western Union Telegraph, 423.
u; Pucihc Mail 127 12s Atlantic Mail, 50 say; Ohio
and Mississippi certificates, 27ts AZ Registered 1881,
11oX 1loss; coupon, 1881, 1iok lio'S 500 regis
tered 1892 1918 IL $40 coupon. 1862, 1907 11lh;
20 coupon, 1884, 1917 . 1osX; do, 1855, 1885,
IosK; August 7.so, 1857. ioox: June, 1861 X;
July 73o, 1o5s AK.
Government stocks were but lightly dealt in on the
Stock Exchange and towards the close they were barely
steady Al the counters Of tho leading dealers In hsm
however, moderately active business was transacted
The general merchandise markets are in depressed
conditions but there has been steady improvement in
the dry goods trade during the week. Notwithstanding
the decline In cotton abroad. moderately active
business reported In domestic goods adapted 70 the