The New York herald., 1867-02-18
FINANCIAL AND COMMERCIAL.

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suspAY, Feb II 1867
The railway share market extremely duh and
nearly steady during the early part of last week bot to-
wnrds the close It was vigorously hammered BY the
bears and sharp decline took place throughout the
speculative hist. The ssagnation which had prevailed
fer some time previously invited operations fer .
fall and they attended with as much success
could have been anticipated considerable amount
Of stocks which had been bought on speculation
and we're being carried on margins were thrown over
board ana the current OF activity which set in was
almost entirely on the bear side The bulls owing to
their heavy losses during the last four months, arc
poweress to resist the downward tendency price, SO
the market has OF ITSELF but OF II the
fall makes much further progress upward reaction
viii be inevitable Those who bears will
their shorts and turn bulls, and ,outsde invest
crs VIII avail themselves OF the low prices cur
rent to buy. The demand for stocks from
the public, however influence prices like an
active speculative element in the street. and the latter
take the initiative In any movement which Ia
to take place. An active bull speculation locked for
ward to next summer, and are sanguine that we
shall have foretase Of il in the spring. and this expect
stion may not be disappointed, but the extent Of the
rise which win later inevitably succeed the
present. prolonged depression will be materially
auenced by tho legislation of Congress relation the
currency, the policy Of the Treasury regarding the
as far as in It's discretion lies.
The present agitation Of the reconstruction and i'm.
parchment questions and the uncertainty Of tho results
which may grow ont Of the same not without innu
encc in adding to the depression which
exists on the Stock Exchange, and in giving
frmness to the gold premium Stocks rise highest In
calm political atmosphere, when money is abundant
and everything LOOKS promising. But when political
and financial legislation is uncertain however abundant
money may be- the elements decidedly unfavorabe
% rise in securities Visions OF diminished traffic
from the dulncss Of trade lead TO anticpations OF
suspension Of dividends when good for such
apprehension exist; but Wall street nothing il it is
prophetic, and for the time being false report has
in most instances about much effect truo one.
When, therefore, the affairs Of the country
settled aspect, whatever laws may have been
passed by Congress in the interval healthfu reaction
hardly fail to Tho public mind will adapt
itself to the situation and many Of the underlined tears
which haunt IL will disappear in the presence OF
the realities brought before it, This change will be felt
on the Stock Exchange sooner than elsewhere, and
greater confidence in values will impart buoyant
tone TO speculation.
There is nothing in the condition Of local monetary
affairs any other but reassuring effect Money
abundant six per cent to the Stock Exchange and
the demand Is uauequute W Ou EOVeru-
securities the is generally ve and first class
commercial paper discounted freely at per cent
There was perceptibe the supply Of the lat
ter towards the of the week. chiefly owing the
growing activity Of the dry goods trade the Northern
trade having opened with considerable animation. Tho
manufacture Of domestic goods has for some months
past been largely curtaled but still the rate Of pro-
duction somewhat In Of the demand and the
stocks rather heavy The general merchandise mar
kes are Irregular and retailers content TO supply
themselves from hand TO mouth
Miscellaneous shares sympathized with tho general
railway MARKET and Pacific Mail declined partly in
sequence Of doubtful rumors, TO 14sK. Government
securities exception TO the rule and remained
firm, although there only light volume Of trans
actions in them. Railway shares closed unsettled on
saturday and at four O'Clock the following quotations
were current:-Ncw York Central. COX x; Erie. 65X
u; Illinois Central, 1l5X Vi Cleveland and Pittsburg
7sX 80; Rock Island, seh X; Fort Wayne, 90 ";
Northwestern, sSx "; do. preferred. esh Y;
Western Union Telegraph. 4sK AZ
The Gold market was steady, and without much
speculative activity. The range Of the week
WAS from 1861 ON Monday 70 is7K on Tnurs-
day, The closing quotation being 1857. The
passage Of the Bounty bill by the House Of
Representatives gave nrmer tone 70 the premium on
Saturday. the aggregate disbursements which will take
place under It's authority In the event OF Its becoming
law being variously estimated at from one hundred to
four hundred Millions the customs demand at the
DOR. for tho week amounted to 1884, and the pay
mens Of coin interest tho national debt BY the Sub
Treasury TO 100000.
The foreign exchange market was firm, and frac-
tiona advance in the for sterling for Saturdays
steamers took place. Al the close the following quota
tions were rrent-Bankers bills on England at sixty
days 1oS 4; at three days 1o9h 1oo1f; commercial
bills, 107h losK francs al sixty days, s17k s21h;
at three days. alSA 515; bills Berlin, 7lE 72,;
on Bremen 7s,f 70; on Frankfort 4o7s Az; on
Amsterdam, Al 4i,S; Hamburg. 80 se's; on Ant
werp $50 5.17k
There Ia considerable danger or the Bankrupt bill fall
ing in the House Of Representatives owing to its non.
concurrence in the Senate amendments The committee
Of conference before which II lies should there
fore waive all tring objections leaving the bill for sub
sequent amendment, in order that II may be passed.
during the present Congress To defer this important
measure because Of minor differences would bs unjust
TO the ercat army Of debtors who entitled to the
benefit Of such an act and like haggilng over pence
when millions are at stake Should ths bill be thrown
over to the next Congress there viii be great danger Of
lis entire failure and the work VIII hare 70 be taken up
anew at some future time.
Tho new Tariff bill will probably be reported BY the
WAYS and Means Committee Of the House within DAY
or tive and outrageous as are most Of It's provisions,
appearances indicate that It will pass both houses such
. triumph Of protection, however, should not be suf-
fersd 70 become Law, and the President II Is 70 De
hoped will seal It's fato with his veto should II reach
him.
The highest prices Of the leading stocks sold M the
nrs session Of the Exchange each Saturday OF the
last four weeks were - folows:-
stockx Jan. % Ftb. = %b 0. ~ 16
Atlantic Mall. ........... 90 100 lo4 looh
Alton Terre Hante RR. "a % %
Alton Terre Haute pref
Boston Water Power.... - 26z 70 -.
Canton Company. 80 20 90.
Cleveland PittsburR e. 62H Az 90 ~