The New York herald., 1867-03-15
r FINANCIAL AND COMMERCIAL

week The fact OF its exhibiting an unyielding tendency
in the midst OF comparative dulncss Is favorable "
higher prices; but the rise Is not likely TO be rapid the
old bull element in the street having been much
demorazed by tho losses Of the closing months Of 1895
be quickly restored the position Of effective
working force. Efforts being made 10 engineer
special movements In some Of the railway stocks
Nchigan Southern among them-and this Is symptomatic
Of general disposition TO operate for advance.
The report OF probable contest for the manage
ment Of the latter road al the next election is,
however. invention OF tho parties interested In the
present movement, with view TO getting outside buy
to cooperate with them, and in the manufacture
and circulation OF false reports the bulls expert
unscrupulous the bears either sell
friends by misrepresentation about cheaply Esau
sold his b,rthnghl For cool, unconsc.entious and
wiihai respectable villains, Wall street is unequaIled
throughout the world
At the ten O'Clock session Of the open board railway
shares were steady. New York Central sold as l03,
Erie, 5sx; Hudson. 1856; Reading lolK; Michigan
soutbern 73X n; Cleveland and Pilissurs. SIX X;
Rock Island, 95x 96; Northwestern, SSh tool; do
preferred, C3k Fort wav.e o6k Ohio and Mississippi
certificates 29A 80; Pacific Mail. 125. At tho nrst
regular board market steady on portion OF tho
list and firm on the remainder Michigan Southern Ohio
and Mississippi certificates, Pacific Mail and Canton
being the strongest. New York Central closed higher
han at the same time yesterday, Reading u, Michigan
Southern IL, Illinois Central 4. Rock Island q, North
western Il, do. preferred " For, Wayne u, Ohio and
Mississippi certificates TX, Pacific Mail TX, Atlantic
Mail IN, Canton sI. Erie y lower, Michigan
Central Il. Government securities were firm. Coupon
OF 1881 showed advance of ~ hve etwenties OF
1855 u, issue r. Missouri skies advanced three per
selling at @ under the report that the State Finance
5 finally passed places $75e000 now In the local
treasury the credit of the interest account and pro-
vccs III lax, which will produce Sls0coo0 year,
besides making four millions Of aprropr out OF
the amount due to the State by the general government
With these funds it proposed to retire during the
present year the overdue coupons each bond issued
by the state the total debt Of which is SIS $4,000
balance of s40o applicable to the sinking fund to
the remaining coupons will then remain Tennessee
skies were y lower; North Carolina sixos 4. At the
enc O'Clock open board railway shares we're firm New
YORK. Central sold at lo3& Erie 5s Reading, 1o2 TO- n;
Michigan Southern, 745sa "; Cleveland and Pttsburg
50; Rock Island, 90 1s; Northwestern, s5.-do pre-
ferred cas-; Fort Wayne, ss1s; Western Union Iele-
graph, 42ls a u.
AT the half past two regular board the market
was dull bat Grm New Yosk Central closed
& higher than at the FIRST regular board, Michi-
gan southern ~, Illinois Central ~ North.
Western y, d. preferred 's, Fort Wayne H.
Oh and Mississippi certificates were u lower. Govern
.nen securities were steady. At the halt.past three
open board prices showed only fractional variations and
the volume OF business was light New York Central
sold at 1899 10. 81; Erie, 6sE; Michigan Southern,
lax q; Illinois Central, 115h Rock Island
96is Is 81 Cleveland and Psbarg s2iS 10. 10y; North
western a5z do. preferred, 6sss 6 81; Fort Wayne,
96}; Mariposa preferred 23k Pacific Mall, 125 TO- 30);
Atlantic Mail. s4; Western Union Telegraph, AZ. Sub
seqaently the market remained firm but quiet, Erie
being the strongest OF the railway shares. AT quarter
. .ac
New York Central, ios,z; Erie, 90 u; Reading, fo2
u; Michigan Southern, 74sS n; Illinois Central 1151z
a llo; Cleveland and Pittsburg SO u; Rock Island,
e5ys 90; Fort Wayne, o6H X; Northwestern, IS
IA do. preferred C3,& u; Western Union Telegraph,
AZ u.
The proposed stock Of the Hudson River Railroad
Company is 70 be issued II the present programme Is
carried out to the old stockholders at the price Of four
thousand dollars every hundred shares The capital
stock being So,o6lg7i, and the project being 10
double IT, IL follows that at this rate tho company will
little than three millions Of dollars for
nearly seven millions worth OF Its stock. Looking at
this In straightforward business light the transaction
would appear to bs very undesirable for the
pany. although n would doubtless greatly benefit the
large holders OF Hudson River shares Cpi bono VIC
may ask OF the directors. who are 10 zeaiously
bent upon this huge operrion. Does 1t not
Look very much like spendthrift borrowing
money the ratio OF sixty per cent? Why double the
stock when tho alternative Is presented OF reservlug
enough from the current earnings to construct whatever
improvements requireds Tho project the ap-
pcsrancs OF stock obbng operation, and II probable
that owing to majority interest being enlisted In the
scheme fer their benefit that 1t viii bc adopted
but viii nevertheless reflect dscred upon those
cerned
tho gold market has ruled very steady, the extreme
range Of the day having been from 1347s to 134, with
the closing transactions at the higher rate Loans were
made without interest and at LEA 50 per per
diem.
Money continues in easy supply TO the Stock Exchange
per cent with exceptional transactions six,
although there Is brisk demand for loans aud dis
counts Commercial PAPER OF tho best grade passes
generally per cent: but the dry goods
irado closely scru,inscd in consequence OF
settlement Of confidence by the failure Of Oray, Taft
& Co., Of Providence and tho wsursgan Print Company,
both extensive manufacturing companies. The iabli-
ties the mentioned stated to bo Millions
and large sales OF their goods this market made
fow days ago. at low prices, have had the effest Of
cansng general depression throughout tho trade and
the pressure sell declining prices has been espe
cialy marked among the commission houses to-day.
These heavy failures rcac,ing they necessarily do
upon other hcses create widespread dstrust and moro
than usual caution Is therefore observed in granting
credits
The foreign exchange market is very firm and the
OF bills offering is nconsderable. At the closc
OF business tie following quotations werc current:-
Bankers bills England, At sixty days, 1os% Y; ut
three days. 1ooX no. commercial bills, 1os 1854;
francs, sixty days, $40 t15; at three days,
5.15 S12k; bills on Berlin, 70 ia; on Bre.
men, 7sx 70; on Frankfort, Al az; on Amsterdam.
4oH . az; on Hamburg, 80 . 2oI; on Antwerp,
$50 a517k.
Consols and American securities arc steady on the
London Stock Excnangs the quotations bcing as
under-
4 NarcA III. March ls March H.
ConsoB .el SlA fHfN slA
United States 6-20s 49,. TAX 7lts 5th
Er1e. soS4 SA orza
Illinois Central. ...... ..73X IS Tx
Mining shares were moderately active, and Alameda
silver advanced to 81 under steady demand At the
rs board Columbian Gold and silver closed &C. higher