The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-03-06
,ElNANcIAL AMp COMMERCIAL

TUESDAY,, March SEP NJ
The stock market has bean greatly depressed to-day,
aud the bear element is the ascendant TO sell shor
il becoming more and the fashion, and those who
buy rise regarded with pity by those who oper
ate for fail The disappointment occasioned by the
passage OF the $4,000 900 loan certificate bill the
national bank troubles in this State, Boston and Bat
more, and moro Immediately tho decline in gold com.
bne TO favor the bear at time when can
hardly be said that speculative spirit shown on
the bull SIDE owing mainly to the crippled condition Of
the street In Boston it reported that there is
general feeling OF dstrust OF the transactions or
bankers and brokers the recent stock house
failure there exposed the gross irregularities
which had been pracsed and the credit OF good houses
'suaers IN consequence The Frs, National Bank Of
Newton Mass, stated to be without assets and this
alike with its defunct nsmesake of Hudson, n " has
been placed under tho charge OF Treasury agent The
Mechanics National Bankof Baltimore in which heavy
defacaon OF long standing has just been discovered
will not, It is announced suspend business although
the stockholders viii be mucted severely to make up
the deficiency. These failures and crimes following
soon after the failure OF the National Bank Of Medina
Y, cannot be supposed to without exciting dis
trust FAR beyond the localities they took place.
the inference being that similar frauds being perpe
tratcd in other banks esewherc and we're such in
stance to transpre in this city the effects upon public
confidence might be disastrous
The money market Is easy at six per cent houses In
good credit the Stock Exchange with few excep-
tiona transactions seven while the general rate for
large sums lent government securities five. There
Is moderate demand for discounts, first class CON-
mercai paper at sixty days s rated per cent
During the last few days there have been some ship
ments Of currency to New Orleans but there is no out
tod ,,a
the receipts The passage of the Bankrupt law com.
mented upon with much satisfaction among business
men, both and OF Wall street, and the expectation
general that after the law has been in active operation
for afew months its good effects will in renewed
enterprise the part of important aggregate of the
community whose hands have been hitherto tied by
their creditors.
At the open board at ten o'clock the railway share
market active but weak. New York Central sold at
1925 1903; Erie, 81 5iss Hudson River, 1873; Read
ing. 1919 10lM Michigan Southern, Tx INK ILL.,
nois Central 1l516; Cleveland and Pittsburg 79k x
Rock Island. eS14 II Northwestern, 34S do. pre-
ferred os,S u; Fort Wayne, o2S; Pacific Nail 12l1
1913; Atlantic MAIL 81 a SIX Western Union Tee-
graph 41s4. AT the first regular board therc fur
Their DEPRESSION and Pacific Mail declined to 1l921the
sales aggregating 4,S00 shares Bank shares
firm. Continental selling at l0I: Commerce, lis; Com
monwealth 10s. New York Central closed lower than
at the time yesterday, Erie ~ Reading 2ss chi
gan Southern 1 Illinois Central r. Cleveland and Pitts
burg 2R, Cleveland and Toledo /, Rock Island IL,
Northwestern ~ do preferred ga Fort Wayne Ohio
and Mississippi certificates l. Pacific Mail 61, Atlantic
Mali !. Canton Marposa preferred a. Western Union
Telegraph x. Government securities were dull and
rather heavy. Coupon Gvetwenties of 1864 declined
new issue OF 1865 u. AT the one o'clock open board
the market continued decline and New York Central
sold at 1902 lo2S; Erie saZ a 5sx; Hudson, 1864 a
1sf1Ei Reading, 1o1 1olh; Michigan Southern, Tx
Cleveland and Pttsburg. 1881; Rock Island. 03 North
western SAX; do preferred 61ys OK Fort Wayne.
s2s5: Western Union Telegraph, 4l4 Pacific Mail,
1205s I2O1i; Atlantic Mall. so.
AZ the haif-past two regular board tho market was
nearly steady at the loves. point Of the day. New
York Genital closed lower than at the FIRST regular
board Erie Il, Michigan Southern u, Rock Island u,
Northwestern ~ do preferred e, Ohio and Mississippi
certificates "a Atlantic Mali !, Quicksilver 1. Western
ONION Telegraph H. Reading was x higher, Cleveland
aud plt,sburg "a. Pacific Mail sold at 1la'sa Il. With
tina exception Of triilng transaction in sevsn-thirty
there business done 10 government securi
tes At the half past three open board there NO
abatement Of the pressure 10 SELL and prices still
lower especially for Northwestern preferred. New York
Central sold at 1905 1917; Erie, So 52ss Hudson
1854; Reading 1905; Michigan Southern 701s q !;
Rock island, 921 III Cleveland and Pi,tsburr. .9h ;
Northwestern Ss7s u; do. preferred, sos co. Fort
Wayne o2s. X; Atlantic Mail. 70 (s.50) Pacific hai
lls 1885,. During the remainder Of tho afternoon
the market remained unsettled, but without any ma.
tesa change prices, and at halfpast ivc the follow
fas quotations were curren. Erie SEX u; Reading
1905; loi; Michigan southern, 7ok q 81 Cleveland
Pittsburs, 70 7s1 Rock Island OK ri North
western aa5i u; do. preferred, 59A Az racinc Mail
lis a lls. Atlantic Mail, 79ls 7ssl.
The gold market developed strong downward ten
dency the price declining from 1885 al the commence
ment OF business TO 1885, at the cose There Was .
moderately active borrowing demand. and loans were
without interest and at rates ranging from to
per carrying TO 1S2 for borrowing The demand
the payment Of customs duties is larger than usual
in anticipation Of the taria WOODS and woollcns
going into operation on or about Thursday next The
receipts al the port yesterday were 81 900, al
though to-day they fell OF to s7o3oo The weakness
of the foreign exchange market commercial element
favorable decline in gold, but the political situation
govern The course Of the premium more than mere
commercial influences
the foreign exchange market was dull and heavy and
tive leading drawers reduced their rate for sterling At
axy days from 10sss at the opening tolos4. Bankers
bills England at sixty days quoted at the close
at los lOsA4 at three days, 1854 u; commercial
bills, 10. l0sL francs at sixty days. 6l5x SIS; at
three days 513A SIT; bills on Berlin. 71 ~; on
Bremen, IS 7ssi Frankfort, 40zs AZ; on Am
stetdam, 40si a415s; on Hamburg, 351S y; ON Ant
werp, 22tz a 20.
ConsoIs and American securities are steady on the
London Stock Exchange, as the following quotations
show N#
March l.. March & March s.
un.tod States 5-2O's.. 1874 73H 73H
rrie................ 36K 364 364
Illinois Censra...... 76T 76I 76is
Mining shares were unsettled Al the first board
Consolidated Gregory Gold sold at sl2 30 sl2 IS: Co.
lumbar Gold and Silver 81 20; Gunneii Gold, - rs;
quartz HILL 81 %; Smith and rsrmlee, 50 Is; Ameri-
Flag 81 20. AZ the second board Quartz Hill closed
l0c lever than at tho first board, selling at So e5;
Davidson Copper 10c higher selling al ST. Consoli-