The New York herald., 1867-02-17
FINANCIAL AND COMMERCIAL

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SAIuapAl zen. IU-6 r. M
The railway share market further depressed to-day
by hsavy bear sales and the tendency Of prices for the
time being is downward The hesitation and stagnation
which prevailed for or three weeks prior TO yester
dsy invited attack and long the bears find their
Efforts attended with success they viii continue them.
me bull element is too weak and demoral
ized to offer much resistance to the down.
ward tide, and many Of the large holders OF stocks
stubbornly carrying their burden in the hope Of
selling out with diminished loss later in the year.
,,shile they have . dreary prospect before them,
-, - material conditions affecting the value Of
railway property are IN nost instances favorable "a an
advance y ~
AT the open board as ten o'clock the market vas
steady. New York Central sold at 10oh; Reading,
1o4; Michigan Southern. TAX X; Erie, 56h Cleve-
land and Pttsburg s2 Rock Island. OF; Northwestern
asx . x; do. preferred, e6x; Fort Wayne, cox. Al
the first regular board all the speculative railway
shares were vigorously hammered by the bears, and
general decline took place. Pacific Mail was active but
weak selling from $50 down to 148k the call. The
that the dividend would be passed and that
Panama fever prevails on the Isthmus have not been
without effect, but thus far they lack Confirmation.
New York Central ctsed higher than at the same time
yesterday. Erie was q lower Reading Y, Michigan
Southern y, Illinois Cenral " Cleveland and Pittsburg
AZ. Rock Island X, Northwestern k-do preferred lx
Fort Wayne 1K Chicago and Alton Y, Ohio and Misss-
sippi certificates n, Pacific Nail AZ Canton " Marposa
preferred y. Government securities were nrm. Cou.
pom fve-twentes OF the asue OF 1865 advanced "
sevenhrty notes Of the second and third series y.
Tennessee SKIES Of the new issue were Y higher
At the one O'Clock open board he market was steady
at the decline New York CentraA sold at e9X ts 3)
Erie. 55k Reading. 1857 Is 81: Michigan Southern,
rtral Ro~r Usl.c ~.
Northwestern, 354 H-do preferret, 64s< 65; Fort
Wayne, 95X; Western Union Telegraph. 4sK %. 81.
Subsequently there material change prices and
the unpropous character OF the weather checked ope-
rations At four O'Clock the market steady at the
following quotatons:-New York Central 99I x;
Erie, 55A x; Reading, 103H 104; Michigan South
ern, Tx 72: Illinois Central, 115x X; Cleveland
and Pittsburg 7aH 80; Rock Island, 96Is X; Fort
Wayne, 90 y; Northwestern, 35h H-dc. Preferred,
65H u; Western Union Telegraph, 43R AK
The money market shows no change the supply OF
loanable funds being abundant at per cent gov
ernment and railway coaterals As usual Saturday
balances offered freely aud generally at the lower
rate for the sake Of the two days interest Tho pay
ment OF the semi-annua interest the first VI
the seven.thrty loan commenced yesterday. and thi.
contributes swell the volume OF money in the banks
First class commercial paper sixty days is discounted
creased Offering but inferior grades are not
favor. The somewhat improving aspect of general
business tends to strengthen confidence in credits
but the banks are still pursuing conservative
policy, and evince desire to keep their loans
permanently within narrower limits than those which
marked the summer and autumn Of 1885 The exten-
sion them which eliminated in October was mainly due
70 exceptional cause, namely the payment OF the
temporary loan by the Treasury and It's natural conse
quence witnessed In the active speculation
on the Stock Exchange which SET In simultaneously.
With the contraction OF bank loans the decline In
all kinds Of speculative securities which wrought
much havoc among the bulls and under the effects or
which Wall street Is still groaning fhe bulls however
look forward TO revival OF speculation In the coming
spring and SUMMER but their ability tp profit largely by
it will necessarily be OF slow growth In view Of the enor
nous losses they have sustained during the last four
months
At Chicago the money market begins TO show signs OF
returning ease First class borrowers find css difficulty
In obtaining ioans although paper closely
scrutinzcd and only in rst class credit are In
favor Exchange the East is becoming scarcer and
several Of the banks have this week been compelled to
send forward currency to keep their accounts good.
The rates nrm as par buysns ana ouc-tenth pro.
MUM selling M.
Tho gold market nrm, the passage Of the Bounty
Dill IN tho house Oh REPRESENTATIVES, sss evoning having
increased the disposition 70 buy Tho aggregate amount
which this will cost the government should Il
become law, varously estimated at from one hun
dred to three hundred millions Of dollars and In tho
present state Of the Treasury this serious item The
opening price 13ex, followed by advance before
eleven O'Clock 10 1877 Subsequently the fluctuations
ranged from l3ox 70 137 the closing price having been
1854 There was . moderate borrowing demand for
coin, and loans made without interest and at
per cent for carrying The export Of specie BY this
steamers was foilows:-By the City Of Baltimore,
S1As17; BY the Arago. 100000, and BY the Acro
Castle %, s,3so-making for the week, 4S6s, ,lo7.
The daily range Of the market during the week y thus