The New York herald., 1867-03-02
FINANCIAL AND COMMERCIAL.


FRIDAY, MarrhI I-ePM
The stock market was heavy this morning the pre.
vious dulness having invited bear alteck bat In the
afternoon IL became steady and partial recovery of
prices took place. There Is little disposition mani
Tested - yet TO speculate for RISE and where horts
ars put out they are generally covered at small profit
the bears being nearly timid the bulls in their ope-
nations. The supply Of money continues abundant a
sx per cent 70 the Stock Exchange with ri1ng excep.
oons as seven, while the general rate government
securities b i've. First class commercial paper Il in
moderate supply and passes at seven per cent and in
some instances at six and half but since the occur
renee Of recent failure the tea and grocery trade Of
Of house whose paper passed till within the
hA few weeks as prime, . closer discrlmi.
nAfion Of names has boon observed. The Sub
Treasury has reduced It's balance TO the extent OF
twenty millions within about week, the amount this
evening being down to ell2 25s $780, The disbursements
have beon chiefly in payment for seven-thrty notes.
against which hvetweny bonds Of 1865 sold just
before the balance rose above hundred and thirytwo
ulllioua
A. the early session Of the open board railway shares
showed decline OF n x from the closing prices Of
- evening New York Central sold at 1929 81 Erie,
Ssk y, Reading, 1o2K losk; Hudson, 1873; Michi-
gaA Southern, r.: Cleveland and Ptsburg, so d CO.,;
04ssland and Toledo 1ls: Rock Island, e5l5 . u;
Mothwesterp eS55 DO preferred e4H 81 Fort Wayne.
~ ~ the hrst regular board the market continued
Asavy IN tone but without any material change in
rgices except for Pacific Mall which declined to l26
M course Of this stock s . source Of
Quah surprise and speculation to the street.
Cd the heavy sales which have been mAio
oe lats arousing vague apprehensions as TO the
nsA Damaging rumors are freely circulated and the
abssnss Of any report Of the company's affairs leaves
smyas room for the full play of the imagination Pa
sl0s Nail rs the mystery Of the hour in Wall street
New York Central closed u lower thon at tho time
yesseEday; Erie, X Michigan Southern " Rock Island
= Northwestern, y; do. preferred, " Fort Wayne, Vi
IsctAs Mail *; Atlantic Mail, u. Illinois Central was
higher Government securities were steady but dull
Tsnnsesse sixes were lower; new Issue, u. After III.
eall Erie was weak and declined to 54 with which the
fese q the market sympahized AT the ono o'clock
spsa beard II was frmer. New York Central sold a.
10k; Erie, IS 65H Reading, 103; Michigan southern
52x; Cleveland and Pitisburg so; Rock Island o5s;
-NUthwsstsrn, s5A g. 81; do. preferred, e4A; Fort
Wayne, s4K L. 81; Pacific Mail, 1909.
~ the haifpast two regular board there was frac-
tional Improvement In railway shares and Pacific and
Atlantic Mail we're 10 improved demand, the former
selling up 70 12S, and the lattor to s2i4 New York
Central closed higher than at the first regular board
rns k, Beading H, Michigan Southern Il, Rock Island
n, Northwestern II, do preferred u, Ohio and Mssis
appi certificates ~ Pacific Mail ~, Atlantic Mail 2,
Canton =. Government securities were inactive and
barely steady In tone. Coupon hve-twentes OF 1862
showed decline of u since yesterday morning. at
ths hafpast three open board prices were u to per
'ssat Aghsr but the volume Of business light New
York Central sold At 1C2H u; Erie 55ha 81 Reading,
t1ooj Michigan Southern 72 Cleveland and Pttsburg,
q b 10; Northwestern, 35 (s 3l do preferred, 65H
Atlantic Mall, s2k Pacific Mail, 128 (b 81 subsequently
- market remained steady, and at i've o'clock tho fol-
lowing quotations current:-New York Central,
1Dak les Erie. 66h "; Reading, 1929 lo3: Micb.
&. Hsuthsrn, TAX 81 Cleveland and Pittsburg, so1
q: Reek Island. s5K x; Fort Wayne, 04,< y;
nsrsAvsatsrns ssk "; DO preferred. 6SA y; Pa
sins Nsil l27k l28; Atlantic Mall, S4 u.
; '&Ae COLA market has beon excited From ten to
eleven O'Clock it uctuated between 40 and l4o, but
subsequently, declined to 1881 under rumors that the
i;ss4Adsa q hlGn the Reconstruction bill, and
thas tAs Treasury seller. During the afternoon,
however. It recovered to 1895 and finally closed at
l9ek. Loans wsre made At per cent for carrying
An4 from two per cent to 1-64 for borrowing
ehe course Of the debate the bill providing for
- seampon Of compound interest notes In tho House
q Representatives last evening Mr. Coukiing gave what
~ - accepted as explanation OF the
eeoaiesing statements respecting the amount Of
shess notss maturing during the present year.
H sntd shs was told that M record va
anesrs notes which cancelled and that therefore,
- human being could tell the dates amounts Of those
eustanding. This because the OF the
Department was deficient In that particularly which
ooneeEned the very elements Of bookkeeping and ac
sounts" This serious charge against the efficiency
II ths Treasury Department under It's general manage
ns1A end the Secretary should lose time IN denying
KR untruA Unfortunately, however, thcre is good
foe believing tina; the statement Of r conkng
-
account for the contradictory returns made by the
Treasury On this subject In May last Mr. McCalioch
sent 70 Senator Sherman for the Of Congress letter
IN which the amount Of compound interest notes matur
ing this year was said be under 100000. Since
1hAt time . considerable amount OF these notes
~ been redeemed, and yet the total now
said - BE- maturing this year is, including
inisrsst over hundred millions but the figures
have never been stated. II the Secretary wishes TO
ssaps the charge Of gross neglect OF Official duty or Of
redeeming notes OF the most recent date by ressuing
thoss nearest maturity previously withdrawn from cir
suiatos, hs VIII not permit the statement OF Mr. Conk
Ing 70 pa without volunteering reply: but should he,
nos Do Congress will do well 10 appoint committee
of Inquiry on the subject f III ...s.-.S
me tate Of Tho bill providing for the redemption Of
thess notes 70 the extent Of hundred millions still
uncsrtain but from the fact OF the House having
ssned toa committee Of conference may infer thai
an adjustment Of the differences between the House
and ths 6suats before tho present Congress expires Is
mot impossible The proposition Of the House Is the
correct one, whereas that OF the Senate takes the
national bank Wow OF the question. The banks
wi - pspstuate their interes bearing reserve; but
a clearly 70 the interest OF the people that they should
hold their non-inteest bearing legal tenders
and The bin authorizing the issue Of hundred millions
u plain United States notes In redemption Of equal
amount II compound interest notes 10 In strict accord
suos with ths interests Of the coun,. II mere sub
stituon Il active for inert OF currency; and
nasmuch - the banks will DO required to keep their
sorvs In grssnbacks, Il cannot. when limited 70 the
amount mentioned, be regarded Of imitation.
The maturing compound notes will have to be provided
for and q the choice lies between plan which will cost