The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-03-16
FINANCIAL AND COMMERCIAL.
FRIDAY, March l5-6 p. N.

r
The stock market continues DUH but It's underone is
remarkably firm. and for the being the indications
are favorable to advance Prices 40 low in most
instances in comparison with what they hsve been,
that good basis Is furnished for upward movement
of some magnitude although its progress is likely to DO
slow and al intervals faeng The street has been i'm
povershed such exelt since last October that
viii be prone TO realize moderate profits whenever they
present themselves, and desperate ventures will be as
rule avoided Money continues in abundant supply TO
the Stock Exchange at per cent. the higher rate
being generally asked by the banks. There is fair
business being done in the discount line, aud the best
grade OF commercial paper passes at per cent Names
connected with the dry goods trade are however closely
scruBized consequence Of the recent failures in Pro-
vidence. r. Among those may be mentioned TAFT &
Co. twho were agents treasurers Of the Wansegan
Mills, Conn, for 81, 100000 Asa Manton for about
5000 0O0 and Bailey & Eaton for 100000 The pre-
vaing depression in trade and manufactures is mainly
due to the uncertain financial future OF the country
owing to tne absence of definite legislation regarding
The finances The last Congress signav failed to do its
duty this respect and the present Congress should there.
fore take action upon the financial question immediately
This discretionary authority which the Secretary Of the
Treasury is permitted TO exercise over the cur
rency the floating and funded debt aud the gold mar
ket should be withdrawn results in positive harm
to the entire country No other Finance Minister in
the world Is intruscd with such power as
the present Secretary Of the United States
Treasury has, aud there is sufficient why he
should possess tho ability TO derange the monetary affairs
of the country whenever his Judgment caprice may
dictate Tho manner in which tho funding process is
being conducted reflects dscrcdt upon the admnisra-
ton Of tho finances the custom of selling tho Trea.
gold secretly TO be severely deprecated Congress
should leave nothing OF importance the discretion Of
the Secretary but provide explicitly for everything
cessary to be DONE Tie contraction OF the currency
should be wholly suspended; the maturing compound
interest notes should be fully provided for the
sion Of the floating into tho funded debt should be per-
formed publicly, terms announced 10 ALL and
sales of gold and, better STILL all sales should BIO Pre-.
hibited With such legislation the country would know
what to prepare for and act accordingly; but with
uncertain financial future drag rs placed upon tho
wheels OF enterprise
At the ten O'Clock open board railway shares werc
steady. New York Central sold at 103; Ere, 5o4
Reading l02 l.Sl; Michigan Southern AK Cleveland
and Pt,sburg s27s; Rock Island e5a 9s1S Northwest
ern 351S; do preferred, 63I Pacific MAIL 12i lbsO
At the first regular board the market dull but firm.
New York Central closed 4! higher than at the same
time yesterday. Illinois Central a. Northwestern 4,
Fort Wayne ~ ohio and Mississippi certificates y
lower Pacific Mail l, Canton Il. Government securities
were steady. Missouri State SKIES declined y, and
North Carolina skies advanced l. At the O'Clock
session OF the open board the market frmer, and
prices advanced slightly. New York Central sold at
1o3sS Erie, COZ; Hudson 1861; Michigan Southern,
7i7s b. 81 Illinois Central ll5l; Rock Island, s6h;
Northwestern, S5a do. preferred, cay; Atlantic Mail,
So; Fort Wayne, e6's; Mariposa preferred, 2S,s
At tho past two regular board the market was
moderately active and somewhat irregular. Ene closed
lower than at the first board Northwestern u, Fort
Wayne e, Ohio and Mississippi certificates 2, Canton
24, Michigan Southern 4, Cleveland and Toledo n,
Northwestern preferred 4, Pacific Mail q. Govern
ment securities inactive but steady tone. Stale
stocks heavy. North Carolina skies declined !,
Missouri skies a. At the halfpast three open board the
market weakened, Erie selling down to 59sS, but i'm
proving to t9k on the CALL New York Central sold at
1925 103 Reading, 1922 Michigan Southern. z45< Vi
Cleveland and Pttsburg, s1A y; Rock Island, s57S ;
Northwestern, 351S; do preferred, So 63H; Fort
Wayne 06L; Pacific MAIL lbs q. 1O); Western Union
Telegraph, 4iss Mariposa preferred 23A. snbse-
quently the market became frmer in tone, and at
naf-past five the following quotations current:
New York Central, 1929 1903; Eric. 69k a -; Read
Ing 101x l02; Hudson, 1871 x; Michigan Southern
TAI; Illinois Central, 115H II; Cleveland and Pitts
burg 50 50; Rock Island o5al o. Fort Wayne, 96is
ri Northwestern, 35x e; do. preferred, 6SH y;
Pacific MAIL l24Js 125; Atlantic Mail, S31s Western
Union Telegraph 411s x; Ohio and Mississippi certa
Gates, 81 a u; Mariposa preferred 23h.
Tho importations Of dry goods at this port for the
week ending March IA compare follows with those
OF the preceding week.