The New York herald., 1867-04-22
FINANCIAL AND CONNER clAL

FINANCIAL AND CONNER ClAL.
-~~~-~~~~~~~-~~-~-
SUNDAY, April q, 1857.
Tne gold market has been pretty excited during the
mast week. owing the European political and financial
sdvices tts extreme range having been from l34 on
Tuesday 70 l39k Friday, with the closing
tsoas ON Saturday ~ lse The large 'short" interest
prsviousy outstanding materially assisted the operators
for riss in advancing the price. and st the same time
enabled them land their coin q interest," generally
ranged from Leah - s6lths per cent per diem The
demand for customs duties u the port for the week
smounssd 70 81 $4,000 while Of the export of les than
s'millon IN specie the larger portion was In Spanish
gold and silver. Il was rumorsd that the Treasury
wss nos . ssllsr during the List few days.
snA the dsossass Of about million In spsc,s which he
foethcoming hank statement viii likely show 70 some
sxtsnt sustains the pposton. The cours Of gold In
the immediate future viii b. governed BY the reply
which Prussia may return to the propositions embraced
In The plan Tor the settlement Of the LuxenburG question
submitted BY DE other great Powsn 70 France ana
Prussia. and which Napoleon u sad % - willing %
aoospk II nay, however. bs observed that war has
been largely discounted in tho gold room slrssdy.
The railway share and general stock market wss nm
stsd BY the causes Affecting gold ven - ths agia-
ton ana failure Of the New York Central Railway Fare
OuA ~ sAA0 ~ AIU4uyp 1u0 ~ V04tOas -
speculation raa mainly ths bear ds although there
WAS moro buying for rise q intervals than usual Of
lats Ihs MARKET however, lacks speculative vitality,
owing % the absence Of much outside support and the
poverty Of those Who would Be leading bulls II they bad
the necessary msana But their resources have been
gradually eaten away during the last six months,
which has been hard ime 70 the holdsrs Of stocks.
and the bears, who have been making money
meanwhile arc for the most part beazs still The
bulls have very naturally become dscouragsd and may
DO said 70 have their pluck with their money This
Of thing has been far prolonged that change
for the better looked for by important section Of
the street. and majority Of outside investors regard
railway shares cheap ~ the present prices. The
monetary ease too which has set In since the beginning
OF the month"; by Increasing the facilities FOR carrying
stocks has strengthened the Inducements to buy them,
while there nothing in the prospect abroad cacu
lated impair tho valoe Of railway property and the
difficulties which threaten conflict in Europe still ad.
init Of pacific solution, and not mprobaby will meet
with such esn ~ set.
But, admitting war between France and Prussia
TO be inevitable, there is reason why II should
excite apprehensions Of monetary or commercial dis
turbance in this country. In the face OF three hum
dred and ffty millions Of national and three hundred
millions Of other American securities being held abrsad
gold would be certain 70 rule higher here during
foreign Of magnitude than il Europe remained at
peace, merely because Of the possible contingencies
to which this large indebtedness exposes and which
war would be supposed to render more threatening.
But It might be that securities would grow in pop
ular favor abroad just as those Of the bellgerent
nations declined in consequence Of our reoteness from
the scene OF action, and it is moro than probable
that our export trade would be greatly stimu-
lated, owing to the increased foreign demand
for our produce, arising from tho diversion
or labor from the farm 10 the battle neld This
would involve an Increase Of trac the ltnos
Of railway extending westward while the high price Of
gold would all other prices for the time being 70
range higher in proportion and this would extend 70 the
Stock Exchange. ss well tho general merchandise
markets
The railway share market closed steady Saturday
afternoon quarter past I'VE at the following prices,
Erie being the irmest stock on the list:-New York
Central, 90 K; Erie, 5ok . X; Reading, ssX look;
Michigan Southern, OAK u; Illinois Central, l12k;
Cleveland and Pittsburg 67X AZ; Rock Island, S5K
X; Fort Wayne, elk K; Northwestern, sok Il; do.
preferred, SIX Il; Pacific Mail, lbs n; Ohio and
Mississippi certificates % X; Western Union Tele-
graph, 50 q 4. Government securities wero firm
throughout the week. notwithstanding the decline In
nvetwenties abroad but the amount Of business trans
acted in them was light
x The money market was very easy during the week,
and the supply OF capital seeking employment IL still
increasing while the demand continues very light Call
loans were made TO the stock houses at per cent
with exceptions At seven, and government securities
at fve while in instances balances were loaned as
four First class commercial paper was In moderate
supply and freely discounted at the banks st OK AK
per cent, the general rate being seven; but
inferior grades were out OF favor owing to
certain degree Of distrust which attaches
.u nrx- -ov In
or the prolonged duIness depression Of trade which
have necessarily weakened the majority Of mercan-
tile firms The weekly statement of the banks will
doubtless reflect the growing accumulation Of capital At
this CENTRE and the nadequacy OF the current demand
TO absorb 1t all The legal tenders are expected to show
increase Of between three and four millions, and the
loans decrease OF about million less
Tho general merchandise markets have been un-
settled by the fluctuations In gold and although prices
are in some instances o trine higher than they
were . week ago, they have not generally
spondcd TO the advance In gold, owing TO the
popular impression that the latter may prove
70 be only temporary The Intervention OF Good Friday
checked business somewhat, It observed a hol
iday by the Of tho mercantile community we'll
In Wall street. In the dry goods trade there fair
degree Of activity and stocks Of leading styles OF goods
having become reduced prices remained steady notwh.
standing the decline cotton. or lower grades, how
ever the supply for immediate sale In Of the
demand and prices yielded slightly, the effect OF which
was 10 increase the demand for export.
The foreign sxcnsnge market has been strengthened
by the European political news and tho further decline
Of cotton and bills drawn against the staple are regarded
with considerable dstrust The supply Of bills was light
and the demand good, and at the close the following
quotations were current: Bankers bills on England q
sixty days were quoted 4 loex "; t hrss days ITO
. 11ox; commercial bills losk 100; francs, nx,y
days, 61sx a6l7; u three daya sl2k any; bins
ON Berlin, 70 5oK; on Bremen, 72x.a y; on Frank
fort, l1K x; on Amsterdam, AK . "; On Hamburg
ask u; on Antwerp, $40 abl7k. AZ fraction over
these rates shipments Of specie might b made without
Ios and ID evident that some Of The bulls In gold
-.l-. l.. A