The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-02-28
FINANCIAL AND COMMERCIAL.

ll0x to 14l with the closing transactions At l4s!
Notwithstanding brisk borrowing demand for cotu from
he /" shorts the supply superabuudant aud loans
we're made At rates vary from four per cent
Tor carrying. The grass cesrngs amounted 70
es7,Sl9 900, the gold balances to So SIG and the
currency balances To So l-5,sl5 The Deutsch
land took out $4,000 specie. The course OF gold
since the passage OF the impeachment resolution BY the
House OF Representatives has been a source OF general
surprise, and the OF the bulls has been
very great Tho inaca ions now are that impsach-
ment has lost its power a disturbing element
IN the Gold Room. and that general commercial
and political causes will govern the preminm'
without roiereuos to this iopc 10 particular. IL ~
very much doubted by many whether the Pres6ont
will be convicted his trial; but In any event there
will DO TO violence on either sids There H.
consequently cause fpr any dstrust OF the pubic
credit growing out OF TIL. Impeachment agitation. and
the decline In cold dur NJ the last few days goes to
confirm this view 0. the 1t Is Tuc that govern
mont securities heavy bst this is tho result
In part OF tho fall gold i,sol, but still OF tho
prospective debate the Sherman funding BILL which,
By the way. up in the Senate this AFTERNOON.
This bill has Deen SO generally condemned By the press
and people that there Is no possioy OF lis becoming
Law, and there is occasion at present for
any funding scheme. Un after all the sevenhir,y
notes outs dug either OIL redeemed
provision for funding the debt in o now form oply
be productive OF evil by unsetting confidence in tho
public credit which is something toat the government
cannot Afford to suffer under II Mr. Sherman is wse
and desirous Of doing nothing to damage the national
finances he VIII not attempt 10 press his bill to 70 Q;
but n no does 1t Will De the duly of both houses To
defeat It. for more unca,ed for and mischsvous Imam
csl measure has rot been brought before the present
Congress- Tne Treasury has oeon neither n seller Of
gold nor buyer OF seven.tnrly notos tod,y, and Mr.
Van Dyck the Assistant treasurer has gone to Wash.
ingon TO confer wita Mr.. SIC uoch upon public bust
ness and will probably not for two three days
Money continues rather active, and loaus were made
In many instances al sovea per mixed collate
rails while the leading dealers In government securi
ties were unable to borrow beos Six SO that We have
already passed to six and per cent m arket.
The change is OF course due to tho loss Of deposits
which the banks have experienced during the last
three four weeks; and this depletion is aceable to
the Withdrawal OF portion OF tho Western balances
during the scarcity OF currency there we'll
to the remittances soutnward on account OF pur.
chases OF cotton. The mercantile wants OF the coun
try. although not large, hre increasing and tho supply
Of commercial paper Is sugmenting in volume; but
the best grade passe, freilv at seven per cent TDe
bears on tue Stick Exchange already be.
ginning to talk of light money mar.
ket; but Of this there Is probability
whatever The mere chance from "A to a6a per
cent market Is however, calculated 10 exert disturbing
eec upon speculation for rise for the time being, and
particularly whom elem nj OF disturbance as
Eric presen IL work TO cheek It. This stack still
sngrosses the atention Of the street, and opinions
very much divided its future course. II 10 owl
doay puppet tho hands Of the speculative director
who do with whatsoever no psases In the sbseaes
Of any moro formidable opposition tan conronts
him. Whether he IS bayng or selling u can only be
inferred from its 1eutualions Of pr,ce, ami
what its courss during any axcd period 10
como VII! b. is equally uncertain. The Schel party
maintain that 1t Is going up, whfte The Drew party pro-
dict an opposite result but tn0e who attach much i'm
portance the uttersnces OF either sac will be kelly to
mud their cona icnce misp aesd, for language among
Wall street secuators s regarded something 10
osa rather than to express thought There present
ouy rather heavy bsksrs' market to speculate upon.
and those are out OF Wall street will do we'll to
remain OF II, ut lsas. until tho aspect OF affairs
becomes moro decided.
A. the commencement q business the stock market
frmer than at coss yesterday and at the early
1sAon OF tho o. board, although the volume Of bust
ness was very light, Eris sold st e7H 67X and New
York Central at l25,S . la0H. Al tho frat regular
board there increased activity and Erie advanced 10
$50 ami New York Central 70 127L The former closed
higher tsan at the tms yesterday and the lat.
was held steady at 80 s5H BY report thai tho
pany would declare tnree per cent dividend next
July. Tue general belief 10, however, that II it does
20 Il will be effect and net because its finances justify
It. In the general railway list there Was q moderate
and fairly dis ibcted businc Government securities
were dull and hay, end coupon nvsSentes OF 1862
allowed decane 4. issue or 1864 4, ns~ ssue OF
1ss5 u, Issue Of 1857 u. A. ths open board
ct o'clock tho market was stronger and
Eris sold at 6sis aud New York Central
At 1878 Following the call New York Central
advanced to 1854 . 1871, aud Erie 10 8s7.,
but the second regular beard tbs market showed
arospng tendency, a!lnougn prses we're esiy KAY
per cont below the hishss point tsucssd. ras business
was moderate In einuunt and evenly distributed Gov.
eminent securities dun and steady ct the decline
OF the morning. Al The open board halfpa three
prices lower, and tho transactions very
limited scale. Erie sod Ct 6sH; Now York Central
127I; Rock Island, s5t< os's; North~sstsrn %; Do
preferred, y2s; Huason, liI n 14!I; Western Uaion
Telegraph, 3jis, aud PaciEc Esil 112h 112T. After
wards Erie declined to 81, and the railway market
generally became heavy. At the close six O'Clock the
quotations subjonsd, and the speculative feel
Ing 4me Ohio and Mississippi sois soaI Can
ton pany, 90: Western Unioa Telegraph, IS Ah;
New York Central, l!7f l27x; Erie, sIT ss; Read.
Ing 02x 925. Michigan southern sos1 sct.; clsvs
land and Toledo, lo7 lo7k; Rock 1s,spA4 % = 9sh
Horthwesterr, 60 eos; de- preferred. 72x; Fort
Wayne. o0s ea5i.
Government securities wsro weak daring shs fore
hosn, but afterwards they became steady although there
was no recovery Of quotations. The fact that msnsy
could not DO easily borrowed on then as lever rate
ghan six per cent had effect in depressing tie
narkot This advance in the rate Of interest y not,
however, likely TO continue TO sxert IN uufavoaols
influence, and general improvement Ia looked for Al
the the marSet steady .. the following que
acknowledgement, 1881, 1lsI . III; COUPON,
1881 1loa& Ill; 2os, registered, 1890, 1904 q
1o7; s2os coupon, 1882, iloS q l1o;s; do, 1884,
l07ks lo71s do, 1866, 1851 iosIs DC, 1885, January
aad' July, 1851 1868; do, 1857. 1917 1914;
io4os registered, 1oi 1915; lo-4e's, coupon,
io4x a1o14; Juao so's 1867. 1868; July 1909,
ao6h 1909; May compounds, 1864. NIX lis !;
Asgust.d do, il6K H. September do, lilo 1ioI;
Octoher do. u.s., . IleI.