The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-03-09

preferred, 5ox 7oA; Pacific Mail, Ill ll1N; Ohio
and Mississippi. s1h az; Canton Company, osH
o.; Western Union Telegraph, SAX saH; Fort
Wayne, 1olK 1o1X.
Money was in good supply and moderate demand
throughout at six per cent with exceptional trans
acuons OF nve per cent on government securities
ana seven on mixed collateras while first class COM
merciai paper was taken at 81 a per cent
discount. The bank statement for the week
ending yesterday shows a further loss OF
$l,6se, 5os in legal tender notes, $I,3774o9 in
specie ana $el4,4e in deposits, and an increase
OF $lslo'eos In loans and $67, 7s4 in circulation.
These changes are favorable to great rmness in the
loan market, especially In view OF the LIST Of April
being settling day In Pennsylvania and most OF the
Eastern States, as well the time for making the
quarterly returns OF the national banks.
Among the miscellaneous shares western Union
Telegraph was nat at a4x SAX, and the public
seems to have lost conndece In It as dividend pay
ing investment while spectators neglect 1t because
1t does not nuctuate sufficiently to make 1t profitable
to either buy or sell. The opposition lines Of tele
graph are growing In favor and importance, and
under the pressure of competition the tariff Of
rates Is being reduced to the advantage Of
the public; but to the serious injury Of the
overgrown monopoly in question, whose forty mil
lions Of capital Is incubus which threatens event.
uay to break 1t down. Several new rival lines are
projected and the indications are that the opposition
to the Western Union Company win become so formi-
dable that its nna collapse viii be greatly fastened
thereby. These new lines win be- and In most respects
already superior to those Of the monopoly, which
to large extent require rebuilding, with the mo-
dern improvements; but the finances OF the COM
pany are hardly in condition to meet the outlay for
this purpose. Pacific Mail showed much lrmness at
about ILL., notwithstanding the report Of the Presi
dent, which foreshadows suspension Of dividends
while the present opposition lasts. The Express
shares were heavy, and the outside public
requires to be warned against buying them
at the high prices now current They are
manipulated by few men with the object Of making
the street buy every advance and sell on every de-
cline, which they succeed in engineering. Mining
shares neglected and spectators alike with In
vestors have become dstrustful Of this class Of secur
ties although there Is no reason to doubt the pro-
ductiveness Of well managed and well selected gold
ana silver mines In Colorado Nevada and elsewhere,
whose vast mineral wealth Is beyond dispute The
high price Of labor the heavy cost OF supplies, the
difficulties in the way Of travel and transportation
and Indian warfare have hitherto combined to check
mining operations In Nevada and the Territories, but
these impediments are being gradually removed The
than they were and the progress Of the Pacific Rail-
way Is rapidly adding to these, while wages have
declined to low point, owing mainly to the
reduction Of the cost Of supplies and it is proposed
to still further cheaper labor by employing negroes
In the mines and giving them pro rata interest In
the proceeds Of their work. Colorado in particular
is attracting population, both agricultural and
mining but 1t does not follow that because our mine
raj regions are rich and ripe for development
stocks In Wall street representing undeveloped
properties in Colorado good Investments; for the
lands may not have been well chosen, or the manage
ment Of the companies concerned may be so bad
that the stockholders have nothing to hope for Gold
and silver mining must depend upon private enter
PRISE unassisted by Wall street stocobbing opera
tions for its success, and when property has
an ascertained value after proper development
it will not be difficult matter to market its stock
at fair valuation. The trouble with most mining
companies has been that they were started by un-
scrupulous men for stockjobbing purposes, and the
proceeds Of the stock sales mysteriously made
away with In most instances before an ounce Of ore
had been taken out Of the ground Very naturally the
public, after being swinded In this manner, regards
mining shares with distrust
The foreign exchange market was quiet and heavy
in tone, under which rates yielded u per cent.
The supply OF bills was larger than in the previous
week, owing mainly to cotton shipments, while the
demand from importers was light. The cotton
exports continue large, those for the week
ending on Friday from all the ports having
been o. 300 bales, making total Of 1,032 $50 bales
since September l. 1857, against 72o $40 for the
responding period last year. The stocks at all the
ports are consequence lower at present than they
we're at the same time last year. namely $751; 100 bales
against bales. The enlarged shipments during
the last two months have been owing to the sharp
advance in the price of the staple In the Liverpool
market where the stocks Of both American and In
dian cotton are much lower than they were at this
date In 1851. The stocks in Liverpool and London,
including consignments to those ports anoat, were
on the 22d of February estimated 10 be only ee1 800
bales against 104o $50 last year. Hence the cotton
Market both here and abroad, Is likely to rule firm
for long time to come.
Annexed Is q comparative statement showing the
shipments Of specie from this port last week ana
during the year 10 date together with those for the
corresponding periods In 1866 and 1907
Tenth week. .$558,2s4 e478,618 e1,54s, 200
Prev. reported. "a 4ol $50 $751; li,252ole
Total 81, 967, s36 4574e,117 $12soo, s0s
The exports to the corresponding period in the
previous fourteen years compare - follows;-
1895. .$4,11992o 1s5s...... 0l6, 712
1884. 9,2o5,s79 1851 4300, 800
1853. ........ e,323sSl 1885, ........... 25l3,o23
1862. 7,087,52 1885, ......... 37s9,262
1851. ......... 1,259,890 1854 ........ 2737, $50