The New York herald., 1868-03-04
FINANCIAL AND COMMERCIAL.


nfory are increasing the floating supply Of ooin
and loans made at rates varying from i've TO
Per for carrying The gross clearings amounted
Sl3 1ss 000 the gold balances to 81 1872 SOL and the
currency balances to 81 6s30Ss. Speculation both for
and fall is at present very ianguid, and the
peachment question NO longer exorts . disturbing
Influence upon the premium, while even the
lying tongues OF the Washington rumor mon
gers are SILENT and the newspaper correspondents
st the capital have ceased for the time being
facture reports calculated TO produce speculative uc-
tnations. The Sherman funding bill Is regarded as .
thing already dead and 1t s than likely that there
win be NO financial legislation during the present Con-
gress which will in any way shake the public credit
advance the price OF gold.
There brisk demand for money from the Stock
Exchange which met mainly at six per cent with
exceptional transactions At Ave per
and at seven per cent miscellaneous colateras In
the discount line there ID noticeable change and first
class commercial paper passes at seven per cent,
and In some instances At u / per cent below
this rate On the Stock Exchange feature Of
interest sudden reversal of the recent course Of
Bne, the latest quotation for which the street was
TAX 741S against 66k at the close hst evening This
advance Of nearly eight per cent In one day very nau
rally took the street by and there were various
oonjectures to the one theory being that the
speculative director had changed his tactics without
notice TO his friends for the purpose Of twisting the
short" interest," and another that Mr. Vanderbilt had
como to the rescue Of those who "long" OF the
stock at high ngures. II at the time
rumored that the contract for the consolidation
OF earnings between the Erie, the New York Central
and the Pennsylvania Central would be signed this
week, and that the Erie would be greatly benefited by
this arrangement but this afterwards contradcted
and wha no hal
truth In it remains 10 bs So far the story rep
resenng Mr. Vanderbilt buyer OF Erie concerned
there In all probability foundation for It In fact
but that pool' was formed which inc uded most Of
the old William street party there is doubt and this
combination has been actively at work buying the stock
all day. Some say that they know that
the speculative director Is In II. while others
believe that he is heavily short," and that
tho control OF the stock has been wresed from his
haads. II is imma:eria, however, which Wow OF the
correct The street has been swindled again !;
but this time the bull instead Of tho bear tack II
the Erie was we'll managed property It's stock would
be worth par; but II Is 1t is tho football OF Wall
street. and those who either buy sell might as we'll
bet on throw OF dice. How much higher the present
bull party will carry is uncertain but that II is liable
70 q violent break at any moment Is obvious Mean
whc the large "short" interest In II is a source of
strength and the bears are even tmid in rushing
70 'cover" than the bulls are in rushing to sell when
the market goes against them. Yesterday the feeling
Of the street with respect TO Erie extremely bear
sh, and o considerable further decline In its price
predcted but dsy tho revuson Of feeling produced
by the sudden turn has led predictions Of exactly op
poste character Our advice TO tho public under the cir
Cumstances is believe neither the bls BEARS
and 10 leave Erie to the brokers and other professional
spscuators who have nothing better do than play
md fnze xrith Anti pf
value. The rest OF the market hrm but compara-
lively neglected tie enormous transactions Erie
having dwarfed interest in the other speculative stocks
There WAS rathor active speculative and invesmen:
demand for government securities during the early part
sf the day, and prices advanced =, per cent upon
she closing quotations OF yesterday but in the after
there fractional relapse although the tone of
the market steady The decline, based upon
the Sherman funding bi has brough; in large buyers
1t very evident that the In question will
fall 10 pass either house, even II It pressed TO vote,
while the steadness OF the gold premium shows that
there real disrust Of the public credit felt Al
the close the market steady the suponed quoa
lions Registered 1881, 11oz q Ill: coupon, 1881,
Ill Ill eos, reg stored 1862 1865 IoozS COS
coupon, 1862 1lo5S ll0h; do, 1854, 1915 1857;
1866, 1857. 100; do 1865 Jsnusry and July, 1861
lo7; do, 1867. lo7 1917; 10 4o's, registered lOl
10l NJ TO- 40s coupon, 1o1 l0l,s; June 1905, 1867
lo6is; July 1905 1861 1905: May compounds.
1854 117I 1lsA; August do, ll8Z ll71; sep,em-
Der DO, l1e,1 llesl; October do, lls 1loh.
At the commencement OF business the stock market
srong and a. the early session OF the open board
Erie advanced TO 67s< a6ss and Northwestern to IS.
Al the FRS, regular board tho market buoyant
pecialy for Erie which and closed 3sl higher
shan at the time yesterday, New York Central ~
Cleveland and Toledo a. Fort Wayne y, Milwaukee and
pau1 4 Htn and M,cae sppi WAstaro Irotn
Telegraph y, North Carolina skies IL. Pacific Mail
Y lower Government, securities strong
advance OF 4 4 per cent. After the cali Erie
Tx, and the open board O'Clock sold at 69s<
695s, while the remainder OF the railway list was
steady. At the second regular board Erie was strong
aud excited and closed higher than at the rst regu
lar board but In the other speculative stocks there
were only fractional changes Government. securities
werc steady at decline OF onc-eighth per cent from
the highest prices OF thu day. After call Erie
actively bid up, and at the open board at halfpast
three sold at7s a7l%, while tha rest Of the market
was nrm New York Central selling IN at 12oX; North.
western at 65ts 66k Michigan Southern 905s 81 ;
Rock Island 9sys; North preferred TAX ,s,S
Cleveland and Pp,sbarg 94's; Western Union Telr.
graph, 34H, and Pacific sail, 1loH. Afterwards GALES
Eric were made as high 7t and there great
excitement in the dealings At The close at clock
the quotations as folows:-New York Central,
1925 1875; Erie, 1871 "a; Reading, o4s ap4G;
Michigan Southern. el1s a9lil; cleveand and Pits
burg. % a o4ts; Cleveland and Toledo, 1o7 lo74 I;
Rock Island, oeI 81; Northwestern, 655S CO.,
Northwestern preferred, .4@ s4'.; Fort Wayne,
1907 1907 Pacific Mail HOY Ill; Western Onion
Telegraph, PAX a2sH.
The forsgn exchange market dull, and whio s,er
ling rates barely steady there weakness
shown in those Continental ctea
Tue receipts for customs ana the receipts payments
and balances at the subTreasury this ciiy for the
expired portion Of the week have been ~ follows-
CLfom i0Es. e-----Stib. IreaaRN. -
Ree1pS Receips. payre1s. HaiIrceL
March $3s6 7t5 Sg,295 032 s2c96 sol 500 f37 $50
harch D.. $4,000 l53e,Si3 i,sTg, $50 9s,427 ss2
The value Of exports orclusve Of specie) from New
York TO foreign ports for tho week ending to-day 10
$3.50. 200. against s2.96s,sls the week previous
SALES AT TM NEW YORK STOCK fgcgiss:.
Tuesday. Murch IL A. NJ