The New York herald., 1869-03-27
FINANCIAL AND COMMERCIAL,


Exchange over Good Friday confined operations to-
day to the street. but the great inclemency Of the
weather deprived the market OF anything like bus
ness. few sales OF gold were made at 13414, and
some suspected ''washes took place at 134x. Prices
OF stock were almost precisely the some as at the
close on Thursday. Pacific Mail was SO bid and
New York Central was quoted l62x l62N. Foreign
exchange was duh at the last quotations. The
Cuban demonstration was probably partially IN
nuential in making gold little drmer; but those
who needed the precious metal to-day nad 70
pay little more for 1t than they would
have done mad there been full market There were
only few sales Of governments at . concession OF
an eighth to quarter per cent on the figures OF
Thursday evening" Money was quite active. Seven
per cent coin interest freely paid BY those who
were unlucky enough TO be among those VINO had
their loans called The banks and private bankers
were open, but transacted limited amount OF busi-
ness The stock houses, as . general thing, were
closed. The exceptions were frms expecting the
presentation OF drafts. The remark was generally
made that the day should be Q legal holi-
day. 1t is so In London, with which New
York il now SO intimately connected in financial
matters The banks desirous OF 1t, and the busi
ness community OF Wall street would be accommo-
dated by it, The annoyance Of waiting for expected
drafts during semi-hodav would thus be obviated.
The Legislature has tile opportunity Of enacting the
change. petition was talked OF to-day to be sent
up to Albany, and the president OF prominent bank
said he would sign 1t. The closing prices for gov
ernnents were as follOws:-United States skies,
1881, registered, 115s 49, do, coupon, 116 116H;
do dve-twenties registered, l13 1131 do, coupon,
1862, 11sN 11sA; do, 1854, ia 114K; do. 1865,
1l6,I 1856 do, new, 1885, 1l3A 113's; do 1867,
1i3h 1876 do, 1858, 113k ll31; do., tenforties,
registered, 1o4% 1o5; do, coupon. los 1054
currency bonds, 104 a 1041<.
The bill for a redistribution Of the currency
to meet the increasing wants OF the South and
West is hardly likely to meet with favorable
consideration during the present session OF Con-
gress, even II the allpowerful influence OF the
national banks IN the Eastern and Middle
States was not thrown against 1t. The diminished
quantity OF greenbacks in Northern financial centres
is due In great measure to the increasing demands
OF the South. Chicago journal says that 'durlng
the winter large amount Of currency was sent to
the Southern States to move the cotton crop, very
little OF which has come back and much Of which
will not come back. The people OF the South have
grown comparatively rich In the last eighteen
months Their increase Of capital In products
has given them the ability to own more
circulating capital in the shape OF green
backs, and it may be safely assumed that much
larger portion Of the paper money circulation is per-
manently absorbed there than there was q year
ago. It was hoped that this new wealth Of the
South would be made one OF the means OF again
bringing gold ana silver into circulation. During
last fall the New Orleans and Mobile papers were
urging the planters to spuate for gold in all sales
OF cotton and there was considerable complaint be-
the law was supposed to regard coin contracts
illegal, and the cotton merchants OF New Orleans
held meetings for the purpose OF encouraging the
transaction Of the cotton business on gold basis in
spite Of the law. Their ardor. however, seems to
have cooled down since 1t was discovered that coin
contracts legal. They are like the Chicago Cham
ber OF Commerce and the decimal system;' they
wanted 1t until they found they could get it, and
then they did not want 1t badly Is they thought
they dtd.n
The Philadelphia Ledger Of this morning says that
the demand for money on Thursday continued active
and quite beyond the ability OF the banks to meet
and keep within the bounds OF prudence. Rates on
call loans were quoted 61 to per cent, which are
low as compared with New York. The higher rates
OF interest in the metropolis tend to the reship
ment OF the funds which went to Philadelphia for
the account OF the Camden and Amboy Company,
after the recent negotiation OF fsoooco sterling ex
change. The Ledger has the following interesting
particulars with reference to this Loan
The company has recently applied for an increase
OF ten millions of capital and has negotiated loan
in Europe for about $1,000 the proceeds OF which
Harsimus, q large tract Of land adjoining their
present depot property al Jersey CITY. The whole OF
this property VIII probably never @ pe REQUIRED IT ior ane
diatey; but, looking 10 the necessities OF growing
business, the natural result OF It's connections u
had TO be taken when 1t could be had at reasonable
price. The purchase Is said to be good one, and
will command, even now, more than the company
pays for it. portion OF It, too, Is productive; so
that the cost OF carrying 1t materially less than the
interest OF It's purchase. This sterling loan, Just
negotiated, is not mortgage loan. Is IS simply
company bond.
The Chicago money market Of Wednesday is thus
reported by the Post OF that city,
There ia no change to note In the tone condition
Of the local money market The demand for loans is
still pressing, and the banks are overwhelmed with
epneais they are entirely unable to satisfy, and
but those having claims which u Is dcut to ignore
ind any encouragement so close ana stringent mas
the market become that very good paper is sold TO
outside note brokers at az and even per cent per
month discount, Bankers unite IN declaring the
market more stringent ana the oanable funds more
reduced than any time during the past two years.
The new law OF Congress- which renders " unsafe 70
ansp I1m aed IN %any
law IL sharply criticised. Eastern exchange In quiet
with sales among banks o. soc per @ nap cnn
discount buying, and l-loth Of one per cent premium
selling.
The earnings Of the Western Union Railroad
during the third week in March werc:-
1853.
1860. 6o...................... 11,30s
DeCrc0Se. CIV
The directors OF the Lake Shore Railway Company
have declared q dividend Of ten per cent on tn,
capital stock OF the Cleveland Painesvile and Ash
tabula Lake Shore Railway. ana the Cleveland ant
Toledo Railroad companies, payable in the new
seven per cent thirty year bonds Of the company
the 10th day Of April, 1869, TO such persons as ma.
have been holders OF the stock OF said companies q
the close Of the transfer books on the LIST day o
April. 1869.
in the Rhode Island Legislature the House ha
granted TO the Boston, Hartford and Erie Railroa,
Company the right to build railroad from ProvI
dence to the State line in Cumberland, thence
connect with the company's present road TO Boston
thus forming second railroad between Providenc
and Boston.
The City Council OF ST. Louis has granted to th
Iron Mountain North Missouri and Pacific Railwa