The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-02-03
FINANCIAL AND COMMERCE.

mring trade and are unusually solicitous as to Its
character and extent Much importance is attached
60 the fact that many stores and warehouses In
the region between Barclay and Chambers streets
are placarded with the ominous words, ITO Letn
indicating that the previous occupants have been
forced to decline business and Others are unwilling
10 risk new venture This fact has created an i'm
preston that there is something radically wrong
about the commercial affairs in the metropolis. 1t
should be taken into consideration however that
the region referred TO has been worked over, so to
speak by the dry goods interest and it s being grad
nally abandoned for the streets north OF Chambers
and west OF Broadway. 1t Is not very long time
ago that the dry goods firms were centred
in the vicinity OF and south and east OF
the Post ONCE; thence they moved up TO
and across Broadway, one OF the pioneers
IN this movement erecting Trinity building. Thence
there was migration to the streets running west
erly from the City Hall Park, ana now the last
change finds the dry goods business removed to the
region which takes in Canal street on the south. In
each instance the departing business was replaced
by the oces OF lawyers, conveyancers, real estate
brokers, engineers railway officials, architects and
the like. In the present instance the region referred
TO is in the transition state and is only obeying
law which has been operative in several other local
ties. IT win not be many years before it will be
tirely absorbed by those peculiar branches doing
business in Offices while legitimate commerce will
have betaken itself TO lattudes nearer the uptown
retail stores and nearer the great mart of New York.
which VIII always be at its centre. The auction sales
to-day were well attended, but the sales were not
large or important. The Southern merchants
well represented in town just now, and our city
dealers look for usually active demand from them
this spring in consequence OF the comparatively
richer condition OF the Southern people, in the cot
ton States particularly. The last crop was all profit
and there were no drawbacks Of old debts, the bust
ness Of last year being strictly cash principle,
not only between our merchants and the South but
between the Southern merchants and their home
customers. The yield in money from the crop now
in process of expectation not less than $3.50 O0O ooo
the PROFITS on which sum VIII come back to crafty
the naturally luxurious taste OF the South. The
West slower TO make ner purchases, but the facili
Ties OF Eastern anu Western railway communication
postpone the necessity OF laying in goods from the
Eastern markets until the Western home demand is
actually felt
The stock market to-day was characterized by
revival OF speculation in the 'bull' interest The
operators who belong to this side OF the street have
been in the ascendant FOR long time, but they
ioosened the reIns day or two since and induced
some OF the bears to try few shortr sales. Their
object accomplished, another grand .'bullr campaign
has been inaugurated. New York Central rose about
i've per cent and the Western stocks all improved
from one to three per cent, which shows how much
the clques care for western legislation. Erie was
not called az the boards and also has been forbidden
IN the Long Room. Ir was thus driven out OF the
Stock Exchange, but found refuge in the morning
board, which by the way, it is said tonight Mr.
James Fisk, Jr., intends to purchase and convert
into an independent Erie Board.'' The stock
sold at 37Is a $685. The unregistered ex-
press stocks kept Erie company in ITS wanderings
and also found a refuge here. Adams at the close
was quoted at 6s q esq, United states at SIX So
and Wells-Fargo at 307a 30ss. The Erie directors
have had snelr revenge upon the Columbus, Chicago
and Indiana Central Railway Company. The stock
Of the latter declined about six per cent to-day
owing to the withdrawal Of the Erie stimulus. The
market was barely steady at the opening, but be-
came nrmer as the day progressed. Prices closed
An follows at the last open northumberland 81 q
90; American Express, $7is 4s; Merchants Union
Express 1sI 1854; Quicksilver % a "a;
Canton, saA1 601i; Pacific Mail, 11s1s 1I9; West
ern Union Telegraph, 90 a S9ls; New York Central,
Iei5s 1osil; Hudson River, 1864 1855; Reading
s6h; Chicago and Alton. $50 I54; Alton and Terre
Haute. 4Oss 42s5; do. preferred, Oh. ~ Toledo
and Wabash, 651i 65ai do. preferred, II IS: Mil
wankee and ST. Paul, 655l 66sl; do preferred. s1a
a 50: Fort Wayne, l2oS lei; Ohio and Mississippi,
ssa4 3ss.; Michigan southern, 9ssfa 94Ts: Illinois
Central, 1855 bid; Cleveland and Pittsburg % e3is
Cleveland and Toledo, l08is l04st; Rock Island.
ISL 1Sl "a Northwestern s4's S49l; do. preferred
s2lS as1l; Boston Water Power. 15is Is; MARI
posa, a 81; do preferred, asa a 2sss; Harlem
1853 l31; Lake shore, io2 1921
Stocks were Duoyant In the interval AFTER the ad-
iournment OF the boards and the cIiques were heavy
purchasers. The market yistby under their
control. At q quarter to six O'Clock this evening
the following were the closing quotations ON the
street:-New YORK Central 1855 1855; Michigan
Southern, g471 a IS: Reading, 9G1l; Northwestern,
si7.' SIS; do. preferred, 92H s2ss; Toledo
1861 los; Pittsburg. 95 st. Paul. esil e5,s: Ohio
and Mississippi, Ssl4 Hudson River, 1854 a l37;
Wabash, o5s 90; Pacific aaii. 1854 u Ilsg.; West
ern Union 80 q S9i4.
Tie market at the close was 0n-' from the highest
quotations during the day for OF the list the
temptation 70 realize. ia place Of "carryingr over
night, tempting sales from weak hands.
The appreciate tendency was also felt in the gov
eminent market, where prices recovered nearly the
whole Of the decline which they underwent with the
'bcarn movement engineered week before last Al
the opening 67's were improved hut ei's and es,s
were "oG.r In the afternoon the market became
active under large purchases foreign account
bonds in London having gone up 70 76ss. The al
fah1t III koiu WIS also OptFdtNe IN producing their
enhancement The market was firm. with buoyant
tendency throughout the remainder Of the alter
noon, and al ave O'Clock quotations on the
street closed a. follows United states SKIES
1851, registered lliA lIi2a; do. coupon, 1l231
Il2A do. 5-2o's, registered, 1906 10gAS; do.
coupon, lse1 iI3& ll5fs; DO, 1884, 1922. a 1929;
do, $780, I1Oa4 H05s; do, new, lSG5. lOsk 1885,
do, 1891. 1855 i0s4 do, 1868. 1885 100:
do, lo-a0s, registered 1922 q ie2ss do. cou-
pon. losii losii; currency bonds, TOT = 1O1h.
God was openly ana plainly worked up by the
ciiques, who were purchasers the extent Of eight
or ten millions % dollars. Tncy made the first at.
tempt IN tue morning, but the market went up too
rapidly for their plans and tnes desis,ed until the
afternoon. when they came into the market again.
The effects upon the price rejected in the follow
ing table Of nuctuatons:--
10 A. M.4.......... 1855 . T.. N........... las 4
1915 a. M...,.... 1857 400 Y. M........... 1852