The New York herald., 1862-01-09
FINANCIAL AND CONNER GAL.

WEDNESDAY, Jan. S-6 L. M.
The upward movement in gold continues; to-
day most of the brokers quote it per cent
premium. Exchange is also better; the best bills
are held at 1l4Z 1l5; but, as usual on Wednes-
days, there is nothing doing. People are wonder
ing what should make gold worth per cent. The
reason is very simple. Pending the inaction Of
Congress on taxation, people are not willing to
hold Treasury notes, and large proportion OF the
merchants invest their means in gold and exchange
as the safest kind Of property to hold. AS soon as
Congress passes proper Tax bill, exchange and
gold viii fall, and the holders and receivers of
Treasury notes will begin to invest them in divi-
dend or interest paying property of some kind or
other.
The money market is easier; we hear of several
loans at six per cent, though seven is still the
regular rate. Paper is scarce; the best going is
what brokers are beginning to call "shoddy
paper,'' viz: acceptances Of merchants and
bankers here drawn against goods made in the
country for government use.
Stocks were less active to-day than yesterday,
but there was q great deal Of outside buying
nevertheless. At the opening in the morning,
stocks were very firm and tended upwards On
the call, however, an increased supply came from
some Of the jObbers, and prices gave way frac-
tion, closing weak. After the board the market
steaded, and gradually gained strength, until, at
the close of the second board it quoted strong
at small advance. The features of the situation
appear to be scarcity of stock and agradual
increase of outside business, coupled with ten
dency on the part of the street and board jobbers
to move with caution SO long as any doubt remains
with regard to the action OF Congress on the
financial question. The new financial policy of
government and the expected news from England
are regarded as likely to assist the market; the
only remaining "card' Of the bears is the pros
pect OF disaster to our forces on the Potomac.
Government stocks continue to appreciate the 6's
of 1881 rose a, and 20 did the 5's Of 1874.
There was an active demand for Treasury notes.
Among the State stocks, North Carolinas rose "a,
and Missouris 4; vrginias declined "A. IT
is curions that the bonds of Virginia, which
owes $45 100000, is thoroughly ruined by
the war, and cannot for many years, if ever,
pay her interest, are selling at eight per cent
above the bonds of Missouri, which only owes $685.
600 900, and will probably come out of the war
free State with greater and greater capa
bilites of wealth than any other State of the West
The favortes among the railway shares continue
to be the Erie, Central, Toledo Galena and Bur-
lington and Quincy. Central rose to-day a, Erie
preferred 4, Galena 4, Michigan Southern q,
Michigan Central Il, Toledo "a, Rock Island %,
Burlington and Quincy "a. There is considerable
inquiry for Erie securities, which, under the new
organization, appear to be attracting some atten-
tion among capitalists. It is figured that in the
last three months the Erie has earned something
like three and O half per cent for the preferred
stock and it is supposed that many months will not
be allowed to pass without the adoption of some
scheme for dsposing of the the small floating debt
which stands in the way Of regular dividends on
this property. The market closed firm, the follow
ing being the last uotations-United States
6's registered, 1881, s71 IS; United States 6's,
coupon, 1881, 80 a; United States 5's, cou.
pom, 1874, 7s14 a791; Indiana 5's, rs; Virginia
| 6's, ~ o so; Tennessee SIS, 42H 43; North
Carolina 6's, GO a n; Missouri 6's, 41% a u;
Pacific Mail, s51I, Il; New York Central, slss o
"a; Erie, st1. sS; do. preferred, 6594 Sc;
Hudson River, 30 q; Harlem, Is n; do.
preferred, sosz q 3iH; Reading, 351S So;
Michigan Central, 491< o n; Michigan Southern
and Northern Indiana, 2o1s "a; do. guaranteed,
| 40i[ a q; Panama, Ill ll21s Illinois Gen.
tral, 62 a; Galena and Chicago, 66T 81;
Cleveland and Toledo, 36H q u; Chicago and
Rock Island 52ls "a; Chicago, Burlington and
Quincy, So . a; Milwaukee and Prairie du Chen,
1871 20; Cleveland, Columbus and Cincinnati, log
o ITO; New York Central rs, 1864, 100 l02;
Erie third mortgage bonds, ssH q s91; Michigan
Central s's first mortgage, 94L s6; Illinois
| Central bonds, rs, SO SO.
| The business of the Sub.Treasury was as follows