The New York herald., 1862-02-14
FINANCIAL AND CONNER cIAL.
THURSDAY, Feb. 1876 p. M.

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THURSDAY, Feb. 1876 p. M.
The day has been quiet one, after the excite
ment of yesterday. Money becomes more abun-
hant daily; several lenders were glad to get per
cent on call to-day for their funds, and we hear
of sales of paper at the same rate. The Sub
Treasurer continues to allow per cent for all de-
posts Of Treasury notes ON call after ten days.
notice.
Sterling rose this morning to l15 %, with no
great disposition the part of bankers to sell at the
advance Fortunately there is no demand to speak
of. If we continue to import more than we are
exporting exchange must advance, perhaps to
100 . lbs, and gold to ITO lis. Gold to-day
rose to l04H at the first board, and was in demand
at "a "a afterward on buyers option. The spe-
culators in stocks are trying to initiate the bullion
market, in the hope that it will react upon the
stock market. But the banks cannot let this game
be carried too far. The premium on gold is
merely another word for discount upon the
general paper currency we are using. When
we say that gold is worth 10414, we
mean that Treasury notes have declined " per
cent below par. decline of 4 or 5 per cent in
these notes is, perhaps, not worth attention. But
If the depreciation goes any further it may become
advisable to arrest it. The advance in gold is
merely due to the speculative purchases of opera
tors in and around the Stock Exchange. There is
little or no capital invested in the movement. A
million of gold put on. the market would break it
down, especially if, simultaneously with this sup
ply of bullion the banks to call in the loans
they have made the security Of bullion 1t is well
worth the consideration of the banks whether one
Of the twenty eight millions of gold, which are
lying idle in their vans, might not be used in
this manner, in order to stop the depreciation of
paper money, and sustain the government credit,
in which they are so largely interested. Country
banks and capitalists in the rural districts, who
have been boarding gold for the sake of the pre-
MUM, will probably do well by realizing on their
specie without delay. The premium may rise
higher; but the probabilities are the other way
especially if our army meets with successes.
The stock market continues languid and dis
couragng. Every now and then the bull operators
start the market by combined effort, and it looks
as though everything was going to advance; but
the moment the spectators stop buying stocks
fall back again for want of support. From some
cause or other the public, who are liberal buyers
of first class bonds are not touching railway or
State stocks. Whether it is considered that these
curities are high enough considering the earnings Of
the roads, or whether people haven't money to
invest in stocks, or whether the times do not seem
propitious for an upward movement certain it is
that at no time since the battle Of Bull run have
the commission houses felt so much discourage
Ment, and received so few orders. It was conf
dently believed that the success of the Burnside
expedition would be the signal for general rise.
We have received news of that success; it was all
that could have been wished; and yet stocks.
are lower, in some instances, than they
were when the fate of the expedition was un.
certain, and the most gloomy fears were enter
tanned concerning its fortunes. 1t is idle to theo
rzc on the future course of the market in face of
such facts as these. Until the public enter the
market as buyers no advance can take place; and
if the true cause Of the apathy of outsiders is
the high price at which stocks are ruling, the
sooner they fall the better it will be for
parties who are heavy holders. At the first
board to-day fractional advance realized in
Missours and Pacific Mail; other stocks were
about yesterday evening. Between the
boards the market at first fell off, then rallied, and
at last was dull. At the second board stocks were
rather better, and comparing the closing prices
of the day with those of yesterday we noteaan
advance of "a in Erie preferred, "a in Panama, %
in Illinois Central and % in Toledo Other securities
were without change. At the close the market was
firm, the following being the last quotatons-Unit-
ed States 6s, registered, 1881, 80 a a; do. 6's,
coupon, 1881, s994 vi do. Sc, coupon 1874, 7o1l
asO; Indiana SIS, 741a 76 Virginia 6's, 531a 55;
Tennessee s's, 4614 u; North Carolina e's. 63
Ca Missouri 6's 43 a43; Pacific MAIL 99H "a: New
York Central 81 Il; Erie, 241 q; do. preferred,
67s4 "a; Hudson River, 3s14 80; Harlem, 1211a
94 do. preferred, 30 "a; Reading, 4l2s AZ;
Michigan Central, 5114 q; Michigan Southern
and Northern Indiana, 2lH Ss; do. guaranteed,
Az "a; Panama, ll414 "A; Illinois Central, SIX
u; Galena and Chicago, 6e5I s714; Cleveland
and Toledo, 4314 "a; Chicago and Rock Island,
63M 5414; Chicago, Burlington and Quincy.
6l% u; Milwaukee and Prairie du Chen, 20 "a;
Cleveland, Columbus and Cincinnati 107a =; New
York Central rs, 1876, los a: Erie third mortgage
bonds, 95 96 Michigan Central ss, first mortgage,
9994 100; Illinois Central bonds, rs, 81 90.
The business Of the Sub Treasury was'as follows
to-day
Recepts. $2Sp 9I4 w
FOR G etoms ......................... tZ,oo0 w
Payments oto oooi %
halance oyoS~,3l3 Vo
The exchanges at the Bank Clearing House to-day
were SO 26s 072 40 and the balances $500 74l 81.
The Suffolk Manufacturing Company and Tre-
mont Mills have each declared q semi-annual dvi-