The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-01-14
FINANCIAL AND CONNER GAL.


Money is easy at per cent. Yesterdays bank
| statement encourages capitalists to employ thcif
funds at the market rate on stocks and gold and
illustrates the Oily of the schemes proposed by
some bankers to tighten the market Commercial
paper sells at a per cent for the best names.
Debt certificates are down again to 96ss x. on a
fresh supply FROM the contractors. Under the
present policy OF the government it is conceded
that money must remain easy.
Gold was again very active indeed to-day. 1t
opened at l42, to 1875. sold in the afternoon
at l43i. and IA, and closed IA bid. reaction
in gold has been generally anticipated; but, thus
far nothing of the kind has taken place. vic
tory however slight, would probably tend TO cause
the premium TO fall. Exchange is quoted at 1917
d 1885, with fair amount Of business AT these
rates the temp alton to ship produce to Europe is
very great and We may probably look for con
tinuaton of heavy exports. very small further
securities speculation.
There is no abatement OF speculative activity in
Wall street, aud no indication Of serious reaction
in the market. Parties who have sold their stocks
after rise, expecting to take them back at a
lower rate have thus far. in every instance, been
mistaken, and have generally taken back their
\ u
popularity Of the present advance is that there is
no preo edent by which operators can be guided in
udsing OF it. No such cause the one which
moves the market at present ever existed in this
country before, and hence there is no criterion by
which one can estimate the duration or extent Of
the advance or the probable occurrence OF reac-
ton. 1 is pretty sale to calculate that the issue
OF an unlimited amount Of Treasury notes, as con
NJ. fiiNy lay. tho
Of causing all reliable dividend paying properties
TO advance in price. All good railway bonds are
likely to sell high and to rule high for long period
Of time. But tie great pending speculation
in stocks of uncertain or nominal value cannot be
| gagged. its loreseen by the most expe-
ricnced eye in Wall street. At the morning board
\ today government stocks were lower and inactive
! State stocks were duh al The recent advance.
| The general list active and prices were gene
rally better. Pacific Mail rose y. per cent Erie
- Erie preferred - Hudson .. Harlem !, !,
! Harlem preferred u, southern old l. Illinois
Central y, piitssurg and Fort Wayne e, Gale
ma =. Toledo 3. Rock Island |, Prairie du
Chen |. On the other hand guaranteed fell on
per cent. aud Cleveland and Pittsburg -. There
are few shorts still: but their courage and then
| means are much reduced; the overwhelming
| majority OF the board and street operators j. ii
| favor ii a further advance Bonds continue very
! active aud advance steadily. The Northwestern
assented bonds (which will hereafter be known
a. the first mortgage, coming after the sinking
fund bonds) advanced Ia per cent and the
seconds l.. We note sales OF the Mississippi
aud Missouri s-sentcd bonds al 81; they are . first
mortgage, aud are active in outside circles. The
Michigan southern seconds are selling at par
/, and the Pitt-burg and Fort Waynes AT the same
/ price. After the board the brokers busi y
engaged with their deliveries and but little bus.
ness was transacted at the public board. AT the
/ second board various rumors were used against
the market with effect and prices we're lower.
I Thus il was stated that the dividend on Erie pre-.
ierred would be less than per cent: that the
Alabama would shortly turn up in the Pacific and
asssil the treasure ships OF the Pacific Mail winch
are defenreless that the bankers were going 10
combine to require new and extraordinary mar.
gins. These tales had their effect for time
and . decline Of u per cent all round
snsued. Some Of the parties who sold
out Yesterday and day before will not be sorry
TO see an opportunity Of getting in again.
AT the four L. VI. session Of the public board
there was revival Of speculative activity, and
=, n. sellers were promptly met by new buyers.
Thus q portion of the decline OF the second board
Nc TeSSV,ref, and the market closed rather lrin.
4 The following were The qGoiations al hal pat