The New York herald., 1863-02-05
FINANCIAL AND COMMERc RciAL,

WEDNESDAY, Feb. 4-3P PM.
Capitalists are holding back their means in con-
sequence OF the prevailing rumors regarding the
policy OF government. aad money call is
fairly worth seven per Gene. We can see 40 reason
for ang stringency in the money MARKET, or for
any dDabt rs TO the future. If the Senate
better acquainted with financial than it is
shoHd not witness TIN hesitation ancs filibustcr
ism which NOW prevail o& the House Financial BILL
Ia the course OF few NAYS Senators will discover
that there is no aternasisc and that Paper money
must be issued to suppythe wants of government,
OF the war must be ssopped. Meanw ale we may
continue 10 he entertained with harts money pro-
jects about as practicable as sq,larig the circle
1t is misfortune that sasniess should. be deranged
by the incapacity OF those in authority to under
stand the situation; but the present period OF
pease cannot last tour weeks more. Com
niercial paper Of tho highest grade IS quoted at
per cent. Debt certificates arc ~ 94ls.
Gold has again been very active aud mercurial.
Before the first board il sold at l5T1I-the aG.
vance being assembled TO the news from Charles
ton. At the board it to 1882. then declined,
without any good reason, to l55 rallied again to
1869 sold in the afternoon at i57 and l5715 gnd
closed l57l bid Exchange sola at l73 and lT4,
and closed at l73l% a Ia for bankers' bills. rhe
bullion dcalcrs seem TO think that any interference
with free trade in gold will operate rather against
than in favor OF the currency Many persons are,
however. in favor Of \ simple act prohibiting loans
on gold. such an act.would be easily evadsd I'M
less il were very skfuilv drawn and smart penal
ties attached to its infra2tion bank, for in.
stance, might refuse to lend on gold and yet
might discount the note CT an individual Who hap
pened casually to deposit same gold in the bank
vaults that day. The great objection 10 egisa.
tion on the subject il the alarm it would create.
The stock market WAS dull aud hesitating this
morning. There stock pressing for sale;
hut neither were there any large orders to buy.
Both bulls and bears seemed content to play the
part OF spectators for day two, waiting for the
development of the financial programme at Wash
| ington. Among the larger spectators the con.
vction is universal that paper must be
issued, and that values must consequently appre.
| catc. The bears on the other hand rest their
hopes upon the adoption of some impractieable
policy by the Senate. which may throw things into
confusion. At the morning board to-day the
sales Of governments small, and the price the
same as yesterday, Some Of the smaller banks
are selling their governments the larger institu.
tons dare not try to sch. state stocks and bonds
| were steady. In railway shares the business done
was light. The most active stocks we're Erie,
which sold at 73 before the board. ~ at the
board, and 1874 in the afternoon; and Pittsbure,
which advanced per cent The Western shares
were generally "a q per cent lower than Inst
evening. At the public board, at P. NJ, the
market was inactive. but quite steady; in some in
stances prices were shade higher than al the
closed board At the regular second board the
market was generally better, and. there was
pretty active demand for stocks, especially Erie
At the 4P. NJ. session Of the public board the
market was generally strong. especially on Erie
and Pittsburg. There were some bear sales of
stocks, based apparently on the Senate action
But most of the operators appeared to he bulls.
The following were the closing quotations at
half-past Gve:-