The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-01-31
FINANCIAL AND COMMERCIAL,
FRIDAY, Jan. 'S0--6 P. N.

FRIDAY Jan S0-6 P. NJ
Money is abundant among first class houses at
six per cent. The uniform refusal Of bankers to
lend without margins Of 20 Is per cent has af-
forded employment for good deal Of private CAPT
tall which is taken into the street and placed with
brokers on call. No man. in the present state of
the money market, need lose interest on his bank
balance over night. Any broker will give FIVE per
cent, and many will allow six. with ample security.
for the use Of money even for single day. Com.
mercial paper sells at 5 per cent, and is still
very scarce. .a..
This has been another very exciting day in the
gold and exchange markets. After opening at l55,
gold rose steadily to 1857; it afterward reacted
to 1877, rallied, sold at 1854 in the afternoon,
and closed at 1881 bid. Bills sold as high as
175, but closed about ia Il. No cause is as
signed for the advance in gold. II is the result Of
natural causes, accelerated in their operation and
intensified by speculation. member of Congress
proposes to make IL penal to lend on gold. This
would check the speculation for time, but would
be an unwarrantable interference with the freedom
Of trade. No good ever comes Of legis-
latng against practices which are in themselves
innocuous and legitimate. If our banks and
bankers would by common consent agree to sacr-
fee for the sake Of patriotism the profits they are
now making by lending on gold and would hence
forth refuse TO consider gold as an article Of
chandise, and to lend upon it at any rate of inter-
est the wild speculative fever which now causes
| gold TO advance at the rate Of per cent day
! would he checked, the premium would probably
! fall, and the depreciation OF the currency would
! proceed at slower rate. But we doubt whether
| Congressional interference will do any good.
The stock market has entirely recovered from
the reaction, and prices are again moving upward
with apparently as fixed purpose ever. Ru.
NOR states that the clique in Erie, which ma
n9uvred so successfully to put the price down.
succeeded in getting some low priced stock at the
| decline, though 1t failed in shaking the large
blocks out OF the hands OF the heavy holders Last
evening the price Of Erie was 72l.-tbree per cent
higher than il was at noon yesterday. This morn
ing II opened at rs, advanced to Tx. sold at IS,
70 and 1917 in the afternoon and closed 761t bid
The dividend paying shares were oil better at the
| first board. Erie preferred rose I, Michigan Cen
trail 1, Rock Island 2, Galena TX. These stocks
are becoming scarce. Parties who have
made money out Of the war or otherwise
are buying them In preference to gold, az they
yield income, while gold costs about nine per cent
W CaIIy ~ ~ tnV ptVncut pfitrs iuc Cueoper
shares were ell active at an advance. Southern
old rose l, Cleveland and Pittsburg ~. Harlem
u. Cumberland TX. Fort Wayne TX. II ia UNDER
stood that the Cleveland and pittsburs compsny
il going 70 be taken ont OF the receiver hands In
March next. and In the June following dividend
II confidently expected. sftcr which the stock will
probably take permanent place on the dividend
paying list. AL the Alton and Terre Haute secu
rites we're better to-day; they are becoming moro
generally Known than they we're. We note sales
Of Frsnkiinite steel a. Is SO ON a par Of So
Bonds are very firm, and the higher class Of bonds
are almos, out Of the msrk.t. Government
securities arc barely steady. At the oue y. VI.
/ call in the public board the market wos
very Iirm, ard the dividend paying shares and
Erie old were IN active demand The public were
a. eager buyers rs ever to-day and the conviction
was even moro general than We have ever re.
7 marked il that every stock which Yields an In.
come nust advance in proportion 10 gold. AT the
second board there was slight reaction IN tho
,aarke;, and prices wcro - q per cent lower
on sass 10 realize profits. These reactions are tho
osnal Accomplishments Of an advancing marke,
and the moro frequent they arc the more reliable
rho advance generally proves. A. The. four r. NJ,
4 session 81 ths pi,hc board The market was opi,e
I baoysct assin snI cvcryhods -ssrtca snv..,rs ;,
,yssl 80. = ..t.el