The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-01-18
The marked closed heavy.

1870 M.......... 2l5A s:35 M......... aion
l:s0P M.......... 2l5H 6:30P M.......... 2iS
The marked closed heavy.
Stocks were duh and dropping the first board and
she speculative feeling The closing prices showed
the following variations from those of yesterdays second
board:-Erie declined r. New York Central u, Rock
Island X, Hudson River III Reading IN, Michigan
Southern u, Illinois Central l. Cleveland Pttsburs
Y, Chicago and Northwestern !, preferred u, Fort
Wayne IL Cumberland x, Ohio and Mississippi certid
Gates az. Quicksilver advanced u, Mariposa T.
Government securities steady, excepting skies OF
1881, which were Il lower Coupon FIVE twentes both
OF the and old issue, advanced Ten forties sold
~ 1921, certificates at s7k. IL
AT the open board at O'Clock the market dull
and fraction lower AT the second regular board there
was little more activity Erie declined q, Quicksilver
a. Ohio and Mississippi certificates Reading, Illinois
Central Cleveland and Pttsburg and New York Central
were steady Fort Wayne advanced u, Michigan South
ern e, Mariposa u, Hudson River Ia, Cumberland
Coal u. et
Government securities were dull Coupon ten forties
sold at 1925, hvetwenties 1925 issue 10sA
At the open board at half past three the market
shade lower some Of the railways. Erie closed at
7a5S; Hudson River, 100A Michigan Southern, 70A;
Rock Island, 10l; Cleveland and Pittsburg 91,s
The money market is easy, and the supply Of CAPT
tai seeking investment call at per cent
h abundant. Tho large government balances
remaining with the national banks, contribute
mainly towards this condition OF affairs al present,
while the absence of strong speculative feeling, either
in the market for securities the Stock
Exchange, produces very light demand for money Tho
largest of the recent subscribers to the tenorty loan
holding for rise, but others gradually selling out
their necessities require and this checks any advance
which might otherwise take place Moreover, the
absence OF settled financial policy the part Of the
government creates certain degree OF disrust which
operates unfavorably upon national securities gene
rally. Congress shows itself disposed 10 second
the views of the Treasury resorting temper airy
pedents and the prospect OF the issue Of seventhty
notes being extended four hundred millions indcatos
disregard Of increasing the gold bearing debt, in
directly not directly and disposition to be content
with the adoption Of paliaves instead OF deter
mination TO provide remedies
The supineness of both Congress the government
and people generally with respect the of the
tonal finances is of the deplorabc signs Of the
There appears be no anxiety for the future Of
paper dollar and the public debt and the Secretary Of
the Treaaury has evidently higher ambition
than TO shuttle along till next March, when
he can take his place In tho Senate, and leave the
work which he ought TO be performing to his sue
cessor Never In the history of any country finer
opportunity for personal distinction and public utility
utterly neglected and to neglect the fiscal aa Of
such nation, at such time, Is national offence But
the taci acquiesccncc Of the people In the system
pursuing may be construed into partial justification Of
IT, although the ultimate consequences will ne the
less disastrous for present indifference To danger.
This Is fitting time for Congress To enact ssutasy
changes in our financial policy with view to the APP
probation Of the paper dollar and the way for
the gradual resumption Of specie payments Now, when
victory is browning our arms, and the strong hand of
federal power is gradually rccanng It's hold or the
belous States the people able and willing support
The government in any financial measures il may
see ut TO adopt, and very grave responsi-
bility rests upon 1t for the fuhlment Of this
part OF the great trust committed 10 lie care
We are nevertheless, not sapgnine enough " believe
that Mr. Fesssnden will wge any measures OF import
upon Congress before ia adjournment and
quently unless Congress itself takes the initiative Is
mot improbable affairs win be such after
the Secretary Office that session Of
Congress will have TO be summoned 10 make provision
for the urgent wants Of the nation and devise expedens
for diminishing evils which yet upapprecaied and
undcveiopcd.
The supply OF first class commercial paper siill very
moderate and the discount rate Ia s pcr cent.
The demand for foreign exchange light but the
firm for bankers bills Sterling ~ sixty days IL
quoted at 1906 lOsa; at three days i1ok HOS.
Merchants bills vary from los to 100.
Our light imports aud comparatively large exports,
present and prospective, likely create flow Of
specie favor and at the exercise seps
BILE effect upon the British money produce markets.
The fact that the Broadway Bank which has reorgau
lied under the national law still retains ,s place among
the associated State banks in the Clearing House
costing the inquiry whether not this arrangement Is to
become permanent and include all other city banks be-
longing 20 the association which NAV adopt similar
course Tho constitution or the Clearing House
nothing opposed 70 the admission Of national
banks, and its sphere Of usefulness might be
extended and the two banking systems hsrmonizcd 20
great extent by the admission OF the national hanks.
Article II Of the constitution says:-sNew members
may admitted into the association At any meeting
thereof Such new members shall pay admission fee
OF one thousand dollars and shall signify their assent To
this constitution In the the original
members But member shall b. admitted ex-
cept by a vote OF three fourths of tbose present
The system, however much II may bs fraught
With danger, is spreading rapidly, and Is 20 closely
identified with government INTEREST," that useless IN
preach against try TO ignore u. Tho best thai
can be done Is 10 reconcile the sntagouisrns be
tween the new aud the old order Of thngs 40
much possible. Already more than eighty mil
lions Of national bank currency floods the land,
chile the capital OF the represented
70 nearly hundred and atty -four milons Before very
long the full three hundred millions " currency authori
sed under the will be in crcusticn unless ts Cur
rsncy act In amended in this particular.
The sul,scr ptons 70 the ssvsnthrty loan a the First
National Bank 10 day amounted to $2ss,7 100.
The business at the Assistant Treasurer onc in shts
city to-day ss follows:-
Receipts for customs. ................,... f2l4ooo
Total receipts os.oosc
Payments. - TOO los
Subscriptions 70 government loan. 100000
The total yaus Of the exports exclusive of specie from
The port OF New York foreign ports during mo week
ending January II, was - 0s4,ao
Stock Exchange.
TUESDAY. Jan. iT--10sso A. N.
$1,000 Y y es 81. iSs xoo shs Ers RR w.