The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-01-06
FINANCIAL AND COMMERCIAL.

FgIpAY Jan. SIS VI.
The STOCK market was unsettled to-day by large sales
Of Cleveland and Pitsburg and Fort Wayne, and the
bears ayaed themselves of the resssembng of Congress
10 manufacture improbable rumors regarding its future
action IN relation to the finances A, the early session OF
the open board New York Central sold at OF, Reading
iO6k Erie e6, Michigan Southern 4ss, Cleveland and
Ptsbarg So s5ys, Northwestern 36,s, Ohio and Misss
sippi certificates 2sk. AT the first regular board
New York Central closed 4 lower than at the
half past two board yesterday, Reading u, Mich
gan southern q, Cleveland and Pittsbuig 81
Northwestern preferred a, Rock Island =, Fort
Wayne Il. Quicksilver q Northwestern was = higher
Erie aud Ohio and Mississippi certificates were
steady. Governments securities were steady Skies
OF 1881 vetwentes OF the third issue advanced T.
Seven,hry notes Of the second series were :. lower
At the O'Clock sessions of the regular and open
boards the market dull and generally lower Ceve
Pttsburg sold at s4l % at the open board and
s4..a Il at the regular one, Michigan Southern 1917,
New York Central S6,. Erie ssh, Fort Wayne 1925,
Reading 1867.
At the half.past two O'Clock board the market was
without improvement New York Central closed Il
lower than at the FIRST board, Reading q, Michigan
Southern u. Cleveland and Ptsburg Ia Northwestern
L. preferred q, Rock Island a. Fort Wayne IL, ONO
aud Mississippi certificates a. Government securities were
DUH bal, steady excepting coupon nvetwentes OF the
old issue, which declined e.
AT the half past three o'clock open board the market
continued heavy New York Central closed at s55s,
Erie o6s Hudson River los, Reading 1864, Michigan
Southern 7sss, Rock Island Is 81 lO'z Northwestern
s5,, preferred 6l<, Fort Wayne 1914 Cleveland and
P.ttsburg s4k Afterwards the street, the specula
tive spirit tame and there very little business
done AT five o'clock old Southern was quoted at 1874
7s,. Cleveland and P,sbarg s31s ssss, Erie s6'S.
The decline in Fort Wayne and Cleveland and
Ptsburg occasioned considerable surprise, the more
especially quick rise the latter generally an
tcipaied aud the earnings of the line for 1865 WERE
according to the forthcoming report S. or
nearly equal to the receipts Of the previous year and as
the road is in good condition The gross expenses are,
however stated to have been ST. 959 $50. The prevail
ing dulness the Stock Exchange is, in view Of the
great abundance OF money, a puzzle to the bulls
and indicates lack Of outside support The bulls are
neither very confident very spirited, and they allow
the market to by default favor of the bears There
such leader among them asonished and alarmed
the bears the Stock Exchange in 1863 and the early
part OF 1864 and although the shines they fail 10
make hay. Their speculative apathy, however which has
become almost chronic, ana which the main
feature Of the marke, during the year 1885 is not likely
be- much further prolonged At present people are
laboring under host Of vague apprchenslons which
time will prove to be unfounded There can be no ma
terai contra action for three years come and all
the talk In which Congress may indulge concerning II
win have real effect although IL may exert tempofa
rly moral influence. The national bank issues will,
meanwhile continue initiate the currency at tho rate of
four ions per week The bondhodcrs may agitae the
cntracton question, but, as it was in England after
the termination of the Napocouic wars, il will be for
sinister purposes The fundhoders and landed propri-
eors of Grea, Britain then very jealous in calling
upon Parliament to specie payments, which
v a but lv in
And whyP Because they hoped to be gamers by the
apprec alton Of tho currency and the Improvement
thu public credit Tho consequences OF anticipating the
working Of natural laws BY legislation proved to be
higniy disastrous In that kingdom succession Of
mercia pan:cs general bankruptcies and popular riots
being involved in the train OF consequences, and sue
experience should aud is 10 be hoped will not bs
lost rpon u.s.
Money is becoming a drug in Wall street, and lender
unable to employ all their idle funds at six peheen
The demand from the Stock Exchange is light md thu
volume Of rt class paper seeking discount Is diminish
ing lenders will be driven to become specu
ators IN order to use their surplus The best grade
commercial paper generally taken at !as per cent
and for long date o. The second and inferio
qualities not in favor ut 10 a L. At tn
West there no important change TO note in monear!
Affairs The discount rate at the banks In Chicago o,
the id inst. per cent and exchange the Eas
still remained at par, buying, aud 10 premium, selling
but in the discount line closer discrimination oh
served.
The gold market was shade armer and coin coul,
oay be borrowed by paying per cent interest upor
the currency value The opening price la2s, toll
lowed by a decline of and v subsequent advance u
I43x
Foreign exchange was dull and banker bills a. sxt,
days on England wore quoted at 1857 l09i, most o
the transactions being 100 Short date bills sol,
NJ ITO ilOJ. Commercial bills were limited suppl,
at los j,
Petroleum stocks were Arm. Al the frat board Bene
ho1 Run closed 40c. higher than at the time yes
icrday selling sl7 55 Palmer Petroleum Csc, sellin
al S. 90; Pithole Creek 2oc.. selling at fi3 Unite,
states Zoe selling s.S 2S; Heydrcs sold at 55c Lib
-rty Zoe Knickefbocscr ljc New York and Allegheny
81 So New York aud Newark 2oc., Bradley 53c Cherry
Run Zoe Fee simple 20c., Gcrmsnia &C. Oceanic Coo
Iynd Farm zoe, Webster 81 10, Gunnell Cold 81 o.
Columbian c. ard ~ &C., Smith Il rarmee s. TO- Al
tho second board Benehor Run closed 81 IS higher
selling mt SIS 30; United Stacs 2jc selling $2J so
Buchanan Farm '7c., Brevoort 81. Empire and Piihol'
81 Northern Light 81 So Oceanic Coo, Empire City
sec. Pithoc Creek $1a Of, Rynd Farm zoe, Webster
81 TO- Gunnell Cold 81 o., Columbian C. and 81 COO
smith Parmlee s. TO-
Tho last Boston bank statement stands thus, com
pared with that OF the previous week.
Capital. ACKNOWLEDGEMENTS i 900 900 Sal 900 O0
Loans OBSERVATION-DISCLOSURES. $3.50 81 AL III
Specie. ACKNOWLEDGEMENTS. 6jT,0o5 sofa
Legal tender notes .......... l9,3s5,82s 10 s07 3O
Deposits Observation-Disclosures. 3s,t51 79t - l5i ~
Circulation (nstiobaD 2l,l4S,1 III n 4g73 IS
Circulation tSste) .............. 1@s0,Ils s0s ~
The Portage lake Mining Ga.sle says tina, the ship
mene OF copper from that por, during the last
were:-
Ingo copper, 3<3s tons, IS, lbs mineral. eos tons
100 los; total, 3,s36 tons, l,si' ibs-showing IN
OF 2ss tons ,s17 los. of ngot copper tn
ailments of last year