The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-01-26
FINANCIAL AND COMMERCIAL.


tho early session Of the open board Erie sold at "
Reading osx, Michigan Southern e7h y, Cleveland
and Patsburg Tx Rock Island e7x y, North West
COX, preferred 65,S Fort Wayne S3x, Schuylkill
Coal 1917 At the first regular board prices yield
Ing Hudson River and Illinois Central being especially
weak. Tho former closed 80 lower than at the half.
past two board yesterday and tho latter TX Erie was
~ lower Cleveland and Pttsburg TX, New York Cen.
trail H. Reading e, Northwestern X preferred u, Rock
Island l. Ohio and Mississippi certificates ~ Canton "
Fort Wayne was higher Government securities were
dull but steady On the street. however there were no
buyers of godbearing stocks at recent board quota
lions
Al the O'Clock board the tone Of the market con.
morning At the hafpast two board there was partial
recovery from the previous depression Erie closed 81
higher than AZ the first regular board Hudson River ~
New York Central u, Michigan Southern u, Northwest
ern ~ Cleveland and Pttsburg q, Rock Island l. Fort
Wayne was 4 lower, Reading y. Government gold
bearing stocks heavy Coupon OF 1881 showed
decline OF "a. Coupon fvs-twenties OF the old issue
were lower than yesterday Seven-thirty notes 70.
manned steady
Afterwards tho Improvement was lost with the excep-
ton Of Ptsbnrg half past five O'Clock New York
Central was quoted at 90a 81, Erie s3, Reading 9s
u, Michigan Southern 66si q, Cleveland and Pitts
p, Fort Wayne 92h -.
Money is abundant at 9 per cent for loans at CALL
but we have heard Of no exceptions at day The
balance in tho Sub Treasury has increased To 500
There is reluctance shown discount commercial
paper in consequence of apprehensons arising from
the tenor OF the European news AMI closer discrmna
ton OF names is observed First class commercial paper
Is however, easily marketable seven per cent with
exceptions for long dates at eight
Ny.t..
mcnt this centre the prevailing uncertainty respect
ing the financial policy OF the government keeps affairs
unsettled on the Stock Exchange and affects national
securities unfavorably. Holders of the latter are in
duced by the low prices of railway stocks exchange
their governments for them, and this Is likely b
become very marked feature should prices continue
TO Decline and the prospect Of funding seven thirty
notes would accordingly become aud more
remote Congress should decide upon definite measures
and policy to be carried out for say tho next three
years Till this is done the present unsettled state Of
feeling will continue and the government the greatest
debtor will be the greatest sufferer thereby our re-
marks on Tuesday relative to the divided opinions the
Committee Of Ways and Means regarding the new Finance
DILL we wrote that Saturday they stood four against
four on It's several provisions except the foreign loan
clause to which thoy all but UNANIMOUSLY opposed
In printing two of the words wero left out
Tho gold market firm, aud loans were made at a
per cont The opening price was 1891, followed by
an advance 10 1921. the closing quotation.
Foreign exchange unaffected by the European ad
vices, and tho transactions very light at 1855
IOsk for bankers bills nsland at sixty days
Petroleum stocks active but lower At the first
board Benncho Run closed 81 Is lower than the same
tme yesterday selling at SIS 25 Ptholc Creek st. SELL
Ing a 80 10 United States 2oc selling SIT So Forest
County .at To-. New York, Philadelphia and Bat
PAT,
o. Bucnsnaa Farm $780,, Bradley ssc. Central % 10,
Cherry Run $780, Maui attain Soc, Oceanic l5c Oil Gre
u -. Shade River 50 0S. Hope Gold 50 50, wavcrey
Land Company S. Al the second board Pthole Cro.k
tessA S0s lower Than n The rst board selling SO So
Beasehon Run sod At SIS rs Buchanan Farm &c. Bre-
Wort IS 36 Oil Crock 81 IS, Palmer Petroleum - u.s.
ssads River - TO- United States sl7 TO- Webster 81,
Consolidated orvyo,y Gold sla. Waikiki 81 oS
There 70 certain degree oi hopccssness stealing over
the minds Of IN stockholders In the Columbian Marine
insurance Company with regard to its future Tho un
certain condition Of It's finances indicated by the
President In hi remarks at the meeting yesterday leaves
basis upon which to construct estimates, and Il Is
feared that there nothing left for the company bu,
winding up Of It's affairs under the recevcrship The
encouraging prospects held out by the President and
Director may o. may not be realized but the passage
OF the bill by the Legislature authorizing conrac
tion OF tho capital from three millions and a half
70 two millions doubt ul while the delay attending 1,
will probably have thc ecc Of materially essenng the
Inducements Tor tho company resume business It is
proverbial that no pubic private company ever failed
without holding out pruspcc OF Ray ny its creditors
making fresh start. Tho las, annual statement OF the
affairs Of the company was published before this
elmo In January. les, aud 1t Is somewhat SIN.
gular that tho statement for the year ending
with December last has not yet boon prepared
and that It's chief oliiccr should acknowlcdg.
himself unable to say what the assets and ab ties Of
t'c company really Tho OF the stockholders
expressing no dissatisfaction with the management Is IN
wise important In taking this last cons dcrati,n
cause u 10 obviously thei now 10 make the
best Of . bad barg ain
Tho pubic besianng feel n Inconvenience at
tending the possession Of mutaied bank notes.
and the longer they ore they are liable
70 nueaiatoi IL comes nee s.ry tia 10 Tscasury
Department should a!ort rule b. hich the holders
OF such notes IN y obtain tdsr equivalent In NV
currency Az h. ma ona bank notes. however slightly
snutiIated are rcfused by the ks, and II generally
happens tina, whca they returned for redemption 10
che banks issuing them the refuse them
the ground that the Treasury has not yet adopted
rule for their redemption. But It to that the
National Currency act makes sufficient provision
for tho redemption In section ~ where II says 'tha
4. shall b the duty OF the Comptroller OF tho
@ rrency 10 receive out or mutilatcd c,rou
tsing notes Issued by any such banking assoc,a-
Zion, and also due proof OF the destru ton OF
Any such circulating notes deliver In place thereof TO
such association other blank circulating equal
amount" II s clear from this that banks which refuse
20 redeem such Of their issue, after making an
equitable deduction for the portions Of the missing
acting contrary 70 the spirit Of the law although the
lay 10 defective in not making express provision
for their redemption by tn, banks. The Treasury
Der Artmcnt will take shc notes from the banks
bat nos from the publc, and It Is expected tia,
whom nov notes called for exchange for old II will
be in PACKAGES OF Ave hundred dollars for each bank
making The application Another rule, however, Is re.
aulred. b. which every holder Of muiia,cd note may
immediately convert Into its ECU vacnt active
rcncy A brescnt thsre Is no definite cous, be pur