The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-03-14
FINANCIAL AND CONNER GAL


TUESDAY, March 1876 NJ
tho stock market opened without much spirit this
morning under further depression Of the price of gold
but the day advanced there increased activity
and quotations again in the ascendant Michigan
Southern still continues the strongest OF the railway
shares and the brisk going forward in II ap
pears be based upon the improved financial condition
OF the road and tue prospect OF its soon resuminl
the regular payment OF dividends Hence the forth
coming annual report Of the Company is looked
forward with interest. The excitement in Erie ha
died for the present. which is somewhat OF relic
the market, and business is the whole well distrb
The increasing abundance OF money at this centr
is stimulating speculation for rise by Of tn,
facilities it presents for carrying heavy lines OF stocks
aud the indications being favorable prolonged
confidence in values is being strengthened accordingly
Loans at call made exclusively at six per cent
ordinary railway coateras and at 1--we per cent on
government securities.
At the early session Of the open board the market was
dull Michigan Southern (saes $50 shares) sold at 90
Ere s2L s 81 New York Central o. Northwestern pre-
fered So Fort Wayne 905s, schuylkil Coal ID At the
rs regular board speculation halted in view oil the de-
Ginning tendency OF gold. Illinois Central closed q
higher than the hapast two board yesterday, Alton
and Terre Haute 1]s Western Union Telegraph a. New
York Central q lower Erie z, Reading f. Michi-
gan Southern u, Cleveland and Pttsburg l,
Northwestern preferred e. Rock Island =, Fort
Wayne u Ohio and Mississippi certificates "a, Missouri
skies we're active and closed y higher. Government
securities we're quiet Coupon hye-twentes of the old
issue declined u. Coupon tcn-fouies advanced a.
thirty notes were firm under the extreme none
tary and Il a 4 higher.
At the o'clock sessions the market was nrmer and
Michigan Southern sold II q (saes A. 500 shares,
the hafpast board there increased buoyancy,
and Reading closed q higher than at the first
regular board. Michigan Southern x, Illinois Con-
trail l. Northwestern preferred 4, Fort Wayne IL,
Western Union Telegraph a. Canton q. Government
securities were duh, but firm Coupon hve,wenties Of
tho old issue higher third issue 4 Ten fortics
declined "a. seven-thirty notes were steady.
Afterwards there was very drm and active market,
with spec al strength and activity Michigan Southern
and Cleveland and Pittsburg At halfpast 1--we clock
the former quoted at 77]s r. and the latter at 7!
s. New York Central 9lH q, Erie S2S u, Reading
% a. Rock Island 1854 e, Northwestern 26,i z,
preferred "a y, Fort Wayne DIX u, Ohio and Missis
sippi certificates 25 Il.
Compound interest notes are firm notwithstanding the
resolution offered by mr Hooper. OF Massachusetts, in
Congress, TO render them unavailable bank
1t s however understood that Mr.. McCuoch opposed
the proposed measure and consider very properly
10 make legal tenders non-legal tenders in srch
oase, merely because they bear interest II is
known that there is a feeling of rivalry the
part OF the Boston banking interest with regard
tho banks here in consequences of the latter allowing
interest their deposits, and thereby attracting large
amount OF capital from other cities but 1t would per-
haps be unwaraniable TO attribute Mr. Hoopcrs rcsou-
tiou 10 this, although the effect OF It's passage would
probably be the New York banks to reduce the
r.te OF interest," il not to discontinue altogether
on deposits thus ceasing to attract capital from
New England and elsewhere. There is bu, little prob
ability OF the passage OF the resolution but even should
II pass it would exert very slight influence upon the
money market The reserves OF nearly adj the leading
banks largely in excess Of what the law requires,
and il brisk demand for money set in, compound notes
would freely into general circulation at par and in
some cases with the accrued interest allowed.
The gold IN lrket opened with very unsettled tone al
1872 VI nch declined to 1905, and then advanced
N 1907, II ubsequently rciapsed to $780, and at Nv
o'clock this wa the price bid There active sor
rowing deman, for coin, which loaned hat aud at
interest ranging from four per cent The weak
Of the mari is OF surprise to the govern.
non, and the ma Of the commercial community, and
directly tyacea bic to the operations OF the specus
srs in the room j. who have been almost exclusively
tesrs asst sales OF gold by the Sub Treasury
'ere made When these men find that they cannot get
be premium anyi over they viii turn about on the
bull" tack, in who the Treasury VIII again ala them
not selling gold rhus this tamperins secretly with
narket ia nroauct We Of mischief legitimate trade
uasetmg values IN sed upon the specie worth Of the
enbark dollar ana 1ducing stsgnstion all sides
,od IA TO be sosd bv the Treasury should b. done
GHv ,frr he,ug pre viousiy announced by advertise
M unon the prescr tatOn OF vouchers TO meet tue
and for customs dutie s
s,ranssctions in for.i, exchange were limited and
i.hstandiny The be,v v decline IN gold importer,
al M d,snosiiIon IN emit ut current quotations
d ing drawers at IN 'same time equally mus
70 relax their rates. inkers o''is on England AZ
y days quoted a, los %; three days io''s
!. Commercial lO7 Ioss. francs at long sight, s. 20
2 ,a,. shor, sight. 517as lsA.
N, a,.coupt market "a ma abundan,ly supplied with
, ms coumerr,aI ps,cr ut it is with other grades
Icinare closely serutnizca- me FORMER Is @'Se" ~
ven sper cent and The second ana 'niru cAsses ass
,m sight TO twelve. -
n, p-new financial bill introdnss IN The sens'e ~day
, Mr. sherman Show thu oss~ irvaiive tndencies oil
,ngr s with regard tn the cnrsn ey The o' provides
at tr aggregate amount Of Legal tender ho'es shs not
n he ow four hundred ana twenty millions o' dollars,
ID tbs all the surplus In The tres nry over twenty mil.
pns IL, CON- and the same anoant IN currency shi DO
sed to- satisfy the accrung adees es Tor the purchase
nd retiring Of bonds and INTEREST," sns legal tender
o,es ud il further provided tbsi me interest bearing
,Sa tender shall not We requ.s As'ef 'hAn " the
ale Of Ave millions pr month
The business at ,hs Sub easays 10 day vas As fol-
o~s.- Lft q. a, M, a.
rousl rec.ip,s u,sei II!
-. 80. 80 .. 49,. sos. 500
u-yo. -. ......-..-. 90 ay7, O.6
-" s,,s,orn. '.-........-..--. 652 900
On account Of government loan -Wp
Coiu certificates st"svv~
New York stock Exchange.
MAnH II 1895
FIRST snss,os--lo:3o An