The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-01-21
FINANCIAL AND CONNER clAL.
SATURDAY, Jan. 1916 p. N.


SATURDAY Jan. 19-8P NJ
Tho stock market opened steady this morning at the
advance of last evening with very excited demand for
Cleveland and Pttsburg, which rapidly under bull
clique movement suggested by the large outstanding
shortn interest in the stock At the early session OF
the opsn board Cleveland and Pttsburg opened at S4
closed at &c. Michigan Southern was also very ac-
tive, and after opening at 7oA closed at 7lH New
York Central sold at 93, Erie 1914, Reading
iolh, Northwestern 317S preferred ok, cumoer-
land 49, Schuylkl Coal 10. At the nrst regular
board Erie closed lower than ut the halfpast TWO
board yesterday, under the foreign advices reporting
the stock at SO 81 in London on the 9th, and an al
vance of the Bank Of England of discount to eight
per cent Rock Island also 4 lower, but Cleveland
and Pittsburg showed advance of ~, Michigan
Southern IL, Northwestern q, preferred u, New York
Central * Hudson River z, Cumberland IL. Govern
ment securities were heavy and inactive Coupon i've
twenties of tho second and third issues declined H.
There was no transaction in the old issue, which were
qroted decline, namely, 641s 65, in London on the
5th Coupon ten-fortes declined 10 027s seven-thrty
notes of the second series q Ak
After the call there renewed excitement in Cleve-
land and Pittsburg, which to co. an advance OF
s.elvo per cent since yesterday morning At the one
oock session the market reacted slightly Cleveland
andptsburg relapsed 49, and closed on the call at
Eric so5 Illinois Central 1875 Northwestern 80, Fort
Wayne d. 81 95k, Schuylkl Coal 10
At the halfpast two board the market continued to
react aud Cleveland and Pttsburg declined to S. clos
ing * lower than al the first regular board. Michi-
gan southern was stronger than ut one O'Clock,
although Il closed u lower thaa al the morning
board Northwestern closed y lower, preferred a,
Rock Island "a, Reading "a. Cumberland was steady.
Government securities were dun Coupon nvc-twcntes
OF the old Issue were x q lower than on Thursday.
Seven thirty notes without change.
After the call Cleveland and Pttsburg recovered to &c.
ami the whole market 6rmer the chief activity
being still confined to the former and cid Southern.
At the open board at haIfpast three the market
duh Michigan Southern closed at 1855 New York
Central 60 Cleveland and Pittsburg SO, Reading 1914
Northwestern 81 ~ preferred ST.
The indications the Stock Exchange favor a more
active and buoyant market next week for all the spccu
aye shares These for the most part held by strong
parties and tho large outstanding 'short interest pre-
sents good basis for rise After Cleveland and Pitts
burg the stock most oversod Is Michigan Southern and
these promise to be the most mercural OF the railway
clritics At the time outside parties must reincu
Der that the former has risen very rapidly, and that
although 1t will go considerably higher, it Is liable
break suddenly as it has advanced except in the
of its being corncred absolutely as Prairie du
strong parties who will make the twist severe as pos
sble for the bears.
The gold market strengthened under the advance in
the rate of discount of the banks of England France
and Holland. The opening price was 1885,
followed by gradual rise to 139 at which it
stood at 3:l6 p N. Loans generally made at SAT-
per cent The export Of specie aggregated $3.50 635
ofw the Borussia took 1922 $685. the City of Ba
more $4,000 and the Arago $24S 600 making for the
week $685., ssA
The tendency OF the forcga news was to strengthen
exchange on England but owing the invariab,e dull
ness OF the market Saturday there was no material
change in quotations Bsukcrs sterling at sixty days.
was rated at 1osK Ak.
Money extremely abundant q. nvs per cent, with
exceptions a. four and SIX; large amount being lent
over al the lower rate Tor the Of the days
tTrest. The money market ct tho West Is reported
easier
Petroleum stocks continued active aud Arm. At the
1rst board Phoe Consolidated closed 3oc higher than
at the same time yesterday, selling at % 40; Benneho
Run 9oc. selling at SCI; Smith Parmel 75c, selling
al S. Blivcn sold at - rs, Heydrck l5c. New York
and Allegheny 81 President 4oc, New York Gold s5c,
Shade River So o. Buchanan Farm 7sc. Bradley a.,
Fee Simple &c, OIL Creek 81 90, Palmer Petroleum
$780, .Pthole Creek $ii Is, Union ti4 Usi,ed sssct
$50 IS, Gunnsn Cold 81 20, webster 81 10
Co,eman's San Francisco Circular OF December 10 re-.
marls:-
The money market Is unchanged and the supply OF
capital continues abundant for legitimate business
poses The mercantile classes are requiring but little
nd at present. however aud other interests are inactive
N view OF the near approach OF the year. Good
business paper can be readily placed ut per per
month and In some Instances lower rates acceptable
- bankers and others Outdoor transactions made
at ~ az per cent per month. Receipts OF from
domestic since the date Of our report amount
20 sl,1oo,W0, m.kins an aggregate OF e3,s25, 900
taas FAR during The current month. The branch mint Ia
taa city has been clio cd since the Goth instant The
supply Of bullion Tho market Is considered ample and
no special demand has exhibited itself yet Cold bars
are "fr,d TO day at $40 $50 and silver bars quot
aoe ~ about par 10 x per discount Currency bills
on the Atlantic are offered a Al per premium on
gold fe''grapaic transfers are lower and selling
- ner cent premium. Sight drafts payable In ccn,
may Dc quoted AZ "a per cent premium and sterling u
qiuiabc N Is ID IS ID for best bankcrs bills; con-
tnei a 90. At ioi d. Legal tender notes have been In.
tte At &C 10 &c, closing at about the latter figure
bii 9. before the Senate of this State which provides
that any company which transacts business OF life
insurance aud which has deposited any securities with
'or Comptroller shall be- entitled eassignnent and
redelsey Of said securities on complying with The act
passed June "a, 1853.
Tie BIZ Introduced In the New York Legislature for
the Incorporation Of IN Army and Navy Savings sank,
be located in iiis city, names as incorporates joseph
Hooker David g. Farragu,, W. s. Hancock, Il. s. IAy.
asslon, james Harper, james C. GulicN James o Ben
nett. WIN. \. Budd. Smith Ely aud John Hooper
The condition of hc hanks OF the three principal
mercal cities OF the Onion Is exhibited In the following
table witch Show the aggregates OF their last weekly
s'ieucni aud the dcvailons from the returns OF the
prs..cu- week
lam, s !, 8 "a &, s, ,,t ~ 8, e.,
.'.ec.. ........ % ~ - iiris i,cegI65 isassse
1900 !. Ss s ,s,, r 4ss.S5 y,