The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-02-14
FINANCIAL AND CONNER GAL.

crease the early OF the open board Erie sold
atTss, Z, New York Central s9k, Michigan Southern
oss a. Cleveland Pittsburg sos, Rock Island 10l
Y, Fort Wayne 92sl a, Northwestern rs "a pre-
ferred $751;, At the first regular board Erie closed Il
higher than the half two board yesterday North
western X preferred y, Fort Wayne a. Ohio and Mis-
sissippi certificates y. Reading and Quicksilver were
steady New York Central was x lower Michigan
southern =, Rock Island r. Government gold .bearng
securities firm. Coupon hye-twen,ies of the old
issue advanced - ten-fores 4. seven-thriy notes of
the second series declined u.
At the o'clock sessions the market was x 4
Erie was active at the open board and Schuyl-
kill Coal Arm at 10. At the hafpast two board a conf
dent feeling prevailed there was no material change
IN quotations Cleveland and Pittsburg closed a higher
than the first regular board Quicksilver a. Michigan
Southern and Ohio and Mississippi certificates were
steady Reading was 4 lower, Northwestern u, pre-
ferred "a, Rock Island a. Fort Wayne Il. Government
securities were firm. Coupon 1vewcnties OF the old
issue advanced h, thirty notes Of the second
RES u Coupon tcn-iorties declined u.
the open board, hall past thrce, the market
strong and prices improved throughout the list. New
York Central sold So Erie 1888, Reading 1908, Michi-
gan southern Is 81 6s's Cleveland and Pittsburg 81,
Island 1887, Northwestern 2S1s, preferred S5%,
Fort Wayne 927s QuicSs liver 41l4 Ohio and Mississippi
certificates active, and rose to 26k, under re-
ported decision of the company a certain suit
at law.
Afterwards there was diminished buoyancy, and at
half past i've the maraet closed steady at the following
quotations.: -Micha.n southern 6e3s 81, Northwestern
2s%, preferred 1884, Rock Island 1887 ss Fort Wayne
92]l q, Erie 1885 :, Reading 1907.
The gold market b,en steady, and loans gene
rally made at y per per diem Tho opening
quotation 1885,. iplowed by decline of =, and
subsequent recovery 1888 q, at which it stood at
the close o. business.
Foreign exchange is firm at yesterdays rates. The
supply Southern bills has been
absorbed and the leading bankers unwilling to draw
under 1914 for their bills at sixty days England but
other bankers bills quoted at 1875 s. Short
sight bills rated l0S4 100; Southern cotton bills
without city endorsements LOG 4; commercial, 1853
a l07; francs, o. 25c Of Csc The depression
in exchange is due great degree TO the sudden influx
and forced sale of bills which it difficult
10 place in the Southern markets At New Orleans
there has been of late very heavy supply
OF bills Offering very restricted demand, and hence
the tendency towards lower figures which has prevailed
there Sterling bills reported TO have sold a low
1881 for gold; but tc 9th inst bill of lading bills
quoted a. 146 a l47 for currency
The money market continues easy at six per cent,
with moderately light demand from the Stock Ex-
change. Loans on government securities in most
instances made Ave per cent The discount line Is
deposits the bank yesterday wrote that
difficult 10 account for the change except by a
clerical error &c. The sense OF this was altered In
the type-seting
The conservative and common view If the
roucy question takcn by The President, shown his
speech the virginia Delegation is not without
III effect in disspa ng the host OF vague and needless
apprehenslons which lave filed the popular mind
the Sort Wayne speeth' of Mr.. McCuloch This last
has been tho keynote all the arguments bears in
gold and stocks since Is delivery and has used
with considerable But is high time that the
deceptive talk Of the radical contractionists should be
taken for what IL Is WORTH and more The Secretary
Of the Treasury knows probably as we'll any other
vol informed person that he will remain powerless to
the currency until the twelve hundred millions
Of floating obligations or the government funded
redeemed The urgent calls for contraction and q
sumption OF specie payments which some Of the public
journals making only calculated to mislead those
who unacquainied with tho facts and possibilities
of the situation and by deudng these who the
great majority Of the people, they work positive public
Injury. To contract the legal tender notes would be
To pave the way to national bankruptcy Its FIRST efec,
would be 10 lower the price OF national securities, and
consequently prev the voluntary funding of
thirty notes. and as to cndanger the national
banks These ave compelled redeem Their
notes 10 the public in legal tender money, on
teen iwentynyc per OF their deposits and
circulation according locality also in legal tenders
Their circulation, already than two hundred and
nfiy millions will reach the maximum authorized
by the present act-uumcly three hundred millions
and there is n prospect OF another hundred millions
being authorized by accordance with the
commentator Of tie Comptroller of the Currency The
Of plain lcsa tender outstanding Fcbru.
s42a so2 22l and the total, including interest
bearing legal tender circulate freely, and how, with
four or even three hundred millions of national bank
in circulation the OF legal tenders be
materially reduced without Eoriously embarrassing these
national banks, aud boz many forcing them into
iqu datonY For n legal tenders became their
woud fall to n discount and speculative brokers would
buy them up in large mounts aud present them all
for payment The national banking system Is the
weakest element in financial sys,cn, time will
doubtless prove. Blu Of the impossiblty Of
tracing the three years at least to
come, why much pant talk and railing about il and
the to hard II assisted at ali in work.
ing way back q csumpuon Of specie payments II
would answer some uselu purpose; but Mt present II
merely assists In tracing popular attention. interrupt
ing the natural e business and making harvest
Of greenbacks for t, spectators FOR q fall the dcprcs-
sion produced bong al the same time only temporary
aud productive OF rund to the people at large The
nh Wi puuhr Nih'sil$ JouIntil,Ns Wow the
financial question IN purely practical Hight the better
Tor the country. Meanwhile we may remark that II II
returns TO coin paymc,s within ten years
guinc expectations viii 10 fully realized.
Petroleum and ni.nnS stocks attracting at
teutior,ho latter cspo aly,han they have for
long Zine past and rdces tend upward under this
newed activity. The r1allc Petroleum Exchange having
been abollshed the ea.ire business In oil and mining
confined 10 tho regular one, which is held
an.
At the board o Creek closed soc lower than at
the came time ycsterday rellinu nj "a 80 pithole