The New York herald., 1866-10-12
FINANCIAL AND COMMERCIAL.


from l5l q the opening Of business TO 1887 be-
rore half ma. eleven O'Clock After that time,
however tho impression tina; the report In ques-
zion was a canard was strsngthened by telegrams
from washington denying truth, and decline TO
1921 was the result followed by rally 70 1881. and
subsequent relapse to 1914 the closing quotation Tho
supuly OF com for delivery equal to the demand
and loans were made without interest, with few
exceptions, az 118 l-32 per cent in favor OF tho
tender early In the morning. There was consider
able speculation TO the truth the reverse
OF tho report referred TO, and those who accepted
1t having foundation in fact were generally
undecided the Presidents motive in addressing the
questions involved to the Attorney General theory
being that be intended to make the reply II proved to
be In favor Of Congress- for declaring himself
in favor OF tho constitutional amendment, while the
other was, that expecting impeachment, he wished 10
denno his position and force With the contra.
dction, speculation tho subject ceased, and Wall
street quieted down accordingly.
The stock market continues to show great strength,
and the demand for railway shares unabated The pre-.
vaiiing belief is that prices viii 60 much higher but
then tho wish is father to the though" with many
who loaded up with aocks In anticipation OF fur
ther advance. That prices viii go accordance with
the general expectation is than probable for all
the conditions OF the market favorable thereto but
At the same time II s much cAqued that the fuctua
tions are likely be both frequent and wde and the
periis Of speculation will increase prices ascend
Nevertheless sell short is 70 court disaster.
At tho open board ten o'clock the market active
and firm. Michigan Southern sold at 90N, Rock Island
1851, Northwestern 45K-preferred TAX, Fort Wayne
I09, Aaposs preferred 3oH AT the first regular boaf
the speculative feeling was buoyant and the vonr.
business large New York Central closed y h,~ ~.
at the same time yesterday, Reading y ,,'..,-,
4 Cleveland and Toledo OK, @ock is'alu -. .,, 'o
,ves,crn rreferred z Tsodo, Wabash and wes'srn
IL Atlantic and Pacip~ 1, Canton !, CumiofAha =.
uarinosa nreserres III Western Union Telegraph %
Erie WAS Y lower, Fort Wayne a. Ohio and Mss''s1pp'
o.,,ou.tes " Government securities were ratner
heavy, partly owing TO the reported uesFa'ea
ar the President TO tho Attorney "eno
<,oupon fye-twentlcs OF 1884 showed dechno u "a
issue or 1865 ~ seven-thirty notes Of the ifS' s
second series u. Among the state STOCKS ieA
sixcs new, were Y higher, old issue "a A'so
H. North Carolina skies were u o"''. 80.
o,olock SESSIONS tho market was steady. Az 'ne NO.
ras, ,,vo hoard il was moderately active ana VIZ W.
,r.,or,aI change New York Central closed y go 80,
shan at the frsi board Michigan Central ~,
and pi,tsburg u, Cleveland and Toledo a. Snr -
~ n,or.yred ,.. Chicago and Alton l. Re- p
lower. Michigan Southern y, Rock ls, l, vers o.
land Coal n Government secs -. - 49,.
coupon nvetwentics OF 1862 and ~. .o,,,. .'o-s..
Tennessee SKIES new, were u lc"e, 4, ,,,.r, Yrna
notes wero quoted thus by tss e.oher ,,av a1,s
1884, 11ex III; July, l"A ,ses scs' Ila August
December. l13x ia, May 1900, - ,no.l So,
~ .s.,..oer' ~ u; o4ober, lo9I lioA.
- W - NJ the subrreasursr requests the hold
NJ M 20 OF the Gve-twsity November cou-
ers n''v tenn TO tho -Trcasry for examination,
-. 80. !. ane day on which the interest falls due
pAt the three O'Clock open btah there was a lgh;
business transacted New York Central sold at li6%,
Erie s4s. Reading 16,s, TOLEDO Wabash and western
1sk Michigan Central III, Michigan southern soS,
Rock island lOsk Northwestern 46ts-prcfcTed 70.
For, Wavne ,ss7s. Ohio and Mississippi certificates 49,
western Union Telegraph IS. Afterwards thsre was a
Arm put quiet market for railway hares, and at half
pas, syo o'clock the following quotations. current
New York Central 1l6k x, Ere sax X, Hudson
49, " Reading ll6k y, Mhhigan Central III,
Michigan Southern eoK AZ, IllInps Central l2s =,
cleveland and Pittsburg 9lx y, Rock Island 1881
4, Northwestern A6K T-ptcferrd Is, Fort Wayne
109x " Ohio and Mississippi certificates 49, ~ Can.
con 55z 66, Cumberland 81 Il, Quicksilver 20 *
There Is no change in the condition OF the money
market Tho supply Of capital is superabsndant at
8 per cent. and balances are loaned government
securities at There is demand for discounts worth
mentioning, and the best grades Of commercial paper
In request at 6per cent Ths recent semi sringsncy
Chicago and Cincinnati has abatcd and the supply Of
money In easy at the usual rates Exchange on New
York the former city rules at discount buying and
par selling There Is perceptible drain OF currency
from this point esther southwark Westward and all
Indications remain favorable TO prolonged monetary
Tho foreign exchange market has been dull and rather
heavy Most Of the leading dealers have reduced their
ratio fd< sixty day bills England to lo7S, and
among the brokcn they were quoted at lo7. The high
80 cyA -. H.
buying.
Mining stocks arc active, s-om the inward ten.
dency OF the best the Colorado goa shares seems
dangerous 10 sell them short.r corydon contnass the
strongcst the latter the first board Church Union
closed 1oc lower than the time yesterday smith
Parmece 4oc. Fall River l0c. higher, La Crosse
Cold &C. At the second board Church Union closed 10c
higher than the nrst board selling at 81 95 Corydon
&C., selling at 20 is; Kpp Buei Sc, selling at 81 90
New York Gold i0c selling st 81 IS; Rocky Mountain
25c selling at So Smith Parmlee soc., selling at
sls 60 American Flag sold al ~, Atlantic and Pacific
a IS, Benton 81 ss keystone Silver l3c., Ia Crosse
Gold 50 10 The OF the Davidson Copper Mining
Company, or North Carolina sold for the first time
at s2.
The last statement OF the public debt showed reduc
ton OF about haf million OF dollars only In legal ten
ders during the month OF September. leaving the total
outstanding October l. exclusive Of fractional
rency, s554,677 49, The contraction during the sx
months ending with December Is limited to ten millions.
and thereafter four millions per month The reduc
OF legal tender notes since the beginning of Jonc.
10 1906 has aggregated than hundred and four
millions, but II has been chiefly in Eve per cent, or
tadpoc' notes, and compound interest notes. neither
Of which performed the full functions Of currency and
therefore their withdrawal virtually contraction
The lsga tender Issues stood thus on dates stated
1868 1896
June 4 ..... $3.50 100 500 March 800 fs05 psA Si4
aaxt 40 aro enQ gaeo