The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-02-15
FINANCIAL AND CONNER GAL.


interest is, however resisting the upwardte :"
prices and there has been some vigorous immering OF
leading railway shares to-day The effect, bwever fell
short of the expectations OF the bears and 1t is
doubtful whether their efforts just now will result
IN much profit to themselves. The bus manifest
confidence in the upward course of the maket based
upon the improving prospects Of the RAILROADS and the
calculation their net earnings will be larger this year
than they last They argue that as prices have
declined from five to nineteen per since lie begin
ming of January the theory of reduced Indefinitely
lower earnings together with contraction Of the
rency, financial crisis and other improbable or i'm
possible causes they ought to recover the decline
now that the decline in the earnings has proved to be
merely temporary and that the prospect OF oppression
OF values and financial crisis is becoming remote.
II the government about to resume specie pay
ments the reasoning OF the bears would BIO correct and
there would be good basis for fall but the facts OF
the financial situation go to show that the government
cannot return to hard cash until the whole nearly
the WHOLE of its twelve hundred millions of floating in
debtedness is funded redeemed and while these
maturing the Treasury will be dependent upon an
easy money market Thus, practically
assured of a cheap and abundant supply of
funds at the monetary centres with intervals
OF activity of course for at least two and half to
come, during which time eight hundred and thirty mil
lions Of thirty notes will have to be redeemed in
currency if voluntarily converted into six per cent
bonds par by their holders. If the bonds
manding price above par there will be conversions
into them and the Treasury will necessarily be greatly
embarrassed to meet its maturing obligations in money.
The hands of the Secretary Of the Treasury
tod by the terms of the national debt as it stands
that it will be impossible for him to pursue any
other than cautious, conservative policy,
II his discretionary powers unlimited II is, there
FORE in view Of all the circumstances absurdly prema-
ture to discount the return to coin payments which
may be delayed for uncertain period, even beyond
the ten years which it is reasonable to suppose viii,
under the most favorable auspices eapsc before
finances re.established a sound basis fall in
prices, based upon the false assumption that resumption
will be practicable during the next two years. will
srcdy be followed by corresponding recoil as the i'm
possibility of such an event becomes better understood.
We are at the same time anxious that the return to
tho specie standard should be accomplished speedily
is consistent with the interests of nation. We adj
vised contraction when the T-oosury was issuing
rency by the hundred weight foresecina what would
lead to, and the difficulty Of getting back the normal
standpoint But now that the maxmuu no govern
mcnt paper money issues has been re the case
is different. If the seven thirty notes not
decmable in currency the greatest obstad he way
of contraction during the next three vV9t'I
be removed, but that important fact is "a Icon |
ture in finances. The demands of til either |
tractionists are wild and unreasonable.8,4 sire to
Ignorance of the subject of thAs sake or popu
pervcrt the truth, eithesinistcr designs.
Lriy or the promaon Of the open board Erie sold at
At the eaytOOH Cleveland and Pittsburg sOsS, Rock
7SA, f0sk Northwestern preferred 65sS, Fort Wayne
III Al the first regulf board the business was large
and well distributed tl' chief activity being in Rock
Island lsales 1900 stresl New York Central (sales
q ..I
r,,,snrrc ,saes 3.sJ) Rock Island closed s. higher
,,'a !, tho half. pt two board yesterday, Ohio and
w.,.,s,nni cer,iaes (sales sO,0oO) l. Quicksilver q.
poa,;nr was .lSer, Michigan Southern q, Cleveland
80, pre,4g * Northwestern q. Government securi-
49,, ,.e quie but firm. Coupon Hve-twcnes of the |
- and thrdss advanced y.
At the one o'clock session the market steady but
rather dali At the half-pa Two board it firm.
New York Central closed q higher than the first rogu-
lar board, Erie u, Northwestern preferred ", Rock
Island u, Alton and Terre Hautc TX Quicksilver l.
Ohio and Mississippi certificates active at the
ing quotations. Government securities well
tanned, and thirty notes Of the first series ad-
vanced "a.
Al the halfpast three open board the market was |
stronger Erie closed at 7ssS, New York Central sss
Cleveland and Psburg Is 81 sos, Reading 1905, A'chi
gan southern 69H Rock Island 1041s Northwestern 2oh,
preferred 5ssS, Quicksilver 42a{
Afterwards the speculative feeling was in the ascend
ant and the market closed strong At half past five the
following quotations current:-Michgan Southern
s9is Il, Cleveland and pittsburg s02i ~ Northwest
cru 2sl u, preferred 561 ~ Rock Island 1868 ~
Fort Wayne 927s &C. Eric 7s1S e, New York Central
Hudson River 1925 bid Reading 1905 bid Ohio ana
Mississippi certificates demand, owing to the de-
OF the United States Supreme Court yesterday
the matter of tho city of Cincinnati versus the Ohio and
M ssissipp Railroad in favor OF the latter
The gold market opened steady at 1889 II but after
began to weaken and at four O'Clock stood at
1879 Z. Subsequently II recovered to 1884, Loans
made high per cent in the morning in favor
Of the cnder but in the afternoon per cent had to
be paid for having the coin carried Tho decline in the
premium and the increased supply Of coin are attribu
table 10 the sales Of the Sub Treasury
Foreign exchange Is steady at yesterdays rates.
Loading bankers ask 1918 4 for their sixty days bills
England Bankers bills of lower grade quoted
Al 107G
Tho money market shows no change from the con
dton Of perfect ease which has characterized 1t for
many weeks Call loans are freely made at six per
cont with the supply in Of the demand; but
the exceptions ., Ave are few. Tho scount
limo ia unchanged First class commercial paper passes
at per cont, with occasional transactions at ~ g.
Inders show close discrimination OF signatures To
the interest the first series Of the thirty
three hundred mionsl amounting to $10oso,oOo
falls due Tho subTreasury Is fully prepared for the
disbursements Of the same IN this city, its
balance this evening being sos, ss2,sso
Petroleum and mnips strong and active
A, the FIRST board Ham McCn.ock closet 100 higher
than al the same time yesterday, selling at - 30; Pit
holo Cock To calling at 50 65; Shade River 2oc sell
ing at 81 TO- United States Csc, selling at SIC; Quarts
NIL ~ % selling at "a IS; Smith rormce g. selling
at sl5 5e Brooklyn sold at 700, Forest County &c.
Guild rarm Soc, New York and Newark &c, Palmer
Pcirieum % es, Central 50 10, Empire CIV a5c, Ex
ceaor 97c, Oceanic $50, National S. Beech Tree oso
y'nton 81, Corydon 81 rs, Gunne Gold 81 30, Nov
York Gold 81 80, Deubon Soc, Waikiki 81 20.
The Chicago B'eme the 18th inst remarks of
tary and business anhirs:-