The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-01-09
FINANCIAL AND CONNER GAL.

MONDAY, Jan 6-6P N. &
The stock market opened under strong 'bear" innu
ences this morning, and a further general decline Oh
prices took place. without much opposuon from the
bulls but in the afternoon abe speculative feeling turned
Somewhat in the opposite direction, and quotations i'm
proved accordingly After the last open board how
ever the advance was lost and fresh decline
precpltated by announcement that Mr.. Morrill, from
the House Committee Ways and Means had reported
bin-prepared by Mr. McCuuoch- authorizing the issue
of forty year bonds for Funding the float ng debt the in
forest payable in Europe to be five per cent
in coin and in this Country six per cent
and further that interest bearing legal
der upon their maturity. There no sound reason why
this should have unsettled the Market for the bill merely
proposes TO confer upon the Secretary the Treasury
the discretionary authority asked for in his report II
does not follow that even II the bill in question Is
passed the Secretary will be In position the
currency for long time 70 come; but he undoubt.
eddy the authority to advantage far the fund
ing of seven-thirty notes into bonds is concerned
provided he can keep the price Of the bonds high
enough to induce funding The mere enactment
that the outstanding interest bearing currency shall
cease to be legal tender after maturity would be
futile while the Secretary retains the power TO subs
tute compound interest notes for all the currency
withdrawn from circulation. He has been for some
ones and one and two years notes economical
measure and his necessities will compel him continue
10 pay out these notes about fast the others paid
In and cancelled Congress makes tho interestbear
ing notes nonegal tender after their maturity they
will, as q matter Of course, be oil presented for
redemption when due-as nearly all Of them would in any
caseand the Secretary will be forced to have recourse
10 the issue Of new notes in payment The proprety of
giving Secretary of the Treasury however great his
ability such wide discretionary power the bin asks
for is questionable and in all probability the latter Will
be modified as to limit its scope to certain fixed objects
before it is acted upon by Congress- But surprising that
tho Secretary possessed unlimited power do whatsoever
he pleased with the finances he would find himself prac
toally powerless TO far in any direction He will
be too much hampered by providing for nearly twelve
hundred millions of maturing obligations during the
next two years and more to be in position TO contract
the currency which, If possible, it would be dangerous
TO experiment upon in the present condition Of tho
finances the national banks in the large cities having
keep reserve Of twenty-five per cent of their crc9a
ton and deposits In legal tenders, and those in
tho country of fifteen per cent,
while oil compelled to redeem their notes in legal
tenders upon presentation. To make legal tenders
scarce would be TO bankrupt them. Any other than
cautious conservative would lend general
try disaster and the time Of resuming specie payments
would be correspondngy delayed
At the early session OF the open board New York sold
s6X, Erie 96h, Reading 1861, Michigan Southern
Tx Tx, Cleveland and Pittsburg SLY a X Rock
Island 107H, Northwestern 34h, preferred 59I
Fort Wayne 1907. At the first regular board Erie
closed y lower than at the same time on Saturday
Hudson River u, Reading IL. Michigan Southern
az, Cleveland and Pttsburg az, Northwestern az
preferred ~ Rock Island az, Fort Wayne 3z Ohio
and Mississippi certificates l, Quicksilver r. Canton T.
No va 81 Nnot~~
were heavy, In sympathy with the general market
the decline Of the gold premium Coupon ave-twcnes
Of the old issue we're Y lower ten-fortics n.
At the one O'Clock session the market was on the
whole steady, with fractional Improvement and de-
olne . portion OF the list At the haif.past two
O'Clock board there absence OF pressure sell
and stronger disposition 70 buy. New York Central
closed per cent higher than at the FIRST board Erie
y, Northwestern X, preferred ~ Rock Island a. Fort
Wayne y. Reading was n lower. Quicksilver u, Mari
posa u, Michigan Southern r.
Government securities were dull Fivetwcntes were
steady.
At the open board at hapas three New York Central
closed ct oox, Eric COX, Reading lo3k, Michigan
Southern 7ox, Cleveland and Pttsburg SIX, Rock
Island 1884, Northwestern 32x, preferred &c. Fort
Wayne oo1, Mariposa H. Quicksilver AK, Cumberland
I3k, Canton AN.
Afterwards the street. the attacked the
kst with renewed vgor aud at i've o'clock II
weak at tho following quotatons:-Ci and Pitts
burg 70 7ok, Michigan Southern 6sx Reading I0l,<,
Erie e5k q y, Northwestern 3lx Fort waye 9s ax
tho fall has been sharp to be anomalous easy
money Market and whom tho tide will be very
rapid ono but meanwhile there is good deal OF havoc
being committed among the holders Of stocks. Those
who can "double up" will, however, be likely TO como
out whole. ALI panics sonsecss and this
ton-resumpon Is causcess except In the opera
tions OF the spectators for fall who have already n
mensey oversod both the gold and the stock markets,
and who therefore, invite proportionate recoIl
The gold market opened under the same pressure TO
soil the stock market and uneasy feeling prevailed
among the large holders The FIRST sal at lai
but tho price declined 10 14o1 1905 at which It
remained TIL after two O'Clock, when further weaken
ing took place. and the quotation quarter past
u lsoh. Loans were generally made at three per
cent tho currency value In favor OF the lender.
Money continues drug at per Tho discount
line easier and nrst class paper at short date Is taken
81 per cent aud long date sac The second grade
rates al 10 IL.
Foreign exchange Is dull Bankers bills sxsy days
on England sold ut 1881 1o9k, the latter being the
ratio asked by leading dawera Southern bankers bills
sold at losk, and commercial bills ranged from los
foek according TO grade The decline in gold failed to
bring many Of tho importers into the market buyers
but very soon, when gold begins TO react they will
probably be eager 10 remit at current rats
Petroleum stocks sympatbized very slightly with the
decline the other markets. AZ the FIRST board Benne.
hon Run closed 81 is higher, selling at f19 40 Shade
River zoe, ceiling at 81 o5; wavcrley Company Csc,
selling - 90 Hoydriok sold at Sc, Palmer Retro.
lsum % So, vensngo and Ptholc $40, Brevoor IS,
Buchanan Farm 7sc OIL Creek 81 TO- Pishos Creek sl3
United stscs $40 rs, United Pasrisum Farms 42c
nell Gold 81 10, Gunnel Central 80 so. AT the second
board Bcnnehon Run closed Csc higher the hrst
board selling nj $40 s. Buchanan rm sold at los,
Manhattan 81 so, Brevoort ss EXCELSIOR 81, OIL Creek
81 10, Palmer Petroleum 50 So Pithoe Creek sl2 3d.
United States S23 90, Webster g. New York Cold ole
The Pottsville KiHsrs Journal says:-
We learn that tho Philadelphia and Reading Railroad
and the Atlantic and Great Western Railroad companies
have entarcd into the folnMinr nrIangenlona TIN