The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-01-11
FINANCIAL AND COMMERC GAL.


time since the week opened and although the markets
were not very buoyant there an absence of that
semi paniclke dstrust values which unsettled affairs
on Monday and Tuesday.
At the early session of the open board New York Gen.
trail sold at 95 Erie 961s, Hudson River 1861 Reading
IO2L Michigan Southern 69h, Cleveland and Pittsburg
1914 y, Cleveland and Toledo los Northwestern $685.
preferred So AT the first regular board the market
steady Reading closed e higher than at the half.past
two board yesterday, Michigan Southern n Northwestern
q. preferred y, Fort Wayne -, Ohio and Mississippi
certificates s. New York Central Rock Island were
unaltered Erie was q lower Cleveland and Pittsburg
T. Government securities stronger. Coupon FIVE
twentes of the old issue advanced u, third issue u,
seven thirty notes of the second series n third series
r. Skies of 1851 steady
AT the one O'Clock session the market advanced alk
cent At the half past board was moderately
strong, and New York Central closed q higher than at
the first board, Erie a. Reading A. Michigan Southern
a. Cleveland and Pittsburg Ia, Northwestern n pre-.
ferred e Rock Island 4, Fort Wayne a, Quicksilver n
Cumberland y, coupon vetwenties of the third issue
x, seven-thlrty notes of the first series X
At the open board at half past three the market was
rather dun and fraction lower. New York Central
closed at 951I, Erie 96,S Reading 1927, Michigan
Southern d9h, Cleveland and Pittsburg 1874, Rock
Island 1861, Northwestern SEX, preferred 59H, Mari
posa 135I.
AtterWards, on the street, the market without
spirit and fraction lower. At halr-pas Ave New York
Central was quoted at 9f2i Michigan Southern 6SIl
0sA, Cleveland and Pittsburg 1874 70, Northwestern
32K.
The gold market opened steady $780, but before half
past eleven 1t eded 1857 1t then began To react
aud within hour TO 1302S from which it rcapsed
TO 1857, but at three O'Clock recovered to the highest
point Of the day, and finally closed 139. Loans were
made at onesxteenh per per day in the forenoon
but later they quoted Gat under diminished de-
msnd for cash gold from the ''shors The shipments
Of specie by the Australian aggregated 1925, 700.
The amount Of specie in the banks and Sub Treasury
here the lst of January was according the returns
OF tho banks and the report Of the Sub-Treasurer
$53 go GA but doubt thrown upon the accuracy o.
the official statements by the fact tina, the banks count
the coin certificates issued by the SubTreasury gold
while the Sub Treasury counts the gold represented by
The certificates At tn corresponding period of 1865 the
banks and b-Treasury held only $50 05a $50 During
the year received from California S2l 53i 1856 and
from foreign ports S. 1877 OIL and exported $50 $685.
Foreign exchange dull at 1857 109t6 for bank
e,s bills on England at sixty days. Some OF the
importers attach Importance to that provision in the
bill recently presented 10y Mr. Morrill, in the House of
Representatives which coners power upon the Secretary
of tho Treasury TO issue coin bonds the interest upon
when to be five per cent If payable in Europe and
six per cent payable IN the United States The full
text of the bill has to hand since referred it
last ana il virtually confers upon Secretary of the
Treasury power TO negotiate foreign loan or success
sion OF foreign loans TO any amount necg ssary
'to pay whatever may be required for the
payment of the existing and maturcd indebted |
ness aud the current expenses OF the govern.
ment" We tempted to inquire what necessity
there is FOR resortng TO a foreign loan FOR this purpose
add Why pay the interest part OF debt there
Is the Treasury going to establish branches all over the
world, Ike joint stock bank insurance company
Why look to Europe all when the bill Is ostcn IDLY
enable the Secretary of the Treasury fund United
notes Treasury notes, Temporary loans clearing no se
certhcntcs certificates of ind blednes and tie float
ting debt OF every description There 6esse
securities held In Europc But il may be that tho bill
conemplates general funding Of bonds well as other
securities into this stock and that the proposition
to paw the interest abroad com currency OF the
whore II is pad IL intended an inducenent
N make the holders of tyctwcnties come forward and
convert bem for the bill authorizes the Secretary
N Exchange any bonds authorized by this act for any
other bonds OF the United States" The wide discre
tOnary power which the bill gives to the Secretary ia
choosing the lesgth of time inside of forty years
which bs bonds shall run, well their denouna-
t'ons above nifty dollars and the amounts in
which they to be issued is a dangerous one In view
OF possible changes which may in the ncumbcncy
ot the Treasury. He may pose OF the same at any
time - any amount al the market price for the
United states foreign coin exchange, Treasury notes
national bank currency OBJ cations of the govern
ment The b thus gives Unlimited authority tn fund
20 borrow whensoever tho Secretary OF the Treasury
see, nt rhis bill Is Too general in its scope be CON
dercd skilfl piece OF legislation. II Is virtually
transfer OF the control OF the finances from Congress
e. one man, and, although Mr. McCullcch las the
confidence or the people, such unlimited power being
Al. fsN til hand Loaf dc. alas
paulc aud In tho event. OF certain contingencies dis
sstrous results 20 the Treasury Itself, well the
entce business OF the country. The bin, however will
proOab! DC modified before IL acted upon, aad
while there i every suppose that the views Of
Mr. Nj ulloch conservative and governed by the
Interests Of the nation.
The money market continues extremely cay at six per
call loans, and lcndrr, are less d-rdsfuI Of
wax houses aud margins than yesterday The dis.
count ui IL unchanged. At the West there is less demand
FOE exchange Tho East; hut rates remain at par buy.
Ing AID onc.tenh premium selling Chicago The rate
o discount at the banks there remains steady per
cent although extreme strugency reported. owing
tho ioN OF currency further West 70 paw for hogs
produce. which are coming forward freely.
Petroleum stocks steady Al the Hrst board
Palmer Petroleum closed SOC higher than at III, sane
time yesterday. selling at "a. United States was 45c
lower -ehug at s23 05 Pithoc Consolidated sold Il
g. 20 Vcnango and Pithpc 50, Bcnnchoa Run SO TO-
Brldcy Ijc brevoort 81 10 Cherry Run zoe Excelsior
81 Fee simple Gle, First National 40c, New York.
Philadelphia aud baltimore eoc If,hoe Greek
sl2 90 Mount Vernon SIC, Webster Doc, Blu
chiuan Farm SOC, OIL Creek 81, Ganneli Gold 81 rs.
Dcnbow Csc, WAIKIKI 81 So.
AZ Inc annual meeting % the stocHbodcrs or the First
N,ioaa Bank the old hoard of directors ses reelected
oare, and a subsequent meeting or the directors
samrci G. Thompson was unanimously reelected Ircsi
dsut and George u Baker appointed Cashier for the
cnssing year.
The following Il the text Of the Finance bin pre-
stated by Mr.. Morrill, in the House Of Representatives
~ 4 enacted by the Senate and House or Representa-.
10 the Iniled SAi.s lnnrru-s Assembled That