The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-01-24
FINANCIAL AND COMMERCIAL.
TUESDAY, Jan. 23--o p. N.

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Tuesday Jan 23-6 r. NJ
The stock market opened without anima''o" 'As
morning and, under the renewed hammerns '. ".
without corresponding support from tue oun'' p'sos
Welded Most of the latter appear 70 aspe w n''e
mora NJ present than three or four per cont 'se s
a.nr.ss,on upon which thsy sell out and the market
.,nks accordingly Then they repeat the operation Vi
buyne for the recovery Many Of those who bought AZ the
,cen extreme decline realized largely on Saturday last;
and now that prices declined they are taking them
back again. This very apparent this ternoon when
the market displayed strong reactonary tendency from
the depression OF the morning c,,c.r
the early session Of the open b e9shsourx 7oxaN
trail ss'd at siH Erie sy., Northwestern s1x Fort
Southern Sthuylk Coal 10. Al the first regular board
sstrong bearish feeling shown throughout the list
New York Central closed TX lower than at the half past
two board yesterday Erie N. Cleveland and Pttsburg
~, making Tx from the highest point touched on
Saturday. Northwestern IN preferred ~, Rock Island
ex, Fort Wayne N, Reading 4, Atlantic Mail l, Ohio
and Mississippi certificates X Government securities were
on the whole steady and dull Coupon hve-twenties
sold at the highest price reached yesterday and above
the lowest. The third issue were u lower.
At the o'clock sessions there slight improve
mont In the tone Of the markets but prices with the ex
oeption Of New York Central and Michigan Southern
were fraction lower The New York Central Company
has declared semannual dividend Of three per cent
payable February 20 At the half past two board cur
of speculation for rise set in Michigan Southern
CLOSED u higher than at the o'clock open board.
Cleveland and Pittsburg e, Erie u, Rock Island 1H
Reading r. Northwestern T. Government securities
were dull Coupon Gve-twenes Of the third issue
steady small lot of the old issue sold at decline of
AZ. seven-thirty notes Of the second series were 4
Tower
At the open board at halfpast three the improvement
continued, and prices advanced u IA per cent the
Speculative feeling being buoyant Erie closed on the
call at So New York Central Ok Reading 100 Michigan
Southern co. Cleveland and Pttsburg $685. Rock Island
09H, Northwestern 3l4, preferred sou, Fort Wayne
02x, Ohio and Mississippi certificates 20, Canton Az
Cumberland (s 461l Afterwards, the street, there
was brisk demand for the leading stocks and prices
were generally fraction higher Cleveland and Pitts
burg sold up to sou, and closed at s0H q,
Fort Wayne 90, Michigan Southern 10 q The
ket will probably be strong for the next day or
two but 30 long as speculation Is chiefly confined to the
brokers themselves those stocks only which manpu
lated by ciques likely to than three or
-Four per cent and the former dangerous to touch
although active spectators generally prefer them When
tho needless apprehensons surrounding the Finance
ball die out however, the exaggerated representations of
the bears will lose their power and the stock market
will assume more settled tone As Is, the brokers
have very little commission business to transact and
CHER skill operators Is confined to the practice of
phiebotomy among themselves
The delay the part of the Committee of Ways and
Means In reporting the Finance bill back to the House
Indicates the division Of opinion which exists among
chem On Saturday last they stood four all its prov
sons except the foreign loan clause and to that they
we're all but unanimously opposed, and to confer
further upon the subject with Mr.. McCuoch. That this
East will stricken the Secretary himself believes
although he has expressed strong desire that such
d power may DO conferred upon him. Congress
ought 70 clearly discuss and define every financial
measure which passes and not dismiss the financial
question altogether by giving carte blanche TO the Secre
tsry Of the Treasury Every merchant and person In
business Of any kind has right TO know the financial
policy the intends to pursue in order that
he may guide his affairs accordingly, and avoid that
shipwreck with which, under this financial bill, in Its
original form, he would be continually threatened Both
shs amount and tho time and the OF finding and
Fsdeeming the floating securities OF the government
shoud be stated In the authorizing act and each parcu
lar security TO be funded redeemed should likewise
described that woudnocd TO move In the dA,
and that spectators within earsho Of the Department
could have unfair advantage the rest Of the con-
snunity.
Money continues very abundant ct i've per cent with
exceptions at six and in some cases balances arc stl
scanned four but the transactions this rate few
commercial paper, the best grade Of which Is rated q
Sas per cent and the second at SH TO- Inferior sig
naturcs are shaved hesvily-nameiy II Is per cent
Tho gold market opened ct 1881, and after de-
Shining advanced steadily 10 139Il y at the close
Loans made per cent in favor Of the lender
of the coin
Foreign exchange Arm early In the day, and
bankers bills England at sixty days were sold at
looH; but after the supply In OF the.
demand and sales made ut 1921 Tho rates for
Southern bankers and commercial bills the
quoted yesterday.
Petroleum and mining stocks wero active but lower.
A. the second board Bennehon Run closed at $40 %,
Brcvoor % co. Fec Simple zoe, Germana 2oc, Phole
Greek Sill TO- Union $la 60 United States ST. 95 Cor.
sodaed Gregory Gold SIS Grinnel Gold 81 20. Smith
Parmees 81, Waikiki 81 TO-
Il was rumored on the late yesterday afternoon
chat the directors Of the Columbian Marine and Inland
Insurance Company had resolved to suspend its bust
moss In consequence Of heavy losses, and this
morning tho report received confirmation. Tho
liabilities Of the company reported TO
aggregate moro than i've millions OF dollars;
but in snswer to inquiries at the ofco to-day, it was
stated that the company would be able TO discharge the
piams Of policy holders In foil, and that II will be de-
scrmipcd . meeting OF the directors 70 be held al,
shree o'clock whether the institution Is to
resume business or not The OF the company arc
represented 10 be large although dsproportoned TO the
liabilities and some Of tho company regard the action
or the majority In suspending - premature and express
hope that by an assessment the stock otherwise
m arrangement may DO made by which the company
viii BE- enabled TO resume business Immediately It has
bsso for some time past noted taking large risks
fused by other Offices aud lis credit for year or more
-. M, hsen ouits eouaI 70 the other large insurance