The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-03-01
FINANCIAL AND CONNER ClAl'
WEDNESDAY, Feb. 2S-o p.


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WEDNESDAY Feb 2S-6P. NJ
Tn. stock market continues 10 show great nrhines'
and INCREASING specuative activity the prospects Oh the
-u...s. .,a the future of monetary affairs being
prorisins and the natural tendency OF prices upward
a, ~. carly session of the open board Erie and Mch
Con con,bsrn were the leading favontes Erie lsales
600 shares, sold at s5X y, Michigan Southern lsales
900, 7Oh g. New York Central %, Reading lol Cleve
land and Pittsburg ales $500 1885, Rock Island 1854
North Western 275l preferred 66k, Fort Wayne sSx,
schuykI Coal IT, At the first regular board the market
was nrm and the speculative feeling very confident
Erie, Rock Island and Michigan Southern were the
strongest and most active OF the railway shares Erie
closed higher than at tho hafpast two O'Clock board
yesterday, Reading u, Michigan Southern e, Rock
Island 1x, Northwestern preferred ~ Fort Wayne u,
Ohio and Mississippi certificates y, Cumberland u,
Quicksilver IL. New York Central was lower, Cieve
land and Plsburg y, Northwestern q. illinois Central
Western Union Telegraph and Marposa were steady Mr.
Frederick A. Lane formerly counsel Of the Pittsburg
Fort Wayne and Chicago and Cleveland and Pittsburg
Railway Companies to-day elected director OF the
latter gold mining company, In the place Of non-
resident director resigned.
Government securities were steady and dull
At the one O'Clock sessions the market irm. The
chief activity was confined Erie and Old Southern
the sales Of the former aggregating 10000
shares at the open board. At the half
past two board prices somewhat irregular.
Hudson River closed higher than at the first regular
board Illinois Central /, Cleveland and Pttsburg u,
Quicksilver u. Northwestern and Cumberland were
steady New York Central was q lower, Eric u, Road
ing ", Michigan Southern u, Rock Island ], North
western preferred ~ Fort Wayne Il, Ohio and Aissis-
sippi certificates u. Pacific Mail sold at 2o6 Govern
nen gold bearing securities were rather heavy Coupon
skies of 1881 declined y, tenforties r. Seven-thrty
notes steady
At tho open board at hafpast three the market was
dull and fraction lower. Erie tsales $4,000 closed on
the call at S5H, Michigan Southern 7014, New York Cen
trail 91x Illinois Central lis, Cleveland and Pittsburg
v,x Cleveland and Toledo 1OsK, Rock Island 1o6h,
Northwestern preferred SAX, Fort Wayne 92x After.
wards the market closed firm. At half-past i've Erie
was quoted at s5x n, Michigan Southern 70x a u,
New York Central Elk e, Cleveland and Pittsburg
Tx u, Reading 9s u, Rock Island 105 u, North
western 27X 4, preferred AK IS, Fort Wayne
OK a n.
The money market was easier than at any time since
last Thursday and although the regular rate for call
continued 10 be seven per cent there were many
exceptions railway collaerals. The govern
ment disbursing freely The discount line is firm, and
first class commercial paper submits TO q per cent
The Western money markets easy, and at Cincinnati
flow of currency eastward is reported owing to brisk
demand for exchange. The Chicago Tribune Of the Oath
renarks-
The money market to-day was steady and quiet. The
demand for money moderate, and good paper is freely
discounted at the banks at ten per cent pe- annnm
Street rates steady at 2per cent per month East
ern exchange is in active demand and very firm at par
buying and Ito premium selling. Round lots werc In
active demand among bankers at eoc. Too premium,
per thousand.
The gold market has been steady the price being alter
dov ntiI lalf mat thrpc xyhe
it declined y, and closed at 1854 az. Tho supply of
coin for delivery continues easy and per cent is
paid for having IL carried Tomorrow the semiannra
coin interest on the tenforty loan, amounting to
S4,sio, $50, will become due.
Foreign exchange boon inactive, but leading draw
ers have advanced their rtes Tor startling per cent
They ask l0sx for their sixty days. bills but there
were buyers Of large amounts 1t this price Com
mercia bills francs quoted n yesterdays rates.
meeting Of the Clearing House Association was he,
this nosniug q the American Exchange bank, when tn
report OF tho committee on hank deposits recently
turned from Washngton, was heard and approved The
tax will DO levied only the net deposits bu, the re
turns must include tho gross deposits.
The Comptroller OF the Cuncncy has issued the follow
ing circular upon subject Of great public interest,"
namely that Of mutilated National bank notes. which
he very correctly maintains that banks are bound tc
redeem all their notes In legal tenders on presentation
parts Of muated notes missing mutilatcd should
therefore, be redeemed in full not all and tho re
dempuon OF such should not be refused unless there
reason 10 believe that the musilaton was made fol
fraudulent purposes
TREASURY DEPARTMENT, J
OFFICE THE COMPTROLLER ~ CcRR EsCy,
wAsENoroS. d. O., Feb. Is. 1860. J
An impression seems TO prevail In the public MN
that tho rigid results and regulations prescribed
the Treasurer Of tho United States for tho redemption
mutiatcd Treasury and United States notes appl
BILE TO the redemption Of mutilaod bank notes Ibis
misakc-although n circular issued to National banks
from this Office containing suggestions this subject
recognized the proprety instances OF rcdeemng
muated notes mt less than their face valuete nten
ton was TO leave The matter mainly To- tho discretion OF
the officers OF the banks In order however, 10 make
the matter perfectly clear and TO obvato for tho future
all necessity for explanatory letters. now propose
briefly to state that experience has demonstrated
tho incSpcdicncy, " not the iegality, Of allow
ting fractional violations OF mutilatcd notes, DO
sides which, II toufuses and complexities ac-
counts 70 such degree ms TO render the plan I'm
r rc;icaho. A bank y bound TO redeem It's notes
ucmand. The fact that portion Of one OF ITS promis-
sorry notes 10 torn OFT or missing, does not cancel this
obligation so long AZ there is no reason TO believe tat
the IN IS ng portnns the note will be used to
dcsraud Scetinn lfty-c;ht of the Currency will
always justify an inquiry as 70 the cause or mnnner Of
nuiiatOn II tho explanao Is satisfactory, the
should be rcde med In full: but II the inquiry should
lead TO the belief that fraud was intended III bank
would be justiied in refusing TO redeem H. Nothing
would justify lcd elton vn the face value OF n0te
except fraudulent intent and evidence OF fraudulent
would justify the bank In refusing TO redeem the
noto; therefore, the should be redeemed full
not at all The g. face value will be allowed for all m
tatcd notes returned 10 this Office when such was
allowed by the bank which redeemed thcm The officers
of tho banks tho only compcteu, judges as to the
proprcty necessity OF the case, and All ques
arising upon nut lated notes presented for redemption
are Left 10 thor judgment and discretion.
FREEMAN CLARK. Comptroller OF the Currency
When tho failure Of the Columbian Insurance CON-
pany announced the fate Of the Morris Fire and In
land Insurance Company regarded sealed by
best informed Of their Affairs Tho companies
practically under tho MANAGEMENT The latter CON-
pany originated by Mr. b. c. Norris the President
Of the Columbian Company, In 1894 with a cariial of
100000 The business OF the two companies
was transacted in the Same ofhce tn with.
IN me last six months and tho causes productive
OF their ailurc arc Ideatcai. just as tho Columbian
changed It's President few months befor. IL col,an.