The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-01-18
FINANCIAL AND COMMERCIAL
WEDNESDAY, Jan. l7-oP. NJ.

the early session o. the open board Michigan Southern
and Cleveland and Httsburg were the most active and
buoyant of the railway shares the former selling at TO-
and the latter at 7sX Erie closed at s21, Reading
1O2h, New York Central "a, Fort Wayne 90, Schuylkll
Coal I5z At the first regular board the market opened
strong but weakened fraction the call progressed
New York Central closed higher than at the hafpast
two board yesterday Erie Z, Hudson River n, Reading
~ Michigan Southern y, Cleveland and Pittsburg u,
Cumberland y. Fort Wayne was u lower Rock
Island and Northwestern were steady. Government
securities were dull Coupon ten-fortes and skies Of
1881 declined u. Seventh notes Of each series ad
vanced q.
At the one O'Clock sessions the market firm
portion Of the list but shade lower the rest Mch
gan Southern closed the call TO- Cleveland and
Pttsburg 7sx. Schuylkn Coal was active and sold up
to TO- At the hafpast two board the market was dull
and heavy. Reading closed u lower than at the first
regular board, Michigan Southern X, Northwestern Il,
preferred " Cleveland and Pttsburg H. Rock Island r.
Fort Wayne y. Government securities quiet. Skies
Of 1881 recovered H Seven notes OF the third
series declined u.
At the open board at half past three prices were ac.
ton higher than at the close Of the previous board but
the volume Of business light the chief activity being
still confined to Michigan Southern and Cleveland and
Ptsburg The latter closed the call at 7s and the
former coy; New York Central o3K. Hudson River
s4K, Schuylkn Coal l5x, Erie ok. The Erie Com
pany has declared semi annual dividend Of az per cent
It's preferred stock and four per cent It's common
stock both payable, less the tax, on February s.
The market on the street closed firm. At past
Ave O'Clock Cleveland and Pittsburg quoted at 70
4, Michigan Southern at esh X, Eric s21s, New York
Central 93t n, Reading 102, Northwestern 31A Fort
Wayne 95.
Money continues largely in excess of the demand and
49,
tons have fixed their rate six per cent the private
bankers and brokers find difficult TO loan their surplus
funds at five, and hence in Instances balances
loaned at four per cent The discount line unchanged
In the West the money market Is still Close On
Monday the national banks at Chicago had to pay
three quarters Of q million, for which the Trea-
sury drew upon them . few days previously,
and. this increased the stringency In certain
quarters temporarily; but the whole there less
pressure The rate Of discount the banks steady
at ten per cent per aunum and the for Eastern
exchange was heavy at lilo discount buying, and
at par selling AT Cincinnati the day exchange
on the East was firm at par buying and ITO premium
selling, and greater ease reported in the money
market Although there has been drain of currency
westward for about three weeks has not been at all
felt here the amount OF money having steadily increased
both in the banks and subTreasury this centre tho
balance in the latter this evening being $se
q 4
moderately full demand for customs duties, and the
natural tendency OF the premium rise after every
period Of depression The opening price 1885, fol-
lowed by an advance to l4oK, subsequent relapse
1884, and improvement to 14oK; but at the close Of
business the quotation was 1907. Loans were gen.
orally made at five per cont in favor Of the lender
Foreign exchange was dull at yesterdays fgurea |
Bankers sterling at sixty days Is qroted at losx e.
but OF the leading drawers ask 100. Short sight
bills ITO r. Southern bankers bills In better
supply, and sold At lOsK ll-leth Commercial bills
range from 1o7x TO 1857. The exports are just
heavier than usual the value Of those from this port
the week just ended having been oo3 500 In currency
while the imports valued, for the same time, at
only 50, s71, s51 in gold.
Petroleum stocks were Arm. At the second board
Bennehon Run active closed at SIS s5 Buchanan
Farm &c., Bradley &c., Fee Simple &c., First National
45c Pithoe Creek sl1 TO- Tho business in other min.
ting stocks s increasing, and Consolidated Gregory sold
at $14 Gunnel Gold 81 90 Smith and Parmalee 80 80
Waikiki 81 3S
We IL reported from Washington that the Com.
mittee Banking and Currency have agreed 10 report
against all petitions asking for repeal Of the
pos ny tax OF ten per cent State bank circulation
This was 10 be expected: but the tax will probably be
removed modified At future time, whom the
Chase-Natonal system has foundered In some sea
Of commercial bankruptcy that may overtake the
country. Meanwhile the national system is all pervad.
Ing and the state banks sunk In comparative oblivion
80 that their circulation con~ites drop In the
great bucket Of paper money. Whenever resume
specie payments there will be sad of gold among
the national banks.
Opinions little divided to-day than yester-
day the Stock Exchange future course Of the
MARKET but they will prcponderate In favor Of RISE
this tendency strengthened by the current earnings Of
not few Of the principal railroads including Erie, which
considerably larger than they the same time
last year, although others show falling or
The radical bears somewhat discounted by
the opposition which Is being developed
to Mr. Morrilrs new finance bill, the passage
OF which they discounted rs far as possible las,
week Their secret belief Is that IL Congress passed
In is original form the Secretary the Treasury
be unable avail himself Of lis authority any
rial consistently with the interests OF the country
but they openly say he would negotiate foreign loans
immense amount withdraw the currency from crcu.
ation and resume specie payments bankrupung
the financial and mercantile community Of
course in the ordeal, but excrtlng q saiutary
effect upon the country The absurdiy OF this 10 appa
rent enough but that grave apprshcnsions have been
aroused by Of the provisions Of the bill Is certain
It's most Objectionable feature Is that creating dis
nctiy foreign stock the interest Of which Is to DO paid
In the coin OF the country where 4. happens 10 be held
Thus the Treasury Department would require 10
have agencies In England, France, Germany,
and possibly the kingdom OF Siam and tho en-
pre Of Japan, 10 dIsburse this interest Al the
same time too, the foreign 4 which Is now open 70
our bonds would DO shut or by this competition for
foreign favor and possibly Of the old bonds in
duocd This last the chief danger attending debt
being largely held abroad; for IL may at some
time happen that VIC shall DO drained Of
our gold 10 pay for these bonds, and IL 10 .
a.hs L. hall
home, aud consequently the less Il Is held abroad the
safer and the better Ia We observe that the question
Of tho consttuonality Of the government dealing in
foreign exchange has been raised among members Of