New-York daily tribune., 1866-01-09
MONDAY, Jan. s-P. NJ.

MONDAY, Jan. e-P. NJ.
Gold is weaker, and sold as low as 1881, closing
Of 1881 0l3s.. The market is not steady at the
close, and the disposition to sell is undated.
The decline in gold shows conclusively that the
Secretary Of the Treasury is sound and correct in
his financial programme. We arc dealing upon
paper basis-that is, we are calling dollar in gold
q dollar and forty cents III currency and this cur
rency valuation we extend to all the ramifcations
of trade The sooner We can bring the paper yalua'
tion down to the gold basis by gradual and not
distressfu process the sooner shall We emerge from
0 false and pernicious system Of valuation. We
need confidence among the people, confidence TO
believe that dollar of United States currency
(Greenbacks) is worth dollar in gold, and this
confidence it will be the task of the Secretary Of the
Treasury 10 impart and diffuse
Government stocks were steady in the face Of
lower market for all railway property. The sos
sold at lO4s a. lO4I for old, andlO2I for new. The
1905 were quoted 9ss fpr second series. Confidence
In Federal stocks steadily improves, and they are
decided favorites with moderate investors who buy
to hold permanently. Upon the statement thata
bill had been introduced authorizing the Secretary
of the Treasury to issue $500 900 OO0 Of 40 year
Der cent gold-bearng bonds, the 5-20s were lower,
and were quoted lO4 for old and l0ll for the new
Issues.
The Railway share market was lower upon
nearly the whole list and at the decline the chief
buying was 10 cover short contracts. The present
"bus are not strong, and labor under the deu-
sion that speculative purchases on their part in
wall-st. moro than compensates for declining
traffic on the roads. At the Second Board, under
purchases to cover Shorts the market was
steady at an advance upon the lowest prices of the
morning and Erie rose TO 96 The gross traffic Of
the Erie in December reached 1921 900, the
largest ever reported. At the close Of bnsi.
ness the following quotations were made; N.
Y. Central, 96!a96I; Eric, 96096i; Hndson
River, 1861 a lOe2i Reading l0li al02; Michigan
Central, lOi; Michigan Southern, 6ss a69; Cleve-
land and Pittsburgh 79s9s0; Rock Island. 1854
l05ii North Western. 32932l; do. Preferred, 599
oe8 Fort Wayne, Sst a sSi; Ohio and Mississippi
Certificates, 26i i9265; Canton, 4Is; Cumberland
Coal, 43l0 49, Msriposa Mining Company, 1870
13i; Quicksilver, Hs a442.
The decrease in railway earnings which has re-
Gently been exhibited in the December returns is
the significant on account of the open Winter,
and the consequent late period of the close of nav
the roads leading from the West 10 Lake ports
would have suffered in comparison from very OBJ
Sious and simple causes In the present case, how
ever the fact Of decreased earnings is remarkable
and leads TO the belief that we are entering upon
period during which our railways are to undergo
for time period of diminishing prosperity if not
of absolute adversity. For nearly four years @
have witnessed constant and largo increase of
traffic over every lino Of road in the North, and
especially on lines running east and west So
great has been the pressure of business that scarcely
any Of the roads could furnish equipment and mo-
tive power sufficient TO keop pace with the growing
traffic. One great cause of this the closing of
the Southern markets and the obstructed navigation
of the Mississippi River. The opening of the river
while chaos reigned at the South had but little
effect but now that business has been somewhat
hestored, and is seeking rs natural and most avail
abe outlets, We must expect to see Tery large
diyexsion of freight business fica our East and
West Railway lines TO the Mississippi River. This
IL not conjecturs: il is certain as any Uathemat-
Ioal demo,. Sration can be.
Another cause Of diminished railway carvings
usy be found ID he cessation Of Government buS.I