New-York daily tribune., 1866-02-10
FRmAY. Feb. o-P. ~.

lOO.s....s.
FRIDAY Feb. o-P NJ
Gold was strong early in the day under the demand
for customs and cash gold for delivery. AT the
close the price was 1894, after selling down to 1871
Government securities of all issues arc hrm, anu
wanted in moderate amounts. Missouri rs rose
per cent. Bank shares and railway mortgages are
neglected Railway shares are irregular, ana there
ia little business outside usual speculation Some
of the roads are showing better earnings, Dut ho'
enough TO stimulate purchases Tor invest
ment, which alone can relieve the street
Of the blocks of stock which have centered
there, under the excessive speculation and innauoh
of prices during the past four years. few parties
in the secrets of management are still sangulne
that their special stocks arc desirable as invest
ments and buy sparingly; but this is not the com
mon estimate, and Railway shares are not fayori'es
when certain income is desired. AT the SECOND
Board 3Os, first ISSUE rose to 99l bid, and Cerif-
Gates 10 9Si bid. The checks OF Quartermas'eis
arc hereafter TO be paid one-half in cash, "hich
will r.iuce the supply Of certificates Railway
shares were lower and offered quito freely.
Tho market is evidently only sustained by the
movement Of cliques, desperately struggling to get
out. and getting farther in every day. These par
ties gro in an awkward predicamcnt because, wmie
they cannot get out without serious loss, they are
afraid to drive their pet fances 10 an absolute cor
ner. The fate of the Harlem and Prairie dn Chen,
neither Of which stocks could be sold to-day in any
quantity better than 80 while they cost their sag-
cious holders something like par, is warning
against all further close corners. The latest
quotations arc as follows: New-fork. Central
s7i9S3; Ene 7sd7sl; Eric Preferred, eoGcli
Hudson River, lO0ai0l; Reading, y9iGloo;
Michigan Central, lOl l02 Michigan South
ern, CsId6sl; Cleveland and Pittsburgh, f9i a
.yI; Cleveland and Toledo, 1906 Rock Island, lOl o
iOil; Northwestern, Ela1i; do. Preferred,
81 a 5iI; Fort Wayne, 92l a92li Pacific Mail 1850
1856 schuylkill Coal, lsi.
Money is quoted at per cent on CALL with some
loaned at 5 per cent In Commercial paper no al
torauon. Best names are quoted at 1G7i, good 8
a 9, and ordinary 10 Is per cent
The daily report OF the customs receipts and OF
Internal Revenue do much 70 give confidence in
Government stocks. and they have adecided prefer
ence over any description Of commercial bills or
other obligations. The short debts Of tho Treasury
are the chief favorites, under the impression that
.
ing bonds at an early day No one doubts the pas
sage Of tho Loan bill substantially as proposed by
the Secretary and the only difference Of opinion is
a. to how vigorously Mr.. McCulloch will move un-
der il. Without pretending to speak forhe Treasury
We think that under the bill the Department will
pursue policy Of "nsidious contraction efficient
enough to make il not only dangerous for people to
step outside of their legitimate business, but to
make them prudent there. The finances of the
Government are steadily getting into better con-
dtion from the simple reason that its borTowinghas
ended and its income is greater than its expenses
and steadily gaining. Though slow, tho move
ments of the Treasury are toward specie payments.
With merchants and debtors the case is different
| Commodities in which their fortunes are involved
are tending toward lower prices through the opera
ton OF natural laws, o fact which makes BUYERS
move cautiously and steadily, weakens debtors who
have to meet obligations for goods bought at high
| prices with goods sold at low rates. Small Traders
and large damaged by this state Of things, and
must continue to bo until prices return to natural
values. Most commodities can and will be re-
placed cheaper as the year proceeds and there is no
escaping loss By present holders. The most that
people ask of the Treasury is that they shall be al
lowed to make gradual loss, and not be forced 70
bankruptcy by sudden contraction Of currency
As contraction must come, and may como sud.
denly, prudent people will be careful how they
make new engagements, and parties IN debt will
act wisely in reducing their obligations as fast as
possible.
Exchange is still heavy, and good BaH,,ers Bills
at GO days quoted 1871 a 1913; Bankers Sterling
3 days. 1891 a 1901; Commercial, lO5i iO7; Francs
long dste 5.26i 5.23i; Francs, shcrt date, s. 22I
aJ2O.
The business Of the Sub-Trcasury ws,: Reoep
s925,ST 5o-for Customs. s5c9,OOO; Payments.
$S8,425 35-on account Of Loan, $4,000; BAL
ance, 81 ,9is 9sS %. Coin Certificates, $2lG 900.
Freights are duh. The engagements to Liverpool
are 200 bales compressed Cotton at 3D., aad por
steamer, so bales Cotton at ID. To London. per
steamer, 25,OcO bush. Oats private terms, and 50
hhds. Tobacco at 20s. A British brig TO England.
with 5000 bush. Oats at I'd. II 10 Liverpool or Cid
II TO London.
The Dry Goods trade report reyiva! in business.
especially for seasonable fabrics for the Southern
trade. Domestic Goods, including Prints, are held
at higher prices. The trade at Stewards and Claf
Inns is stated to be large and both houses hardly
able TO supply goods fast enough. There is no
extravaganza shown purchasers, but on tho other
hand much greediness is noticod
The Greenwich Insurance Company has declared