The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-02-02
FINANCIAL AND COMMERCIAL.

FINANCIAL ANU COW"cNSsHI'
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THURSDAY, Feb lisp n
The stock market was steady this morning, but the
aernoon Il became unsettled and weak under the re-
mort that Mr. Morrill, from the Committee OF Ways and
Means had reported the finance bill to the House Of
Representatives and that this conferred wide dscre
tonary authority upon the Secretary OF the treasury
the early session Of the open board New York Central
sold at sea- Erie SIX Reading lOOh, Michigan South
ern osx. Cleveland and Pttsburg S2k, Rock Island
Ioox Northwestern 2ss., Fort Wayne 04k Schuylkl
Coal 1917 At first regular board quotations were
generally shade lower and the market In
cliped to duness. New York Central closed \
lower than at the hafpast two board yesterday;
Erie X Cleveland and Pittsburg I, Northwestern pre-
ferred u. Fort Wayne " Cumberland 4. Michigan
Southern was y higher. Reading and Illinois Central
we're steady Government securities were dull but
steady.
After the call Michigan Southern strong ana rose
to 70h and the rest Of the railway shares Il
BETTER but at the one O'Clock sessions the market,
although steady, devoid OF animation At half
past board was heavy Erie closed ~ lower than
at the first board, New York Central y, Reading n,
Michigan Southern ~ Cleveland and Pittsburg n North
western y, preferred r. Fort Wayne r. Quicksilver r.
Illinois Central and Ohio and Mississippi certificates
were steady. Government securities were dull and
prices unaltered
At the open board, at hafpast three, prices expert
enced further decline, Erie being still the weakest
stock the list, selling at 79 TO- New York Central
IS s7A, Reading 99k a COX, Michigan Southern 90,
Cleveland and Pittsburg sou e, Rock Island %. 81
ssX, Northwestern FIX a u, preferred 64x,
Fort Wayne 927S. Cumberland 49, Afterwards the mar
ket continued unsettled till the close of business
when it became nrmer and at half past five O'Clock New
York Central was quoted at s7X, Erie 70, Michigan
Southern 69H, Cleveland and Pittsburg SIX, Rock
Island e9h, Northwestern %, Fort Wayne 92X.
The tone Of the European news by the Africa had
reassurn effect with regard to tho state Of the British
money market ths OF f144 600 in the bullion in
the Bank Of England indicating returning ease, and
probable reduction very of the rate of discount.
Consos show Improvement of u upon the previous ad
vices Fvetwenties quoted at 65N 90 in London
the evening OF the GOTH against SO the 18th but at
Frankfort, Sunday, the 2ls they sold at 1914
including interest," the Of the decline Of gold this
side having been received in the interval by the
Australasan Erie, reported at 81 SIX, shows de-
cline Of n; Illinois Central d. II was rumpred the
street this afternoon that the Halifax steamer had
brought considerable amount OF Erie stock and hence
the marked decline; but the probability is that those
who circulated the rumor knew nothing about the
ter and were simply clearing" Erie
The gold market opened at 14oh, but Notwithstanding
the extreme scarcity Of coin for delivery declined
recovered,
closed at 14oh. Loans were made at HaH per cent
per day.
The fact Of gold being worth much to lenders keeps
the foreign exchange market weak and inactive by
ing importers defer purchases and bankers postpone
shipments of specie There transactions OF i'm.
portance to-day, and quotations were irregular Bank
ers' bills England at sixty days purchasablo at
1851 1857, and very few commercial bills in the
market The steamer Atlantic, from Aspinwa, brought
1858 2ss in treasure.
Tho money arket continues easy, at 5a per cent
for call loans with only moderate demand, aud a
siderable surplus offering ut the lower rate Tho balance
in the Sub Treasury Is the time very little short
Of hundred millions. This promises prolonged mono
tary this CENTRE and in the natural order things
II should influence in stimulating speculation
the Stock Exchange but thus far in the year the abund
and cheapness of money have not sufced TO
teract the effect OF "bear' operations based upon
popular apprehensons regarding the national finances
and, in the case Of most OF the railway
securities on the Stock Exchange. reduced earnings
But the latter have been fully discounted, the moro
especially as the net earnings likely TO show an
increase In the future upon those Of the last three
months What most tends TO disturb confidence, In
values of every kind Is the uncertainty attending the
financial policy Of the government, and every citizen
has q right 70 demand from Congress such specific
legislation as will enable him 10 adjust his Affairs
TO the situation. Although the country has great con-
fdence in the present Secretary Of the Treasury, II
would be q national evil to leave too much TO his
individual discretion; for in that there would be
continual doubt and perplexity in the minds OF the
community as TO how he might use his authority, and
under contingencies this might prove disastrous
The new finance bill, introduced In the House
to-day, embodies substantially of the worst
features Of the original bill, which, In Difference,
we presume, to Mr. McCuloch, the Committee Of Ways
and Means, although opposed to IT, failed to strike out
They have simply submitted 1t To the House without
their sanction and the House will probably reject the
clause well make other notifications OF the BILL
which will make the future policy Of the government
clear to ALL thus giving stability to values and lessen.
ing the liability to pancs 10 which should be other
wise abnormay exposed
Petroleum stocks generally firm, but Bennehon
Run lower, owing TO the fire at the wells AT the
first board Benneho Run closed 81 Is lower than the
same time yesterday selling at tl5 IS; Pithoe Greek
e0c., selling Mt IS United States 25c selling at SIS.
Brooklyn sold 4oc Clinton 81 TO- Forest County llc,
Second National 50 35 Palmer Petroleum IS So Ptholc
Consolidated 50 20, Empire and Ptholc 81 rs, Excelsior
75c., Germana lsc., New York Philadelphia and Balt-
more 7sc, OIL Creek 81, Columbian Coal and Mining
81 o5 Al the second board Palmer Petroleum closed
Csc lower than at the FIRST board selling at SO 49,
Phole Creek 25c, selling at 81 u.s. Forest County sold
at l1c Oil Creek 81 United States SIS IS, Bennehon
Run $l6 Buchanan Farm CSC, Central 50, Gcrmania
lsc. The business Of the board was to-day removed
into the Stock Exchange building The ground floor Of
the Stock Exchange to-day opened to subscribers
only upon payment Of the annual subscription Of one
hundred dollars. The aoor Is Understood TO have been
leased for s25, 900 per annum
The capital stock OF the Boston, Hartford and Eric
Railroad Company Is s2o,oooo 600, capital paid in,
Sl 1855 500; total amount OF debt $685. $780, total cost
Of road November 30 1885, ti0 1872 i5 length Of line
in Massachusetts, Rhode Island, Connect cut and New
York, about four hundred miles, ell two hundred
and forty IN operation completed. The
Now York and Boston Ralroad uulpany has been