The New York herald., 1866-02-01
FINANCIAL AND coMMERcIAt.
wxDSEsDAr, Jan. sl-er. u

FINANCIAL AND cOMMERCIAI.
wEpSTsDAY, Jan. 3l-6r. u
ma stook market opened strong this morning under
me current Of speculation for rise which has ~ m nd
\, hs s.r,v session OF the open board Cleveland and
pi,.sbun advanced to s2x, Michigan Southern eoh,
Erie s1E. New York Central o2k, Reading sox, Rock
Island lOox Northwes,ern 2eK pssfsrred sek Fcrt
Wayne s4K, Ohio and htsisslppi certificates aSK,
schuyil Coal t. 81 10 Atthe nrst regular board there
was brisk demand for stocks, and the business
we'll distributed, Michigan Southern and Cleveland
and Pittsburg being tho most active. Amer
the call however, the market lost it, buoyancy,
and prices were lower. Ere closed higher than II
the half past board yesterday, Reading " Michigan
Central V, Michigan Southern u, Illinois Central *,
Cleveland and Pt,sburg ", Northwestern II, prefer.
red lx Rock Island x, Fort Wayne " Ohio and Mis-
sssippi certificates H. Quicksilver r. Government g.
ourties were steady Coupon nve-twenties advanced r.
AT the one O'Clock sessions prices were generally
fraction higher than the second call at the previous
board old Southern and Pnsburg being still the
leading favorss At the halfpast two board the mar
ket was firm at fractional advance New York
Central was sold ex-dividcnd and closed without vara
ton from the first regular board price, Erie was y
higher, Fort Wayne X. Reading r. Michigan Southern
, Cleveland and Piitsburg X Northwestern preferred
was lower Government gold bearing securities were
n
higher than yesterday third issue u, tenfortes r.
Soventhirty notes were steady.
At the haIfpast three o'clock open board tho market
was strong and Michigan Southern the most active
the railway sharea Tho latter closed the call at oo
New York Central lex-dvidend, soX Erie 81 Reading
10oS, Cleveland and Pittsburg s2k, Rock Island 10lX
ID. 81 Northwestern preferred Sc, Fort Wayne s4X
schuylkil Coal 10 Is sl
Afterwards the street. the market closed steady as
adecins Of u n from the highest point touched at
the last board.
comparison Of the prices Of leading stocks at tho
first board the I'd inst and this morning. respectively
shows that they from four to fifteen per cont
lower than they the Of the year.
Erie having experienced the greatest decline.
This full has been greatly in OF the reduction of
values consequent the decrease OF earnnss about
which the bears have had so much 10 say; and in the
Of Erie and Now York Central there has not only
been decrease but increase Of earnings Yet Erie
has declined Is per cent during the current month
So rapid recession Of prices in the absence Of any very
important governns beyond the vague apprehen
sions aroused In the minds Of tho tmid-for the
part by the operations Of the bears-must naturally be
followed by sharp on and the tone Of the market
for the last few days has afforded indications Of this
Tho European news by the City OF New York exerted
NO pcrceptble influence In the On the nth inst
nvewenties were quoted in London at 0ethe same rs
on the 18th; Erie, SIX 6s " per cent higher;
Illinois Central 76k n steady. Tho bank rate of
discount was unchanged
Tho money market shows great ease, and trans
actions among the brokers and private bankers
to-day have been mainly at I'VE per cent, although
the regular outside rate Is six The ofhcial mott.
Acation that the rate Of interest on temporary deposits
made at the Sub Treasures and after tomorrow win
be reduced 10 Eve per has tendency weaken the
rates for call loans Tho demand for discounts Is not
heavy, but s In excess Of the wants Of icndcra
csptng grst class paper which passes readily seven
per cent Exceptions noted at per cent both above
end below the legal rata The second grade composed Of
good namea finds takers at 10 per cent The tempo
rary deposits made the Sub Treasury to-day aggrs
gated 81, ,1ss 27o showing the large amount Of
ployed capital at this centre.
Tho gold market steadily weakened from ll1 at the
opening Of business 70 1928 hapast three notwith
standing the scarcity Of coin for delivery loans having
been made throughout the day Ut 3S2 per cent per
dem In favor q the lender II was rumorcd however,
that the Treasury In the market sollcE Subss.
euently Il recovered and closed ct 1l0I rumor Of
tsoubs % the Rio Grands at the time current
Foreign sxohahee remains weak end dull ~ sbous'
loeK for banken bills England ss sixty days Tue
decline OF yesterday has caused importers TO defer buy
ing, in the hope Of still lower rsses
The finance bill introduced In the House Of Repre-
ssnss.ivcs by Mr. Morrill, and the mutilaied remains Of
which st ngsr In the hands Of tho Committee Of Ways
and Means has called forth good deal Of sharp GRILL
eisn Tho moro the opinions Of the financial and
nsscial community have been canvassed regarding H.
The moro omphacally has BEEN whole. protested
agaInst and the result will probably be that specific
legislation will be substituted for s comprehensive gene
rAitss comforting, they would " adopted unlimited
power upon the Secretary Of the Treasury to experiment
upon the finances of the country the great jeopardy Of
ifc infa G.,rh fnaa
bi asks for is unprecedented In financial history and
o. wrong In principle It would bc In practice For
egn journalists may well have expressed amascment
the powers asked for in the Treasury report to have
granted which, however great public confidence In Mr.
McCullochs ability and integrity may be, would have
been virtual admission the part of Congress that
1t was Incompetent To legIslate upon the finances
But the Secretary Of the Treasury had conferred
upon him all the powers he asks for cannot see how
he could avail himself OF thcm largely without dsas.er
to the Treasury well the commercial interests OF
The country prior 10 tho funding redemption OF the
eight hundred millions Of floating interest bearing In
dcbsedncss outstanding which last practically governs
bis policy. But, In any case, the country demands
specific legislation In order that all know eq ally
what 10 expect and bo enabled adapt their Affairs
70 the situation accordingly.
The report OF the Revenue Commission recently sub
mlttsd 70 Congress Interesting valuable as the re-
suit Of the inquiries and deliberations Of three gen.
usmcn specially appointed by the government for the
purpose OF investigating and pronouncing upon tho
venue system ~ 10 10, and making such suggestions
with view to Its Improvement they might deem ad
vsable But u Is BY means exhaustive, and Ia def
csnt In that scientific elaboration Of subjects which was
looked for from experts who havo devoted 30 many
months 70 the work In hand This result s somewhat
appointing but the report ut the time entitled TO
careful consideration, and every mcmbcr Of Congress
win nnd profitable and suggestive reading It's specific
recommendations not entirely consistent with each
other, fsvorins - they do inequalities instead Of equality
Of taxation. The report proposes for instance the OK.