The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-02-08
FINANCIAL AND CONNER GAL.

"WEDNESDAY, Feb 7-6P NJ
The stock market opened strong this morning. and at
the early of the open board Erie sold al Tx
Hudson River ssx New York Central 81, Reading 9sz,
Michigan Southern 67s, Cleveland and Pittsburg s0k
Northwestern 2eyS Fort Wayne o. At the first regular
board IL was hammered by the BEARS and decline was
forced portion Of the list but the whole it was
steady New York Central lower than at the half.
past board yesterday, Cleveland and Pittsburg y,
Northwestern preferred u. Erie u higher, Read
ing IL, Michigan Southern q, Rock Island 4.
Government securities firm, although dull.
Coupon fve-twenties Of the third issue and
seven thirty notes Of the first, second and
third series were y higher. Among the miscelane-
shares Pacific Mail sold 1885, scrip 1856 This
pany has recently sold two of its steamers-the Atlantic
and Bac-with the view Of increasing its surplus, to
provide against threatened contingencies.
At the O'Clock sessions thernarket firm ad.
vanced quotations, Michigan Southern being the most
active and buoyant stock the list Al the halfpast
two board the improvement made further progress Erie
and New York Central being especially strong The for
closed per cent higher than at the first regular
board and the latter ~ Reading y, Michigan Southern
J. Northwestern y, preferred x, Rock Island Y, Fort
Wayne u. Quicksilver y Coupon 6vetwenties of the
third issue firm at y advance, seven thirty notes
Of the second series T. The of the government list
wcre steady
enced partial relapse York Central sold at s7ss
AZ, Erie 7sA, Reading 9SA q, Michigan Southern
8SH 4, Cleveland and ptsburg 1914, Northwest I'm
81 preferred d. 81 $50, Rock Island T.. 81 90, Fort
Wayne 90, Ohio and Mississippi certificates "a Cum
berland 44% Afterwards there more irmness,
Michigan Southern and Cleveland and Pittsburg bang
the strongest of the railway shares AT hafpast tive
Michigan Southern was quoted at 6Sl5 \. Cleveland
and Pittsburg so a, Erie 7S7S 4, Rock Island 90
Nauy Vork Fort
Wayne 91A a 90
The news of the recall OF the French troops
from Mexico exefted no perceptibIe influence the
Stock Exchange or in the gold room and IL cxceo very
little Its tend 'ncy, however, is to remove APP
prehensions of possible rapture with France and inn
part steadness the market for gold ana government
securities, while its effect upon tho railway
interest is favorable, as, in tho evont Of
with any Eurotean Power, commerce
would necessarily be interrupted and internal traffic ma
terally reduced Prices of all stocks hut those OF tho
government would, nevertheless, frobably rise such
case sympathy with the deprecat Of the currency
which would ensue.
The railway speculation for rs. is still held IN check
by the powerful bear interest and the suspense with
which the action of Congress upon the hnance bill
is awaited. fear that the foreign clause
tanned the Secretary of the Treasury may immediately
sell gold to lower the premium In order to produce
effect calcr lated to make che measure appear a
highly salutary one, and that this would Immediately
react upon the stock market; But the disturbing char
acter of the bill has been already discounted including
tho foreign clause and should the he stricken out
as it not unlikely be- owing the strong feeling
against it both in and out of Congress- sensible relief
would be experienced Even this clause, how eyer which
repugnani to the financial community end in
degree to the political of the country, confers
power upon the Secretary Of which he might be wholly
unable to avail himself The bill prohibits the IN
crease Of the national debt, and thereby virtually
compels him sell fund boEds at
par There are eight hundred ana thirty n iions Of
seven-thirty notes alone which Will be redeenaole ia
currency not funde into par, with The next
two years and half and, in order To induce funding
the bonds must be kept above par. This will
easy money market and noncont ction OF the cur
rency. Tie negotiation OF foreign loan would have
very depressing influence upon the six per gold
bearing bonds here and the amount which could "
borrowed abroad aI very shorl Of Che aggre
gate of the floating Indebtedness 20 be provided for The
chief reliance OF til. Treasury would as matter o.
course, be upon the home market, TO spoil WHICH, foi
the doubtful advantage of . few millions from Europe
would hardly be dico
The steady decline in railway which has taken
place since commencement OF the year been
Of the reduction OF traic earnings, and these
last the increase, there Is sound IRA ticel
reason why they sh ~ d recover from The depression
The gross earnings Of the ,war and ST. nal Rail
way excusi OF the division OF Tie 10 Crosse
road for January sis2 ooo agns, SOS lsl for the
same month 1885, showing incrcl3eo Of S3a, $40
white the earnings for 1865 were 81 53j oo0 agaIst
81 402 JOG in ia. The indicao7e iltor hrk apdnF
business for the roads running westward Dut ho~ ar
improved val will AFFECT prices t'o STOCK Exchange
depends TO gr;.t cnt upon the ability 81 t4a bcsni
TO control the market decline in i'aa NC stocks
during the pat five weeks is show t ihe following
list Of prices the lrst board tao 81 ~ January and
this morning respectively