The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-01-16
FINANCIAL AND CONNER GAL.
MONDAY, Jan. l5-6 p. N.

MONDAY Jan. l5-6 r. H.
The stock market opened firm this morning at the ad-
vance Of Saturday evening and at the carry session OF
the omen board New York Central sold at 94s, Erie 81
Michigan Southern COS a. Cleveland and Pittsoure Is
-7t ROXY Island 1919, a., Northwestern 32ss pre-
terrd 5ss. Fort Wayne 95is Schuyiki Coal (s 15I
At the first regular board Northwestern Pittsburg and
MD southern we're the most active of the railway
shares New Central closed u higher than the
name time Saturday, Erie u, Hudson River r. Read
Ing ~ Michigan Southern tx, Cleveland and Pittsburg
TX Northwestern p, preferred Il, Rock Island q, Fort
Wayne /, Cumberland IL, Quicksilver N, Ohio and
Mississippi certificates l, Atlantic Mail g. Government
securities were firm. Coupon fve-twenties of the
original issue advanced H. thirty notes Of the
second and third series T.
At the o'clock sessions the market heavy,
der false that the Committee OF Ways Means
had reported Mr. Morriis finance bill favoraby to the
House of Representatives 1t afterwards appeared, how
over that there quorum of the committee today
but that their intention to take up the bill
row At the half-past two board the market dull
prices declined fraction further Erie closed 4
lower than at the first board Reading y, Michigan
Southern i, Cleveland and Pittsburg 1Z, Northwest
ern III preferred e, Rock Island IL Fort Wayne x,
Quicksilver ., Cumberland X. Government securities
were Inactive Coupon ten forties declined 81 seven.
thirty notes Of the second series X
At the open board at hafpast three the market i'm
proved in tone, and prices advanced q q per cent
Michigan Southern, Cleveland and Pittsburg and Erie
being the strongest stocks the list Erie closed
the call sl2s, New York Central 93H, Reading 1922
Catawssa SO, preferred 90, Michigan Southern 6stl
Cleveland and P,tsburg 1914 Rock Island 1o4 North.
western 81 q, Fort Wayne 05, Ohio and Mississippi Ger
tiica,es es'1, schuylkil Coal 15K, Cumberland 43K,
Mlrposa 137s.
Afterwards, on the street, there further rise in
Michigan Southern Pttsburg and Erie. At half past I'VE
O'Clock 90 bid for Erie II for Cleveland and Pitts
burg 6S7s for Michigan Southern Rock Island
quoted at 103a 1oa Northwestern 31I 80, preferred
SIX So, Fort Wayne 94I 95, Ohio and Mississippi
certificates esq q u.
Gold ruled steady, and loans made at 4 s per
favor Of the lender during the early part of the
day and 132 late in the afternoon The opening price
13oA, followed by advance of 4, relapse Of q,
and recovery at the close of business to 1917
The foreign exchange market dull but there was
a larger supply of Southern bankers bills Offering
These were quoted at 1885 Leading drawers asked
1887 100 for their bills England sixty days. but
inferior signatures sold at 1857.
The bank statement indicates a growing accumulation
of oanabe funds at this CENTRE the deposits having
undergone further increase of S2,2s4,745 and
the legal tender notes OF $l,402,470. The loans
have at the time been extended 81, 1853 1874,
owing mainly to temporary deposits in the
sub.Treasury, purchases Of government securities
and discounts the demand for loans from the Stock Ex
change last week having been very light Tho specie
shows unusual increase OF 097 which may be
mainly due to the banks counting the government coin
certificates in their hands specie, and in minor de-
gree Withdrawals from private boards There Is
an increase of than half million in the circulation
Money offered to-day loan at call in large
amounts at Ave per cent, and II impossible TO en-
poy all that offered at this rate, while in exceptional
four al in
to allowing the capital TO remain idle The ratio
generally asked however, for miscellaneous accommodate
ton six per cent The discount line Is reported
easier First class commercial paper az short date is
taken promptly at seven per cent, aud long dates at
eight, The ordinary grade Ia rated at 40 and second
class at 10a L.
The s,rngcncy in the Western cities, produced by the
active demand for accommodation from the pork packers
snli continues, although the Cincinnati journals Of
Saturday report greater under increased sup
ply aud diminished demand for currency. AT Chi
cago on Friday OF the banks reported 10
have sacrificed OF their Eastern exchange in order
to meet the demands upon them and some sales Of the
latter made as low Is discount but the regular
rate is u a ITO discount buying. and par to Ito
premium selling. At Cincinnati exchange on this Same
day generally quoted nj par buying, and 40 pro
MUM selling. Notwithstanding that there has been u
dram orcursney vDtward during the last two three
plus here not to have been felt whe the last three
bank aatsmsnts have shown steady increase 10 tisr
supply OF money ut this CENTRE the influx being greater
than the cIlux aud this condition OF the money market
Is likely to DO prolonged.
The semannual interest on two hundred and thirty
millions OF seven.thirty notes. under the act Of March B.
1855 amounting TO S. s95, 600 fell due to-day. To
the half yearly interest 500 900 Of the bonds
issued the Eastern division of the Union Pacific Rail.
way, amounting to SIS, 200, will be payable also
SIS go the interest 81 sos of bonds ucd to the
Central Pacific Railway. The Sub Treasury discussed
$i7s,ooo to-day account of the first mentioned
The decline Of last week on the Stock Exchange
brought orders TO buy from outside parties TO consd
cradle amount and these aided materially in rallyng the
market, bat the latter although very much oveFratcd
Is si great under the control OF the bears,
vino have been strengthened by the fall and who put
Their mainly the apprchensions OF the people
CORNING contraction or the currency and resumption
OF specie payments The finance bill they regard
with peculiar pleasure tending To excite those aud
produce corresponding disturbance Of values; bnt all
thinking acquainted with the facts OF the financial
ua on arc aware that however unlimited the authority
f the secretary OF tho Treasury be- he Is virtually
pow ies. unless he deliberately bankrupts the country,
ally the currency until after the twelve
hundred millions of floating liabilities outstanding arc
funded redeemed In grecnbacks, and meanwhile the
nations, bank issues will have largely inflated IL; and
notwithstanding all talk to the contrary the indications
are in this direction than the other. Further inla
ton TO any great extent Ia, however, to be much
guarded against as premature contraction
II reported that the House Committee of Ways and
Means opposed that provision OF the finance bill
wbcaempowers the Secretary to issue distinct foreign
bond the interest OF which to be payable In forcga
Europe soil bonds Of any kind Cor forcyT
esehsngs bat that II Mr. NcCulioch insists upon IL
re.ento they will report II TO the House stands
leaving the latter 70 deal with H. In this event
oonAirria'c opposition will probably DO dcvc
opcd {, there, and certain limitations to 90
poser u ma,cy imposed, although Congress has al
spttud, lAe the rest OF mankind. Cor getting rid Of