The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-12-13
FINANCIAL AND COMMERCIAL.



current prices their natural tendency but be
upward for Z long time The policy which Con.
xress Ia likely pursue, according present appear
uces viii operats against disturbance of tho cuency
values leave monetary Affairs 10 the condition
~ Ct present, excepting probably curtsilmcnt OF
the power Of the Secretary Of the Treasury 70
contract the currency, the present rate OF con.
6raction-namely, four mHions q month--belng
excessive. There Ia necessity for II, neither
10 desirable that the legal tender notes
should be reduced on this scale moderate as mays
appear We notice report from Washington to-day
chat ths House Committee Banking have agreed 70
report BILL main OF which wnl bs Ike that
passed last year. 1t 10 said to provide that national
bank shall have . circulation OF Million and
% cutdown the circulation Of existing banks nearly
thirty millions giving the notes thus Withdraw TO banks
II deficient circulation and TO Southern Stats In need
af bsak1ug facilitiea ID Is safe that such
Gill. reported. will not pasn either house. II would
- tavidous task TO take back from individual banks
portion their circulation, and would be regarded
- breach Of faith go aud At the best IL would be
robbingPete to pay Paul much fairer course, and
ono which the interests Of the government call for,
would DO to abolish the national bank currency aAo-
sether and substitute therefor legal tender notes
The money market Is working easier. and the supply
Il capital offering at six per cent TO frs, class houses
was In excess Of tho demand, although there
eeptions SEVEN at which rate tho banks stll keep
most OF their old loans The leading dealers In govern
ment securities, however, borrow In instances at
dvo per cent With the disbursement Of than
and half millions OF interest the seyen-thiry loan
on tho 18th inst, further will be experienced,
although less than half OF tho Will be- paid In
city. The drain OF currency from the
tinucs and IL gradually becoming active. Tho
rent theory the Stock Exchange Is that the
rency In circulation 10 large 1t wa there
fore there Is no for apprehension monetary
grounds aud the earnings OF such roads the Chicago
and Northwestern show tina, they are In excess Of those
or last year and steadily the increase, while their
working expenses have considerably decreased, leaving
their earnings largely in excess Of the average Of
former years. And all the main lines will grow with the
growth OF tho country.
AT the open board at ten O'Clock the market
steady and Erie sold at TAX. Northwestern sax, Mchi-
gan Southern so A, tee lrst regular board there
well distributed demand for the leading railway shares
New York Central, Cleveland and pittsbuTg aud North
western preferred being the most active New York
Central closed 4 lower than at the same time yester
day; Erie Z, Reading " Cumberland AZ. Michigan
Central u higher, Cleveland and Psburg 81,
Cleveland and Toledo J. Rock Island q, Northwestern
preferred z, Fort Wayne r. Toledo. Wabash and West
u, Ohio ana Mississippi certificates 70, Aautc Nail
q Western Union Telegraph ]. Government securities
were heavy, and coupon nvcwcnties Of the issue
Of 1856 closed lower thirty Of the FIRST
and second series 4, third series r. Missouri skies
wcre Y lower At the o'clock sossions the ket
steady. except for Cleveland and rtisburg. which
sold up to o3A At the hafpast two board the active
railway shares baoyant. but the miscellaneous
stocks sold at fractional decline. New York Central
closed y lower than ct the first regular board, Illinois
Central u, Ohio and Mississippi certificates Il. Atlantic
Mail y harross preferred x. Cumberland u. Reading
higher, Michigan Southern l, Cleveland and Pitts.
burg y, Northwestern preferred &. Gosornment secu
cities neglected
Al tho open board at three Michigan Southern
advanced TO 81 Ere 10 73s aud Northwestern
S3X while tho whole market strong. Subsequently
Dhsre active demand for Northwestern--which Ia
favorits with Western buyers account OF its large
present earnings and the gr,a prospective Improvement
IN s value, whom the extension OF the road Omaha
bhsrs 70 connect with the Pacific Railroad, completed,
win DO early next year. Erie was also In strong
request from parties who attracted BY its present
tow price. and sales were made higs. 73]s. Al
halfpast i've The market closed very firm the SUD
Joined quotations:-New York Central, iloh ailox;
Erie. 73 Reading 1904 y; Michigan Southern sex
*; Cleveland ard r,tsburg, % . %; Rock Island.
I0lS 1o5ys Northwestern, "a u; do preferred, TAX
a7s; Fort Wayne. 100 u. Compound Interest notes
were quoted thus:-Junc, 1894. Has "; Juiy 1lo .
1lel<; August, li5HaL
Al the annual election OF directors Of the New York
Central Railroad Company, held at Albany today, egh
teen millions and half Of stock II teegraphed,
voted upon about seventeen millions Of which for
che following tcket:-
Joshua Hanna, New York; Erastns Corning. Albany;
= Chsder. Auburn; Go. J. whitney, Rochester VIM.
e Fargo. Buffalo; l. Speaker, palatne Brlge IeCrand
tockwosd New York; Henry Keep New York Azara a.
Henry Baxter. Now York Danlorth Garncs, New York
Mr.. Henry Keep WIS subsequently made President,
and Mr.. W. c. Fargo, Vice PresidcnL The oppo,-
tion ticket included the following names for which the
proxies held by tho old board amounting 70 about mil.
lion and bali, sivcl--
W. c. Fargo, Runaio; Jghn II. chedel Auburn; John
" l. Pruyn, Albany; ,or l. Tracy Toy: yas IT, Rank
-er New York; A. . Fbc. syracuse; II. n. Blafchford
CON Hy Ii Marin. AiSsse; Gsirt New yars nV q
y. whitney. Rochester
The gold market continues IA. although there is a
rather active borrowing demand indicating tho existence
OF largo short" interest The opening price was 1873
followed by advance 1857 aud gradual decline 10
1914, the closing quotation being 1874 =. The
steamer Scotia took ou, s2s2 90 In specie.
In the Houss OF Representatives yesterday Mr. lnyer
coll asked leave Introduce bin regulate sale n
government, gold and directing the Secretary Of tho
Treasury whenever the Of gold the Treasury
exceeds hfty milisns and when tho interests Of the
govcrnmen; require its sale, 70 give public notice Tor
least thirty days Of his fesre 10 eacc. such sas Mr.
1ngorsoi said that tho bin would put Of the power
Of the Secretary TO WELD golden sccptrc male o, all
She gold In the Treasury, by which be could rae
deprsss the market at his pleasure. The bill was how
syer objected To- aud therefore had % lay nndcr
ehe rule Of the House. Importers and Others who
auirs gold for legitimate purposes entitled to the
option OF purchasing whatever gold the government
Rss 70 SELL and entire publicity shosd be given such
nv Ia ure aar vaaf.a
specula,ors In tho rold room are alone benefited
The foreign exchange msrke, was dull and rates
sominaL Bankers bills England, a. sixty days,
vsrs quoted al the close ioos Ioss. three days.
5oo,s 1iok; commercial los slosss; franco at eizy
days. SIS a 9 20; at three days. si29A51b