New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1866-01-17
OPEN BOARD OF BRoKERs-3l Pm. .
NH Z
TUESDAY, Jan. l6-P. ".

TUESDAY, Jan. l6-P. "
Gold closes d, 1899 snd was steady throughout
Ae day.
The demand for Government stocks continues,
and rates are well supported. The business in
State bonds and Railway mortgages is SMALL and no
large amounts could be sold at the quotations.
Bank stocks are strong. Railway shares are irregu-
Tar and the market is wholly at the control of pro-
fessiona spectators. At every adyanccholders ap-
pear in force, and all the prominent Railroad shares
sre steadily accommodating in the street. The clos
iDg prices were as follows: Cumberland Coal, AL
4iI Quicksilver, IL ai2 n. Y. Central, 93i q 93s;
Erie, 92s a92l; Reading, 1929 al 1927; Michigan
Southern, 69i a69s; Cleveland and Pittsburg, 49,
37sl; Rock Island, 1919 Ia 1915; Northwestern,
32s a32,; Northwestern Preferred, 5ss G5s!;
Fort Wayne, 95s ASA.
The recent decline in stocks has attracted atten-
,ion for the moment enough TO turn the market,
but this is an ephemeral movement, resulting
partly from the buying Of the shorts, and scarcely
indicative of the real speculative tide The general
impression is, that in the easiest ard most pract-
cable way, we are bound toward s,ecie payments,
and while few are dear in their views as TO the
manner in which 1T shall be accomplished, and 81
what time, all agree that the substantial interests
of the country require thatve should shape financial
measures with that end in view. Such change in
our financial system coDtempates the reduction Of
MI values to the specie basis, and much 10 the dis
turbance Of SPECTATORS, keeps people from buying
for rise, when the tendency is strongly toward a
decline. The price Of gold, but lately li5 is grad
Galy coming down, and will decrease according 10
the wisdom Of financial measures and with this
decline We shall have a corresponding reduction in
all values. II Secretary McCullcch manages
through the year with the sagacity he has thus far
shown, gold will not rule much above 40 few
months hence.
Business awaits the action OF Congress upon the
loan bill, and until its details are fully settled
Tong engagements for capital are deferred. Upon
the necessity of funding the currency debt and re.
turning TO specie payments there is no difference of
opinion. The only point at Issue is whether the
country shall be steadily pressed back to specie
payments by withdrawing the paper money manu-.
tacturcd unded the pressure OF the Rebellion
The sooner Congress attends TO this matter the
better it will be for all solvent merchants and the
labor Of the country. The only people who resist
Q return 10 specie payments, and talk about the
danger of haste in doing right financially. are the
holders of goods at high prices apeeulators who
hope for sudden fortunes to made upon the
violent fluctuations ever attendant upon On ire.
soelnable currency.
Money Oh call is offered in large amounts at 5pel
cent to stock houses and they are wholly unable "a
use the funds 80 offered At Cal per cent there IL
q good deal doing upon second-class collstersls Ii
commercial paper no change Of consequence. Some
choice shor; bills, equal almost to call loan sci
nDder per cent, but the common rate is 7ss fo
best, and l0@l5 for second grade.
Exchange is less active, but rates are unchanged
Leading drawen ak 100, with sales shade oil
IRE Yates are: bankers sterling 20 dsy' leSi q