The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-01-27
FINANCIAL AND CONNER CIAL.


FRIDAY Jan. 26-6P NJ
The stock market opened with very unso'''ou INV
this morning and prices continued to decihe unao' no
persistent hammerng of the bears IN inc
equivalent resisting force but in the afternoon
-. q, ), ho,,or fee,jnr prevailed. At the carly ses-
.or or the omen board New York Central sold
n, oos( Erie ss1. Reading OK. Michigan Southern
sau CLEVELAND and Pittsburg 7sH Rock Island
MI Northwestern 2sH, preferred "a, Fort Wayne
90 ohio and Mississippi certificates 24H, Cumber
land 45,I Schuylkill Coal 10. At the hrst regular
hoard prices we're generally fraction higher; but on
the second call the advance was lost Erie closed per
cent lower than at the hafpast two board yesterday,
New York Central Y, Michigan Southern ", North
western TX, preferred " Rock Island ~ Fort Wayne
& Ohio and Mississippi certificates a. Government
securities were dull fractional decline Coupon hve-
twenties of the old issue u lower, seventhirty
notes OF the third Il.
At the one O'Clock sessions prices were e
" higher, Reading excepted, which declined
u. At the halfpast two board the market
was frmer New York Central closed x higher
than at the first board, Erie Il, Hudson River ~,
Reading \. Michigan Southern Il, Cleveland and Pitts
burg a. Northwestern preferred u, Rock Island ~ Fort
Wayne r. Atlantic Mail sold at u.s. seven per cent
higher than yesterday The decline of this stock, from
1874 on the 18th ns owing its connection with the
Pacific Mail Company whose stock has fallen in about the
same proportion-namely from 220 on the Esd Of De-
cember to $50 on the 22d inst.
Government securities heavy, and coupon i've
twenties of the old issue experienced further decline
of A. The second and third issues also y lower
than yesterday coupon ten-forties Is. Seven-thirty
notes were steady. Holders of the old fve-twenties
are apprehensve Of further depression in their price
Arising from a return Of the bonds from England under
The monetary pressure felt there but they find it mpos
sibe force sales without further yielding of quota
tons.
At the open board ut hapast three the Improvement
made further progress Erie closed the call at 1884,
New York Central %. 81 OH, Hudson River -1olH,
Reading 9s%, Michigan Southern d. 81 67H, Ueve-
land and Pttsburg 7sH, Rock Island osX Northwestern
2ssi, preferred 549s, Fort Wayne Is 81 9S%.
Afterwards on the street. the market closed steady,
the following being the quotations at hals-past five
oclock:-E s3% s356, Michigan Southern e7'a, New
York Central e1A 9lh, Reading esh a 90, Cleveland
and Pttsburg 1874 7sh, Northwestern ISL 2sh
preferred 54H Hudson River 1917.
Notwithstanding the unsettled state OF public feeling
with regard to the future Of the national finances
it is only reasonable to look for sharp re-
action from the present depression on the Stock
Exchange. The leading railway shares average
decline Of nearly ten per cent from the highest
point touched In December and the reduced earnings
have not been sufficient to warrant depreciation SO
tensions regarding the Finance BILL the future effects
of which the operators for fall did their best to exag
gerate According present appearances the BILL If not
rejected altogether will undergo much modification
by tho Committee Of Ways and Means before being
ported to the House as to limit Its scope to specific
There il reason why the Secretary
OF tho Treasury should be invested with power to
SILL bonds when the object sought Is the funding Of
sevenhirty notes and other floating liabilities To carry
such authority into effect would DO to prevent fund
Ing by suddenly lowering the market price Of the bonds
whenever. new loan was offered The Secretary re-
auires provision TO be male for the redemption Of
interestbearins maturity, the Of
substituting compound Interest for the currency
withdrawn Is already open to him under former act
Until after the whole OF the seven thirty notes
are redeemed fanded attempt should
DO made fund tho outstanding currency for 10 do Sc
would In oil probability, involve the Treasury and th'
mercantile community generally in serious embarrass
..s. VIE evil OF initiation is TO which the countr!
has adapted its affairs and to materially contract Nh
currency while the public finances in their presen
abnormal condition would assurcdly prevent the fundn
OF any portion Of the thirty notes othor noan(
securities and the Treasury would therefore be callct
upon to redeem the entire mass in lawful money Tit
extent of the disaster which such premature measure
sngh nflict upon the nation would DO dincult 10 ex
Aggerato, and the downfall of the national banking
systcm would in all probability attend any widespread
panic OF the kind What the necessities of the country
demand is specific legislation and Northumberland
during the time have indicated with the currency.
Tho injurious effect which the passage Of vague
would exert upon government securities for
example, may be judged by the depression
which has marked their since the Finance bin
made its appearance What Is required from Congress
is the adoption OF bill authorizing the issue OF an
amount OF six per cent bonds equivalent TO the floating
debt exclusive OF the currency, with power the part
OF the Secretary OF the Treasury TO fund such at his DIS
erection, and allow the accrued interest the foane
securities at the time Of funding This would constitute
exchange Of securities and by avoiding nterfer
with the money market would stimulate the price
of the bonds and promote the general interests OF the
government equally with those Of tho people.
Money continues very abundant at per cent with
light demand from the Stock Exchange The discount
line Is unatered. Exchange New York AZ New or
leans quoted at per cent discount the 18th
inst
Gold has been Arm to-day. The market opened at
1925 and closed at 1897 100 The prospect Of re.
turn OF vc-'wcntes and the certainty that OF
securities DO shipped without loss present prices
here and abroad, favor increased exports Of gold and
strengthen the premium nrdinzly
Foreign exchange dull Mt 1885, x for bankers
bills sixty days and i0s 1881 for all but
although exchange continues below the spccc shipping
point Il does follow thai gold viii not be shipped in
preference bills while there any dis,rus of credits in
England.
Petroleum and mining stocks weak AT the sec.
ond board Bennehon Ron de lined to sl7 United States
si6 20 Pitholo Creek ss 90 Buchanan Farm roc, Ex-
oclsor Csc, Fec Simple lao, First National Sic, New
York, Philadelphia and Baltimore o0c, Webster s5c,
shade River 81 so, Consolidated Gregory Gold s4 90
Gunneli Gold 81 is, Hope Gold So rs Quartz Hill 81 so
bu III cd va 10
lows
Total sccripts a. 100 5ls
PaymohtH. ltol2 100
Balance. 90 COZ CTS
Ror asa nm