The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-02-01
FINANCIAL AND COMMERCIAL.

Ths railway share market Continues TO show Inn.
proving tendency, and failures are reported.
Money is abundant and offered at i've per cent on gov
eminent securities but railway coaterals the general
rate b seven, with moderate degree Of discrimination
respecting and margins First class commercial
paper Ia moro freely discounted at TX per cent but
there u very limited amount Offering The banks
are st certifying checks with great caution and bua
mess on the Stock Exchange more limited in conse.
queaos than Il otherwise would be. The losses among
cck hous BY tho last series Of panics have been enor
nous. and tie speculative feeling is proportionatey
tame, but the element which is always flowing into
Wall street will soon have done much 70 neutraiize the
eject q the prostraton under which the street now
labon.
Al the ten o'clock session OF the open board the
kse ws barely steady a the closing prices
Of Last evening. Erie sold at IS SAX;
Michigan Southern, osK . COX; Northwestern.
AZ; do. preferred, SIX y; New York Central, %.
Az TIE nrst regular board there was well distributed
bat not very largo business transacted The stock oths
Bunk Of Nerth America sold at l0l 100 and that efths
psstineatai = lolx l02 New York Central closed y
owsr thaa = the time yesterday, Erie q, Michi-
I'm Southern e. Illinois Central y. Rock Island IN,
keseAwssssm e, do preferred 4, For Wayne n, Ohio
na Miwiuippi certificates ", Pacific Mail s. Atlantic
Nan I, Osmbsriand I, Mariposa preferred Y, Wssten
81
sovernmeas securities dull and lower Fvetwen.
10. Of 1852 declined Y; new issue Of 1855 u! Ten
ortes advanced 4. State stocks were steady. At the
O'Clock session Of the open board the market was
tronger, and New York Central sold at 99A NJ Erie
SKI Reading l0351 Y; Michigan Southern, 70x n;
Northwestern S5k r.; do. preferred, SO y; Rock
sland. % q y: Fort Wayne, 95x a 90.
Al the haf-past two regular board the market was
lrm, except for New York Central which closed 1zs
over than at the first regular board. Erie higher
Reading Y. Michigan Southern 4, Illinois Central x,
Rock Island " Northwestern TX, do preferred lx
Fort Wayne ~, Marposa y, Milwaukee and st. Paul
preferred TX. Government securities we're dull and
steady Tennessee SKIES Of the new issue advanced ~
At the open board at three prices were fraction
over sales having been made at the following quotations.
Now York Central, 967S . 97S; Erie, 55x u; Read.
ng, l0sH Michigan Southern, 10Y; Cleveland and
httsburg z3h; Rock Island 94sf; Toledo Wabash and
Western, AK; Northwestern, 3516 do preferred 63H
Fort Wayne, 96A; Mariposa preferred 21Z During
no remainder Of the afternoon business was done at
lightly advancing prices and az halfpast five the
snt quotations follows-New York Central, 81
s7k Erie, 50 561; Reading, 103N; Michigan South
IN, 70X IL Illinois Central, ia; Cleveland and Pitts
urg. 7sk n; Rock Island s4ss u Fort Wayne. sss4
, X; Northwestern, 35x ~ do. preferred. g.; West
rn Union Telegraph AK; Cleveland and Toledo, 100
compound interest quoted thus by the deal
rs:-June 1884, III NIX; July, 1863 x; August,
10 l1s< October, us 1lb4 December. ia 1l4a4;
lay, 1885, ll1X III; August, llo Ill; September,
iok 4; October, 1904 a ".
The gold market is strong The opening price was
s4<, followed, after ID had touched 1S4ss ny ad.
Ancs 70 1SSX, and slight relapse near the close Of
nsiness TO ls5H K-the latest quotation There
brisk borrowing demand from the Shorts" and loans
made without interest and al per for
ring tits understood that gold bill viii shortly be
soauced 10 Congress amendatory OF that which author
the Secretary Of the Treasury sell gold at his dis
,etiou and that several gold brokers have been
nned to Washington 70 give testimony respecting the
tscs Of previous saes The opinions OF these are
,wevev worthless and no committee Of the Senate or
puss should attach any importance to hem although
is objection TO their giving statements Of fact
the brokers in the gold room are, with, perhaps,
~ exception, speculstors and they would give their
idsnce in favor Of whatever they considered TO be
cir own interest There is only proper for
ngrs 70 pursue in relation TO the gold in the Tres
Try, and that is to prohibit sales Of il rs well
Of all future receipts from customs. In this
" several hundred millions Of coin might
! soounulated and this reserve would have moro
cs than anything else in causing legal tender notes to
prsoiats in value as well ss improving the public
Sdn and the price Of national securities generally.
III six hundred inilliens Of United States securities
re buaAred and fifty millions Of which federal
nds, held In Europe, the importance or guarding
lnst sudden return Of portion Of these for SALE to
llch W are constantly exposed, 10 obvious, and the
passs safeguard Of the Treasury Is to be found In
70 coin reserve the moral and material effects Of
lien can hardly BE- overrated. The government,
the greatest debtor in the country, can hold
49, 49, - III ~
>tngenciss 70 which the nation Is liable the cheapest
Omody that Hes within its reach. There has been 70
sch jobbeey, moreover in connection with Treasury
"A Gales that the public will feel relieved when they
psohbissd.
the foreign exchange market is dull and rather heavy
icoasequence Baukers' bills on England 1t sixty
~ we're quoted the close al 1857 106x; u three
g. 100 1ook commercial bills, 1917 losk francs
sixty daya Sis SIS; At three days. 5.13K ELS; ;
IL on Berlin, - TN; on Bremen, 70 7oi<; on
Ankfort, AK Az; on Amsterdam, Al AZ; on
lnburg, 20 3s,x on Antwerp, hlsx a5.17k
ne cable reports Of tho prices OF American securities
a.ondon are pronounced Incorrect apparently good
ahorty Private dispatches dated yesterday, quoted
b at 3Sk %, and Illinois Central at so. while the
de quoted the former ut an and Illinois Central at
~ and similar discrepancies have occurred before
) subject Of these inaccuracies Is sufficiently inn.
giant 10 demand attention from the agents OF the
Aociated Press.
lining shares were rather heavy in the morning, but
n in tho afternoon. Al the first board Consolidated
Ggory Gold closed e5c. lower than at the same time
erday selling at $40; waikiki Lead loc, selling 81
q; smith ParmeIce 35c. selling at IS %; Corydon
n, selling st 81 25. At the second board Corydon
c,sd ESQ higher than at the first board. selling at
as; Consolidated Gregory Gold 3oc selling at $40 30
4 psvcrol~> callimg a
he reports Of the city railway companies 10 the
ses Engineer for the year ending September 80 1885,
aahus condensed
:: =. :. LL'i + Il