New-York tribune., 1867-02-22
ID.
, Reading
THURSDAY, Feb. PIP. VI.

Gold has been quito irregular, selling as high as
19s and closing at 1851. The extremes Of the day
We're 137iai3si.
The inquiry for Government stocks continues, and
higher prices have been paid for 520s of 1865.
The sales by the Government have for the moment
ceased, owing TO the illness and absence from his
office of Mr. Van Dyke. The 7S0s steady, with
small sales In Railway bonds State stocks aud
Bank shares little doing. Express stocks continue
to fall under the same competition existing between
the Merchants Union and the old companics Aneri-
ca fell 81 and Adams 81. Pacific Mail continues very
active and sold before the Board low l25 Several
thousand shares forced sale by the inability of
parties to keep their margins good and little attention
was paid to prices by sellers Railway shares opened
strong but al the advance there an abundance
of sellers. and prices not sustained The break
down in Pacific Mail has made lenders more paricu-
lar about margins, and checked the disposition 10
speculate largely in any direction. At the Second
Board Pacific Mail was quoted at le5l lcG. The
share market was not active, ard generally
lower than in the morning Late IN the day the
market improved upon reports that the House OF
Representatives had passed bill urging the Sec
retary of the Treasury to pay the compound notes in
legal tenders. The last prices were New-York Cen
tral, lOl,GlOl3; Erie, 5CgG56l; Reading. 1OialOi!;
Michigan Southern, ~. .G72l; Northwestern, 3j!0
3jl; Northwestern Preferred Ct3ac1! Rock Island,
97!Q97I; Fort Wayne, 9G!a0Gi; Pacific Mail, l27.
Money is more active among stock houses, and the
rate for call loans among brokers ca Per cent and
mostly at the higher rate. Loans are made at 3 on
Governments in special only. Commercial
bills pass at the discount houses at per cent FOR best
names. The money markets of the Eastern and
Western cities are in a condition which does not war
rant the hope of lower rates here but the reverse
In Boston money is quoted more active, 30 higher
rates than have been known for some years AT the
Western grain ports best commercial bills sell at 10
per cent per annum, and borrowers feel favored who
are accommodated at this rate. The funding of tho
1905 due in August promises to keep money
active at good rates, and steady contraction will
be forced upon the banks as the compound notes ma
ture and pass into long bonds, which cannot be used
as illegal reserve" The movement Of the Govern
ment toward contraction first, by funding short
debts payable in currency, into long bonds, and again
by cancelng legal tenders and compounds, which
the foundation of an excessive initiation Of bank
credits Contraction is still more sharply secured by
the forced loan III he form Of taxes, which the Gov
eInment will collect in some form in 1861 TO the
amount Of 500 OOOCO0 from the proceeds Of the labor
of the country There is nothing expansive in any
part of the Government financial machinery as all
traders on borrowed money already realize. The Ma
tional banks in this city and elsewhere have been
drawn upon freely by the Treasury, with what result
the balance at the Sub-Treasury shows.
Speculation in stocks is not on the increase, and
this indicates that buyers a good deal crippled
Instead of money as margins it has become fashion
able to put up Government stocks collateral. The
plain inference is that spectators have exhausted
their cash capital and have fallen back upon their
investments for margins.
The following is the full statement Of estimated
II. i,,f.V
due thereon to date of maturity read in the Senate