The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-02-14
FINANCIAL AND CONNER GAL.


The gold market opened at 137k this morning the
impression having been the passage Of DR. Eiois
bill for the reconstruction Of Louisiana Ia the House Of
Representatives. together with the Introduction OF the
Loan Certificate bill by Mr. Sherman. IN the Senate,
would favor an upward movement The advance was
not however, sustained, and before noon tho Price
touched 1864 although subsequently, rallied TO 1917.
The closing quotation at four p. NJ was 1888 AZ.
There good borrowing demand for coin ana loans
generally made fiat Tho undertone OF the market
continues firm, and large amount OF gold IS he'd out OF
the street by importers and Others who anticipate
higher range or the premium arising from the state OF
both commercial and political affairs. Tha private i'd
vices received from Washington after the closing OF tho
room were construed as favorable to advance and
transactions we're reported TO have been accord
ngly.
The railway share market has been dull ard heavy
aud during the afternoon bearish feeling prevailed
under which a rather sharp decline took place. The
immediate was bear attack on Erie. intended to
affect the entire list which the prevailing slagnrtlon
and the entire tamoness Of the speculative feeling in
viled There are large buyers Of stocks and tho
bulls lack both the money and the spirit necessary to
engineer upward movement After every trlHinc
rise fall there is trng reaction and the market
remains without any decided feature. Meanwhile Tho
expenses OF the brokers considerably in excess Of
shoai o6bS6os0 oaAnuSss ouu to stIcot lcoiS pooI
Money Is nevertheless abundant 70 tho Stock Ex-
change a. per cent railway colaterals and
on governments, while FIRST class commercial
paper is discounted at per On the 18th in
slant the Treasury will disburse the
on the first series OF the seventhiry loan TIC
Of this loan outstanding Is impossible TO ascertain from
the official statements of the public debt but originally
1t was $500, 1000 the hafyeary interest which
would DO Sl095o000. The Loan Certificate bill, It is
confidently expected. will pass, that II has been
amended by reducing the amount to eighty millions and
the rate Of interest TO three per cent and further
quiring ho banks to keep not less than twohtths Of
their in legal tender notes Tho principle Of the
bill is. however, wrong. II redeens time obligation
with what equivalent to sight draft ho Treasury
and upon this 1t has pay interest Tho proper policy
would DO r issue plain legal tenders redemption
Of the COZ bound notes they mature, aud thus
interest and trouble to the Treasury and simplify tho
machinery Of both the banks aud the Treasury.
At the carly session OF the open board the stock
ket dull and barely steady New York Central sold
at 1918 Is 81; Erie, 59H Michigan Southern, rs 75
Rock Island, 99s Fort Wayne, 9s3s; Northwestern
3sls; do preferred, 67A At The arst regular board
there dun, steady market New York Central
closed q lower than the time yesterday. Erie
~ Reading =, Chicago and Alton IL Pacific Mail H.
Canton u. Cleveland and Pittsburg q higher,
Rock Island 4 Northwestern q, Fort Wayne y. Gov
eminent securities firm. Coupon skies OF 1881
showed advance Of a. fve-twcncs of 1862 and 1854
4, issue Of 1865 u, seven-.hirty notes OF the first
and second series u. North Carolina skies were y
higher At the enc O'Clock open board prices were in
some instances fraction lower Erie sold at sos;
Reading. l05k; Michigan Southern, TAX e: Ceve.
land and P.tsourg. SAX Rock Island e9x Northwest
ern, Ssx; DO preferred, COS "a Fort Wayne, 9s,s
ID. s.
At the half past two regular board ths market
weak under increased pressure to sell. New York
Central closed u lower than at the FIRST board, Erie
IL, Reading y, Michigan Southern y, Cleveland and
Pittsburg Il, Rock Island x, Northwestern Il; DO.
prssArreS u, Fort Wayne y. Canton u Cleveland
and Toledo was higher Government securities contin
usd firm. Coupon SSe twenties Of 1854 we're Il higher
thirty the arst and tnird scries y At
the halfpast three open boaraA further decae took
place. New York Central sold at iSlA a =. Erie, ast
q vi Reading, 104x; Michigan Southern. 7sss ri
Illinois Central 115; Cleveland Pt,s59rg BY
Rock Island, 9sk X; Northwestern, g. do. preferred
6Sk n; Fort Wayne, ok subsequently there was
continued pressure sell and prices were yielding AT
half past nve the market heavy at the following
Quotations:-New YORK Central, iol X; Eric, SIX
X: Reading, l04z u: Michigan Southern, 70 1874:
Cleveland and Piltsburg SAB s.; Rock Island 0oss
x; Northwestern, 81. ~; do preferred, es q u;
Fort Wayne. 97k a n; Ohio and Mississippi ccrtin-
Gates 23a.
Tho subject or railway restrictions has Of late been
occupying tho attention OF the Illinois Legislature tits
proposed not only to Ak freight rate and fare hma.
ions In all railway charters which asked for the
future, but 10 impose similar restrictions upon roads
already in operation. THIS has aroused strong oppos
ton quarters II argued that all the railways
that Illinois needs not yet built and that II
LA aturo fha hat
nopoes deserving OF consideration there may never
be another mile Of railway built in the State and tho
existing lines would thus be converted into greater
nopoes than they present The Increased cost OF
building and operating roads is M, forward as suf
fcicnt reason for advance VA the scale
OF charges, and so important source Of indi-
vidual aud public wealth railways furnish TO the
State Cannot DO unjustly dealt with with mpunity.
The tendency OF the tariffs all the Illinois Is
present downward and II is probab, that they will
tnue the Of their traffic increased
The foreign exchange market inactive, and rascs
were nomnay unchanged. Bankers bills on England at
sixty days, 1851 losss; at three days. ioe 1925;
commercial bills, 107H iosif; francs at sixty days
$50 SIX; at three days, 515 5.17K; bills on Ber
lin " q 72x; on Bremen, 7sk 70; On Frankfort,
t0x a4iK; on Hamburg, 30 36x on Amsterdam,
4osk AK; on Antwerp. SAX a5.1sI.
There is general hope expressed BY the mercantile
community that the Bankrupt bill which has jus, passed
the Senate will meet with the approval OF tho House
II s rcproach 10 great commercial country like our
own to be without such a law aud there tens Of
thousands Of honest and deserving men who have
failed In business standing in need Of It's assistance TO
gvo Thorn another start In life. The bill will be pro-
lection the creditor against the dishonest debtor
while those who have failed the ordinary Of
trade will extend the rcicf 10 which they are ert
tied.
Tho Secretary OF the Treasury has just made the fol-
lowing statement OF the amount Of United States bonds
Issued BY the several railways being built towards
tho Pacific, together with the number Of miles-
peted OF each lino:--
Union Pacific Railroad, $50 miles west Of Oma-
soO.oW
Union Pacific, west from lawrence 1j5 mies $4,000
Atchisou and Pixies Peak, 40 miles ........ $40 600
Central Pacific California, Ia miles. 4,eoo 900
Western Pacific California, 20 mics $4,000
The earnings Of the Fort wiyne Railway Tor the month