The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-02-06
FINANCIAL AND COMMERCIAL

upward movement shown In the yielding tendency
or prices under sales TO realize The street has been
severely crippled by the recent series Of pancs that Id
ability to carry stocks Is largely diminished and thero
fore the recovery OF the market must DO slow order
| 70 bs permanent Spectators nov clutch at small
profit where before they would have waited for large
one and therefore every sharp advance results In
rush 70 realize There good deal OF outside capital
nndng way into the street, and this adds materially
10 the strength Of the bull element but ills small In
comparison with what has been lost during the
last three montha The genera, course Of prices
seems to be upward. owing to the efforts Of
large number OF brokers who ''lons of stocks at
much higher prices and they have undoubtedly better
basis for operations for rise now than they have had
since about this time last year. But the bull movement
feeble compared with what three months ago. and
the anxiety realize betrays itself at frequent intervals
The market ts In the position OF patient recovering
from long and severe sickness and It's condition from
day 70 day Is therefore uncertain weakness and strength
alternating and often without any apparent cause.
The money market lie easy at seven per cent on good
colaterais 10 the Stock Exchange with few excep-
tions to FIRST class firms at six while two Of the
leading dealers in government securities sn enabled
to borrow large per cent There Is slight
increase in the demand for DISCOUNTS but most of the
first class commercial paper Offering passes per
TO loan ordinary margins and mixed colaterals is be-
comm general and the measures before Congress In
opposition to contrction having the effect OF restor.
ing confidence current values. The popular impress
sion derived from Mr. Mccnochs policy up to last Sat
urday was that contraction was 10 continue, regardless
of consequences; but his endorsement OF the bill to
Substitute hundred millions or four per cent loan cer
dcates for compound interest notes has partially re-
versed this idea and the House resolution against fur
Their contraction Of the currency this year has still fur
Their taken the people by surprise The Loan Certificate
bill Is simply Job organized for the benefit OF the
national banks by giving them four per cent interest
thor instead of compelling hem to keep tho latter
in greenbacks For this four per cent the government
would receive no equivalent whatever, and moreover
would embarrass itself by having to redeem the ccrti0
Gates presentation The proper course Tor Congress
pursue with regard 20 the outstanding compound In
tcres notes provide for their conversion at maturity
into plain legal tenders
1t il generally expected in Wall street that the bill
rcfoc to- conceded by certain gentlemen prominently
connected with the national banking system will soon
become law, and that the bill embodying the anti
contraction resolution passed by the House OF Repre-
sentatlves yesterday will fail. The reverse however
should be tho case tho interests Of the country will
be bcs, subserved by Congress Stopping contraction and
leaving the currency to regulate itself The bill to be
reported by the Committee Of Ways and Means should
therefore, become law.
At the early session OF the open board the market
nrm and Erie sold at 61L; Michigan Southern "a
4; Rock Island, 0esl ~; New York Central, 10S AZ
the frt regular board there moderately large and
we'll distributed business transacted hut pricrs were
;, lower New York Central Closed Ia hishS than al
the same time yesterday, Erie 1, Reading Y. Illinois
Central u, Northwestern III, Rock Island II, Fort
Wayne H. Chicago and Altoa l. Milwaukee and st. Paul.
q n.;c a Cant "
Marposa> preferred X, western Union Telegraph X.
Michigan Southern was Y lower, Cleveland and Pitts
burg X Northwestern preferred X, Ohio and Mississippi
certificates r. Government securities were firm, the
gold bearing stocks moving In sympathy with gold ccu-
pom Ave twentes of 1895 advanced u, new issue v,
thirty notes Of the first and second series n Ten
nessee sxss were z higher, new Issue !. After the
call the market became heavy and Erie declined TO 6s
but al the one o'clock Of the board prices
improved. Erie sold at cox ri New York Central,
lolx; MICHIGAN Southern: ssn y Cleveland sn ~
=. ~. hair - two regular board the market
90 -sw York Central closed y lower than .
49, a.. liar board, Erie M, Michigan Southern ~
w I'D and FiltsburT 4, Rock Island ~, North
cSten 1-preferred Y, Fort Wayne 4, Ohio aud Mis-
sissirpi certificates y, Canton y. Quicksilver was 4
higher. Government securities arm, and coupon
nvetwentiss OF 1852 and 1894 advanced r. Tennessee
At the half-pass three open board the market ~as
heavy and further dec,ioe took place. Nov Yssf Con-
trail sold Al 1OiA; Erie, Ss,s 80; Reading. nsk:
Michigan Southern, TAX TIKI Cleveland aud Pit.4-
burg s3k Rock Island, % ask; North~ esiern coH-
preferred, oex Y; Fort Wayne, S7s< sSh; Toledo,
wabash and Western, 42z y; Martposa preferred,
22x. Subsequently the market remained nearly steady
at the decline and at Eve O'Clock the following
quotations were current-New York Central. 1927 .
Y; Erie, 5sX; Reading, losx y: Michigan Southern,
T2x Illinois Central 114if lis; Cleveland and Pitts
burg. So; Rock Island, sst< u; Fort wayne % aee
Northwestern, 3sx s7-preferrsd. 6o< 81; Western
Union Telegraph 44x as Ohio and Mississippi csrtin
Gates. 2ska AZ
The gold market was excited at the opening OF bu-
sincss and the earliest transactions at 137 but
II gradually advanced 1885,. after which u fell back
TO l3IX, and soon recovered 10 1881 Al this point,
however Il was not long sustained, and gradual de-
cline 70 1877 tho olosng qlotation-took place. Tho
borrowing demand was nearly equal 10 tho supply and
loans were made without interest and at per cont
for carrying The agitation Of tho impeachment ques
ton creates uneasy feeling among importers and
others who are indebted to Europe, and largo pur-
chascs OF coin have been made BY them, In antci-
patton Of higher range Of the premium. In addi-
ton to the existing commercial Indebtedness OF the
country 10 Europe the prospect Of larger number Of
year IL not without some influence in sustaining the
MARKET az the Inference Is that q large amount OF
specie aggregate will have 70 be exported TO meet
the wants OF these travellers.
The foreign exchange market continues dun ana
barely steady Bankers bills on England at sixty
days. were quoted At the cloec At 1854 y; al 'oreo
days, l0eIs 1o9x commercial bills, 1o7 los; francs
at sixty days 617K SIG; francs At three days. slzh
6l3x; bills on Berlin, "a 72k; on Bremen 'sH
70; on Frankfort, Al a Hh; on Amsterdam u a hS;
ON Hamburg, 90 Seis; on Antwerp, S22h ae'is%.
The bususss transacted ct the sub.rreasuy in this
city day was fo.lows:--
Receipts - . el,576,s70 Customs. ...... t3os, wv
Payments $50. seO093 Gold no;es........ los,ooV
Balance. 80. .102 sss,sl5
SALES Az the NEW yoM STOCK EXCHANGE.
Tuesday. Feb. 6-1Os3O A. ".
s2soo los 81 reg. Isc 500 shs Msriposa pref "a
~ HS1 tngx A Nav M X 10.