The New York herald., 1867-03-01
FINANCIAL AND COMMERCIAL

House OF Representatives relative TO bill providing
for the redemption OF compound interest notes to
have rendered confirmed the previous hesitation In
speculative channels The action OF the Senate In this
matter Is deprecated while that Of the House
all that the interests OF tho country demanded Ia
sheer waste Of money 70 issue hundred millions Of
three per csnt cercatss redeemabss by tho Treasury
in legal tender notes demand after days notice.
when plain legal tenders would answer the purpose
equally we'll Yet this Is what the Senate proposed
do and to allow these bearing certificates 70
held as portion OF the legal reserve providing that At
least two-hflhs Of the entire reserve be held
In United States Tho Senate bill further provides
that of the compound interest notes shall bo held
as part the after the OF April next This
provision Is however, clearly nequitable, and II
carried into pract it would result in virtual con-
traction OF hundred millions Of legal tepdcr notes
that date, and monetary panic all the country
would be likely to follow The compound notes
should bs available until their substitute 10
issued and the proposition Senate clearly involves
breach Of faith with all holders OF compound interest
notes, which much legal tender for their faoe
value greenbacks 1t to be hoped that the House
win rcsoluely refuse Its the Senate amend
mont; for 1t would be better TO pass than
such preposterous this
The money market continues easy 1t six per cent to
che stock Exchange railway collaterals and Ave
governments the exceptional transactions being
tring In amount and generally to inferior borrowers.
The discount line without any special feature First
class commercial paper 10 moderate supply and passes
al 61 per cent AT Chicago tho supply Of money In
proportion to the demand Is the increase and tho
market reported at the banks ten per cont
whe exchange the East quoted at buying and
lilo premium selling.
AT the ten O'Clock open board the market inactive
at fractional decline from the closing prices Of last
evening New York Central sold at 1929; Michigan
Southern 72zs Rock Island, o. Ere 5e Northwestern,
357S do. preferred, 654; Fort Wayne, 94x x; Pacific
Mail, 100. Mf
At the first regular board railway shares steady
but dull In the steamship shares there not much
done and while Pacific Mail showed deviation from
the price current yesterday afternoon Atlantic Mail
declined to 81. Bank shares firm. Continental
sold at 104 and North America at 106. New York
Central closed u lower than at the time
yesterday, Erie Il, Michigan Central u, Northwestern
u, do preferred a. Fort Wayne s, Milwaukee and 81,
Paul preferred a. Pacific Mail ~, Atlantic Mail 8,
Western Union Telegraph h Government securities
were steady and in the Of Avetwenes Of 1862,
lrm-the latter showing advance or "a Tennessee
skies Of the new issuc u higher. At the ono
o'clock open board the market generally stagnnnt
and fraction lower New York Central sold ns l03,
Michigan southern, Tax o. s Cleveland and pittsburg
7sk, Rock Island, o5A X; Northwestern s5sl, do.
preferred 651s, Fort Wayne q4as.
Al the half-past regular board railway shares
tnucd steady and dull but the steamship shares wcrc
weak Pacific Mail selling at l2s and Atlantic Mail at so
New York Central closed 4 higher than at the FIRST
regular board, Erie ~ Illinois Central ~ Toledo,
Wabash and Western a. Rock Island e lower,
Northwestern preferred u, Pacific Mail Q Atlantic Mail
/, Western Union Telegraph u Government secu-
rites were rather heavy and coupon I've twentes
OF 1862 declined 4 issuc Of 1895 h state
stocks we're steady. At the halrpast three open
board there no material change In prices.
Erie sold ai so ts 81 Michigan Southern, 72H; Toledo,
Wabash and Western, 3sIl Cleveland and Pttsburs
So Rock Island 95 IT, 81, Northwestern preferred, 65H;
Fort Wayne, o4,4 u. 81; Pacific Mail, las 1881; At
lantic Mail 79K SO. There relief during the
the afternoon from the oppressive dulncss Of the
Market half.past Ave tho following quotations
we're current New York Central. 1929 1903; Erie,
S51 So; Reading 1881 u; Michigan Southern, 72
81 Illinois Central, ll5K 1l6; Cleveland and Pitts.
burg, 7ok $50; Rock Island, sex X; Fort Wayne,
s4ss X; Northwestern, sS ax; do. preferred. %
o6k Western Unios Telegraph, <25s e; Pacific Mail,
l27 127k; Atlantic MALL n 75k Government Sc
cures wore quoted BY tho dealers thus at the close Of
Registered. 1884, 1loi< All coupon, 1881,
11Ok X; nvetwenties, registered 1892 l07iS los;
five-iwentes, 1852, Ill 1ll<; Gsetwcnty coupons,
1884, l07x 10sh; August von-thirics 1861 1885,;
Juno seveu-thirtics, 1861 gs July scven.thrties,
1888 a ~
The gold market been 1rm but less excited than
yesterday under the absence Of political or financial
rumors Of Importance The decline in the rates OF
foreign exchange also operated to check tho
disposition to buy. The range OF tho day
was from 139x at tho opening TO 140i4, and
the closing transactions were at 1884, Loans we're
made without per cent for carrying,
aud ranging from 6i 10 lilo per cent per diem
for borrowing II generally expected that the veto OF
the eco instruction bill will cause further advance in
The premium; but that II tie contrary should be tho
case sharp decline would follow. Tho veto has how
ever been largely discounted ard bull clique Is stinu
lating the little in advance Of public opinion so
that II will hardly be surprising If the price should de-
cline rather than advance after tho vcto II such therc Is
10 be- The bulls however, will make desperate effort
10 bu the market tie strength Of it. for the sake
or selling out tie rise. .
The foreign exchange market has been very dull and
droopinQ and the for sterling have experienced
rather sharp decline Bankers bills England at sixty
days quoedat the close at 1851 10sx; at three
days. look 10sss; commercial bills, io7 los; francs
At sixty days, 517is 6.22H; at three days, 6l3X
SIS; bills on Berlin ~ o TAN; Bremen 7sx 70;
on Fraokfort, Al 4Ix; on Amsterdam, Al a AK; on
Hamburg, 3e1S a6x; on Antwerp, s.1s'< a51cx.
The Tariff bill may be looked upon dead 20 far
as the present Congress concerned, and trust that
there Will DO wisdom enough IN the next 70 puFy W ana
inscrbe upon It's tombstone. "Diod Of too much pro-
lection"
Tho following exhibit Of the business transacsed
at the United states sub-Trcasuy Chicago for the week
ending February %, 1867
DisburDonsents S,05z
Cash on hand (of which In coin 1274 095 ole sos
Cash on hand last week.. ,620
Tho following exhibits the business Of the
Ptsbug Clearing House tor the week closing February
23:-