The New York herald., 1867-02-07
FINANCIAL AND COMMERCIAL.
WEpNEspaY, Feb. e-sP. n.


rhs gold market has been excited to-day. After open
ing 1867. 1, declined to 1861 put to ls7,
following which reapsed TO lasH After two O'Clock,
however, 1t gained strength, and, under heavy pur-
ohases, there was sharp advance to 1871. At four
O'Clock closed strong in the at 1874 and subss
quently 1851 was bid on the street The immediate
cause of the advance was the report from Washington
that the Reconstruction Committee had agreed upon
Dill providing for the establishment Of martial law in the
States lately in rebellion and their division into i've
military districts The conclusion once arrived
At that this would largely increase the military expend
lures Of the government and greatly diminish the
revenue receipts from the South, besides wide n.
ing the existing breach between the two sec
toas Of the country. The importers and
others Indebted TO Europe showed increased
anxiety 70 buy upon hearing this news and hence the
advance which followed the closing Of the gold room
The borrowing demand for coin Is nearly equal to tho
supply and loans continue to be made per cent
ncs carrying and at The steamer Cuba took out only
In specie That the bill referred TO- II becomes
- hw-which seems probable-will cause the premium
20 range considerably higher than It otherwise would
certain for IL adds another element or danger and
Fpense to the existing complications
The course OF the stock market In the early part of
the day favored the bears; but Afterwards a more
bullish feeling prevailed and prices advanced
Owing TO the heavy losses which have been
sustained In the last series Of panics the
power OF the street to put up prices has been greatly
Gessened and steady rise is hardly 70 DO expected The
bull element weak except when sustained by outside
capital and the eagerness to realize whenever rise
takes place reflects the dstrust with which buyers
for rise regard the future Of the Market while the
hope OF the large holders Of stocks high prices NOT
90 much to make profit TO diminish the magnitude
OF their losses The supply Of money available for use
on the stock Exchange abundant, and although the
general rate for call loans Is still per cent the
cepuonal transactions at six are becoming moro
numerous. The discount line is quiet and first
class commercial paper Is In improved demand
at 1a7K per cent The new Loan Certificate bill is
arousing strong opposition all sides except the one
occupied by the national banks, and the measure is
regarded as involving wanton waste of four millions
per annum for the sole benefit Of those institutions
the scheme has been referred to Messrs Sherman and
CAtte who are to report their opinion Of the
meeting Of the Senate Finance Committee But what.
ever action ono branch of Congress may upon It,
Is TO be hoped that the other will defeat so papabe
job The proper way to deal with the compound in
terest notes to substitute plain legal tenders them
- they mature and thus interest and avoid en-
barassment to the Treasury In the future The latter
would have to keep large OF greenbacks con-
stanty hand II these certificates were issued and not
only would 1t reap no advantage therefrom, but would
b muctsd in the positive loss OF the interest upon them
while the banks would be weakened in their reserve in
Consequence Of their ISSUE There i consequently dan
eer both to the banks and to the treasury the passage
.ef such bill
At the ton o'clock session of the open board the rail-
way share market heavy and New York Central sold
as lolK Ak; Erie, Ssx u: Reading 1o4K a Y; To.
isdo Wabash and Western, AZ; Michigan Southern TAX
70; Cleveland and Pittsburg. SAX q u; Rock Island,
SIX o8; Northwestern SEX x-preferred, 6eA Q
cox; Fort Wayne o7 ok.
At the st regular board the volume Of transactions
was. light and the markss barely steady. New York
Central closed lower than ct the time yesterday,
Ene 2K, Reading e, Michigan Southern g. Illinois Gen.
srai r. Cleveland and Psburg l. Cleveland end Toledo
n, Rock Island ~, Northwestern l-preferrsd r. Fort
Wayne ~, Ohio and Mississippi certificates r. Pacific
Nail 3. Canton lK. Western Union Telegraph y. Chi
oaso asd Alton Vas highss. Government securities
were dull and coupon nvs-twenties Of 1859 declined "
notes Of the second series k Missouri skies
advanced K. Al the O'Clock open board the specu
lAtvs feeling stronger and New York Central sold
st l02x; Erie, 6ok K; Reading los; Michigan South
sru. ysK . K; Clsvelasd and Pittsburg, ssK; Rock
Isand, ssX: Fort Wayne. 0sK; Northwestern, s7x
X-prsfssred, s7Xa
~ The half.past two regular board the upward rsao
'tioa maAs further progress New York Central closed
~ 0k00t n,
Reading 4, Michigan Central 4, Michigan Southern lK
Cleveland and Toledo ~. Rock Island l, North
=: do. preferred 1k, Fort Wayne III Toledo, wabash
and western 4, Chicago and Alton y. Milwaukee and
81 Paul 1. Ohio and Mississippi certificates K Govern.
usnt securities duh but steady, and ssvsn-thrty
o. the nrst series advanced x Tennessee skies Of
che now issue higher. Nr. Howard Tapslsy
was readmtted TO the board ~ the half pass three
epen board the market steady at the advance New
York Centrasold at 1884 AZ; Erie, 6s Reading, 1o4x
a10S; Illinois Central 11AA; Cleveland and Pnsburg,
s2x X; Cleveland and Toledo, 120; Michigan South
srn TSx 74h; Rock Island, 90 Is 81; Northwestern.
So; do preferred. esK k Fort Wayne, ssK ID. 81;
Quicksilver 3oK; Marposa preferred, 22X; Western
Union Telegraph AK. Subsequently thers was . fur
thor improvement, and n halpass ave the following
quotations were current:-New York Central, les .
N Reading, 1o4x X; Erie, COX K; Michigan
Southern 74x; Illinois Central, I14K lis; Cleveland
and Pittsburg, "a a u; Rock Island, oox y; Fort
Wayne ssk Il; Northwestern, So . u; do preferred,
6sk *; Western Union Telegraph, Is; Cleveland and
Toledo, 12o.
Mining stocks were dull and rather heavy during
'she morning. but In the afternoon they be-
came nrm and Corydon to % 10 At
the nrst board Consolidated Gregory Gold closed
soc. lower than q the time yesterday, sell
ting at $l1 2S Coydon Soc., selling at % Is; waikiki
Lead luc, seuing - ooc boscooei oiver WAS Aoc.
higher selling 20 At the second board Consolida
ted Gregory Gold closed 81 sS higher than M the nrst
board selling at SI2 90; Corydon &c., selling ~ - 10
Quartz Hill &C. lower, selling ~ - 20
There was business OF importance transacted In
foreign exchange. and rates Dominally tho
q yesterday Bankers bills England at sixty days
were quoted at the close At 10sk Vi at three days.
iosx 1osK commercial bills lo7 1os francs ss three
days, a12K 61sk; at sixty days, 617k SIS; bills
on Berlin 71k TAX Bremen, 7sk TO- Frankfort,