The New York herald., 1867-01-23
FINANCIAL AND cOMMERC CIAL.

decline I3SK and recovery TO l36 at half past two
Subsequently the transactions at 1889 y, the
--latest quotation being 1861. There brisk borrow
ang demand for coin and loans made at a per
cent for carrying and fiat The bill passed yesterday
by the House Of Representatives requiring the Secretary
OF the Treasury 70 make all sales Of gold public after
giving six days notice Of the same has evoked little
comment although 1t Is generally considered that
the zotos = TOO short, which IL certainly s snd
the Senate viii do well 70 extend its length
10 al least fifteen days, and provide that
not more than five millions shall be sold
al any one time also that whenever notice OF sale is
advertised the sale shall take place 10 the highest bid
ders in writing II the bids unsatisfactory then by
public auction on the day appointed This will prevent
she advertising Of sales and the rejection the bids
which would bs otherwise possible. Provision should
likewise be made that only the surplus above say at
aeast hundred millions tho being the property Of
che government shall be sold II is the interest OF
she Treasury 70 hoard much coin possible and the
larger its hoard ID the greater will confidence the pub
dic credit become With six hundred millions Of
securities held abroad three hundred aud nifty millions
OF which government bonds It is obvious that are
exposed to dangers which nothing would tend to
diminish than large coin in the Treasury
The stock market continues dull and rather heavy in
the absence Of outside support and under the suspense
with which the action Of Congress aion cur
isned resolution in Juggling their load their expectation
being that the prevailing dulness will be succeeded by
active speculative period the future nan-
ciai policy Of the country is clearly defined The
feeling OF suspense which exists in Wall street Is
parayzng trade and manufactures all over the country
and thes'nterna receipts will be very uufavor
ably affected in consequence for long time TO come
The further contraction of the currency should therefore
be stoppcd and all power IT, including
compound interest notes, Withdrawn from the
Secretary Of the Treasury, who has lost the
confidence OF the people. The present law author
ICES hm to cancel United States a
ceedng -four millions month, and he has thus far fully
avaied himself Of the authority but such depres
sion produced by that the public income will
20 show expenditures equal this
amount and the contraction policy will have to be aban
doned for sheer want OF the 10 carry II out.
Meanux however, commercial depression would be
aggravated into positive distress The duty of Congress
lis therefore clear
the O'Clock open board the railway share
ket extremely dull aud the only one Of the
miscellaneous stocks dealt in Union Naviga-
tion, wlch sold at 1919. At the first regular
board the speculative feeling very tame and
New York Central closed u lower than the time
yesterday, Rock Island 4 Northwestern "a Fort Wayne
n, Toledo, Wabash and Western y. Erie higher,
Readiag Y, Michigan Southern Il, Chicago and Alton y,
Union Navigation Company Il. Western Union Telegraph
x Government securities inactive, and seven
thirty notes OF the second and third declined r.
North Carolina skies, coupon were Z lower. At the
o'clock open board prices were fraction lower on
portion OF list and steady the remainder Al the
half past regular board there was slight increase Of
activity tut mainly owing to he pressure 10 sch the
paH or the bears under which prices declined. Cumbcr
land was quoted the call at 81 against s4 at the
hrovJ tharA artion recorded
York Cen.ra closed 1 lower than at the first regular
board Erie ~ Reading y, Michigan Southern l7s, I'LL
os Central l. Cleveland and Pittsbu.g u, Rock Island
l. North western l. da preferred la, Fort Wayne 1H,
Toledo Wabash and Western I. Atlantic Mail l. Quick
oliver y. Government securities steady at the
morning prices Subsequently the market became rmer
and At hapast five the following prices current
New York Central lo61S X; Erie, 64,s u; Reading
l02I Il; Michigan Southern, 76l X; Cleveland and
Piitsburg sex 81 Rock Island, s7N 3s; Fort Wayne
sss: x: Northwestern, Az AZ; do. preferred,
.7T,4s,s.
Tho money market easy TO the Stock Exchange at
seven per cent, with exceptions six first class
houses and the supply of loanabe funds " the in
crease Hence there is disposition than Of late
shown discount first class commercial paper but the
offering very limited and the rate varies from
seven 10 eight per cent The drain OF South
ward is gradually diminishing and the receipts from
other points moro than equal 70 IL The Western
money market continues active and at Chicago exchange
city quoted onctenth discount buying and par
aud oueeuth premium selling Al Boston The supply Of
capital the legal rate OF ntcressx centis abund
ant Owing 10 the practice Of Of the Massachusetts,
banks alike with others elsewhere Of keeping balances
occasionally in New York which they loan cut to the
best advantage and the legal rate Of interest In this
state ne per cent committee OF the Legisa-
ture Massachusetts, has reported bill TO the House
which intended TO put stop 70 this practice The
bill provides that in the absence Of any special agree
meut the Of money shall continue to be at the
rate Of six per cent per annum and no more but II
shah be lawful FOR parties to contract for payment OF
interest Ut rate not exceeding per cent Tor
year. and at the FOR greater or less sum- and
for longer or shorter Such legislation this is
Of rerogressive and behind the spirit Of the
age Capital should free from legislative interference
aud the usury laws abolished ,hrouehou the country
! In foreign exchange there very light business
transacted this dulness was not without influence
upon gold Bankers bills on England sixty days
we're quoted at the close at l0ei 1924 al three days
loss. HOY; Commercial bills 1885, losK; Francs
at sixty days 5.17K 5.13si; at three days 513A
5ilt4 bills Berlin, 721& TAX: on Bremen. 70
7s,4; on Frankfort, 4i3s al on Amsterdam AKA
Ass; on Hamburg, 36,s 81; on Antwerp, 517 5.16A
American securities continue somewhat fat in the
london Market the quotations Cor these and consos
having been a. under on the dates mentioned
Jan, 10. jan. l6 Jan. -
sGOnSop. btts wa
United states 5-20's. FAX 72ss 721
Eric. ic................-.....4sl 80 9sA
Illinois Central. 81 ~ S1a4 III
Mining stocks duh, but generally lrm. AT the
As, board American Flag closed &c. higher than at the
same time yesterday, selling at 81 90; La Crosse Cold
So setting at 81 4s; Consolidated Gregory Gold iSc,
selling at $i3 30 Is 81; Boscobci Silver l5c., selling at
q 25 Al the second board Consolidated Gregory Gold
closed CSC higher than at the first board, selling at
STA co. Gunnen Gold 9c., selling at 81 %. Corydon
sold al s6 25
The business transacted at the subTressury in this