The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-01-25
FINANCIAL AND COMMERCIAL

failure Of q firm belonging 70 the pubic board IA y
Meyer Coy was reported at the opening OF ousi-
mesa coupled with the statement that Mr. Yevert"n'
the President Of tho Bank Of North America. with
which the house did business had died suddenly In con-
sequence Of the announcement made 70 him that the
| arm in question had overdrawn Hs account 70 the
amount or $4,000 Confirmation Of the death Of Mr..
Yeverton followed and Of other failures were
circulated feeling Of distrust sssmed 70 seize upon
the entire street. including tbs banks, and loans
were called in 70 large eextenk Stocks wore
therefore, pressed for sale andl the bears
stimulated the fall, Of prices BY selling s'short"
freely The decentralization Il The market increased In
the afternoon, and ono Of the strongest and Oldest
houses In the street numbered among the rumorsd
failures without any coroboFating testimony. Two
or three shree and shilling" outside bidders were
said to have failed by arrangement with the houses en-
ployng them order 10 the latter from taking the
stocks which they hsd bought and this interpreted
sign Of weakness In other quarters which only
added fuel to the devouring element
Il The money market was easy at seven per cent
to good borrowers wide margins and nrst
class coiaterals, but the shifting Of loans made
the demand rather active, the moro particularly
the available supply limited by the dstrast Of
lenders The amount Of the best grade Of commercial
paper Offering very small and the disposition to buy
equally little; but whatever discounted Of this class
takoI at a per cent
At the ten O'Clock session Of the open board Erie sold
at o. a u, New York Central 1Oo,s Reading 10lK,
Michigan Southern Northwestern 39k do preferred
NJ, Union Navigation Company 1914 At the nrst
regular board there large business transacted at
declining prices. Now York Central closed ~ lower
than at the time yesterday Erie l; Hudson, 5;
Reading, RI Michigan Central IL. Michigan Southern
So; Illinois Central, ri Cleveland and Pittsburg, 2;
Cleveland and Toledo l. Northwestern, l do preferred
go; Fort Wayne, n; Chicago and Alton ~; Milwan-
kce and ST. Paul preferred 2A; Pacific Mail, l; Atlantic
Mail, AZ; Quicksilver TX; Western Union Telegraph,
IL. Marposa preferred declined p 23A and Cum
berland Coal to 49, Government securities
heavy, aud coupon fve-twentes OF 1852 do
clincd 4; issue of 1854 X; Issue of 1865 y; Ten
ncssee skies lex co. &c, II lower; issue r. At
the o'clock open board the market steady and
sales were made as updcrstatcd:--New York Central
lolK 1o2,l; Eric, es ssk; Reading 1olh; Mch-
gan soathcrn. 71s5 q; Cleveland and Ptsburg, SEX
a sah; Rock Island, o5H q; Northwestern ss1;
Northwestern preferred, Tx 70; Fort Wayne, 941l
Il; Mariposa preferred 251.
At the halfpas two regular board prices were lower
with few exceptions:-New York Central closed TX
higher than at the FIRST regular board, Reading Is, Mch
gan Central x. Illinois Central n, Mariposa preferred
Western Union Telegraph ~ Erie was e lower, Glove
lard and Pttsburg Y, Cleveland and Toledo x, Rock
Island TX Northwestern ~, Northwestern preferred
Mississippi certificates u. Pacific Mail l. Government
securities steady but dull After the call there was
further depression, and Erie sold down to cox, while
very papic-like state OF feeling prevailed.
At the ha.f past three open board there was moro
stcadncss aud the transactions unusually large,
especially in Erie and Northwestern New York Gen.
trail sold at 1ooA 10oK; Hudson, 1904; Erie. Oh q
elX Reading, 1907 1ooH; Michigan Southern, es,<
TO- Illinois Central III ;Cleveand and Pittsbarg, 80
~ pcct a An2 u. dn
preferred, 60,s es; Fort Wayne osk OAK; Western
| Union Telegraph, Az Union Navigation, 1O81z X.
Subsequently the market gave way to renewed panic
and Eric sold low SIX under forced sales Of cash
stock and tho hammerng Of tho bcars At half-past
nve the market closed with somewhat steader tone,
the quotations then current having bccu follows:
| New York Central, ooK q n; Eric 5sH n; Reading,
1907 n; Michigan Southern, 6S 0Sk; Cleveland aud
Pittsburg, 7oK 80; Rock Island, o4&; Fora Wayne.
e3K 81; Northwestern 34k "; do. preferred 66f a
o. Compound interest notes wore quoted thus:June,
1854 l16sl III; December, 113 May 1865, I'LL *.
Il has transpired that another stock house besides
Mcssrs QuIgey Brothers failed by s'cornering Gambler
land Coal against which We warncd all parties some
time ago. The latter firm have issued circular OK
pressing their appreciation Of tho sympathy expressed
for them in their unexpected suspension and informing
their creditors that they expect to DO able TO resume
| business in q few days.
i 8Oio
and declining 4, advanced to 1s4,s before noon, and
afterwards nuc,uated between l34tS x. and finally
closed at 13lN Y. Loans mado from fat to Eve
pcr for carrying the borrowing demand being brisk
owing 10 tho large outstanding 'short" interest Al
the time there moro buyers Of gold among the
general public than there have been for long period past
their purchases being influenced mainly BY the uns,t-
lied aspect Of political affairs belief that gold IL
commercially worth what It is selling for The Senate
Finance Committee took up tho confederation Of the
Gold bill this morning. but conclusions regarding
arrived at It's important that the Senate should
extend the length Of notice OF all public sacs least
nfteen days. and limit tho amount be sold any ono
occasion 10 Ave millions O,hrrwss II will DO In the
power OF the Secretary Of the Treasury sell In
Sufficiently large 10 disturb the money market, and do
range the prices OF securities materially The authority
TO sell should also be limited to the excess at
| least a hundred millions, As tho moro gold
the Treasury hoords tho batter II will be for tho credit Of
the government and tho general welfare Of the nation
As the Gold bill is disposed Of tho question Of
the currency Oh ud engage the attention Of Congress
The current rate OF contraction depressing business Of
ail kinds throughout the country and giving rise 70
panic by arcusing dstrust Of the future The currency
should be left regulate itself 10 volume and Mr.
Randas bill substituting legal tenders for national bank
notes should DO passed without delay.
Tho foreign exchange market inactive, and raics
were nonnaly the a. yesterday. Bankers bills
England at sixty days quoted n the Gloss at
| looK 1os,<; at three days. looX lloX. CONNER
csi bills. 1oeK 1osx Francs. At sixty days, $50
s1ek; at three days, b1sk aAl2K. Bills on Berlin,
s2,s tax; on Bremen, 70 tex; on Frankfort. AK
4lsi; ON Amsterdam, AK . AK; on Hamburg, scj<
soK; on Antwerp, 61sx SICK.
Mining stocks very weak, and Consolidated
Gregory declined heavily. AZ tho nnt board ConscIi-
dated Gregory closed 81 90 lower than II the time
yesterday, selling Al $l2 o5 Quarts Hi sSc, selling At
% 90 A. The second board Consolidated Gregory sold
as SO -; Corydon, - es Gold Hill, - II; waikiki
Lead, u 10; Smith Parmeles. - - n .; Quarts
| Hill, % 90; New York Gold, 81 @
Tho annual report Of the Hudson River Railroad Com
pany shows the receipts and expenditures TO have
followA The fiscal year terminating On September
| 0o:-- I'll aeH h# ~