The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-01-17
FINANCIAL AND COMMERCIAL.

excited 10 dry owing 10 purchases in anticipation OF tie
impeachment Of the President and general conviction
that Il Is commercially ctesp and WI soon DO consider
ably higher Tho opening price was 1857. followed by
steady advance to 1877, from which point it gradually
reacted 70 1851 the closing quotation In the gold roor
but the afterwards there TRANSACTIONS At
1854. There was . brisk borrowing demand for coin,
and the majority Of loans made without interest,
the exceptions being at cant for carrying The
fact Of American securities being held abroad
to the extent Of six hundred rni.lons, as a.
timated by the Secretary Of the Treasury in his
last report givcs an UNDERGONE OF strength TO the mar
ket which Il would not otherwise possess. or this
amount. three hundred and ffty millions are United
States honis hundred and 1iy millions State and
municipal bonds and one hundred millions railway bonds
and shares s easy to foreseo Of the former
In the midst Of the political agitation growing out Of the
impeachment ard dspos.on Of the President and this
contingency cxcrts constant influence upon the pre-
nlum especially In periods Of excitement Hac not
been for the export or these securities tie drain Of srecie
from our shores In payment Of the balance Of
trade against ~ during tho last three years
would have been worry heavy The foreign In
ports Il this rors last year were valued 1t
1874 in gold. exclusive OF freight and charges
vhile the foreign exports were valued a. only
S1o2, $40 .sN In currency Yct. notwithstanding the
panic In ENGLAND the shipments OF specie segregated but
S62 56S TOO against $50 In 1886. Tho banks OF
th. city nominalIy hold fourteen millions Of Specie but
IN reality they hold certificates OF deposit issued by the
Sub-Trcasury instead, small amounts excepted. The
Treasury "a therefore the only gold bank Of the country.
and it holds but trniRg In comparison with the
obligations be called upon to any time for
our securities held abroad perpetual 70
The speculative railway list has been adversely Affected
by the proposed suspension Of running arrangements
v,Vb ,trsl ard D,VSo
Both parties TO the controversy appear sought
to each other into certain arraussnen;o aud
threat is now made supposed TO from the Central
interest to build another line from Albany 10 New York.
the west side Of the river The differences between
the roads speculative and personal and the pub
lie Is the last 70 BE- considered In the matter This
therefore. 10 conspicuous instance OF railway mis-
management and the railway the side is really
bult the public will stand better chance of escaping
Inconvenience owing to the whims and quarrels OF rail-
way managers tbanIN does now.
The stock market opened duh but frm this morning
aud at the early session Of the open board Erie sold at
65x and New York Central at 1ooA. Among the mis-
cssneous shares Union Navigation Company sold q.
1o.X H. At the nrst regular board the speculative
feeling in railway shares .ame but prices we'll
sustained New York Central closed X higher than At
the came time yesterday; Eris,sK Michigan Southern,
Y; Illinois Central, y Rock Islsnd ii Northwestern.
III Ohio and Mississippi certificates, "a Atlantic Mail
2; Aariposa, Y; Western Union Telegraph, Vi North.
western preferred, "; Pacific Mail w; Union Naviga
ton Company, IL. Government securities steady
in tone but neglected, with the exception Of coupon Ave
twertes Of the Issue, which declined " Tennessee
State sixes new active and declined r. but the oil
Issue advanced ~ and Missouri. sixse Z. Az the
O'Clock open board the market rather heavy Flo
sold at sss New York Central 1894; Michigan South.
a. ma hal AZ trpo hoart
was no Improvement bn. further fractions, dec'lr.
took place on . portion Of the list New
ruris Central cicssd Il lower thar S. the ars rsyu
Jar board; Erie, III Reading u; Michigan Southern /:
Cleveland ana pstshurs, l; Northwestern 1pr-rsrfe,
~ Fort Wayne, 4. Ohio ana mississippi csr,shcsts, Nj
Western Union Toesraph, a. At!acs:c Mai. uas
hisef. Government securities were inactive Az the
hsfpsst three ogsn hoard .e market hammered by
the hears, who In the prevailing duine;s oppor-
tun.ty to deprcss price,. Nes York Central sold =,
1osk a e; Ere, NL X: Reading. totA; Hudson,
l2sN; Cleveland and P.ssshurg SAP; Michigan South
srn, 7sK r.; Illinois Central. lc0a ILL., Reck
Island, I0Ii< 81 Northwestern. A2H s---yr,Tsrred,
eo'l Fort Wayne, 1901. ~; QuicksIlrer a2S q v;
Hsriposa preferred, 81 sIi; wesiern Onion Tele:
srnph, 4ek. Subsequently there WAS further hammer
ing and further decline snsuad the market closing
heavy At hs.i-rast FIVE Ut tho subj,ncd quotations
New York Central, Ios1 *: Erie, $751; z Reading.
fo4 fo4h; Michigan southern, ~ 79ts; Cleveland
and Pi.tsburg Ss;s 90; Rock Islard. I0l ioih;
Northwestern, 4l5s i2--preferrsd, 5s;s go; Fort
Wayne, esH 100 Compound iGieTess notes
quoted under b. sho dcacrs-Juae, 1854, 1863 u;
July. li0li "; August lissG; October. lis2S n;
December, 113;. ,s May, 1895, IilSa x; August,
liot< *; September, ITO 1lots October, 1o9 u ~
There psFccpi.blo change 10 tho condition Of
The money market. sna stock houses abuudanliy
rppf2 isf sa0f Afoh,t fcrtl IA
interest tho third series or the thirty loan,
amounting 10 about eight millions, which commenced
yesterday exerng Influence In favor of increased
The return fow from tho South must shortly set
ia and tho receipts from the West undergo sugments-
ton. But, lending the action OF Congress upon the
currency question: lenders show q certain degree OF
tn,dty which only indicate the state of foe
ing everywhere prevailing. Legislation should there.
fore be longer deferred aud tho further contraction
OF the currency shocd 10 arrested Trade and manu-
features are suffering consequence Of tbs present
of contraction, and the longer Congress pospoIos Oh.
repeal OF the contraction law the threatening VIII
The aspect Of financial and commercial Affairs become
The discount line continues dull, the supply Of nrst
class commercial paper being light and lenders take
II freely at 7as per cent The general inactivity OF
business Ia exertng very unfayorsble effect upoa the
receipts, and the Treasury Ia likely 70 be tho
greatest sufferer by its present policy OF contraction
Thcro s reason believe however that the legislation
Of Congress respecting the finances win be reassurng,
and that Mr. Rsndas bill substituting legal tenders for
national bank notes will become law
Tho foreign exchange market experienced further
advance OF and closed worry arm, the supply OF bills
being light and the demand strong.
Bsnksr' bills England st sixty days were quoted al
the close ~ 1925 V; 81 three days, 1los k COM
msrcial, losx ZOE; francs u sixty days. SICK
sl3k a three days, o.lSx SIX; bills on Berlin
72k TAX; Bremen, 7sX 7o,z; on Frankfort.
~ . AK; on Amsterdam, xl,s . Is; on Hamburg,
sek . "; on Antwerp, SICK
Consols and American securities were quoted ~ under
In London on tho dates mentioned:-
Jan IL. Jan, Is. Ian 10
G S,,'. y :: q ssl, 9IA
Illinois Central. .......... 50 as SIX