The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-01-24
FINANCIAL AND COMMERCIAL

very unsettled state Of feeling prevailed on the
Stock Exchanges this morning, owing to the failure OF
stock orm which understood 70 have been carrying
Cumberland Coal and but TO less extent, New York
Central The parties engaged in "cornering" the
former were evidently dscues yesterday afternoon.
the quotation having declined 10 81 at the second board
although there was transaction at 81 N the morning
There business dons in the stosE either ysster
day afternoon or At the board to-day but that the
"corner' has resulted dsastrously to the bull clique
engaged in IL is obvious The failure was rumorsd
before close OF Last evening, but 1t not
generally known tin the firm tMessrs Qugley Bfothers
addressed note announcing the fact to the President OF
the Stock Exchange this morning. The bears awaited
themselves Of the failure to sell the leading speculative
and excite apprehensons Of further trouble
among the bull houses. During the afternoon however,
the market assumed nrmer tone and prices improved
Al the ten O'Clock open board Erie sold at 64h New
York Central 1855; Northwestern, 3oL X Cleveland
and Pttsburg, $685. Michigan Southern, 7A,s; Union
Navigation Company. 1917. Al the Hrst regular board
the market active In consequence OF to
SELL prices declined the CALL except for Erie and
Northwestern common which were the nrmest Of the
railway shares while New York Central, Michigan South
ern and Cleveland and Pittsburg the weakest. New
York Central closed az lower than at the time yes
terday Reading TX, Michigan Central IL, Michigan |
Southern 4sl Illinois Central 90, Cleveland and Pitts
N,
ferred az Fort Wayne ~ Toledo, Wabash and Western
2 Ohio and Mississippi certificates a Atlantic Mail TX
Quicksilver IA Western Union Telegraph A. Govern
mcnt securities heavy, coupon ayetwentes OF
1852 declined e, issue OF 1895 u tcn-fortes ",
seventhiy notes OF the second series AZ third series
Tennessee skies, ex-coupon. we're l lower. After
the call there further decline, and sales Of
New York Central were made in the lower hall Of
the stock exchange low 10l5a At the one o'clock
open board there sale Of Cumberland ut 40 and the
railway market was heavy. New York Central opened
the call at 1918 and advanced to 1925. Erie was
steady at "a Vi and Northwestern at 39,s 81. Al the
half-past two regular board confident feeling pre-
vailed and prices except for New York Central
which remained STEADY New York Central closed y
lower than at the lrst regular board, Reading ~ Mchi
gan Central -, Michigan Southern x, Western Union
Telegraph 81 Eric was 4 higher Illinois Ceatral n,
Rock Island "a North Western n, do preferred IL,
Toledo Wabash and Western X. Atlantic Mail =. Gov
eminent securities continued heavy tone aud coupon
Aye-,wcnteso Of 1852 declined u, issue Of 1855 " the
business of the board win not commence til eleven
O'Clock morning in order 10 aloe the mem
an opportunity OF Attending tho funeral Of their
late associate Me-. Duffy 8aaas
At tho haast open board prices generally
fraction niger. Erie sold at 64,s 6S Reading. 102
I02e1 New York Central 1929 los; Toledo. Wabash
aud Western, A0,s; Michigan Southern, 74s Cleveland
and Pittsburg s5 Rock Island 81 0yA; Northwestern
40ss x; Fort Wayne, a5t Msriposa preferred, 20;
Union Navigation 107<. DGrng the rest Of the after
the market remained quiet, and at half past Ave It
closed steady a, tho following quotations;-New York
Central, 1925 a 81; Eric, 6S,s *: Reading 1917 .
1927; Michigan Southern. rass ~: Illinois Central.
III; Cleveland and pistsbu-g, sas; Rock Island, oeN
Hi Fort Wayne ga az; Western Union Telegraph, !,
ASK y; Cumberland, %; Quicksilver. 70 as,s.
Tn. SUPPLY or money easy at per cent MT
there was noticeable Increase ia the demand owing 10
ing Of loans and the enlarged soiane OF bns
ness at stock Exchange The failure befole rscrcd
10 aroused certain degree OF dsrust among lenders
aud both margins aud securities closely scru
iaized ia consequence Tue uncertainty which is felt
In relation 10 the action Of Congress with regard to
the currency is the main cause Of the prevailing
depression both In aud out Of Wall but the hopo
generally entertained that legislation the subject
Nil not DO much logger deferred rae BAT prepared BY
Mr.. Randall fos Substituting legal tender notes for
ounl hank currency Is regarded with favor and should
rsss, is likely n do, not only viii nearly twenty
millions per IN coin be saved 10 the form or In
eresi the bonds deposited bass OF circulation.
the required twenty-five per OF legal tenders
hold as = rsserss against the calculation Of the
banks will be dssnsagsd contributing the In
creased Of the money market by tho addition Of
seventy Ave millions 10 the active currency.
result Of bear operations Tho opening price lss H.
followed by gradual fall to l3iss before O'Clock
Subsequently there was Improvement 70 lS4ys and
relapse 10 l34h, and the closing transact cns At
1.4x. Loans wero made at per cent for carrying
aud without interest.
The foreign exchange market was Inactive and rates
were nominally unchanged. Bankers bills on England
st nxty days were quoted al the i0s,s I0,a
at three days 1925 1lois; commercial bills 1854
iOss francs at sixty days $40 51eii at three days
51ssi a512,s; bills Berlin '21s 72is; Bremen
70 791; on Frankfort az Az on Amsterdam alsa
4; on Hamburg 3o,S a8k; on Antwerp 5.lsH
51e1 Advces received by foreign bankers here report
that the market vetwsnties Frankfort has been
unfayorabiy affected by the impeachment agitation 10
Congress- and that German and Italian stocks have been
In better demand at advancing prices, In consequence
OF diminished inquiry for United States bonds. Tie
Impeachment will doubtless not be without temporary
elect upon our bonds abroad and the price OF god but
otherwise will be likely TO exert disturbing in0u
encs upon the Affairs Of this country.
Mining stocks were dull. Al the nrst board cousoii-
dated Gregory Gold closed zoe higher that the
time yesterday selling 1t Sis o. Des Monss l5c SELL
tpr al 81 ss Al the second board Complicated Gregory
Gold closed 81 Is lower than the nst board selling u
sla 70; Quartx Hill &C., selling At - 25; Des Mones
&C.. selling at - 80.
A pamphlet recently published by Mr. Hsnkey, long
director Of the Bank Of England contains the follow
ing statement in relation the division Of the profits Of
THE note circulation between the Bank Of England and
the government showing that only about third OF the
profit goes 10 the bank:
Gross profit on S1S,o 100000, At three per cent
Ie.s expenses Of The msnniaciurs and issue al
ten branches..... IVuV
TOTAL. .E2so,00o
Lees paid 70 government for privilege Of
note ISSUE. ............-xhUUW
stamp duty oo,VV go a..
Net profit to bank Of England Of note issue. 100000
II may be necessary to mention that El5 the
limit to the banks regular circulation issues In excess
OF this amount having to b represented by an equal