New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-01-17
OPEN BOARD OF BROKERS
.Rs-3a P. VI.
UnIoau Dfvov
WEDNESDAY, Jan. l6-P. n.

Gold has been active and closes at 1851, after sell
ing at 1877 1t is supposed that the Treasury Depart
ment took advantage of the advance and sold gold
moderately.
The sales Of Government stocks were small except
in new sos Of 1855 which fell per cent. In Border
State stocks small business at steady prices. The
miscellaneous list is quiet with hardly enough doing
20 keep several shares in the public memory. Mari
posa sold at 2l for the common and 81 for Preferred
Atlantic Mail per cent, and Pacific fell u.
Railway shares-under brisk buying of New-YorlS
Central which rose to 1907! and of Erie which was
put to Cot, buyer 9e-were firm at the First
Board aud lower afterward. Every advance
IS improved by holders Of unproductiyo shares
TO sell out, and by spectators to make new
operations for a fall. At the Second Board, inthe
absence of pressing demand for money, any other
powerful cause the whole market broke, and no large
sales could have been madeat the quotations. II has
traDspired that some LENDERS upon nOn-productiye
shares have been made their unwilling owners, and
saddled with heavy losses. As the year wears on;
this yietimized bank viii lave abundant company,
as tho loads tho banks Of the country carrying
are not pass into the hands Of investors at any
thing near current rates. The market closed weak at
the following prices: New-York Central, 10eiG0ss;
Eric, G4aGs Hudson, 125G125s; Reading, 1910
1915 Michigan Southern, 59s07es; Cleveland and
Pttskargb, 90a902 Northwestern, 42IG42!: North
Western Preferred sOGs0l Rock Island, lOl!GfOl3 ;
Fort Wayne 10OGlOO..
zMonoy is per cent on call, and little is done at
less except in thee way Of balances loaned latter
hours to save interest over night Commercial bills
pass at 7as for best, and 901O. for second rate.
There is less confidence IN the Street that Congress
viii restrict the contraction of the currency provided
ior at the last session. 1t is also becoming apparent
10 all but spectators and debtors that still more
rapid contraction might DO made, to the advantage
of every solvent interest in the country The
daily reports of internal revenue and OF customs
duties make il apparent that from these sources the
entire compound notes maturing can be paid off, if
then holders decline, as they probably viii not to
take gold-bearing stocks for them, and at the
same time enable the Treasury to cancel
Tour millions per month of legal tenders. The pay
ent OF funding Of 600 of compounds and the
re.tehlent OF $50OO0OO0 of plain legal tenders viii
wi'aw tue basis Of full $JOOOO0OOO of bank credits
producing national contraction which will give
u"aers and especially Oyertrading merchants
ana spectators, active wear and take from them
inc Sudden gains made while the currency was ex-
pahdhg' Inc proposition TO take from tle National
banks the power OF issuing circulating money orows
Az IaFor 'he more u Is examined Saving "a IL would
''sIi,eeh hllilons Ia gold per annum and releasing
as It would practically the national deIt ~, ono
eighth part for the present. the scheme comes
nome to every taxpayer. and every citizen
inc change does not involve the violation 81 anv
obligation to the banks The latter. TO be snrc
would under the amended law, be Obliged 10 sn,ren-
aer This bonus Of gold-interest upon bonds pledged
~ security for currency practically irredeemabla
~ uein since its issue. But this would not cause
"y ieg'et iiom the public, who would steadily keep
Iu uie iact that tho tlsOO00OO Of bonus to the
suo',, 20 saved relieves the people from an equal
"s " taxation The proposed change is o