The New York herald., 1867-01-27
FINANCIAL AND COMMERCIAL
SATURDAY. Jan. go r. NJ


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SATURDAY. JAN 26-e p NJ
The upward reaction on the Stock Exchange made
further progress to-day, and In the absence OF any
further failures OF importance confidence revived The
demand from outside parties for investment was very
considerable and at the time strong houses on the
street were large buyers for rse Opinions, however,
differ a. TO whether the present reaction Is 70 be perma
nent or temporary; but the majority favor much
higher prices The losses sustained by the decline
OF the last three months have doubtless seriously
crippled many firms Of good standing. and their
operations for some time 70 come will necessarily be
limited scale but the places hitherto occupied BY these
win be filled by anxious 70 buy at the low
prices now current Tho market rests on moro sub
stanta foundation than It has done at time since
the end Of January last, but s course will depend to
great extent upon the action OF Congress In relation 10
the finances and the general stats Of tha country.
The supply Of money s easy 70 good borrowers sat-
isfactoy collaerals and ample margins at seven per
cent but lenders discriminate closely and this limits
the borrowing power Of houses In ordinary credit, and
their operations curtailed accordingly The effect OF
this discrimination has been to make larger than
usual available for the Of the principal dealers
In government securities few others OF undoubed
credit who have profed by the opportunity, and Dor.
rowed freely at six per cent Although the number OF
large and openly declared failures has been fewer than
expected from the extent of the recent panic and
the fall which had preceded IL there s doubt that
not few firms have been virtually compelled suspend
and oompromiss with their creditors Settlements OF
this Kind have taken place without the facts being
known beyond the parties concerned; and thus public
failure and the consequent loss Of credit avoided
At the ten o'clock session OF tho open board the rail-
way share market firm and active Erie Michigan
Southern and the Northwestern shares being the most
largely dealt in New York Central sold I0OX 1ol:
Erie, 5sS * Hudson. 122: Reading, 101,< l02;
Michigan Southern, II a71h Cleveland and pttsburg.
SIX ak Rock Island, 95x ao0< Cleveland and Toledo,
l19N; Northwestern. 35H 36-do. preferred, 62L;
Fort Wayne. o4k T. At the nrst regular board .
large business transacted and tho OF mar
ket rm. New York Central closed 21E higher than
at the timc yesterday Erie TX, Reading Ia Mchi-
gan Central Michigan Southern az Illinois Central
y, Cleveland and Pittsburg "a, Cleveland and Toledo
X, Rock Island IL. Northwestern 3-do preferred s,
Fort Wayne ~, Milwaukee and 81. Paul preferred .
Pacific Mail g. Atlantic Mail 2 Quicksilver 2,< Cam
ton 2 Cumberland 5s, hariposa preferred 4,
Western Union Telegraph IL. Government
rites we're also firm, and coupon fve.twenties Of
1854 showed advance OF x, issue Of 1885
Y, seven-thirty notes OF the second and third
series y. Tennessee sixes OF the issue %
higher At the one O'Clock open board prices
were fraction lower, except for Northwestern,
but the marketwas steady in tone. New York Central
sold At 1o0h y; Erie, 6sh "; Hudson. 123k
Reading, 1917 1929; Toledo, Wabash and Western,
Al; Michigan Southern. - 72A; Fort Wayne, %
TO- 81; Cleveland and Toledo, 1ls 11sH Rock Island,
05x; Northwestern, 36h X-preferred, 63k y;
Ohio and Mississippi certificates, 24,s; Quicksilver as
3S1; Western Union Telegraph. IS ASK; Pacific Mail,
1907 Atlantic Mail 100 Subsequently the market became
strong and active, and prices advanced x per cent.
Erie selling up TO 5sk but the improvement not
fully sustained and at half past ve the following prices
wero current New York Central, 10lK y; Erie, 6sx
Ak; Reading. 1929 1903; Michigan Southern, 72,s
81 Illinois Central, 112H lls; Cleveland and Pitts
burg, s2H; Cleveland and Toledo 1l7h 11s; Rock
Island, ss,< a sz; Fort Wayne, % a6ls; Northwest
ern 3e,S K-preferred. e4,s e; Western Union Tel
egraph, 4SK x. Compound interest notes were
quoted thus:-June, 1884 1861 . IT. July. 1l6K =
I1eK; October, 1l4N l15; December, llas1 ia;
May. 1885, 1l1x liz; August 1loh Y; September,
110xak
Tho gold market has been remarkably steady the uc-
tuaons being limited TO per cent namely from 1343s
to 134H, whic the closing price was 134k. The
steamer Vile do Paris took $3.50 25l in specie and
bullion, the Bremen S7oo 900 and the City Of New York
32s. .s00
The daily range Of the market during the week 10
thus shown -