The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-02-16
FlNANcIA:. AN3 COMMERCIAL,

me railway share market has been unsettled with
intervals OF nrmneg and stsadiness, and active
than usual during last three weeks In which
kss Isbored under siagnation and depression: Tired
Of nacl. s5 Ann. .utiy, some Of the bear tried The
sspslinsSl ysstsrdsy 9 6hsfE:s f!qcs freely, and.
seeing that they yielded readily they continued their
operations to-day the movement havin been mus fa'
~ mocessful - they could have anticipa..d Prices
have now, however, touched such . Low point bat :
reaction ID booked or bat the spirit q the street q
much broken, and the old bull speculato % severely
crippled that the progress OF the recovery promises 70
be very slow for some time TO come The Longest lane
has turalns. however, and the coming summer VIII
probably witness revival Of speculative activity
AZ the early session OF the open board railway shares
were fraction lower than Il the close Of business last
evening New York central sold q looX l0ox Erie,
ssx X; Beading. losK; Michigan Southern, 7sx .
X; ROCK Ias1a 21Xi Northwestern sex; do preferred
IN A. The nrs regular board Tie market IVES active
bdt prices Sensray szpsrsspcsd further fractional d.
cane whils Pacific Nall was exceptionally weak With
sassar transctie.s than usual The stock, assr selling
Aswn 20 10Y recovered 70 Isl tho call There was
raAsr brisk contsst betwesn tho ball and bear interest
IN Es, NsE York Csstral and Michigan Southern, and
ths bears allowed soms boidness in selling New York
Ceurai closed lewer than at tho same time yesterday
Ers y. Cleveland and Rissburg X, Rock Island ~,
W0ft0W01t0to ~, q y
Chicago and Alton IN. Ohio and Mississippi certificates
y, Pacific Mall Z, Quicksilver TX, Canton " Illinois
Central was q higher. Government securities were
without change coupon 6ve-twsntss Of the issue
Or 1865 excepted which advanced u. Missouri State
SKIES lower At the open board ct O'Clock
the market decidedly frmer and prices advanced u
u per cent. New York Central sold at l00x Erie,
~ a655S; Reading, l045s; Michigan Southern, 7sh a
Il; Northwestern. 8oa< V; do preferred, 66X; Rock
Island, OK y.
AT he hat past two O'Clock regular board prices
attraction cSsf And inc tone q the market less firm,
although the volumeo business moderately large
New York Central closed Is higher than at the first
regular board, Erie ~ michigan Southern u, Rock
Island a. Northwestern 4, do preferred y. Reading
was u lower Illinois Central VI Fort Wayne T. Chicago
and Alton u, Pacific Mail l, Canton u, Mariposa pre-.
1erred u. Government securities dull but firm.
Coupon fve-twenties Of the new issue advapced u,
seven thirty notes OF the second series r. Missouri
SKIES advanced L. At the hafpast three O'Clock open
board prices were u X higher. New York Central
sold a. iooA az; Erie, 5eX; Rsad9g 1o41a; Michigan
Southern, 7SH Rock Island, 97H Y; Northwestern,
aoM; do. preferred, 65H X; Fort Wayne OH Sub
sequeny the market b. came somewhat unsettled and
the advance was partially lost but towards the close
better feeling prevailed and quarter past I've O'Clock
the following quotations current:-New York Cen.
tfas, looH n; Erie 5S,s NJ Readiug. 1o4x a v;
Michigan southern 72x y; Cleveland and Pitsbure,
s2H IS Rock Island, OK u; Northwestern, 50; do
preferred eSK a Y; Fort wayne, 81 ok.
The gold market has been steady At 1861 1855 the
closing price having been 1919 Loans made with
out interest," and n per for carrying There 10
not much specula i've acivi in the gid room, but
ree amount In tho aggregate Is being carried BY for
psukers and I'M orters, who look upon specie as
sos6 sstment in view OF the uncertainties attending
The political stuasion aud the fact Of six hundred mil
Mems Of Aznencan eecurtes being held in Europa At
prssat do Rates q Foreign exchange check the sdvan
eng ssadsncy Il The premium; but EXPORTS on
light scale AAa these VIII be likely advance be-
fore long, while the rush Of travellers 70 Europe during
~ coming sprisg and summer viii doubtless have the
s Of turning the exchanges largely asainss for the
sns being Since tho bill prohibiting the Secretary Of the
Treasury nom selling gold secretly passed the HOUSE Of
Representatives and sranged in tho Senate public
tnssssst In the sutjsos seems TO have died
out; bus II b the less important that
Congress shouId. before the session expires,
pas sons which will define the policy Of the
Treasury In this particular The proper course TO pursue
y = prohibas III lss or The Treasury gold and allow it
% accumulate. In tins way the government might be.
come the rosssor Of very large hoard, which would
DO much to strengthen the public credit both u home
anA abroad. and ultimately cause closer apprcxlma-
Of the value Of tho paper and the gold dollar than
would BE- othsrwiss possible within the length OF
tina With three four hundred millions OF coin in
iAs Treasury belonging to the government and green
backs nearly par with gold our financial future
would BE- promising and should Be near the specie
basis b independent Of resumption. Indeed, 30
Ter ~ foreign anAin are concerned, we should be
nfse o. . paper than on specie basis and
- . greater financial power In the world.
AZ the same time should escape the disastrous effects
Avnkrvv m nants nv iho and
painful process Of contraction, and in this connection
shs warning which sxpsasncs Of England presents
shoud mot be Lost upon Congress- then, should pass
= aot providing against sals Of any portion Of the
gable god and another suspsndng any further courac
hoa ef tho currency Thus far In the session done
uoshax upon which the people can base their calcua-
uons FOR the future and 70 leave gold and the currency
10 tho management Of the Secretary Of the Treasury
would ~ anything but reassurng TO the business CON-
cnunity. The non-connction bill which the House
Committee or Ways and Means instructed 10 prepare
has not yet been introduced but doubtless soon will
- and Congress cannot better than pass IL Its fate
u from present appeannces however, very doubtful
Tho supply Of money continues abundant 20 the Stock
RscAangc - elk per railway coaterals and i've
governments, with only light demand First class
ccmmsrca paper d discounted at per cent but
ne amount onsrns - vary moderate. t4
The wess@n money markets continue very active,
te rdoi snat ~ enticphtou MOI ye having oeen ie
AZ Cincinnati currency is reported 70 In slowly.
aad country bank balances have not increased according
- expectation. The demand for money from the
camille community, meanwhile, not only undminisbed
bot Ga the increase and tho diminished requements Of
shs pork packers hsys left void In The discount lines
o. The banks. Currency has attery been In 80 much
1sws41 that Eastern balances have been kept low as
possible A. Chicago there Is no abatement In the de-
usad Tor dsccqnts which Is active but the bank rate
srsssans unchanged at ten per cent, although tho
street the brokers dscounting At ~ per cent per
month Exchange the East rules II par buying and
ttE premium selling. A
the Boston money market Is active md call loans to
any considerable szeut with diculsy obtained Tho
rate, hcuevcf six per cent remains unchanged. while
good commercial paper is scountsd at seven per oenl
!, wifis sfBspsicns Il ssx and a haf - Z. csss1r
rue new Ioan Certificate BILL as Il passed the Senate,
provides or The Issue OF hundred millions Of temporary