The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-02-13
FINANCIAL AND CONNER CiAL,

FINANCIAL AND COMMERCIAL.
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TUESDAY, Feb. 12-6 P. N.
There considerable activity the gold market to-
day, and the price from 1868 at the opening to
37's at quarter to four notwithstanding slight adj
in the price Of ivewenties the London Stock
Exchange. The closing quotation, however, was l37H
The borrowing demand so nearly equal to the supply
that the great majority Of loans made without in
teres the exceptions being at per cent for carrying
The advance mainly due to a more gloomy view Of
the political situation than prevailed yesterday.
The railway share market was dun but nrmer than Of
late owing apparently efforts the part OF few large
holders OF stocks to promote activity and an improvement
in prices At the ten O'Clock session Of the open board
New York Central sold at 1929 u Erie, COZ II;
Reading, 1865 u; Michigan Southern. 1914; Rock
Island, 99H Fort Wayne, 9sH; Northwestern, $50
-do preferred, 6sX. At the first regular board the
business light and evenly distributed throughout
the list New York Central closed 4 higher taan at the
same time yesterday Erie y, Reading q, Illinois Cen.
trail IL. Cleveland and Pittsburg ~ Rock Island ",
Northwestern u, Fort Wayne ~ Ohio and Mississippi
certificates y, Quicksilver x, Canton ~ Pacific Mail
was u lower, Western Union Telegraph u. Govern
ment securities firm, and coupon fvc-twentes Of
the issue Of 1885 advanced " seventhrty notes OF
"a, second "a. flve-LWontleS
1864 declined r. State stocks were steady. At the
O'Clock open board the market was firm, and New York
Central sold at 1917 Erie, cox u; Reading, 1857;
Michigan Southern, 75&; Rock Island sox x; North
western, 3S1s-do. preferred, 60; Fort Wayne, 9Sh.
At the hafpast two regular board there mate
rial change In prices the tono Of speculation. Nav
York Central closed u lower than at the first regular
board, Michigan Southern " Western Union Telegraph
u. Erie was X higher, Rock Island y, Northwestern
u, Fort Wayne ~ Chicago and Alton u Milwaukee and
st. Paul preferred ~ Ohio and Mississippi certificates
y, Quicksilver r. Government securities were
nrm and coupon nve-twenties Of 1852 showed an sd
Of " and the issues Of 1854 and 1885 OF u. At
the halfpast three open board TIE market nearly
stagnant New York Central sold at l02; Erie, COZ ;
Reading, l05x; Michigan Southern. 75h; Cleveland
and pittsburg, IS; Rock Island, ook; Northwestern
3sx h. 81; do. preferred 0oH; Fort Wayne 9sx. Sub
sequenty the market remained steady, and at Ave
o'clock the following quotations -were curront:-New
York Central, lolx i02; Reading 1861 y; Michi.
gan Southern, 75k u; Cleveland and Ptsburg, Sax
IS; Rock Island, 9ox y; Northwestern, ssx y 7;
do. preferred, ooK . n; Fort Wayne. ssX y; Ohio
and Mississippi certificates, 2oxax
There Is change TO note In the state OF the money
Loans made freely good stock colisseas
At six per cent whe the general rate on governments
10 ave per cent The best grade Of commercial paper 10
very limited.
The undercurent OF monetary affairs at the West indi-
Gates revival Of confidence and the recent strngency
is giving pace gradually to comparative ease But the
demand for discounts both In the form OF renewals and
fresh paper active and names arc closely scrutnzed
BY the banlrs while the Of interest remain
changed. Exchange the Eastern cities Chicago
remains 6rm at par buying and Ito premium selling
At Cincinnati exchange Is steady and the receipts arc
not in OF the Of the Market and from
outside points, there veg little being made in the
ordinary course OF business
1t still generally believed in Wall street that the Loan
Certificate bill will become law, II with the
unanimous support Of the national banks 1t is
70 DO hoped. however, that the power which
these institutions exert will be insufficient TO
cause Congress to pass the measure. They
have already subsidies enough and TO ask for
several millions per annum additional which this bill
virtually does, is like adding insult 10 injury. There is
the less for because these institutions arc with
few exceptions paying large dividends to their stock
holders Should the DILL pass, as It not mpossby may,
Il will result q steady imitation OF bank loans for
considerable length OF time TO come The compound
interest notes. for which these certificates intended
70 act rs . substitute with the banks, not by law
available against circulation although thcre
s no legal enactment against national banks holding
them Is . reserve against deposits as the following
tract from the act authorizing their issue will show
Said Treasury notes may be disposed Of by the secrc
tary OF the Treasury the best terms that can be OBJ
C ana a.
be legal tender the extent as United States
notes for their face value excluding Interest and may
value exclude ing interest, or TO any creditor willing
70 receive them at par including interest
Nor shall any Treasury note bearing interest issued
under this act DO legal tender In payment or redemp
ton OF any notes issued by any bank, banking assoca
ton or banker, calculated or Intended 10 circulate as
money.
Mr.. Hooper, in his recent speech in the House Of
Representatives commended that they were mot "awful
money! the Of the act and that therefore they
ought not 10 be held against deposits but
the speaker strained point beyond the Law In making
this assertion and evidently led away BY his zeal
for the entire exception OF the compound interest notes
from the legal tender Of the banks rather than
guided BY his calm judgment In the Interpretation OF
the act The compound notes should be available as
reserve against deposits up TO the time Of their maturity
when they should be redeemed with plain legal tender
notes Since writing the foregoing We find II reported
from Washington that the Senate Finance Committee
have agreed TO the BILL after amending II BY reducing
the amount 70 seventynve millions and the rate Of in
terest 10 three per cent The principle Of the BILL how
ever, remains unchanged and the objections We have
urged against Il stili remain.
The foreign exchange market was steady. and rates
were nominally the sane yesterday. Bankers bills
on England at sisy days quoted at 1851 1osH;
at three days. 100 los,x; commercial bills 1o7K
1osK; francs at sixty days. $40 a1Th At three days
| SIS a6l7K.
Mining shares were active the heaviest transactions
being IN Quartz HILL Az the first board Consolidated
Gregory Gold closed LOG higher than At the time
yesterday selling At s12 90; Corydon 2oc selling at
$40 20; Quarts Hill rs, selling Al 50 50; Smith
Parmelse 100, selling q IS Peoples Gold and silver
sold Of 81 IL. Al the second board Smith Parmles
closed LOG higher than q the nrst board selling At
~ Is; aunnel Gold g.. selling At 81 10; Quartz Hin
was TO- lower, selling Il % a.