The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-01-11
FINANCIAL AND COMMERCIAL.

FINANCIAL AND COMMERCIAL. i
TauRspAY Jan. lo--6P. n
The stock market opened In hurry this morning. ana
further general decline Of prices took place under the
operations OF the bear party The attack on the leading
railway shares yesterday afternoon was the result Of
prsconcer.ed action part Of the plan was to
make money tight With this view arrangements were
made with some OF the banks and prominent private
lenders 10 call in their loans and hold the proceeds out
Of circulation in consideration Of per cent interest,"
PAYABLE in gold A natural consequence loans to
large amount were called In early this morning, and
forced sales Of stocks were the result Those who
thus tempered with the money market arc under.
stood 70 b. hand ard glove with the bears and like
wise sshort" Of gold and stocks. and among them
arc ssvsrsl bank ocsu. and IL d believed, private
banking associated with the negotiation Of gov
eminent loans during the There il TO sup
pose that the conspiracy intended 70 Affect gold
more than stocks - some Of those In the combination
are known 70 b heavily short Of gold but the latter
yielded very slightly under the artificial snssncy pro-
duesd Il u noticeable that after two o'clock there was
an Increased supply Of money, owing TO few Of the
banks having made unusuai exertiens 70 oounssract
hoss Of the bear clique to produce panic The lndgna.
ton excited among conservative and honorable bank
oGncsn By the course OF some Of their neigh
bors 10 very great A foreign importing house
il the habit OF lending 70 Wall street was
ia league with tho bears ON this OCCASION
and called In loans 70 the amount Of 81 600 900 this
morning. which, has been ascertaned Withdrawn
from current use. Owing to the manner In which the
banks beyond the influence or the clique responded to
the applications made upon them. al tho stock houses
although there loans made under psr cent.
Popular feeling against the contraction Of the currency
Is becoming very decided and the depression In trade
the increase and in proportion TO the extent Of this
the ability Of the people 70 pay taxes 10 reduced No
confidence il felt tho present administration Of the
finances, and the financial and commercial community
are anxiouay awaiting the action Of Congress
on the important question Of the currency.
One hundred and foryhve millions Of compound inter-
est legal tender notes at present outstanding and
these mature intervals between Juno and December,
and II present rests with the Secretary Of the Trea
sury as TO how large portion OF this total to be with
drawn from circulation. We therefore call upon Con-
gress to egslae against the contraction these notes
equally with United States notes. Gunless TO very
moderate amount Il 10 suicidal for the government
to persevere in contracting the currency at time when
tho trade and manufactures OF the country are semi
parayzed and the people are groanng under load Of
taxation far greater than borne BY any other
nation In the world The receipts must fall OF
largely in consequence, and the Treasury itself
become embarrassed BY It's own acts Yet
while panic and widespread disaster stare It in
the face the work Of tearing away the Foundation
which the structure Of finances b erected still goes
on hundred and thity-four millions Of legal tender
notes have boon withdrawn from circulation since June
T. 1885, and but for the addition Of hundred and sixty
millions Of national bank notes TO the aggregate circula
tion should hsvs had commercial panic already.
The national bank circulation having reached Its maxi
mum, II IL clearly adverse to the interests Of the
country TO continue the reduction Of legal tender
notes. Tho currency should now be left 70 be regu-
lated BY natural laws and 10 do otherwise will be
to invite national disaster. Congress has no more
important subject TO deal WITH and Il should act
promptly, and % remove the prevailing suspense
and apprehension Spectators At present thriving
BY the control they have acquired the money
kst IN consequence of the excessive contraction which
s taking place. while distress prevailing elsewhere,
and immigrants from Europe arc returning in large
numbers FOR want Of employment tsa Is
Al tho ten O'Clock session Of the open board Erie
opened 1t e. and closed 1t % Il 81 Eorthw sstsn
sold q q . k-prefsrred, 90 rex !; Reading. l04x
Y. Maryland Anthracite Coal advanced to 81. At
one nrss regular board there large transactions -
only fractional variations from the prices current ~ the
open board. New York Central closed ~ lower than
q the same time yesterday, Erie az, Reading y.
Michigan Southern az, Cleveland and Pittsburg ~,
Rock Island ~, Northwestern 3k-prefered az,
Fort Wayne ~, Ohio and Mississippi Certificates
Y, Pacific Mall g. Cumberland Coal *, Maripoa
Mining y, western Union Navigation y. Govern
msst securities were quiet and barely steady In tome
Coupon Avstwsntss Of The new issue Of 1895 declined
n ssvsnhiry notes Of the nst series Il. Bank shares
open board Ct o'clock the market steady At the
lowest price following the call II the regular board New
York Central sold q leoX no. Erie % osx; Read:
Ing, 1olk; Michigan Southern, 7sx "; Cleveland
end Pstsburg, sex "; Rock Island, loa 1o2k; Fort
Wayne. 1o2K; Northwestern, AK x; DO. preferred,
sox n; Pscinc Mail, les; western Union Telegraph.
Sx.
AZ the haif.past two board the market rallied New
York Central closed y higher than At the nrs regular
board. Northwestern preferred ~. Illinois Central
y, Cleveland and Pfttsburs y. Fort Wayne " Ohio
and Mississippi certificates y, Pacific Mail l. Reading
was y lower, Rock Island y, Western Union Tele.
graph y. Government securities were heavy. Coupon
nvetwsnties. Of the nov Issue Of 1865 declined y,
thirty notes Of the FIRST seres second SERIES q,
At The last open board the market suffered relapse,
and Erie in particular was severely hammered, under
which soon after the call Il declined to 6fk During
the remainder Of the afternoon Il continued weak and
q haifpast nvs closed unsettled q tbs following quo
ssaions New York Central lo0k e; Erie. o2ka q;
Reading, folk . y; Michigan southern, ~ 7ek;
Cleveland and Pittsburg. s0Ha n; Rock leland. lolk
Ak; Northwestern, Aox n; do. preferred, 70 7ok;
Fort WAYNE. 1oix n Compound interest notes were
ouotsd thus by ,ss dsalen:-June, 1854, 11oK X;
Jsiy. ZIG Issk; August, 115k X; October. lllK .
Y: peor-oer, 1lsk y; May, 1895, 111K y; August,
lIoyS v; September, ITO . 11ok; October, look Az.
fhe gold market has been fsvsrsh and the supply OF
coin was largely iu excess Of the borrowing demand,
from SIX per cent TO LA per cent having boon paid for
carrying The opening price was 1ssx, followed BY
decline 70 ls0k and recovery 70 lssk, the closing
quotatIoa being lss ~ An impression prevails that
the bull movement In gold IL intended 70 promote an
upward movement on the Stock Exchange; but this ID
apparesy without foundation judging By the course OF
the Two markets to-day and tho other passing signs.