The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-02-14

OFFICE OF THE EVENING TELEGRAPH,
Thursday, February Ia, 1867.


The abundance of money, and the facilities
forHobtaining capital on acceptable collaterals,
have caused little more tirmness at the Stock
Board, and the aggregate transactions are
greater than those OF yesterday; but there is an
absence OF outside support, and until there is
come increased demand from this quarter, no
change can be looked for. s..-T
Government loans were more sought alter,
and prices we're better. The closing quotations
were 10946Dl095 for coupon 6s OF 1881; the same
figures Tor the old 5.2Os; 107 for the 1865; 1919
for the 1868; and 99l for the l0-4Os.
State and City loans were held with increased
frmness; the new issues of the latter sold to a
limited extent at lO4l; and 969 was bid for the
old. f w gL
All the better class of Railroad securities
were held with increased hrmness.
Reading Railroad was rather dull closing
at about 523; Pennsylvania was firm at 514;
Catawssa advanced /, and closed at 292@30;
closed at 30 $50 was bid tor Camden and
Amboy; 81 for Germantown; "a for Little
SchUylkin; so for Elmira Railroad preferred; SO
for North Pennsylvania Railroad. The latter
stock IS scarce, and not offered to any extent
under 3S.
There was some speculative movement in
Union Canal Preferred. which sold at ~, an
advance; Lehigh Navigation sold at Sag Scnnyl-
kill Navigation closed at 32s bid for the pres
ferred, and 244 for the common stock; for Sus-
quehanna IL was the best bid.
In Oil Stocks the only sales were of Caldwell
alta.
The offerings of Passenger Railroad shares
were light, and there was not much dlspOsition
to operate. Thirteenth and Fifteenth declined
and sold at 2I1; a sale of 500 shares Hestonyile
was made at a. g. 80. 81 was bid for Second and
Third; 40 for Chestnut and WalDut 81 for Spruce
and Pine; II for West Philadelphia; and 80 for
Green and Coates.
Quotations of Gold-1O5 A. NJ, 1879; IL A. NJ,
1874; IL NJ, l373 p. NJ. 13t, an advance of on
the closing price last evening.
The N. Y. Tribune of this morning says:-
Speculation inl Wal. street halts, and brokert
/ Nl,,s,,
begins to appear that the Treasury Department
is not only able, but disposed to pursue the
policy of contraction. The Loan bill,' so
called, authorizing the conversion OF $50, goo
of compound notes into loan at 10 days. notice,
| did not originate with Mr.. Jay Cooke, or in the
| interests of the national banks, as has been
| supposed. 1t is measure proceeding from
| the Treasury and Is intended to facilitate
funding and contraction, and will be found a
| very effective mode of effecting these
objects. The Treasury has entire confidence
IN its ability to fund or pay all the compounds
as they mature from surplus revenue,
| and only ask for this bill as mode of relieving
| the banks from the pressure sure to be felt when
they are forced to contract by the maturity of
| the compound notes upon what too many of
their liabilities are now based. The National
banks, at their last quarterly report held
$S1,000,000 of these notes, counting as the
reserve OF $500, 600, 900 of circulation and de-
posits, and contraction of the bank movement
must be made as fast as the Treasury cancels
these notes. AS the retirement OF these notes
WOulQ cause panic among Dank U6DLOrS, Lno
Treasury proposes to be in position to give the
banks q short loan at 1904 per cent. in exchange
for the present interest bearing reserve, TO enable
them to comply with the law, and not go into
| liquidation or into violent contraction, as
they otherwise would be forced TO do for want
of legal-tender reserve. In short, the Treasury,
from its surplus income, under the proposed
reduction OF taxes, is still in position to con-
tract the 1egaltender issues, while steadily
funding its short debt, and able to firmly move
towards specie payments. Aud now word as
[ to funding. There will be on the 10th of Feb
\ ruary, of the first series of 7'S0s, two hundred
| millions, which in one hundred and fftysix
| working days mature, and will be funded into
5-20s. This funding is quite likely to produce
| a money pressure If the holders do not at once
send them in for conversion. The exchange of
1905 for 5-20s requires much time, and 1t is pro-
| bable that in August the Treasury will be
overloaded with 7.9Os waiting for conversion,
and the owners of the 7'30s be left without any.
thing 70 represent them in form upon which
| money can be borrowed. With these facts in
1 regard to the reduction OF the legaltender
/ issues, and the funding of the short debt, 1t is
idle for people to deceive themselves with the
| belief that specie payments are not approach.
inc rapidly. and with 1t lower prices of all com
modites. Specie payments must be preceded
by funding all the short debt of the Treasury,
and the payment of hundreds OF millions OF
paper money Issued in its period of distress.
This funding and payment is proceeding ra
pldly, and al no remote day will be apparent tC
many who are going upon the theory that there
| is time for one more venture before preparation
| forsa financial contraction, happily as certain
as it Is desirable for legitimate business.n
"A new and dangerous Ecounterfeit of thu
twenty-five cent. issue has recently appeared
tits almost perfectly engraved, and we'll calcu.
| lated TO deceive the most practised eve. Upon
close examination it may be detected by noticing
that the scrollwork around the figures "25,n on
the upper left hand corner, touches the fine
INES around the edge OF the note, which forms
the bordering while on the genuine no part ~
the scroll-work touches the line, When these
notes become worn and dirty, they will defy de-
| lection. - -
! 1t is reliably stated that the outstanding
compound interest rnotes Of 1894 are about
Ply, 600 in the aggregate, divided about as
June, 1854 $5,OOO,OOO