The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-02-25
FINANCIAL AND CONNER GAL.

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SUNDAY, Feb, "a, 1867
me stock market continues without any decided ten
dency although the passage Of the bill in the House Of
Representatives providing for the issue of hundred
millions OF plain legal tenders in exchange for
equivalent amount OF compound interest notes increased
the disposition OF the buy 1t generally
expected, however, tina. this will pass the
Senate in Its present form, bu. that some kind Of
promise guarding against undue contraction will be
agreed upon in Congress- There still sufficient
tainty In the public mind, Notwithstanding, to
hesitation both in buying aud selling and this the case
with the country generally well Wall street. The
common belief and the fair inference Is that the
important movement or the stock marke; will be to-
wards higher prices decline since last October
ing placed many Of the speculative securities below
their real value; but the heavy losses which majority
OF the stock houses sustained during the interval must
be considered as operating against quick recovery For
the time being the bulls struggling and wanting
courage and there Is not sufficient outside support to
the market to influence prices materially The political
agitation OF the reconstruction question disposcs to
remain inactive until affairs assume more settled
aspect and the indecson which Congress still displays
dealing with the national finances likewise operates
to check activity not only In speculation but legitimate
business.
In the event OF the Senate passing the hundred mil
lion bill referred to confidence will bo strengthened in
. continuance Of monetary ease and MUCH or the pre-
vans hesitation will give place to something like bold
Of action. This Is objected to by
OF imitation but cannot regard 1t in thai lcht.
II merely substitutes non-inerest bearing for interest
bearing currency to the extent Of tho amount men,
toned and in this respect it is far less Objectionable
than the loan certificate bill which 1t superseded and
upon which It was proposed to pay 65-l00 per
iutov MI bouo tha
TO be available banking and redeemablc by
the Treasury in legal tenders demand. This would,
fact, have been additional subsidy to the national
banks for which the governments would have received
equivalent whatever According Senator Sherman,
and what entitled to consider the revised state
Lent Of the Treasury, about hundred millions Of
pound interest notes will mature within the present
year, and as this am(lnt is now held by the national
banks portion OF their it stands
that its Withdrawal without legal tender substitute
would lead to violent monetary spasm throughout tho
country, its effects being nearly the contrac
ton OF currency II therefore to hoped that
tho Senate will pass the House BILL for both simplicity
aad economy it can hardly be improved upon. The
sooner moreover na action is taken in the the
BETTE, and until this Is the the suspense
which is paralyzng the industry Of the nation
will continue. 1t Is Of little consequence THAI
the rcsunptonss oppose loudly for r their advice
followed out the history OF Great Britain between
1916 and 1925 would be repeated in the United States
and the government, as the greatest debtor would be
bankrup. alike with the great mass of the business
mnnty, from Maine to Texas. The progress of the
country would be arrested and after finally reaching
specie payments relief would have to be sought in
another suspension; for premature resumption could
not bc a permanent the United States, simply
because the ballot would decide against II.
six per cent on railway cclla,cas aud Ave per cent on
governments, but towards the close there dimn
ished volume OF funds seeking employment, owing TO
considerable sales Of the new Issue Of Gve.twertics
BY tho Treasury, and tho payments on account Of
which Increased the balance in the Sub-Treasury
on Saturday evening to the unusually large sum OF
S132 952 351 AZ the Treasury Is not supposed to
npulae the money market il rs difficult TO reconcile their
accumulation OF ,Je with good management in
the department, The conversion process is also too
secretly conducted be satisfactory 10 the public The
terms and mode Of converting torn Of security into
should be publicly announced by the Secretary
the Treasury, that each individual interested could
transact his own business with the Treasury Direct
securing the best and saving the commissions Of
e per for buying and for selling charged by the
brokers'
Railway and miscellaneous shares closed rather I'M
settled at bafpaI dvc O'Clock saturday at the follow
ing quotations New York Central. 1927 ~ Erie
564 a "a; Reading. 10tj<; Michigan Southern, 72Ia
*; Cleveland and Pi,,sburg. sos Rock Island, 96sf
or For, Wayne. 95sl, Northwestern. 35;f ~; do.
preferred. 65 a 6sk, Western Union Telegraph, ~ a
42a Pacific Mail, l3l i32
The gold market was firm. the extreme range Of the
week having been from 1861 on Monday to 1885,
Saturday aud the closing price was 1855 The borrow
ing increased in proportion to Che supply, and
towards the close where coin not carried without
interest the rates In favor Of the lender. This
mainly owing the increased drain TOR customs duties
the receipts al this port for the week having amounted
to s.. 9sS, 900.
The foreign exchange market showed an advancing
tendency and the best bankers sterling, at long date
sold up TO 1917 but this rate was fully sustained.
At the closc, however. firm at the following
quotations.: Bankers bills England at sixty days
1888 1907 at three DAYS, 1o9k 1927; commercial,
I07E 1885,; francs az sixty days 5lsx 5.21i; at
three days g Is jiGi, bills on Berlin. ~ T2'l; on
Bremen, 7sss TojS; Frankfort ioT AZ; on
Amsterdam Al a Az; ON Hamburg. 70 S6'a on
Antwerp, ISL 5.l6i.
The dry goods trade has shown increased activity not
wihstan5ng tho stormy weather and the unsettled con-
oition OF political affairs although prices have not ma
tcriay changed since last week. The demand Ii chiefly
20 supply immediate wants, but holders Of stocks Of
goods manifest confidence In the stability Of values The
depression which prevailed for considerable time past
till within the last few weeks has given place TO more
cheerful feeling and although highly prosperous sea
son il not anticipated moderately paying business
seems probable and the growing activity but be
greatly increased by favorable change the weather
Tho general merchandise markets quiet and steady,
transactions being likewise limtc 70 current wants
The highest prices Of the leading stocks sold at tho
a., soasor of tho EXCHANGE on eocl Saturday Of the