The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-02-14
FINANCIAL AND COMMERCIAL.
THURSDAY, Fob. ls-eP.

Washngton that Mr.. Stevens lion In favor OF tho
impeachment Of the President had besu defeated before
the Reconstruction Committee By vote OF six to three
and the price steadily declined 70 l4o'S but the clos
ing fansacons prior 70 the adjournment OF The board
were at 1903 following which sales were made q l4o
The news received late In The day that the President had
nominated General Sherman 70 DO General BY brsvst
was used BY the bulls argument In their favor
on the theory that Il lndetss hostility 70 Grant
ana disposition 70 Ignore him ~ far - possible me
Dear element has boon gaining strength since Tuesday
wnen some of the prominent bull spectators sold ous
IN anticipation OF reactions but noticeable that the
specuaiors for TALL content with very small pront
and BY confident OF further material dccn
any, The demand for loans Of CON was met ut rates
varying from two six cent for carrying The gross
arngs amounted 10 $50 ss4 600 the gold balances 70
4ls70 2ol and the currency balances TO g. 702. $50
The steamer Upon FOR Hamburg. took out $317. 900 in
specie The bill introduced by Mr. Garfield In The House
or REPRESENTATIVES Monday last TO legaze gold
tracts With general favor among tina mercantile
community. and It merits tho approval OF both houses
IA decidedly the Sherman Funding bill calls for their
condemnation.
This has been an active day on the Stock Exchange
and prices In tho pdapt until late the after
noon, when sight reaction sat in Erie declining 75
at which price there heavy buyers The railroad
share marke, was lea by Erie aud New York Central,
SCALE Tho position of tie speculative director with re-
gard to Eric continues to puzzle the street. main
tanning that he is heavily "sbort and others that
heavily "long !" but 10 imma:erai on which side OF
the market he stands he has already donc all tho
mischief no do by throwing dlscrsdt upon the stock
II 10 Impossible that . difference OF hfy-eight per
cent can permanently exist between the price Of Erie
and New York Central; and either the latter
must decline or the former must advance,
notwithstanding the rascaiity and corruption
which have long been the most marked features Of the
Erie management, aud but for which the common stock
YOU'D be regular dividend paving Investment. There
= prospect OF tho Vanderbilt party Wrestling the
road from the control Of present managers al the
next annual election and Is TO DO hoped that the
pectatons which entertained In this connection will
mot be disappointed because Mr. vandsrbiIt's man.
agement would necessarily DO better than that OF any
other honest man. bat for the that be- for one
would mako the company pay In dividends to Its stock
holders what Ia now lost to them through WASTE gen.
,sra Encouragement aud sstealngs" The activity or
the speculation for rise extends to nearly all tho prin
~cipal railway shares on the list. and the indica
tons are favorable 10 prolonged bull varied,
course, by occasional reactions Tho plethora OF CAPT.
tai seeking employ this centre Increasing and
She leading dealers in government securities fully
supplied at four per cent wbilc tho banks and private
bankers lend reay mixed coaterals five per cent
and in instances four and four and half The
amount OF first class commercial paper Offering continues
limited and it Is ratsd at per cont while good but
not prime names pass at 7aS
The market for government securities was dull so far
speculative operations concerned but there was
. moderately good demand for investment and tho
market remained steady notwhs apdng the sharp do.
cline In gold. Al the close the subo!ned quotations
were current Registered, 1881, Il1h a 1llX; cou-
ao7A 1os; 5-2o's, coupon 1862, 1l1,. a nix; do,
1884, 1851 looH; do. 1865. 1osx . no; do, 1865,
January and July, lo7x 1917; d. 1857. los a
1osH; 10 4os, registered. 1919 lo1l; 1o-ios cou-
~on, lo4ys 1o5; June 1905 1oTx = 1O7X; July
T.3o's, l07x l07H; May compounds, 1854, 117,S
ii7x; August do, 1857 l16H september do, 11e q
116k; October do, 1l5A 1lo The market for fve-
swsnes in London is very nrm and this has the effect
OF stimulating shipments from this side speculative
account
At the commencement Of business the stock market
strong aud active. especially Erie New York
Central, the former Of which sold at TEX rex ut tho
Fifth Avenue Hotel last ght AZ the early session OF
tho open board the speculative feeling was buoyant
although prices were In somo instances slightly lower,
Erie selling q. 7cx 701 and New York Central al
1881 1885. At tho first regular board the market
stronger especially for Erie and New York Central
New York Central closed IL. higher than at tho same
eime Yesterday, Eric Ia Reading u. Michigan Southern
n, Pacific Mail y, Atlantic Mail u. Government secu-
sitses were dull Coupon hvetwsntes OF 1862 closed
u higher, issue Of 1865 Y. Coupon ten-forties
y lower The express shares rather quiet at
an adv ance OF 2 a az per cent Sales OF Erie were
gnsde after tho call at 1917, following which there
temporary reaction aud at the board O'Clock
prices wsre x y per cent lower. Erie selling at 75<
S67S and New York Central 133X 1891. After tho
call prices improved, and At tho second regular board
the market strong again, with sales OF Eric at 70
New York Central closed Y higher than at tie Grs.
regular Board Rock Island y, Fort Wayne 4. Reading
u lower, Northwestern y. do. preferred T. Gov
eminent securities dul. Coupon nve-twentes OF
1862 closed lower. Issue Of 1865 r. Az the open
board half-past three steady feeling prevailed and
tho market quiet with sales of Erie a. 75J,, aud
Now York Central at l3f,s 1915. Among the miscel
ianeous shares Canton soa al 6II, but 10 s manpu-
lated by a CT gu, which may sell out at any moment
snd thereby cause decline to indenuo extent the
tocs beir present far ablve It's ascertsned value
there clearly ooucsrnent for the pubic TO buy IT,
After the board tbcre was slight decline portion
OF tho list, Eric selling at TEX, but al the close
.ho market steady as the subJonsd quotations.
New York Central, l3a 1aa5<; Eric, 7o1; Reading,
az o5 Michigan Southern, % o3h Cleveland and
;Pittsburg. sek a 96% Cleveland and Toledo, l12A
ala; Rock Island, 0sx OsX; Fort Wayne lo1k
1917: Northwestern COX el Northwestern preferred.
TAX a7S.; Pacific Mail. 1929 loeA; Ohio and hisss-
sppi ceraca.es S2s 32ss: Western Union Telegraph,
so4 aeJz; ST. Paul. Sox sox; s. Paul preferred
s57a67&.
by the following comparison Of the highest prices Of
tho leading speculative stocA In 1854 with
rent at tho nrst regular board this morning, win be
soon that Eric about nfy per cent lower than
then, and that railway shares generally are on much
lover basis. notwithstanding the large advance which
has taken place all but three stocks during ths
last three months:--
Hch.a In Feb IL,
1854 1868 Lotrr.
New York Central. las l3tk J0T
Eris...s:: ..lzojs 7es t0T