The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-01-17
FINANCIAL AND COMMERCIAL.
THuRspAY. Jan Jap n


having proved false. Ths earliest transactions were
.. 1885, following which the price gradually rose 4
Afoh, after which 10 reacted to 1917 and the closing
quotation prior to the adjournment OF the board wal
139H 1921. Subsequently there more disposition
shown TO sell than to buy and the latest quotation
was lS9h l39&. The 'short" Interest having
peen greatly reduced, the borrowing demand has cor
respondngy diminished and loans were made at rates
varying from four nine por cent for carrying and with
out Interest The OF business was large and there
vas considerable excitement ut Intervals In the dealings
The clearings yesterday At thu Gold Exchange Bank
amounted to the heavy sum OF Sl5l. 27l, o00
CONTRARY 10 tho general expectation, the passage OF
ths anti contraction bill Ia the Senate by the almost
Unanimous vote OF thirtythres agains. four was with.
out effect upon the Stock Exchange and rail-.
way and other speculative shares wero droop.
ing until near the close Of tho day, when
the market began to react The ultimate result OF this
Important measure must not however, be measured by
this, for II Is impossible that Il can fail In working
owcrful change for tho better In both financial ana
commercial affairs all Over tho country In Wall stree,
The effect vas less than IL would otherwise have been
tn consequence Of the bill having boon passed at q
moment when the leading bull operators were endeayor.
ing 10 depfess tho stock Market in order that they
might DO enabled to buy back the securities they
sod at the end OF last week, In which
r
eoday, the consequence or which was that the bull
cllques began to buy heavily and they win turn tho
short interest to profitable account. In tho next up
ward movement, which Ia now imminent The vote or
twenythrea 10 Geen IN tho Senate against Mr. Conk.
<nRs amendment to the bill in question: providing that
nera shai be no Increase Of the currency shows that
1t really fayors initiation The bill passed tho Senate In
substantially tho Same form as IL camo from the
House; but tho wording was changed and
u has. therefore, been back for concurrence
where 1t will DO reported tomorrow. It's influence in
restoring conhdcrce hardly BIO over-aed and under
y values will appreciate. On the Stock Exchange 1t
VIII probably soon make Itself felt In O mere active
speculation for rise than witnessed since the
gall OF 1906 All the conditions affecting the market are
favorable to this. money being abundant and
The earnings Of tho railways large tho car
sy!ng trade being aboat the only one that
has not shared Ia tho depression which
pas marked business IN general during the past year.
As an instance in point we may quote tho Eric Railway,
whose earnings In December last were S10ll GAG,
against ll5 IN tho corresponding month ia 1906
She increase being 1851, 600 Moreover economy ap.
pears to DO tho order o. the day railway
and tho Eric, tho New York Central and the Pennsyl,
yania Central companies jus. agreed upon rates OF
freight and passenger tariff which it Is expected will
add largely to their aggregate earnings The free pass
baggage 10 excess OF hundred pounds for each passon
ser 10 to 90 charged for as first class freight Tho
Western exchanges are still largely in favor OF this
conrc, and the supply OF loanabo funds Is steadily in
creasing. Loans mado freely by tho banks at six
per cent and in not few instances large amounts arc
placed at I'VE, while FIRST commercial paper IL
Saabc at AK per cent on tho street.
government securities were IN good Investment dc.
and at the counters Of the leading Dealers and prices
were u per cent higher than yesterday, partly in
sympathy with the advance in gold; but With the de.
Cline In the latter in the afternoon vetwones yielded
fraction. Tho market closed 1rm, however, at the
subjolned NEUTRALITY-SUSPICIOUS. 1881, 1903 1917;
coupon, 1881, 1928 1929; 5-20s, registered, 1852,
JOG 10614; 52o's. coupon 1862 l0oA 109I 5-20's
No., 1884, 1919 lo7A; 52Os do, 1865, l0SH 1857;
dc.. 1866, January and July. 1861 1O5X; do,
1se7 1861 1853 10 4os registered 1OcS 1o2sS d.
coupon. 1928 lo21; June 1905, 1864 1OsI July
1905, 1O5I 1851; May compounds 1865, ll7,s q
1l7H August do, ll6K ll63; September do, u6H
ll61s; October do, 1864 a No.
Az tho commencement OF business the stock market
as dull at the decline Of last evening" and at tho early
session Of the open board Erie sod at 70 75, Mchi
gan Southern SIX, and Rock Island at o8H. At the
orst regular board the market connud dun and barely
steady, aud the second call became heavy espe.
tialy for Erie, which declined to TAX New YORK Gen.
tra closed u lower than o, the same time yesterday,
Erie x, Reading a. Michigan Southern q. Northwest
frn preferred e, Fort Wayne e, Milwaukee aud st.
Paul y, do. preferred ~ Pacific Mall TX, Western
onion Telegraph T. limos Central was IL higher.
Quicksilver ~, Canton 90. Government securities
wore etrong. Coupon fvo.x eniics OF 1892 closed y
higher now Issue OF 1867 u, coupon ten-forlics u.
Tho cypress shares duh at decline Of X a TX.
At the open board at O'Clock the market rnor
pnd Erie sold at 74a 74sl ani Michigan Southern o.
66H At tho second regular board, tho market having
been meanwhile somewhat depressed, there
material change oxcspt In Atlantic ard Pa
chic Mail, both OF which werc weak, tho for
mer selling down TO 1ol, and the latter to 100.
New York Central closed = lower than a. the frs rcgu
Tar board. Read ng &, Illinois Central ], Rock Island q,
Northwestern a do. preferred l. Fort Wayne u, Nil.
yaukee ard e. Paul u. PacGc &ai 2 Atlantic Vail 7,
,cau,on u, Western Union Telegraph T. Eric ives u
higher. Government securities dull and coupon
Cve-twontics OF 1862 closed Y lover Tho express
shsres were Inactive and X a ] per cent lower
Al The open boa.d at hdlpas thrso tho market was
dull but steady and New York Central sold at 1928
Eric, 74,. Reading. o29s s2is; Michigan Southern,
B6k s6lk; Cleveland and ri.t5bary, e2ss Cleveland
and Toledo, lo2h; Rock Island, 9oG; Northwestern,
61H; do. Preferred, "; Taciac Ns 1854 100; Wot
err Union Telegraph 33S 81. During the res: Of the
afternoon there improved demand for stocks and
Erie in particular, from strong parties, under which
prices advanced and NJ tho close the market was strong
Al the following quoaiious:Now York Central 123s
1897; Ere, TAX a 744; Reading ga e2'S bIch-
gan Southern sJ14 81; Cleveland aud Pit,sburg e3i{
b e3K; Cleveland ana Toledo, 1o2S 1929; Rock
Island, 9e,s o3H Fort Wayne, 100 1ooA; North.
western, 6lS OK; do preferred. 1925 72H Pacific
Mall 1857 1855; wesarn Union Telegraph, 81 a
e7x; Ohio and Mississippi certificates, 2oI a2o1
The foreign exchange market was dull and rates were
fraction lower in some instances Binkors' bills on
England a; sixty days quoted at the close at loo7
1897; o. three DAYS. 1io4 1loss commercial bills,
1855, a 100. Bills on Paris al SIXTY days, 6l0A a
S13s4; a. three days, 513S 5.lls. On Berlin
bankers', 7i5s p; commercial. 713 7lx On Ore.
tnen-BanEers', 7sjl q 1874; commercial, rs 7s's.
On Frankfort--Bankors, 4osi Al; commercial, 4ox a
ioH. On Amsterdam--Baukors', 4ol Al; CONNER.
Cal, 4oi. 40I. On Hamburg-Baukcrs, 50 3ot1
commercial, 35al 80. On An'worp --Bankers, 5.1ox
4 n