The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-02-06
FINANCIAL AND COMMERCIAL.


"WEDNESDAY, Feb 5-oPM
Gold has developed rising tendency to-day, under
the ndusnce Of the published correspondence between
the President and General Grant and in the afternoon
shis was stimulated by the report that tho
Committee held speca meeting this morning
sder the subject which resulted in q sub committee
oeng appointed to inquire whether there il any svi-
osncs Oh design on the part Of the President to evade
81 violate any act OF Congress and to report accordingly,
With view, OF course 70 impeachment The nuctaa-
sons were from l4ok l4lA, with the closing trans
actions at i've O'Clock a. lax. Cash gold was IN
superabundant supply the 'shor interest being tight,
and loans made at rates varying from I've to seven
per cent for carrying The gross ciearincs amounted 10
600 the gold balances 10 $l95 OILS and the
cut $38l, 7SI In specie
Tho stock market been excited and unsettled again
BY the same artificial Influences which wsro 80 con-
sptcuously at work yesterday bus during the afternoon
the uneasy feeling which prevailed in the morn
ting gave place to restored confidence, and prices.
which had boon previously depressed. were In
4s ssceA..n~ speculative oirec or in Eric and nj.
nfshngs, and those cooperating with them sought to
oeate rssn distrus BY circulating false runners regard
INC Stock OF that company In order to depress II
VT 'ns purpose Of buying at the decline One of the
reports Invented was that the Erie Companv WINS con-
soiidatsa or about to be consolidated with the
Boston. Hartford and Erie Company: and absurd n
~"s was was not without some effect In
promoting the scheme for swindns the street organized
" the interruptions individuals In question. When
a"aS managers can be found who will Disgrace them-
selves and reject dscrsdit upon tho len thsv
represent oy deprecaug tho value OF It's stock and IN
Jorns IT. credit In this manner high time that they
Rx hvals nd
act b consigned to peni,sniay as they deserve 10 Boz
sor practically. 1t is as much false pretencs to manu-.
facere false report In order break down the prco
or stock for the purpose OF buying the decline as to
isrepresent the value OF article offered for sale In
an ordinary business transaction Tho largest transact
nons a oil The boards and in the long room between
the sessions were In Erie and the lowest price
a. which Che stock sold was 72N; but tho
latest quotation was 72X IS The business In the
other leading railway shares evenly distributed
Su mock Island attracted special attention. owing to the
Mitigation IN which the company is involved respecting
tho $4,000 900 Of stock and interest In has been
revived by the bill which has been introduced in the
Iowa Legislature In the interest Of the present directors
who are anxious TO retain control OF the road at all
nasards II The Legislature should pass this bill would
Simpy Do declared null and void by the Supreme Court
Tor tho provision makes for the postponement tho
annual election until June, 1852 is clearly unconstu-
iioua Section one, article eight OF the constitution
III Iowa reads as follows
No corporation shall DO created by special laws but
the General Assembly shall provide by general laws for
tho organization OF all corporations hereafter TO be
created. except as hereinafter provided.
And section twelve OF the article further says
Subject to the provisions OF this article tho General
Assembly shall have power renea all laws
Tor the organization creation corporations grant
ting Of special or exclusive PRIVILEGES immunss by
vote or thirds each branch OF the General As.
". ma in
article provided, shalt ever be granted
Tho fact that the stock OF the Rock Island Company
mas declined below gS under tho influence OF this bill
shows tho degree OF public confidence in which Messrs
Tracy, BOWS aud Company held There is no doubt
that II change In tho management OF tho company
took place the stock would advance materially and
permanently With respect to the market for stocks in
general there Is nothing OF a legitimate character to
depress IT, and the present decline has been caused en-
srsly BY artificial means and hence there must DO
quick rebound The glus OF money is increasing and
loans made freely al four per governments
and ~ . per cent on mixed co'atcrais whio nrst
class commercial paper Is discounted al 6k . per
cent.
There has been very large investment demand for
government securities at the counters Of the leading
Dealers and considerable speculative purchases OF
nvstwsnties for shipment Tho banks and other cor
porations investing in bonds in preference allow
private ndvdu as doing likewise rather than accept
the alternative Of oaning their money at four per cont
Prices somewhat yielding during the morning but
In the afternoon there general ADVANCE with very
limited offerings, and spirited inquiry for ali the issues
OF nvetwsnties Tho investment demand for the Gen.
trial Pacific first mortgage bonds at par and interest,
through Messrs Fisk 4 Hatch, the financial
agents OF the company, also continued active,
and the public will probably take them at
ehis price fast rs the company Is authorized
them. hundred and thirty miles OF tho rail.
way already completed and the work progressing
rapidly In Nevada. In this connection We may men,
sion that Mr. John Cisco tho OF the Onion
Pacific Railway company, to-day gave notice tina. tho
price Of It's bonds has been further advanced from
IS 100 and accrued interest Az the close the
aet was strong
Al the commencement or business the stock market
weak and unsettled, and Eric sold down to Tx
and Now York Central to 25 but at the early session
Of open board there steadncss and prices
improved, Erie having sold at 70 ard New York Central
at l25k 1881 Al the nrs. regular board tho bears
hammered the railway share market vigorously, and
although active IL was weak with sales
or Erie 72t. The steamship shares also weak.
New York Central closed az lower than at tho
time yesterday, Eric IL. Reading l, Cleveland and
Pittsburg ~. Cleveland and Toledo IL, Rock Island
TX. Northwestern preferred 4, Fort Wayne Il. Pacific
Mail az. Atlantic Mail ~, Western Union Telegraph
u. Government securities were heavy. Coupon fvs-
twsntiss OF 1861 closed lower issue o. 1884 ~
issue Of 1867 u, coupon ten fortiss u, ,hrtes
second SERIES " Tho express shares pressed for
sais At decline Of from two 20 four per cent Ten
nsssss and Missouri sizes advanced y and Tennessee
SKIES declined r. After tho call the speculative
director and his smissares continued 10 hammer Erie
and meanwhile bought heavily Al tho open board 81
enc o'clock the market nrmsr In tone and prices
advanced, aIes Of Erie having boon made at 70 73X
OF New York Central at 1881. and Of Rock Island at 81
so7x. Following this there . relapse Of y ~ per
cont but tho second regular board there was partial
recovery and New York Central closed higher than
L. Ilaek AiiGxaL.kaa