The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-01-18
FINANCIAL AND COMMERCIAL.


FRIDAY Jan. l7-oPM
ne advance Of yesterday was not sustained in tho
fold market this morning, and prior to the opening or
che board sales wore made .. 1884, but after the formal
sommsrcemsnt Of business the range or the day was
From 1881 70 1898, with the closing transactions prior
% the adjournment al 1881, following which there was
Considerable pressure to sell, which forced decline,
ehd the latest quotation l3S1a lSsk. The 'short
Interest being lighter than usual the borrowing
demand was not equal TO the supply, and loans
were made at rates for carrying ranging from foor to
seven per cent per annum and at l-s2 per cent per
oem The gross clsarings amounted TO $sS.95s.o 900.
the gold balances to $ls5s 48s and the currency bal
ancss to 49, $685. There little or excitement
IN the dealings owing reassuring character Of the
uews from Washington and the volume OF speculative
business smaller It has beea for several days
past owing to many Of the principal operators having
Withdrawn from the market
Tho stock market has been firm, with upward ten
6ency, although the Improvement was resisted BY
party OF prominent beas who have been selling short'
heavily since Friday last Tho s,shortn interest out
standing is now considerable, and this will serve to
etimuate the rise to which all the material conditions
affecting speculation the Stock Exchange are fayoa
bic. The supply Of money is increasing and loans on
linked colaterais are made mainly at six per cent
with exceptional transactions at i've and seven,
the higher rate being generally asked BY the private
bankers for small and moderate smounts First class
Commercial paper lie IN limited supply and rated on the
street at ~. while the banks discount Il without
hesitation for their customers al the legal rate.
! The House Committee Of Ways and Means has nom
sonourred In the Senate amendment to tho anti
contraction bill. but this Is an unmportant circum.
Atance and will in nowise endanger lisa final
tesult The bill will have to be sent back 70
Senate and committee OF conference must agree a.
70 the wording OF tho Tue bill reported by the
COMMITTEE Of Ways and Means this morning to limit
tho amount OF internal revenue TO $3.50 100000 per
ennum and confne taxation mainly to distilled spirits
hnd fermented liquors iooacco stamps special taxes
Incomes dividends. Injuries and amusements, banks
and railroads. gross receipts and lesacies and sue
Passions is step in the right direction and entitled to
fhe serious attention Of boh Of Congress This
p! has for ~ object the reduction OF taxation which
a present excessive, and Inc reduction of the num-
Dor Of articles taxed which are now almost too
numerous to meDton In this way the cost Of collect
ipg the revenue may DO largely diminished and the
duced scale of taxation VIII ehd TO enforce economy in
the public expenditures Fne people have been strug
cling too long under onerous burdens, and tho public
credit VIII be strengthened By the practical relief which
Ens reduction OF taxaIion will Afford. The currency
question bias been already satisfactorily acted upon In
Doth houses, and there Is reason to hope that
ssual sagacity viii BIO exhibited In relation
70 the revenue. Meanwhiis II il unsatisfactory to
nnd that the bin repeating hs tax should have
Peen treated by the senate the manner 1t was.
nere suspension OF the isx for year little better than
farce and offers but sli for tho planters
70 persevere in Cotton cultivation the face OF great
4bstacle The state Ct the cotton trade requires the
abolition OF the tax, and no halfway ike the
one proposed by the Senate would the object In
view Let the Senae, therefore, reconsider iis amend
nsnt and adopt the b a. IL was passed by the House.
Government securities continue In good investment
demand at the counters OF leading dealers and tho
market Tor tnom has very arm andertone although
Tor the timo being Speculation Ia rather quiet During
tpe afternoon quotations advanced 4 x for i've
ewsntes parity owing the report bonds
were selling at Tx London. At the close tho sub
Joined prices were current, the market being then
steady Registered. 1881, 1929 a 1O9X; coupon
4ssl, 10oA 1oo|; 52oa registered. 1852,
106k l0ok; sos, coupon, 1862, 1929 l0o&;
&c. 1854, 1918 l07'si do, 1855, 10sH 1857;
No.. 1865. January and July, lo51 u 1857; do,
1857, 1861 loo; 1o-sos, registered. 1929 o lo2x;
foAos coupon, 1919 1929; June 1905, 1864
1857; July 1905. iOoA 1861: May compounds.
1854, l17< 117sS; August do, li6;f a 11Sx; Sep
tsmbsr do, li6% lI6'5 October d., ll5A a ll6.
AT tho commencement OF business tho stock market
was firm q, slight upon the closing prices OF
last evening; aud the eay session Of tho open board
Eric sold at TAX and Michigan Southern at ST. At tho
qrst regular board railway firm, Now YORK
Central Erie aud Mich Southern being the strongest
but Pacific Mail was weak and declined to 1868, owing
70 Impression which prevail tha. tho company will
pass the dividend; but With regard TO this the
board Of directors arrived a: decision a. yet
Atlantic Mail was heavy In Sympathy. New York Gen.
Sral closed z hgacr tho same time yesterday,
Erie u, Michigan Southern * Iilipois Central was u
lower Rock Island a. North western u, do preferred
" Fort Wayne ~ milwaukee an s. Paul u, do. pre-
kerred y, Pacific Mail Al, Aan..c Mail 8, Canton u.
Western Union Telegraph -. Government securities
we're dull Coupon i've .veniics CT 1862 closed u
lower, issue OF 1904 isslc Of l555S Express shares
were dull at a decline OF u 4 per c,Gs.
After the cali the market bscaIc stronger ana Eric
Was in brisk demand si 70 15&. IT the ono O'Clock
open board there Increased activity and lrmness
And Eric sold a: u, Michigan Sos.hern al SIX, aud
Rock Island at e6ss Al tho second regular board tho
market qule. and s.eey. New York Central closed
n higher than AT Ito lrst regular board, Eric 4.
Hudson River u, Gle, Gland end Pt.sbus u, Milwaukee
and st. Paul preicrroa x, Pacific Nall "a. Canton Y,
Western Union Esisgra2h q. Illinois Central WAS Il
lower. Cleveland and Toledo Il, northwestern preferred
~ Fort Wayne X, Milwaukee ana ST. Paul u. Gov
trnmont securities frl, bet oaI Tennessee State
bIxos, new declined sEs hssoIfi sises adg ancod
~ At tho open boafa \! bslfpas. throe prices de-
elinsd slightly ana Fro sold at 7sss Harlem 1914
micDiSsu oouslSEu o. F0TsA"e4tefl oJSs, New
York Central 1888 aud raciac Mall 1917. Sub
sequentIy there inproseP demand for
railway shares, under which prices recovered,
and at tho close, at quarter 70 six, tho
quotations uboinsd New York Central 1897
tl23h: Eric, 7+5s Is; Ro,ding, t24 20; Michigan
feutLsrn, ss STA Cleveland sDi PtlsDurg, e314 a94;
Rock Island, s61s rosla; horhvsstorn OIL OK; do.
preferred, 72h a72A psc,ac Mail los 1854; Western
Union Telegraph, SIX az. sore wayne IoO4 iooK;
Cleveland and Toledo. los Ia34 Ohio aud Mississippi
certificates. 2os4 a 80.
Tue following table prcs5na a CON- arson OF tho
Srices OF tho leading stocks board o.day,
with The highest touched In 1866
Niger Jaa IL
81 1900. 1893. Hishr. LopeY.
Nav York Central .... Iy?H I25k n