The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-01-23
FINANCIAL AND COMMERC GAL.


WEDNESDAY, jan 22-sPM
Tue gold market was firm but quiet today and thu
nussuasions from iss TO 1917, with tn closing
transactions prior to the adjournment OF the board at
lssK following which sales were made at 1897. the
latest price The supply OF cas9 gold was in excess Of
the demand and loans were made rates varying from
fsur 10 six and half per cent for carrying The gross
csarnss amounted to sal. 233 o00 the gold balances
TO $less, Isl, and the currency balances 10
t2oo2A5. The passage OF the new Rsconsractien bill
BY the House Of Representatives has hsd no effect
upon the premium, it was fully expected but the
operation Of the bill In the probable event OF 10 bccom.
ing law. will DO In favor Of higher average for gold
than the Southern statss left free from the mill
iay restraints which Il imposes Az present. however
thsrs no disposition the part Of spectators TO e.
asEerass the evils arising from the political condition Of
tho country, and the public mind which waa Violently
disturbed BY the recent proceedings Congress has be-
come tranqu1sd The action oil the senate in rscsdng
from its dmsut 10 the bill repeating the on COT
tor was rexarded late the afternoon calculated 70
impose check upon the advance Of gold The impetus
which Il will be- ksy 20 give 10 the cultivation OF COT
ton in the South, The bill stands IL passed the
House. with the Senate amendment removing the tariff
on ooarss India cotton and 1t applies TO cotton rown
In and after 1885, without exsmptng years. crop
the speculative. feeling on the Stock Exchange ia
very strong and there 10 an active demand for oil the
ieadn4 railway shares but thus far The Vanderbilt.
shares have experienced the largest advance The hss.
eaton which Erie has shown Ia face OF the general i'm
pruvsmsnt IL unsccountable to the street. and Il 70
donstsss owing % the peculiar policy OF the "poolo
some Of the members OF which sndsavor 10 cheat each
other BY selling Whenever profit presents ITSELF and
the result IL that large Of sosk are thrown
spon The market At frequent intervals; but
the street takes oil that 10 offered, and very soon shs
Doo vail csass, 10 exert any material Influence over
Eris for IL 10 full ten per cent below the RESI- OF the
Market estimated BY the average prices of ths active
stocks during the past year. and the tide OF speculation
viii eventually foas everything nearly equal lsvsl
We are thrsatsnsd with gut Of money owing 70 the
vsry limited demand for mercantile purposes and tts
consequent tendency 70 concentrate here. Hence the
rata for loans on governments will mot improbaby
be fosr per cent The earnings OF tho railways a the
same time contnus large and their expenditures are
being sconomissds the result Il Of which Ia
thai there u - growing confidence isN in
che future Of well managed railway propsrtiea
All the condition. ascting the stock markss favor.
abls 20 rise. and downward reactions are ukely
70 prove only transient The supply OF money
available FOR employment on the Stock Exchange 10
steadily Increasing and the banks daily In recs!ps
o. rsmittaness from the West and other polnta Tho
large stock houses and the dsaIsrs in government
sscurities offered money d avs per cent
than they can use By the banks and the latter lend
freely - borrowers IN general Al per cent on mscs
lansous colAtsralA At which rate the private
oanksn ere also large lenders Owing V
the Inadequate demand for call oans, commercial
paper Of the best grade Ii In demand at per cent
This proosedings In Congress yesterday afternoon with
regard to the differentiation bill are rsassuring the
Conferences Committee appointed by the House and
Senate having reported to their respective houses that
the senate rsoedes from 10 amendment bus insists that
che provisions Of the bill shall DO construed Into allow.
sngsn issse or new currency In eu Of mut,atsd and
othsr. netss cancelled ~ the GovsrnmeRk and she
House having agreed 70 the conferences report the
fate OF the bill 10 assured. 7as strong feeling OF
the Senate against contraction, even 10 the az
tent Of the amount OF mu.ilatsd notes cancelled,
10 shown By the stipulation fsfsrrsd TO- and
from thu Il may b. inferred thai an saort win bs
made later In the session 70 carry through one OF the
Proposed msasurss fos restoring part or the carrency
Withdrawn from circulation durag the past year ,wo
In this connection Mr. Logan In the House. offered rsso
luton yesterday calling upon the Secretary Of the
Treasury for tns reason which, In his opinion,
rendered Il sxpsdisnt 10 withdraw 20 large an
amount or currency from she business Of the
country. II the views Of the Western members Of both
houses acted upon we shall enter upon . new era
Of imitation much greater than the nrsh and the gov.
srnmsns printing presses will mot DO able throw OF
grssnbaoks fast enough for u.s. but II 10 clearly to the
interest Of the people to guard against this danger
There has bsen . largo investment demand for gov
eminent securities at the counters OF the leading
dealers. and the market was buoyant and excited
throughout che day. The supsrsbundanee Of money
ave per cen. il having It's natural effect upon these
well other stocks and the tendency s decidedly
upward At present the demand most active for ve
swsnuss OF 1865, which, like those Of 1882 dealt in
abroad and have the merit Of being about per
cheaper than the latter Az the close the market
strong the susjoned Registered, 1881,
Ilex 11ox; coupon, 1881, l1oH . 1loK; 5.2o's.
registered, 1862, LOT . 1o7x; 62os, coupon. 1884,
1lox . 11ox; do 1884, los . l0sh; DO. 1885, 1o0K
1ooX; do, 1856, January and July, locH loeH; do,
1ss7. 1881 . loskj lo-4os registered, 1854 1881;
loAo's coupon, 1914 . los,s; June 1905 1865!
1oox; July do. 1863 loek; Nay compounds, 1855,
1l7X s1lTx: August do. llox llex; September do.
11oX 11oH; October do, 1lSx 1ie.
Az the commencement Of business the stock market
was strong the decline Erie last evening brought
in heavy buyers Of the STOCK which sold at the early
sessloa Of the open board q 75x while New York Gen.
sra advanced 70 lao and Michigan Southern SIX.
che nrss regular board there well dls,rbu,sd bust
nsss in railway shares and New York Central advanced
20 t2oK, while Erie STEADY o. 10 and sny modsr-
assly astvs Atlantic Nail weak and declined 70
9sK New York Central closed * higher than a. the
ssms ums yesterday, Hudson River ~. Michigan Gen.
sral 4. Illinois Central " Cleveland and Toledo az,
Pacific Mall x. Erie was ~ lower. Michigan Southern
y, Cleveland and Pttsburs y, Rock Island X, North
western preferred n, Milwaukee and g. Paul y. Gov.
ernmens securities were very strong. Coupon Eve
.wsntiss Of 1852 closed higher Of 1894 " Issue
of 1906 x new issue Of 1867 x, coupon ssn.for.ss H.
The express shares dull and ~ lower. Tsnnss.
Al 49,
o'clock prices higher with few exceptions ssps
cially for New York Central which, after previously
touching Isl, sold OF l3ok Az the second regular
board the uarkss was strong, especially for Michigan
Southern and Cleveland and Toledo New York Central
closed higher than the nrs regular board Erie "