The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-01-15
FINANCIAL AND COMMERCIAL.


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TUESDAY,, Jan. k-oP. H.
The GOLD market has been more excited to-day than
Il any time perhaps the termination Of the war.
and the transactions unusually heavy. The effect
Of the proceedings Congress- yesterday was fully felt
q the commencement OF business, when sales were
made at l42 and subsequently, at 142z 142,s, which
proved 70 be the highest point Of the day. the subss
quent fluctuations being from 14o7s TO l42 with the
closing transactions prior to the adjournment Of the
board 1t l4l, following which there was no material
change the latest quotation being l4lx l4lA. The
rapid rise OF the last few days has largely reduced the
.'short" interest," and in consequence there was
diminished borrowing demand for CON- and loans were
made Al rates varying from three eight per for
carrying Tho gross cearngs amounted 70 $ll6 900.
the gold balances TO $20a2,oz and the currency
balances to 903 sos. The total amouat Of gold
ncaes issued by the Sub Treasury up to the end Of last
week $245 800 70 Of which $2o9 600 has been
redeemed leaving $35, S04 740 outstanding. The alarm
excited revolutionary acts Of Congress- has led to
general desire 10 buy gold in view Of possible conin
gencies, and spectators for rise have made the most
or the opportunity for stimulating the inevitable id
The rise In gold does not indicate dsrust Of the
pubic credit in this case, but mere disturbance Of the
public mind; for were otherwise government securi-
ties would not have advanced also Nevertheless the
that gold will hereafter for long lime como be likely
to rule at higher premium than It has commanded for
the past year. and to this view or the situation the
public mind Is already adapting ITSELF
Speculation on the Stock Exchange rather quiet
but this TO all appearances only temporary iu tho
bull movement the signs Of the times being favorable
to speedy resumption OF activity and higher prices.
The earnings OF the railways continue be larger
scale than those Of 1861 and confidence In the per-
mancnt and growing value Of railway property Is
strengthened by this fact well certain important
forms IN railway management, both accomplished and
prospective Outside orders TO buy stocks arc more
than they have been for many months past,
tho sapply Of money cheap and superabundant the
great Of the large stock houses and principal specu
laiors committed the speculation tor rae and
there doubt that the Senao will very pass
tho House anti contraction bill By . consdera-
BILE majority and that the President will promptly
sign II Moreover, trade ID 80 dull all over
tho country, owing to the excessive currency con-
traction Of the past fifteen months, that thore
s field for the employment Of idle capital likely
to attract Wall street. and the very s,agnaton Of
general business will tend 70 give impetus to spssu
lat,On the Stock Exchange. The financial
passed by Congress will the time give cheerful
aspect TO monetary affairs by making money easy and
restoring confidence In values generally, so
been suffering under through the excessive
contraction before referred TO- The decisive in
which Mr.. Williams resolution relative TO the finances
laid Jon the table in the Senate day shows the
feeling OF Congress against anything involving oontrac
on and the Senate by its recent vote not to pledge
itself against nfation showed that in reality favored
imitation Moreover, Mr. Williams proposition for
s0ldating the public deDt enttled to consideration
as It would only work mischief, and Congress will do
we'll TO 'et we'll enough alone and leave the funded
debt In its present shape under existing circumstances
Money u 10 abundant supply At . per cent with
the bulk Of tho transactions SIX The old esabshed
stock houses and the principal dealers government
securities have difficulty In borrowing large
at five, and the aow Of currency from the West and
the interior generally towards This CENTRE Nothisg
new has transpred in relation to the City Bank defal
cation, except that the amount emDezzled Is est-
mated $3.50 900; bat the exact has not been
certainsd When II y the bank Will make Ofncia
nouncement subject The capital Of the ipstatu-
ton 10 $1,000 600 and liz surplus last October was
$7l3 oa2 in addition to $l46 Of undivided proAsa
There was n. buoyant market for government secur-
ties the during the forenoon, in sympathy
with the rise In gold, which increases the value Of
the In currency, and the greatest advance
the Avo-twenes dealt In abroad Those Of tho VI
1862 sold up 1l0h and those Of tho old Issue Of 1866
to l0SK; but at the cali and subsequently,
there o slight reaction from the highest
point, owing sales 10 realize. The market closed
firm, however at tho decline, and tho Indications
are favorable TO higher prices, the quotations.
being sti below those current six months ago, when
gold ruled lower than 1t does Tho irmness OF hve.
twenes In London Is favorable 70 shipments from this
sde and considerable purchases have made by
ioregn BANKERS during tho last days. The quotation
to-day was 7l1S ia, although II was probably known
the time that gold mad sold up 14l yesterday
and when gold 1856 the quotation was only TAX.
On this sido have not yet felt the full
OF the advance in goId but should The latter DO
tanned, even at two or three per cent below its
present point, they will soon do There
q good Investment demand ~ tho counters Of
the cading dealers, but the volume Of specalar
i've business smaller than yesterday. The
absorption Of bonds for the Of interest aud
dividends IS going forward steadily Al the close The
quotations. as suboined :-Reglstered 1881, 1osZ
ITO; coupon, 1881, 1904 l035s; 520s, registered,
1852, 1861 lo53t; sos coupon, 1862, lo9A l0oX;
do, 1884, l07a lo7 do, 1906, 1885 1854 do, 1865,
January and july lo5S 1914 do, 1867. 1854 1859;
lo-4o's, registered lo2,s lo2X; 104oa COUPON 1o2x
alo2A; June 1908, 1854 a LOG; July 7.30s, 1861
lo6; May compounds, 1865, u71S Hts; August do,
ll6H 1853; September do, l16 ll6Aa; October do.
n6% q l16.
At the commencement OF business the stock market
rather dropping and dull Erie selling at 75s 75k
and Rock Island at e7H hut at the regular board IL
became 6rmer, and Ere advanced TO. 755s, although
there marked activity any Of the railway shares.
New York Central closed y higher tuan Of the same
time yesterday Hudson Hivor ~ Eeadng y, North
western y, Milwaukee and ST Paul "a Canton 4.
Cleveland and Toledo was " lower, Rock Ii aDt y.
Northwestern preferred u, Fort Wayne II. Pacific Mail
Il, Western Union Telegraph H. Government securities