The New York herald., 1868-01-06
FINANCIAL AND COMMERCIAL.

f"S"SiHI AMI GUNNER Clh>L.
s~s7->
SUNDAY Jan g. 1865.
The gold market was firm during the past week, and
At the close ii developed an upward tendency ad
vance TO l34 135 having taken place after the ad-
tournament OF the board Saturday. while the previous
range from 1524 to lS4K with the latest ransac
tons prior to the adjoornment at l3is Cash gold was
pm active borrowing demand from the bears and rates
Favored tneisndsr until Friday morning, when the sup
piy became easier owing shs disbursements Of the
fsuoirsasury and rates slightly IN favor OF the
borrower These payments amounted, up to three
O'Clock yesterday. to S. 900 for interest and only
$627 in redemption OF the bonds OF lSi7 while the
receipts for customs duties aggregated 1885, The
demand for export considerable. aud OF the tots OF
xbout two millions and thrso-quarters shipped only
small amount was In gold aud silver bars
The meeting Of Congress tomorrow 10 gen.
orally regarded as likely 70 stimulate the
reaction from the recent depression There is still
good deal Of talk adost to what radicals intend
doug and the restoration OF Stanton under the pro-
visions Of the Tenure OF once bill Is spoken OF 70
among the possibilities OF the time Then the evsrast-
Ang negro and his political be brought up
and dssectsd and the feelings which gave
of impeachment against the PRECEDENT will brought
assia into full play while tho next Presidential election
will b kept steadily in view the central pivot The
most important before the Senate Is the bill
which passed the House Of Representatives by large
majority suspendng the further contraction OF the
ycncy, and should be paused without further delay,
the interests Of the country demanding that further
contraction OF the circulating medium should bs made
That this bill will become law there Ii littlc
or no doab, after which ws shall probably
hear from tho lnaationists. Early in the session
sshs Bankrupt law should be amended In con-
formiy with the object FOR which was designed The
fact that take the benefit Of the act after
year from the time OF s going operation unless his
assets amount nfy per Of his liabilities. without
the consent OF majority Of his creditors in writing,
calculated TO defeat the purpose for which the law
passed BY placing beyond the reach OF the great
OF nsolvsnt debtors who have usually merely nominal
assets.
Government securities were firm during the week,
and there was q moderate investment demand at the
counters Of the leading dealers Five.twenties OF 1882
which had been previously scarce, became abundant
owing to the return Of about two millions worth from
Europe. and the price declined to 1917 los, at which
quotation there inquiry for them from tho foreign
banke The disbursements Of the Treasury, the banks
and public companies In payment OF the January inter-
est and dividends have not yet been fully felt In the
market for governments but they progress the effect
will become moro marked and prices may be expected
to ADVANCE particularly in view OF the rising tendency
Of gold and the rather low prices at which hvstwsntes
still selling Those OF the old issue 1865 MAY and
November particularly firm. owing to the foreign
market which is open to them and the fact that they
are two per cent cheaper than the bonds Of 1862
although equal to them in every other particular with
tho interest payable on the same dates
The most notable event OF the wsok the Stock Ex-
change the sudden decline OF ten per cent in the
stock Of the Chicago and Rock Island Railway Com
pany, the price having ranged from 99 to sex within
four days. but at the nrs regular board the morning
, which 1t touched the lower figure 1t
covered to %, and subsequently, advanced to
0Sx. Tho OF this break the
Issue Of s. geo 900 Of their stock which raised the
amount outstanding from So 100 900 TO s4 000 the
ossnsbs purpose Of the issue in question being pro-
vide means for the extension Of the line from Des
Mones TO Omaha, authority for which had boen con-
fsred BY the board upon Mr. Tracy the president Of the
company, and Mr.. David Dows one Of the directors
They had the privilege Of issuing either bonds stock
and the In which they avaied themselves Of 1t
has become Of the scandals OF the street. and the
public surprise has been all the greater consequence
OF the high reputation for honor and straightforward
>lsalng which David Dows had previously enjoyed.
This new stock used TO deprsss tho market price Of
che STOCK and II s understood that those in the secret
largely short Of it, and proned by the decline
accordingly II act OF fragrant injustice to the
stockholders large increase the capital to this
tent without consulting thsm tho particularly as
the company In want OF the proceeds, the cash
In hand II the present time amounting to about
six millions, the best IL find for which
to loan 1t at six per cent while II the company
slnuss dividends At the old rate IL win bs paying
ten per cent upon the stock. The extension, 10
provide for which tho stock avowedly sold, has
mot yet been commenced. SO far as the public is
aware; and neither the company Messrs Tracy and
D0ws have volunteered any explanation OF the
transaction which affected tue interests OF
the stockholders lagrant instance apparently OF
corruption in railway management has not transpired
for long time, in this country, where corruption
zion In railway management Is the rule rather than the
exception. Neither Mr.. David Dows any other
man who values his reputation afford to allow the
part he performed in such moro than quest onable
business TO remain unexplained; and he In particular
owes Il TO the stockholders TO call a meeting and.
submitting the facts, ask them whether they are
willing to sustain him aud his ally in their recent
proceeding. Tho railway snare market soon
recovered from the sympathetic depression produced
by the fall in Rock Island and Erie, Northwestern
common and preferredl Cleveland and Piitsburg and
Ohio and Mississippi were especially nrm. Money was
In abundant supply on call at per cent, and the
prospect OF It's continuing lower rates is
couragng tho leading bulls who predict period OF
active say Wild speculation during the next three
or four months, the very dulness and depression in
trade peng considered favorable to their operations by
causing capital to concentrate In Wall street This
ssmi-stagnation Of business results In limited mercan-
tile demand for money from good houses and although
inferior grades OF commercial paper supsrabun-
dant supply, because there demand for them tho
best quality Is rather and passes freely a.
per cont Thus there Is other field for the employ
ment or the great bulk OF the surplus funds or the
banks than Wall stree. afforoa A. the close Of
business ON Saturday the stock market nrm Al the
suboined quotations:-New York Central, 1lsH lls7s
Erie, 72x a TAX; Reading, 90 pax; Michigan South
srn, sex sax; Cleveland and Pit.sburg, ssx 50;
Cleveland and Toledo. osh: Rock Island, o3x osx
Fort Wayne. S7x,y07x Northwestern. Sas. 90; do.
preferred, TAX a. Pacific Mail, ll1x liz; West
srn Union Telegraph, 37k 37h; Ohio and Mississippi
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