The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-02-05
FINANCIAL AND COMMERCIAL.
TUESDAY, Feb. ID J, u

FINANCIAL AND COM, "6nCikL,
TUESDAY, Feb 4-6E n
Ths report from Washington that the Treasury nd
cold ftesn millions of tenfory bonds in January and
that the next public debt statement would show an in
crease OF about twenty millions OF dollars over the pre-
csding ono strengthened the tone OF the gold market
this morning and the opening transactions were at
a4lA but this proved the highest point Of the day,
and the closing transactions prior to the adjournment Of
ths board were Al the lowest price touchednamely,
AJAX, following which l4l the best bid Cash gold
was superabundant, and loans were made at rates
ranging from five to seven per cent for carrying Tho
gross clearings amounted to s49 $4,000 the gold bal
ences 10 $l,652,2l3 and the currency balances
70 $2.24a6sd The President having signed
che bill sxsmpting cotton grown after 1861
from tax and providing for tho free tmporta-
ton Of foreign cotton after the LIST Of November the
Southern planters have some little encouragement to
prepare for the next CROP but such their own poverty
and the decentralization Of the labor system that 1t
very doubtful whether it will be large the last
.oven and meanwhile foreign competition Is likely TO
keep the price OF the American staple low that our
cotton exports will fail to turn the exchanges in
favor and 80 influence the gold premium our advan-
rags.
The stock market has been ar,iacally depressed by
abling the speculative director and those cooperating
with him 70 buy Ehe SO that this wet blanket might
longer stand in the way OF general upward movement
Tho agreement TO swinde the street BY this sscoop
game was faithfully carried out and far there proved
10 b honor among thieves. The emissaries Of the
speculative director exerted themselves all day create
4 panic, and told more falsehoods than usual about
stocks general aud Erie in PARTICULAR but s noto-
worthy that Erie declined less than any other Of the
active railway shares and that the who the
toudest in talking II down were the most vgilant In
picking up The break In Rock Island
the leading feature tho stock having declined below
es against 1881 yesterday morning. This was mainly
owing to strategic movement the part OF the pre-
sent directors OF the company in causing bill to DO in
PRODUCED in the Iowa Legislature providing that the sale
Of the s. 900 600 of stock shall be declared valid
and ths proceeds appropriated to the construction Of the
extension limo from Des Moines to Iowa; and, further
more that the board OF directors shall postpone the
annual meeting OF stockholders for the election Of
directors until the first Wednesday in June, 1862 and
In the event of the company not proceeding with the
construction Of the road 1t 10 10 forfeit to the State all
Its franchise and corporate acts and all lands which
have been granted to aid in the construction ofhe road
The sagerness with which the directors, who sup
posed to DO still largely shor Of the stock sought
the publication OF this bill betrays Its origin buNit aims
70 accomplish too much and will therefore fail OF its
purpose The provision for postponement Of the an
nua election Is something that neither Iowa nor any
other State has right to enforce That is matter
which properly belongs to the stockholders, and they
alone can authorize such postponement, although
shere cases. like that OF tho Pacific Mail Company
where election may be prevented from taking place
by injunction granted by the courts. The bill in CUES.
son Is . stock jobbing operation, performed by
che individuals who concerned In the
tissue OF the stock. and it reflects still
further dscredit upon them. while it marks the
Der OF the Iowa Legislature who introduced this prepes
eerous bill their willing tool Messrs Tracey, Bows
and others are very anxious OF the
pany by hook by crook, and the contest between
ehsm and their opponents promises to DO very spirited
st the next election There is nothing In the present
condition Of affairs to cause decline in stocks
but much. ON the contrary, 70 stimulate
an advance. and sharp upward reaction
II therefore inevitable, prices having. 70 all
Appearances, already touched bottom. Money
extremely abundant and the banks lend freely at four
Per cent government securities and i've on mis-
sslianeous costera while FIRST class commercial paper
Of which the supply very limited is in request at 6k
OK per cont The supply OF loanable funds was in
creased the end Of last week the disbursements Of
shs Treasury in the purchase Of aeven.thry notes.
and the these VIII be In increase in the
legal tender Of tho banks In their next weekly
statement
There was moderately active investment demand for
government securities at the counters or the leading
DEALERS but far speculative transactions con-
srned the market dull and in the afternoon prices
yielded fraction The indications are, however, that
choir general tendency 10 upward under the prevailing
abundance and cheapness Of money and the seadness
Of the gold premium Considerable purchases Of five.
twenties being made by OF the foreign bankers
dsc In lnf In the davh had
che effect or checking these for the being. Owing
20 the large demand for the fret mortgage bonds OF the
Central Pacific Railroad Company Messrs Fisk Hatch,
the financial agents Of the company, announced this
morning that they had further advanced the price to
par, at which the sales continue undated.
AT the commencement OF business the stock market
vas dull and barely steady and the early Of
the open board prices lower than at the close last
evening" with sacs Of Erie at 74k OF Michigan South
srn at o1sS and of Rock Island at 9sk 991. At the
arst regular board there moderate degree Of
Givy, but the tendency OF prices was downward, e.
pscaIy for the steamship shares Hudson River closed
lower than at the same time yesterday, Reading Il,
Cleveland and Toledo IL. Northwestern preferred u,
Fort Wayne IL, Milwaukee and ST. Paul preferred Y.
Pacific Mail az, Atlantic Mail 2, Western Union Tele-
graph u. Michigan Central was higher. Government
securities dull. Coupon 1ve-twentos OF 1854
closed lower issue OF 1857 u, coupon tcnforties
u. Tennessee skies, new, declined u, and
Missouri SKIES advanced 4. Tho cypress shares
were heavy at a decline OF n 2h per
cent. Al the open board at O'Clock
there was activity and prices slightly
tower, except for Erie which remained steady at TAX
Rock Island sold q. s7s esx and Michigan Southern
~ o0h. A. tho second regular board the market
moderately active but barely steady for railway shares,
and Pacific Mail experienced further decline TO 100.
Hudson River closed y lower Rock Island ", Pacific
Mail az, Cumberland Coal IA Western Union Telegraph
~. Governments securities were dull Coupon i've
nwentiss Of 1864 closed lower, coupon tsnforss y.
Ehs express shares were weak at further decline Of
Ak In wells-Fargo, 4 In Adams and 81 In Mer.
i ehsnts' Union. Missouri skies advanced Y and
Tennessee skies u. AT the last open board the
market was weak aud Erie declined TO 73ss, Michigan
Southern 70 saH eoH, Rock Island 97E . %
u-.----~-.