The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-01-24
FINANCIAL AND COMMERCIAL,


FINANCIAL AND CONNER GAL.
THURSDAY, Jan. za-ePM
rhs gold market opened 81 1929 this morn,n, f,on
xhich point there . gradual advance 10 laox ana
che closing quotation prior TO the adjournment Of the
board was l4oh 14o1s, following which there was =
further advance 10 i4o7f, the latest quotation being
IloH l4oX. The immediate cause OF this steady r,ss
OF one and half per cent the majority voe Al drss
pxpsetsd and Afterwards ascertaned Of the
sion Committee agreeing upon Mr. Thaddeus srsvens'
new supreme Court bill declaring that the ap-
Dsllats Jurisdiction Of the court shall not extend
any act done under the several reconstruction
acts OF Congress- and that the cases now pending In the
court In relation thereto shall DO dismissed including Of
course that OF AcArdlo, which is now engaging it,
attention. This deliberate attempt 70 destroy the
power Of the Supreme Court, in order 70 prevent t
from rendering decision adverse to the constitution
Atty OF any Of the laws Of Congress, very natu-
sNy calculated TO arouse apprehension It
goes 70 show that the majority in Congress
s disposed TO sweep away all obstacles to the
aton OF their radical plan Of reconstruction and In
9ar Ia revolutionary. 1t is, however. believed BY
eaarge section Of the community that the conservative
voice OF the country win yet modify In degree the
projected acts Of this Congress- but However that may
be. there u little doubt that the radicals
W
ssvss. The supply Of cash gold largely OF.
essdsd the borrowing demand, ana loans wore
made It rates varying from four 70 per per
annun and ~ l32 per diem for carrying The
volume q business was not large during the early part
o. the day. speculation having been rather Quiet but
private advtcss from Washington led 70 an active de-
rand In the afternoon, which eoatnusd up 70 the
Close The gross csarngs at the Gold Exchange Bank
amounted to $lS,ss2.ooo. the gold balances 70
el27s, ILL., and the currency balances 70 $1.9os.l2Z
The supply or money continues in excess Of the de-
snand st6a6 per cent with nearly al the large loans
and the transactions based upon governments u the
lower rata The banks and other corporations finding
dinhsun TO employ their funds fully the Stock Ex-
change and discounts converting them into gov
eminent securities for the sake Of the higher rate Of
Interest they yield. The flow Of currency from WsA
- East continues on considerable scale, and the
quremsnts Of the mercantile community unusually
light The limited supply Of nrst class commercial
paper offering IL freely taken at I per cent.
The natural result Of such . plethora Of
money q . growing disposition TO speculate
Cor rise in Stocks and according 70 the abundance Of
money will be tho force and extent Of this bull
ent NO signs Of the approaching elimination Of which
are yet visible likely to DO for time come
although late this afternoon the market experienced
other Of those slight temporary reactions nseparabs
from al strong markets
There was . confident feeling among the bulls in
stocks q tho commencement Of business and at the
early session Of the opon board there was large
ness transacted At about the closing prices Of last
evening" the sales Of Eric aggregatlng $500
shares at 75x 75x. There was abatement
Of strength and activity at the first regular board and
Michigan Southern and Fort Wayne particularly
strong. while Atlantic Mail recovered four per cent Of
che decline the stock selling at 90 Erie under
pocuiaY roanpulation Of In tho stock
vas steady Ut 75h II there had been party In it
the price would have been considerably higher before
this time and the indications that the public
viii take 1t entirely out Of the hands of Mr.. Drew
and his friends, and that the stock will in
active sympathy with New York Central; for II the
latter u worth $50 Erie is surely worth than rs.
Canton declined to 81, properly speaking to
about 22S, for fifteen years less ago the Can.
con Company was reorganzed and four shares
OF stock sold for each share OF
Bhs old thus raising the number OF shares from twelve
thousand I'VE hundred to Hfy thousand. Since that
time. however between four and vs thousand shares
OF the stock have been Withdrawn by the company
New York Central closed higher at the first board than
81 the same time yesterday, Erie u, Hudson River 2,
Michigan Central q, Michigan Southern 2 Cleveland and
Pitssburg IN Cleveland and Toledo IA Rock Island n
Northwestern preferred Fort Wayne 2, Pacific Mail
q. Government securities strong. Sixos Of 1881
closed higher, coupon hvetwentes Of 1862 y, issue
OF 1854 u, issue Of 1885 ", issue Of 1865 u,
Issue Of 1867 u seven-thires second SERIES a. There
~ss continued activity at the open board at o'clock
and the sales Of Erie aggregated 200 shares, at T5
aT5x.
Thsrs was material change In prices at the second
regular board except for Pacific Mail which advanced
az per cent but Erie and New York Central showed
Improvement Of y u, and Fort Wayne OF u. Gov
eminent securities continued buoyant at a further ad
vance OF In ten.forties and In the other stocks
At the open board at half-past three the market
fraction lower and Erie sold at 76x, Michigan Southern
ct Sox and New York Central at 1907. Subsequently
che reaction made further progress In Erie under tho
efforts OF tho speculative director depress for the
purpose Of buying at the decline but there ma
tsral change Of the Market which closed firm
shortly before six O'Clock at the following quotations.:
New York Central 100 a 13o1; Erie, TAX AJAX; Read
ing o3K 93Js; Michigan Southern, sss< ssT Cieve
land and Pitssburg, 9eH 9o9S; Rock Island, s7x
ON; For Wayne. 1881 1881; Northwestern, COX
cox; do. preferred, 70 73%; Pacific MAIL 1loA q
HOY; Western Union Telegraph, SIX 3S; Ohio and
Mississippi certificates, 32z "a
There . very large business transacted in govern
mont securities the OF the leading dealers
the demand being mainly for investment stimulated By
che superabundance Of money a. i've per cent The
business vas we'll distributed throughout the list but
nvstwenuss OF 1895 MAY and November, still attract
special attention. owing the fact that they quoted
aboas ~ " below the bonds Of 1862 the interest
which 10 payable on the same dates.
The foreign exchange market was dull, and although
most OF this produce and cotton bills we'll those
drawn against shipments OF bonds which were recently
Offering have been absorbed, tns leading drawers nnd
dicut TO soil their bills at the current rates the de-
nand from importers being light Continental rates are
arm bus the transactions limited Bankers bills
on Esgian1 81 sixty days. quoted Of 1oox iook;
81 three days, 40 llox; commercial bills, 1osK
1ook. Bills on Paris. st sixty days 6.1ok s6.l5; at
three days. ais s.l3sx On Berlin-Banksrs', Tx
n; commercial nix Tx. On Brsmen-Banfsrs',
70 . 7sx; commercial, 7s1 q 7sx. On Frankfort