The New York herald., 1868-01-16
FINANCIAL AND COMMERCIAL.


There was sharp decline in gold today. which took
Doth bulls and bears by surprise The market heavy
II the opening as I4o,S from which point thers was
pteady decline TO 1885, and the closing price prior %
Che Adjournment Of the board Was 1891 Soon after
wards however, dispatches received from WASH
lngon announcing that Secretary AoCuoeh had issued
order TO his subordaass directing them 70 honor
any drafts OF Mr. Stanton until his In ths War De-
partmsnt Is defined; and also ths. tho President will
very soon issue proclamation prepared by Mr. Seward
Sorbddng any ohcsr Of the army gevsrnnsns from
taking cognfzance OF NJ. Stantcn's ohcih act& Ine
consequence was that there rush 70 Duy gsio
under which the price advanced 70 l4o% lAots ana
che latest quotation, At few mnutes6eiore ak o'clock,
Was l40K l4oH. The volume OF business was very
rge although somewhat smaller than yesterday, when
me cearngs aggregated $l52 ooo but u must be
remembered the clearngs each day represent the
transactions Of the previous day. with the exception Of
the sales made for cash during the forenoon The
supply or cash gold was superabundant and loans
vere made ct rates varying from four to
ssyen Der cent per snuum and At l-32 per
can't per diem, and without interest 10 either ber.
rover or lender The Of the sudden decline tns
morning mainly speculative the largo holders OF
coin having sold out yesterday With the view Of buying
M back at figures, and their operations
kordingly directed TO dspreB the premium much a.
possble just they had previously been to unduly
stimulate the rise. The market ID again In the ascend
ant and while the present disturbing causes Washing
ton are At work violent fluctuations hkcIy 70 be
experienced at frequent intervaa The steamer Cuba
took out $241, $50 in specie.
The bulls on the Stock Exchange having sold good
deal Of stock since Friday morning last which they
buying back, their efforts temporarily directed
20 prevent the market from rising until they have
eompshed their object; but the probability that this
check upon its natural tendency will very soon bs
moved when the result easily be foreseen The spccu
latve feeling on the street Is still very bush, notvith
standing the dulness which has prevailed
during the last three days. and the bulls
manifest undimnlshed confidence in tho future
Of prices Money Is In moro than ample
supply at six per cont and the old established
stock houses borrow large from the banks
as Ave: but nevertheless, those who borrow at this
rate ask seven small and moderate mis-.
cellaneous coilaterals. The transactions at five and
seven are however, about equally exceptional Tho ap-
pHcations for nrst class discounts limited SCALE
and the banks accommodate their customers freely at
the legal rate, while the street the best grade Of COM
1nercla paper salable at TX per cent The fact
that the mercantile demand for money Is light and
that tho domestic exchanges in favor Of
shs centre, strengthens confidence in prolonged
monetary ease and through active speculation for
rise on the Stock Exchange TO which all tho circum
sage Of tho ant-conracton bill, being debated in
the Senate. will further tend to promote confdence in
Wan street. which, the barometer Of public nion.
viii be the first experience the effects Of the new
neasure than which there that the interests Of
tAe country more imperatively demand
We direct attention the fact that tho State OF Ala
DanA through Msssra Duncan, Sherman Co., invites
proposals for half million Of eight per cent bonds and
chat tho amount Of the present indebtedness OF tho
state is only g. 800 The half million in question is
part Of balance Of $s23 remaining unssusd OF tho
amount authorized by the act Of December is. 1865
Tho transactions in government securities at tho
counters Of the leading dealers limited SCALE
owing to the ind,sposon Of holders to sell at the de-
cline resulting from the fall in gold There was mod
sats investment demand and the market was steady
~ dag up three O'Clock at about tho morning quota
tlons Subsequently however, tho advance In gold
caused o Sympathetic movement Of XaH per cent IN
governments, previous to which they were quoted
fhus:-Registersd, 1884, ro9k 10oI; coupon, 1881,
t09k 109N; 5-2o's, registered, 1862 1O5X . Io3h;
6.2Os coupons 1852, lo9K losn; do, 1854, 1867 a
1o7: do 1865 lo74 los; do, 1865, January and July.
losK 1o65s; do, 1857 1861 . lo5I; lo-40's, regis
tered, l02tS . 102'l 10 40's coupon, 102H . i02X
Juno 1905, 1854 lo55s; July 7.3os lo5% lo57s
May compounds, 1885, 1l73s ll7x; August d., 1867
s1l6s September do. 1l6h all63s; October do, 115
s1l6.
. At the commencement Of business the stock market
Was dull but steady and o. the early session OF the
open board Erie sold at 75H and Rock Island at e6
A. the first regular board the market without ma
feria change, and there marked activity in any
u tho railway shares. Reading z lower than at
NE same time yesterday, Cleveland and Toledo X, Rock
Island y, Northwestern preferred H, Fort Wayne u,
Milwaukee and St Paul ~ do preferred q, Pacific Mail
X, Canton y, Western Union Telegraph u. New York
Central was u higher Michigan Southern x. Govern
mont securities reacted from the advance OF yesterday
and coupon 1ve-twenties OF 1862 closed X lower new
issue Of 1895 " issue OF 1857 n, coupon sn-forties
sevenhirtes. second series, u. Tho express shares
We're dull At ths open board at oclock tho marke
continued dull ahd prices fraction lower Erie
having sold at 7sk At the second regular board the
market depressed BY the bulls for speculative effect
and New York Central the weakest OF the ralway
shares aud Pacific Mall OF tho miscellaneous stocks
New York Central closed IL lower than al tho irs.
regular board, Erie a. Reading 4, Michigan Southern
IN, Cleveland and Pi.tsourg h Rock Island x, North
western preferred y, Milwaukee and s. Paul 4. do.
preferred y, Pacific Mail ~. Quicksilver was u
higher, Canton l. Government securities wero DUH
At tho board at halfpast three the market was
shade uraer and Erie sold at 747s; New York Central
As 122Y; Michigan Southern 81; Rock Island 96z1
and Northwestern, elk. Prices afterwards improved
kaH per cent and then reapscd, and At the close
shortly before six O'clock the following quotations
current, tho market being at the time steady New
York Central, 1879 l23; Erie, 747S IS; Reading OK
ao2H; Michigan Southern, s6T q 81; Cleveland and
Pittsburs, ess os7:; Rock Island, o6s 9e1; Fort
Wayne, 1ooiS loo4; Northwestern. 61S a e1,S; do.
preferred. % 1871; Pacific Mall, 11lH 1I1x; west-
srn Union Telegraph, 37h a3S; Ohio and Mississippi
certificates, Soj< . a3ok.
u The transfer books Of the Milwaukee and Prslrie du
Chicn Railway Company will be closed the 21d inst
preparatory to the payment OF dividends on the nrss
and second precrred stock the LIST Of February and
be opened on tho 81 proximo. On ths 3lsi OF Decem.
bsr 1896. this company Id all its property the MI
waukee and St Paul Company, and the latter then
agreed 10 pay interest the s preferred stock OF the
former company until the LIST OF February, 1s6s at
eight per cent In money and the second preferred
stock at the ratio OF seven per cent Tho Milwaukee,