The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-01-20
FINANCIAL AND COMMERCIAL.

The most notable feature OF business in Wall street
during the past week tho advance gold to I42I<
Attended by unusual activity and excitement in the
dealings owing to the proceedings in Congress in relation
TO the reconstruction question: tho Supreme Court bill
and the restoration Of Mr. stanton to Office The auctu-
atons were frequent and equal to AZ per At the
beard within the regular business hours, the lowest
sales having been at 1887 saturday morning and the
highest at the price previously naxed Tuesday. The
closing quotation was 1885 1857, the excitement
regarding the news from Washington having entirely
Quoted down by that time, although the market con-
finned steady in Tone The enhanced premium had the
effect Of checking the demand for foreign exchange
and increasing the shipments OF produce and Sc
curities and consequently the supply Of bills drawn
ON Europe uuder which rates declined below the specie
shipping point and hence the export of specie and bull
lion was not above the small average usual when ex-
change rules below par The sub-Treasury disbursed
S246I coo 10 OF gold interest and $607 700 in
redemption OF the principal Of the bonds Of 1Si7 aud
received 81 541, el2 on account Of customs duties
On ths Stock Exchange speculation quiet during
the week. and strong efforts made TO sell the lead
ing railway shares down by prominent bear party, but
without much success AT first the bull cques a.
sisted thor operations they DESTROYS that the
market should from the sharp advance OF tho
previous week that they might be enabled to bring
back at profit the stocks they had sold but subse
qucntly they became large buyers mean while holding
It in check. and at the close 1t very firm, with an
Upward tendency and with large ''shorr' interest,
especially in Erie, to strengthen IT, Michigan Southern
was the rmest of the railway shares and
was about steady. Henry Keep OF the directors
OF the last mentioned company, has latterly sold
sputs'' against the stock At 90 for thirty days to
large amount in consideration OF u Il per cent, from
which IL Is TO BIO inferred that will be sustained above
chat figure The feeling of the street is bush and the
great abundance of money, the largo earnings
of the railways and the fact that most Of
the wealthy stock houses and spectators are
committed 10 the movement for rise favorable to
much higher prices and an active bull speculation.
Among the miscellaneous stocks Atlantic and Pacific
Mail weak In consequence OF tho report that the
iattcr company will pass lis dividend. Government
securities good Investment demand and prices
advanced. partly in sympathy with gold. Towards the
Close however, they continued to rise independently OF
II, and Saturday afternoon they strong at the
highest point of the wees, tho most marked advance
having beenn nvetwenti OF 1862 aud 1865, which
there is foreign market. The advance in Ave-
twenties TO " in London contributed to this
result by fayorng speculative demand for
shipment. The latest quotations on the street last
evening for railway and miscellaneous shares
foIlows-New York Central 1234 1879; Eric. 742s
rs; Reading, 93J4 a 034 Michigan Southern s7l4
Island. 9oS6 96Ts; Fort wavne 1905 lo0H Ncrth-
western 6lJs 6lsS do. preferred. 72a 49, Pacific
Mail, 109i4 109H; Western onion Telegraph, 375S
87X; Ohio and Mississippi certificates 500 81.
Tho money market was throughout easy at about six
per cent for call loans although there not few
transactions where large amounts involved at Eve
per cent. The private bankers however asked seven
per cent for small oans miscellaneous coaterals
First class commercial paper in limited supply, and
rated at ~ per cent while the banks accommodated
their freely the legal The domestic
exchanges continue largely in favor OF this
city, the principal receipts OF currency being,
Of course, from tho West, aud the ten
dencv is towards glut Of capital, which will be
likely TO greatly stimulate speculation for rise the
stock Exchange in the absence OF any other employ
ent for It, and present there Is none, the dulness OF
general business throughout tho country causing very
light mercantile demand for money. The statement OF
Che associated banks of this city for the week ending
Saturday is extraordinarily favorable when regard
In connection with the -four last preceding statements,
all OF which have indicated the tendency towards
increased monetary which now promises to event
uats in a plethora Of loanalle funds Tie large
increase Of $11,0j26s in deposits which the pre-
sent statement shows is probably in little
degree due to the revival of confidence values
and tho future OF financial affairs consequent
upon tho passage OF tho Authorization bill by the
Senate Money hitherto kept in the persona, possession
OF individuals has been released and found its way into
the banks and at the begnaing Of the year there is
always larger aggregate OF currency than usual in the
pockets OF tho people owing TO the nen OF interest
and dividends securities and the requirements OF in
divduas for the payment Of radesmens bills and the
additional expenditures common week before and
after Christmas. This none. is returning to swell
the lido from the wost and the eaec, of tho low in
shs direction will be pegcspbis from week to week for
some longer The average legal tender has
increased 81 4o2 1876 and the specie $500 oil, while
the loans ncreas,d only s2,s63 2o5. The crculs
ton alone shows decresso-aameiy to the amount OF
e2313l Tho totals OF this and tho last previous stale
msnts subjoined:
LIN