The New York herald., 1868-01-09
FINANCIAL AND coMMERC GAL


The gold market reacted to-day according 10 general
expectation. from tha too rapid advance OF yesterday
The extreme range from 1879 TO l36k, with the
CLOSING transactions firm the adjournment OF the
BOARD at 1865 against 1874 at the opening Following
the adjournment there further decline to 1861,
ana the closing price was 1363s. The borrowing de.
1nand was moderately active. bat the supply
was IN excess of II, and loans wero made
without interest and at rates varying from
three TO six per cent The volume OF business was
somewhat smaller than yesterday and tho speculative
feeling less bulish saes to roaze the ad-
vance having been general and It Is certain that the
reaction yet fully spent its force the rise above 1856
having been sudden to last and due to the same
speculative which led the previous decline 10
a33h. The steamer Scotia took 81 255 600 In specie
and bullion, and The Sidon $3.50 000 The coin in the
Treasury the 1st iusL amounted to sl0S, ,43O 253
bf which $50, l04, $50 represented by gold
certificates In the hands OF the public leaving
$ss, ,325. .673 the property Of tho government From
this must be deducted tho amount or the January In
terest and the principal OF the bonds ls47 in order
ascertain the actual reserve which was about lrty-
seven millions and half
Tho stock market. which seemed 10 hesitate in It's
course during the morning became very strong and
cxcited in the afternoon, with Erie leading the
upward movement, and tho latter closed active
Eumor being that tho contemp lated running arrange
ancnis with view to tho consolidation or earnings
swecn tho Erie, the New York Central and the Penn.
sylvania Central will shortly bo completed after
the stock Of the Erie Company will range permanently
much higher than II has done hitherto. The railway
convention at Cleveland met to-day and Its expected
results in harmonzing the interests Of all the Western
railways had effect in stimulating speculation
. riso Next to Erie, Now York Central at
trac,ed attention, and there also q very
Spirited demand for Rock Island and
OF tho other Western shares Tho litigation
respecting tho s. 600 OF stock recently issued
by tteolsock Island Company led to the arrest Of the
President and Secretary OF the soon after one
O'Clock in consequence their failure to appear with
she transfer books before she referee appointed by the
Supreme Court under the proceedings com menced by
Messrs. Fisk & Belden. to which have before O.
ferred The defendants subsequently appeared before
Judge Cardoxo after which they liberated; but
we undsrstand that they 10 appear be-
Soro the referee at ten O'Clock tomorrow
morning The transfer and other stock books Of the
company have been sent to Chicago and consequently
beyond the Jurisdiction OF State courts since
nrst Injunction the complaint OF Fisk Belden
issued, and this further complexities the case This
course was adopted by the executive committee,
posed OF five directors. only OF whom. Mr.. David
Crawford, JE, protested against it, Thus far the
directors have refused to give any information
whero the proceeds Of the sale. OF tho
stock ore to found bit it Is understood that they
have loaned out CALL and in instance, who're
. prominent house dealing in government securities
had borrowed two milkons injunction granted
restraining them from paying of the loan to the
pany. An order for the inspection OF the companys
bank account was likewise issued. and an effort is
being made TO have all the funds belonging to
RIn
under an order OF ,ho court. Both the Injunction
muddle and the stockjobbns muddo a source OF
confusion 10 the street and all concerned and further
Developments awaited with interest. Money in
superabuudant supply on stock coatorals at six per
cent the transactions at seven being exceptional. In
Che dscoun line there was no change.
/ Government securities In active Investment
demand the counters OF tho leading Dealers and dur
lng the early part Of the day there was also brisk
speculative inquiry for them and prices we're in the
ascendant With tho decline in gold late in the after
moon, however nve-twentes OF 1862 yielded slightly.
and there diminished animation In tho dealings.
The increasing abundance OF Idle capital and the dis
bursements of the scmiannual interest and dividends
arc favorable st greater activity and considerably
higher prices. governments having boon unduy de-
pressed during the last few months At the close the
market was quiet and steady at the subjoned quota
Aions: Registered, 1884, 10sh 1885; coupon, 1881,
10stS 1851; 5-20's, registered 1862 1861 l05x
'b-2o's coupon. 1862, 1os4 losx; do, 1864 1o5h
ao6H; do, 1885, 1861 l06h do. 1865, January and
DULY l04Z l0.5s; do, 1867, 104I los; 10 40's,
Registered, 1o2 1927 10 ios coupon, 1929 1929;
June 1905, 1o4& 10i7s; July 1905, l04I 1915;
say compounds, 1865 1l7's l17%; August do, lio7.
b ll6s September do lle 1l6a; October do, ll5s4
. ll6
At the commencement, Of business the stock market
~
but at the carly session Of tho open board became
active and nrmer, Erie selling at 73,4 and Rock Island
At eSh. At the fret regular board the market was
active and on tho whole steniy, but Rock Island de-
cined to 95X. New York Central closed s higher
Ahsn at tho sans time yesterday, Hudson River ],
Reading 4, Michigan Central Il, Cleveland and Pitts
burg z, Cleveland and Toledo " Milwaukee and =.
Paul u, do preferred u, Pacific Mail u, Western
Union Telegraph y. Michigan Southern was 2. lower,
Rock Island u, Northwestern y, do. preferred ~
sAtantic Nsil \. Government securities were strong
lxss OF 1881 closed i higher, coupon vewenties Of
lso4 u issue OF 1865 4, now OF 1865 u, issue Of
hS67 u, coupon ten.fortics X, scvcnthr,ies, second
berries. y. Tennessee SKIES, new. advanced Il and
Missouri skies IL. Tho express shares dull and
kalD lowor
b At the open board at o'clock the market was
active and nrm, Eric selling 7s< and Cleveland and
attsburg at elH. At the second regular board the
enarket was strong and excited, especially for Erie,
Which advanced to 74A. New York Central closed u
higher than the 1rst regular board. Eric H Hudson
River X, Reading y, Michigan Southern ~ Cleveland
and Pittsburg IN, Cleveland and Toledo 2H. Rock
Island L. Northwestern y, do. preferred " Milwaukee
and ST. Paul y, Pacific Mail Quicksilver Ia Western
Unicn Telegraph u. Government securities were dull
but steady. Missouri skies advanced Express shares
.wcre xa u lower, wells-Fargo excepted, which ad
-vanced u. At the open board at hafpast three the
market continued active and strong. and New York Cen
trai sold at 11ok 100; Ere. 737s Hudson River
13sK; Reading, o.. OAK; Michigan Southern, s71s .
e7k; Cleveland and Ptsburs, elss; Cleveland and To-
Asdo, l0lX I0lrx; Rock Island, 96S Northwestern
BoH; do. preferred 731; western Union Telegraph
bs5k; Pacific Natl, ll4,s l14H Subsequently there
Was an. excited demand for Erie, which solo
s,p IN 74 and we're hazarded that the Ions