The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-02-15
FINANCIAL AND CONNER GAL

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The gold market experienced further decline this
morning the earliest having been a, l4o
following which there was an advance TO l40ss and
subsequent decline TO 1922. Late In the afternoon
however there was sudden advance Ia the midst OF
great excitement 10 1917 under various sensation de-
spatches from WASHINGTON OF which vas that Gen.
era Grant was TO be suspended by the President and
General sherman placed In his stead This reaction
oil the sharper owing TO the fact that the shorIs" be-
came frightened and bid the market up on themselves
and the latter. from having declined TOO rapidly al
ready ripe for partial recovery The 'sbor interest
has been largely increased Tuesday but the aoa
ing supply OF coin continues OF the borrowing
demand, and loans made ~ rae varying from
four TO sx cent The gross clearngs amounted TO
$9s659 000 the gold balances 10 81 006 730 and the
currency balances 70 81 ol4 OIL Mr. Logans resolution
introduced in the House OF Representatives, this after.
noon, providing tina, and after the iE Of J,ns al
United States securities shall pay internal ax Of two
Per cent per annum. to be collected by dsductng
per semlannuaiy from the coupons the time Of
payment. without effect as the scheme 70.
sarded a. both absurd and mpracucable. Tho loss
nkerng there with the npances the better and such
xesolutsns this should be buried In the came grave
with shermaa's funding DILL X.
This has been . rather duI day on the Stock Ex-
change, but the market Far railway shares has besa
nteady, aad there 10 change note In the specu-
Natve temper OF the street Erie continues to attract
special attenon and tho aggregate daily transactions
% the stock are unusually heavy. Its low price In
comparisoa with the shares Of the other New York
railways causes to attract buyers and 10 generally
felt that either Eric Is good purchase the Of
$he market Ia good sale II Is both stated and
sadcted that million dollars Of the mortgage bonds
OF the Bradford and Buffalo Railway Of the leased
branches OF the Eric Company converted
thousand shares Of Erie common stock short time
since II seems hardly credible that the holders OF
seven per cent security would exchange 1t for non
dividend paying stock q seventy i've, and " such
converson has been made may DO safely assumed
20 be slecKjobbng operation the part Of the bear
In Erie headed BY tho speculative Director There s
reason however, why the capitalization OF It's leases
should lower the pric, Of Erie stock; but the
tTary u furnishes good argument in favor OF ad-
vance the company thereby substitutes
bearing for an interest bearing obligation Neverthe-
less. the bears doubtless hoped that these Of
capitalization would temporarily depress the stock By
threatening an increase of the amount bs carried
In Wall street. The leasing Of the Bradford Buffalo
limo was lob at the expense Of the Erie Company In
the frat instance and the capitalization OF the lease
TO the extent mentioned has been made some spe.
cai inducement must have been offered besides
Erie common stock. Whether the speculative director
short or long" on the market at present is matter
upon which street opinion is very much divided; but
sittle importance attached to the inquiry As Il
concerns the future Of prices The plethora Of
loanabe funds is stimulating speculation for riss and
all the indications favor long continuance Of monetary
ease Loans are made freely at -four per cent govern
msnt securities and i've mixed collstsrals and the
best grade Of commercial paper rated at I've six
per cent and good, but not prime, 1t seven eight
Government securities we're steady during the early
part Of the day Notwithstanding the sharp decline in
gold ba, the speculative transactions in them
very limited scaie although regular investment de-
nsnd showed no falling on In the afternoon nvs
swsnuss Of 1861 which have been sold 'shor largely
this week. declined about y per cent and there vas
nominal decline Of Y in other issuss with the ad-
vance in gcld however, afsr the cali there was an
active inquiry for the six per gold bearing stocks
and especially the old 0vetwcnss Of 1862 1885, for
both Of which there 10 foreign demand and bids
advanced q y per cent Considering the
previous decline In gold governments showed
great armness and the Indications the recent
dulnsss will soon give place to renewed animation
attended By A advance In pricsa A, the close the
market was nrn At the subjoinsd quotations Regis
ssred 1881, ll1x lily; coupon, 1884, ll1K ll2X;
2os registered, 1891 lo7x los; 62oA coupon, 1862
nix l11x: DO, 1854, lcsx 100; do, 1885, looX
10sT; do. 1895, January and July, l07x . 1o7X
do, 1867 107X los: l04o's. rssiasrsd, lolH 10lk
1o-4os, coupon. lo4x los, June, 1905 lo7K lo7H
July, 1905, Io7h lo7x; May compounds, 1884 ll7H
NIX; August do, 11e,I . llox; September do, lie
all6k; October do, l15A llo.
Al the commencement Of business the stock market
VA steady and the early session Of the open board
Il moderately active, with sales Of Erie ~ 7SX and
of New Ysrk Central al 133 1854. A. the first reg-
ular board there change in prices and
the chief activity Erie. Erie closed Y lower than
'at tho same time yesterday, Reading y, Michigan
Southern X Cleveland and Toledo y, North western "
DO. preferred e, Pacific Mail ~, Western Union Tes
graph X Government securities were steady. Coupon
Ave-twenues Of 1852 closed u lower, issue Of 1865
4. Tennessee skies OF the issue active and
.sdvanced y. The express shares 4 IL lower.
At the open board at O'Clock prices slightly
lower Eric selling at 1sh 75ss, but the market was
steady although rather quiet Al the second regular
board tho volume Of business light bat prices ndi
Gated considerable Hrmnass New York Central closed
AZ lower than at the first regular board Northwestern
y, Pacific Mall k, Western linton Telegraph k Fort
Wayne y higher, Atlantic Mail v. Government
securities were barely ssssy and inactive At the open
board al balf-pass three ~ market continued dull bu.
nrm. and Erie sold ct * 7sx. New York Central
1ssx 1881. Rock Island esx . 90. Michigan
Southern % o3k and Fort Wayne lo1T . lo2
During tho remainder Of the afternoon the market was
Hrm and prices improved a fraction, while Erie re-
naned tho most active OF tho railway sharsa Al the
close half past ave the following quotations we're
surreut:-Nsw York Central, 1891 1874; Erie, 75k
T5X; Reading, Wk OK; Michigan Southern, %
oak Cleveland and Pi.tsburs, COX 81; Cleveland and
Toledo. ll2x lis Rock Island, osx %; Fort Wayne,
1oiN 1o2; Northwestern, COX . cox; do preferred,
TAX TAX; Pacific Mail, io0H . looK: Ohio and
Mississippi csrsancassS az aax Western Union rsls-
graph. 35k ask. .x:
The forssa sEchstN NGtkss Was considerably nrmsr
than yesterday. parvlS ssnssqusncs Of the decline IN
gold, and there aSasrste demand for bils me
rates ON Ceutipontal eitse advanced frrotiou
Baaksrs bills England At sxty days were quoted u
1oox 1esk; a three days. lloa HOY; commsrc,al
BILLS 1857 1oox. Bills on Paris at sixty days. SIS
ask; at three days, s.12K 51lk. On Berlin
Bankers, n; commercial Tx. On Brsmen--B anksrs,
1pH . TOY; commercial, 7sz TO- On Fraskfort--