The New York herald., 1868-01-29
FINANCIAL AND COMMERCIAL.

advanced TO l4i% bnt from this point there was a
gradual decline to III, and the closing transactions
prior to the adjourn OF the board were al l41l4
following which there vas disposition shown
sell than 10 buy. AMI the atA-t quotation was 1aox
l4oa<. Tue "short" interest oltstau dug Is
Sight. owing to prevailing impression that
ths natural tendency OF the premium.
der the existing condition Of affairs. IL up
ward Hence cash gold is in superabundant sup
ply. and loans at rates varying from ave to
eight per cent for carrying Tue gross ciearings
aanouned to s75 000 the gold balances to $l0ll,-
,9l6 and the currency balances 10 $2.7Ss,3s0. The
Foreign bankers butts IN gold almost without excep
son because they regard the reconstruction policy OF
Congress with dstrusi, say ALARM and the uti.
mate consequences of radical programme
tireiy uncertain Private dispatches from Washisgon
we're received stating that the House Committe
Banking and Currency have agreed report the bill
substituting greenbacks national bank notes after
.srking the siukng fund clause, but this
nsnL had percepible influence upon tho premium.
generally expected that the repeal Of the tan on
cotton grown In and after 1868 will the effect OF
causing planters and others keep the staple back until
the next crop gathered in order that they may pass
with the lacr free of and this 1t IL contended will
by checking the export of the staple strengthen
tho gold market on legitimate grounds
The stock market reacted today from the recent ad-
VauCe, ana greatest decline was Erie, owing 10
the special hammcrng which it was subjected; but
a. Erie happens 10 he the cheapest stock the railway
list as prices go, the reaction will doubtless prove be
temporary in the present Of speculative fse
ing and with the abup 'ant monetary facilities al the
disposal OF the Stock Exchange. Large amounts OF
stock were quietly Picked up to-day by those engaged
in depressing Eric, and the probability is that
row some OF them will be bullsh they beas
'sh this morning The drain Of currency from the West
and other points towards this centre Is still going
ward steadily, and supply OF loanabie funds 10 In
excess OF the demand al per cent with most of the
transactions Ave. The wants OF the mercantile
muny limited In consequence OF the dulness Of
trade and therefore lenders have to rely upon the Stock
Exchange for the employment Of their funds with
plethora Of unemployed capital speculation in stocks
caunot fall TO DO greatly stimulated But frequent
actions nseparabe rom the strongest markets for
will realize their profits at intervals and take their
chance OF buying their stocks back st lower
valuation. Prices likely to riso maeh higher
before this upward movement eliminates if the
rence Of the past be relied upon, those who
Aink that the iui effect Of the suspension Of conrac
zion n restoring public confidence in values has been
felt will probably fod themselves mistaken. Moreover,
the proposed gradual Substitution OF greenbacks for
national bank notes viii have po xerful influence In
quickenug the circulation OF tho currency. az the
national banks WILL the exchange Is made, have
NO need OF holding themselves readiness 10 redeem
their own notes. aid The country will NJ tie same time
secure tho benefit Of uniform legal tender currency
Government securities reacted from the recent
rapid advance, but there strong buyers The de-
cline, both for investment and speculation and the
tendency OF the market is still towards higher prces
IN view Of all tho conditions Affecting H. At the
il ~as steady at the following quotations:-Regs-
tered, 1851 1l1a 1l1M; coupon, $751; lll,l a
Nc
coupon. 1862, 1llj4 nl2S: do 1854 109 lO9tl;
do. 1866, loo2a Ito; TO-, 1855, January aud July
lo7ss lo17s; do, 1857, 1879 los; 10 4Os, reg
istered, 104 104t4; 10 40s coupon, 104E lo4k
June 1905 107 1917: July 7.30's, 1915. l01A
May compounds, 1864, ll7ss 117ss August do, ll6's
a 1l6ss; September d., 1l615 1863; October do
1I54 II6
The stock market barely steady 1t the commence
ent or business and ut the early session OF the open
board prices showed declining tendency, Erie having
sold at r. AT the first regular board the reaction made
further progress, and Ere declined from II 10 T6s
The cali but thcrc important change in prices
parties who, having sold out yesterday anxious
buy their stock back at profit. Pacific Mail advanced
ii2. New York Central closed IL lower than at
the time yesterday, Erie H. Reading 1, Cleye-
land Toledo 24 Northwestern a. do preferred IL,
Fort Wayne "a Milwaukee and 81 Paul preferred y,
Canton 3. Michigan Central was Il higher and Pacific
Mail III. Government securities dull Coupon
fve-twenties of 1865 closed u higher Bonds Of the
issue OF 1895 4 lower, coupon en-forties "A.
Tennessee SKIES new advanced *, At the open board
al O'Clock the market firm. ard Eric sold
at Tx. At tho second regular board il was rather
hoavy in tone and Erie declined to s6's New York
Central closed a lower than tho first regular board
Ere u. Atlantic Mail Il, Western Union Telegraph y.
Cleveland aud Toledo Il higher, Canton =. Gov
erumcnt securities were steady at decline OF - *
and skies OF 1851 closed 4 lower coupon vctwcnties
OF 1862 z. issue 1866 - OF 1861 a. sevon
thrties, second scres, u.
At ihe open board haf-past three the market
dull further decline. Eric having gold at 75gS Rock
Island as osss and New York Central at ISL subsc-
auenty Eric vigorously hammered by those intend
ing to buy the decline preparatory TO fresh up
ward movement and tho stock declined to 1861. but il
afterwards recovered to 75h The Other railway shares
sympathzed very slightly with tho decline in Erie, as 1t
obvious that the due entirely artificial
influences. But depressing single stock a market
such a. this ID like forcing cork under water,
and when the pressure is removed viii
rise by natural impulse. Bottom has been already
touched according to all tho Indications and At the close
shore wss an active demand for the leading stocks.
che quotations at six O'Clock being suboined:--
New York Central, 13ox 1ao5I; Erie. 75,s Read
ing % 96I; Michigan Southern, ssss SsI; Cieve-
land and Ptsburg, 9S 9sA; Rock Island os7s aass;
Fort WAYNE, 1o3H; Northwestern, CO., COS; do
preferred, 737S "A; Pacific Mail, 1929. nay Ohio
Mississippi certificates, 32,< 80: Western Union
Telegraph. 371 a 37Z.
Tho foreign exchange market irm aud moderately
astvs. commercial bills are scarce. Bankers bills
Ensland. At sixty days, we're quoted 1885,; At
thrss days. 1loS lloA; commercial bills, 1851
losS. Bills Paris at sixty days, 5.16x a515, at
shrss days. SIS a5l3K. On Berlin-Bsnkers', 5ls4
~; commercial Tx Tx. On Bremen Bankers, 70 a
To.; commercial, 7sH 7sx. On Frankfort Bank.
srs', AO1. al; commercial, 4os 4Os.. ON Ams,er-
asm-Bankers', Al AK; commercial, 4ok s0i..
Oa Hamburg Bankers, 80 36is; commercial, 35ss
3j,s. On Antwerp-Banksrs, 5.i65s si5s; com.
msrcial $50 a5.17k.
Mining shares dun and hsavT. ~ tho rst
board Consolidated Gregory Gold closed Sc lower than a,
tha aanaa TINA zesierdax sell,nz Al q a.. 4