The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-02-08

Decftdse IN legal teuuerB. l,oSo, @oo
The only difference Of Importance Is in legal ten
ders which show decrease OF 81. 1923, 436 The In
crease In specie, despite the shipment OF $1,000
during the week, seems to confirm report prevail
ing in the Gold Room this afternoon that the cques
were docking up the precious metal.
The money market during the week was amply
supplied at six to seven per cent on call CONNER
cial paper was steady, with considerable inquiry on
the part or the country banks failure In Phlladel-
phia was without perceptble influence upon the
market, especially as it was soon after announced
that settlement with creditors would be made at
seventy-ave cents on the dollar.
The government market was, perhaps the nrmesf
and most active during the week, under heavy de-
mand for bonds on foreign account, and in sympa-
thy with an advance OF hve-twenties in London to
7ek The advance here Is all the more noticeable
from the falre OF the decline In gold to influence
depression The relations between government Sc
curties are very different both SIDES OF the AT
lantc. Intccd, they are rather novel, Thus, the
very causewhlch renders the market heavy on this
side maksit buoyant in Europe. Reference is had
to yielding in the premium ON gold, which is
virtual REDUCTION OF the interest 10 home investors
while abroad it increases the value OF the princi-
pal Operators for o decline have been greatly
disappointed in the course which the market has
taken and the natural investment demand has
from tnoss who sold .'short." At the close Of the
week prizes were ascensive on the strength OF the
bill repo.ted IRON the Ways and Means Committee in
Congress prevent the increase OF the bonded debt
OF the United States. This measure would put the
countr the high road to resumption and its con-
sideraion shSad take precedence or the score or
more II lily digested plans which have been pro-
posed during the present session. 1t will have been
noticed that the financial question has dropped into
the background. prominent member OF Congress
Is opinion that nothing will be done by the present
boy with reference to it. the attention OF every
boy is directed to the incoming administration.
Dnbtless it is well as it is. The question is very
simple Simple as 1t is 1t cannot be solved by the
pesent Congress, II the measures introduced are any
Evidence OF the capacity Of that body Let the present
SESSION he confined to the bill to prevent the In
Gease OF the public debt and let the new Congress-
resh from the people, take up the general question
me country is apparently entering on career Of
great prosperity. II the administration OF General
Grant win reform abuses in the revenue and dnan-
cial departments OF the government the example
viii be telling one in communicating health and
tone to the great commercial enterprises now on
foot.
Gold was drooping during the week, and declined
nom 1861 TO 135, but reacted to 1S5h at the close.
Eight or ten days since Of the prominent ciques
were ucaSy purcnasers Oh gou, auu several millions
were withdrawn In order to influence rise in the
premium and the sympathetic advance which al
ways follows, in the stock market. The successful
fruton Of this plan was defeated by the unexpected
large shipments Of bonds to Europe, thereby making
substitute for the usual heavy shipments OF specie
against which 10 draw bills Of exchange. The
''shorts" also sold the market and then hammered
1t with great persstency. The clques con-
tested the yielding OF the market, and resorted
70 great deal OF strategy. A very bold offer was
made OF quarter OF one per cent to 'call'' gold
l36 in fifteen days, but 1t failed OF its intended effect
AT the close, however, there indications that
combination had been made to lock up gold for the
metal suddenly became scarce and the price rose to
1861, while loans were made from nat for borrow
ing to I've per for carrying Later on Saturday
there less apprehension among the shorts, and
the premium fell on point. The range In price
during the week was as fo!loMs:-