The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-01-14
FINANCIAL AND COMMERCIAL


M WEDNESDAY,, Jan. 13-SP M.
The bill introduced by General Butler In Congress
was less topic OF conversation in Wall street than
would be supposed. Except by few Of the more
venerable OF the banking fraternity Il was hardly
discussed. uncomplImentary as the fact may seem 70
the author OF 80 remarkable financial measure.
whatsoever eject It did produce was not so much BY It's
own propositions a. from belief that 10 forcshadows
Congressional action with reference 70 the currency
prcudical to the interests Of the gold and bond gam
bers Of Wall street. Among the majority It created
NO apprehension It's provisions embracing change
20 sweeping and extensive - to place 1t outside
the possibility Of being made law during the
present session. Congress has 50 often stultlned
itself on the financial question that the great mass OF
nnanciers begin to lose all hope Of wise action.
Gold, which was coming down the scale during tho
recess OF Congress- IL travelling back again. and
tins with very catering opening Of business for the
new year. It Is dcult to f0resee what the remain
der or the session viii bring forth. The policy OF
smastery inactivity" until the incoming or the new
administration, with President and Congress fresh
from the people, would be the most sensible one for
the unexpred term Of the present body. Wall
street would certainly prefer it.
The money market to-day was easy. The prevail
ing rate on call loans was seven per cent, currency
few transactions reported ut coin interest but
Az on the previous day money was most active in
business hours. After hafpast two O'Clock balances
were Offering at six per cent while large number
or lenders were unable to place their funds The in
terest rate Is tenacious In keeping at the legal figure.
The supply Of money On hand is plentiful and more
than H. ordinarily requisite The demand Is sus-
tanned bT the heavy investments In stocks,
which were SO extensively purchased by ope-
rators in anticipation OF strong upward
movement with the passage OF quarterly statement
time. In this as In many other things the advance
had been counted upon, and hence holders are not
disposed to sell. Wall street operators are begin
ming TO be SO sharp that they foresee and make
allowance for every contingency Of the future. No
thing Is new with them nowadays. For instance
the Pacific Railway is to be completed some time
this year. 1t is confessed on all sides that 1t win
have important influence upon .all lines OF rail-
way running from the Atlantic cities to the Missis-
sippi river. This influence Is now discounting ut
pretty near It's par value ana the completion Of
the road will come and GO as quietly as II 1t was o
most ordinary matter. sr
The foreign bankers have been free purchasers Of
gold during the past few days for shipment to
Europe. the high rate Of exchange making the trans
action profitable The effect Of these Sales aided as
they were by apprehensions for the result Of the
Paris Conference and little uneasiness concerning
General Buffers bill, was to cause an important
advance In the premium. The opening price was
1sSk. with relapse to 1851. From this point the
market became active, and the price ct quarter
past four O'Clock had risen TO 1a6. Cash gold was In
abundant supply. Loans were made at TX per
cent and At ls2 for carrying After clearing House
time loans were made nat for borrowing The
~l,sos01s and the currency balances sa7I,740. The
Fnnua of urfeea waa m fnlI0Wa.-