The New York herald., 1870-02-08
FINANCIAL and COMMERCIAL.
WALL STREET,


WALL STREET !
MONDAY, Feb. TO p. NJ
Ihe involved question or the finances has pro-
g-esssd another step toward solution In the impor-
tant
DECISION OF THE UNITED STATES SUPREME COURT,
given In washington to-day, declaring all contracts
mace before 1862 payable in coin. Tne news pro-
duced some startling effects Wall street and led to
edecllne IN gold and fall in stocks Later In the
day. upon fuller Intelligence OF The character OF the
opinion rendered by the court, there was reaction
ana the market showed strong disposition to gam
the lost ground In tracing the effects OF the news
It may be we to the feeling OF the street at
the successive periods OF the day. In
THE STOCK MARKET
prices led on with great buoyancy and the bujlish
movement OF the preceding week lasted until after
she second call, about which time the advance was
general in all the railways and In most OF the mis-
celaneous stocks. The Vanderbilt shares had risen
70 9ST for Central STOCK to 07 for Central scrip ana
TO l45 for Harlem. Acompafsou OF these prices with
the best OF Saturday and the statement that the ad
vance In other shares was In proportion win rive
some idea OF the characer and tone or stocks
before the telegraph made known the decision OF
Chlel Justice Chase. Yhe agent or the brokers in
washington sent brief AND succinct synopsis OF It's
tenor AL once the aspect OF the situation changed.
All was douot and excitement. had there been any
thing Ike an organized ''bear" party the uncertainty
would have led to panic among the more tlmid
spectators. But 1t happened that the great con-
trolling ciques were on the "bu' side and hence
the decline was after all, small one in contrast to
the influences for q decline. The street revoved
and puzzled over the following facts:-Al railway
mortgages made before 1862 We're payable iii COIN
That was adding one-lith to the Indebtedness OF
mortgaged roads and corporations. The stock
was therefore SO much less valuable. In some
instances the appreciation OF the bonded debt
threatened to wipe out the stock. Some we're IN
clined 10 believe that the difference in back
interest which had been paid in currency might be
collected In coin, but In this made mistake mas
much as any debt discharged In currency accepted
without protest is entirely satisfied. The question
"a to the current interest on debts dating back TO
1861 or previous year will lead to great deal or
allegation, as unless 1t is specified that such
in:erest shall be paid in coin the decision OF
the supreme Court that greenbacks and specie
are each legal tenders may be taken advan
Sage OF for the discharge or such obligations
The ramthcatons OF the question nre In fact too
numerous to attempt to follow at this time. One,
however OF exceeding interest to great portion Of
she community suggests ITSELF Are not the savings
banks required to return IN gold tho deposited
with them before 1872, which have not been dis
turbed meantime' Next In order came the feature
70 create legal tenders. Here was an cssoppel
TO imitation Of the currency, and the price Of
GOLD DECLINED
TO 12ok, although at the beginning it was thought
that the market ought to have gone up for the
reason that the necessity for paying Old debts IN
coin would create an inordinae demand for the pre-
cious metal That the gold operators had some init.
NATION Of the decision on saturday seems evident
from the rates for gold the loan market to-day as
well In the larger dealings at the Clearing House.
The transactions In gold at 12o1S were OF large
amount, for at this figure o reaction SET in ana
simultaneously there was an upward turn In prices
at the Stock Exchange. Tue reason was That after
the first furry and confusion had passed the specu-
lators thought over the situation more calmly, and
npon the discovery that during the past eight years
Of suspension OF specie payments most OF our rail-
ways had cancelled the greater portion Of their Old
bonds by the issue OF new were solicitous to
buy back the stocks which IN their fright they
had hastened to sell. 1t is significant, however.
That the recuperatlon in prices after the greatest
depression OF the DAY was slowest in those stocks
which are underlaid by the largest bonded debt.
The reaction in gold was based the idea that,
rs there can be further issues Of greenbacks,
stronger efforts Will be made for innaton Of
tona bank note currency, II not a general free
banking law. We give In the tables further on the
che latter Rock Island again ACTIVE and rose to
11s upon the action OF the governing committee In
directing subcommittee to make an inves.
tigation OF the claim OF the directors to have
che stock again placed on the call. 1t Is
said that satisfactory evidence Is given that the
registration OF all the stock has been made and it is
expected that Rock Island will be more called
within day or two. In the agitation produced by
She from Washington the price fell of to 1I7i4.
Erie was strong on the showing OF increased earn.
ings, ana was firm throughout the excitement.
Western Union was heavy and declined TO 34x.
New Jersey Central feyerfsh between the limits
pf 99A and 100}s Ohio and Mississippi was the
latest feature In The bull movement, ana advanced
90 30 Pacific Mail was actively strong in the early
portion OF the day, and sold at AK but declined In
Che afternoon TO 4OA.
The money market was quiet and steady at four
10 six per cent. Commercial paper was in good
Demand and was quoted ca to IN per cent for
prime double names. Foreign exchange was frm
on the basis OF 100 Tor prime bankers sixty day
sterling. ta.4
THE CLOSING rRrCEs AT THE STOCK EXCHANGE
The following were the closing prices Of stocks at
the last session Of the Stock Exchange-Canton, 5sH
50; Cumberland, 32x a "a; Western Union, 351
s51s; Quicksilver 1416 142s; Marlposa, 1oA 10K;
40. preferred, 2lA 2l3s; DO. certificates
SoA 81; Pacific Mail, 41& 4l1s; Boston Water
Power, 16A . TX; Adams Express, GA q 64h;
Wells-Fargo Express 2OA 2oal; American Ex-
press 37la q 3S; United States Express, 81 SIX;
New YORK Central, consolidated, sSH; do. scrip,
DoX 0 o.; Harlem, 143 145; Erie, 25A , 25,S; do.
preferred AK AZ; Reading ok 97A;
Michigan Central 11s1a bid Lake Shore, so's s65z;
Illinois Central, l4oH bid; Cleveland and Pittsburg,
eex q OF; Chicago and Northwestern, TAX 7zh;
do. preferred, ss7s s9h; Cleveland, Columbus and
Cincinnati. IA q rs; Milwaukee and St. Paul, 7S o
7aH; do. preferred, s71S SIX; Toledo and Wabash,
% 4St4; do. preferred, 70 bid; Fort wayne 90 q
COX; Alton and Terre Haute 2s 2s1s;do preferred.
scl osh; ohio and Mississippi, 2s7s 2slz; Della
ware and Lackawanna, 1851 l071s; New Jersey
Central 99ss q 997S Chicago ana Alton 1a7i4 lac;
80 nrafarred a nd a