The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-12-09
CO NJ n & RGIAL kFFAIRS.
HONEY MARKET.
Friday. Dec. Sc


The tendency of quotations for stocks is upward
and We notice activity in the street than has
listed for long time. At the first board. to-day, Trsa
sury Notes advanced per cent, Erie Bonds IL, Har-
EN- u, Farmers Losn Il, Long Island 81, Erie Rail-
road l. Reading Railroad l. All others closed at prices
current yesterday.
At the second board there were large sales of the
leading fancef, at an improvement upon prices ruling
In the morning. Treasury Notes went up 4 per cent,
Canton Co *, Farmers Loan u Harlem l. Norwich
and Worcester ~ Long Island -. Erie Railroad fell
off u, Reading Railroad "a The extensive transac-
tons and nxlety exhibited to get of much stock
possible at the advance, indicative of reaction
which SPECTATORS particularly those operating for
RISE better be prepared for The imitation in pricesis
not healthy. the sales and purchases being onaned
too much to the brokers' in the street.
We learn thatitis the int nton Of the Messrs Roths
chds to establish branch of their house in this cty
Sometime previous to the arrival Of Baron Rothschild
gentleman attached to the London house came out
in Of the stsame ncog and became nquisitivs
In his enquiries Of the resident sgent here relative
the business cf the house in this city, that quite an
interesting took place between the parties
Wall street
The old bonds Of the Erie Railroad Company
amounting with several years interest in
part Of them, to about hundred thousand dol
com.
psny is not prepared to pay them at maturity, and
arrangement wi II probably be made with the
holders. The bonds now draw six per cent interest
and 1t Is possible the company will Issue bonds in
payment bearing seven per cent interest and
them with second lie upon the road At all events
the old bonds will not be paid at maturity.
The apnual report from the Treasury department
gives full as favorable statement of the finances of
The government as anticipated from the skeleton re-
port published previous to the meeting OF Congress-
The secretary devotes much space and many figures to
the glorication OF the tariff called Ind
makes great Efforts TO show its superiority that Of
1912, az q revenue measure. There IL no doubt but
that the from customs since the act Of 1915
commenced operations, has becn larger than In any
previous ,ear since 1sl6-17; bat it Is question
whether under the cir circumstances the tariff of
1912, or one more protective In its provisions than
that Of 1916 would not have pro iuced larger
revenue The importations into this country during
the past two years. have been Increased by the revul
sons and revolutions which have taken place in Eu.
rope by the short harvest and the complete derange
ment in the financial and commercial affairs of the
old world. The numerous failures which occurred in
al parts of Europe, the anxiety TO realize money for
fabrics Of ell kinds gave great impetus to shipments
to the United States; and the enormous deprs-
citation In prices particularly for Ere nch and Ger
ctures created large shipments of specie
from this country for the purchase of those goods
speculation. Millions Of dollars in gold have gons
forward for this purpose and the purchases made with
1t have been received and have swell our i'm
ports to the immense amount officially announced by
the Secretary of the Treasury Without these causes
have no reason to suppose the imports would have
been larger than In years previous to their existence
The present tariff act went into operation the LIST
of December, 1915 and the shipments Of bresdstufs
from this country, for the year ending June 3Oth,
1s47, valued at s277O,i2l. The next year they
were valued at $6s,7o 921, and for the year ending
June 3o 1S4S, S37472o75 In Is45 the value OF bread
ftufs shipped only $1674s4?1, and for the whole
four years that the tariff &C. Of 1912 was In
operation, the aggregate value of bresdstuG,
exported was s62,s2o,655, being s5ssl,366 less
for the fret year after the act Of 1916 oommsnced
operations. This immense increase in the value of
hese shipments not the result of the alterations
and reductions In the laws Of the country,
he Secretary of the Treasury would have the public
believe but Of causes entirely beyond the foresight
ontrol Ct the and totally in dependent Of
financial or commercial policy Of this any other
country.
The excessive shipments Of breadsturs from the Un-
ed States, principally to Great Britain and Ireland,
nriched the producing Glasses Of this country aud
ave such an impetus TO the consumption of foreign