The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-12-04
FINANCIAL AND COMMERCIAL

The STOCK market was variable last week, ooins Jun
and somewhat depressed turing the early part after
wards strong with increased activity and al the close
heavy but stubborn in yielding. These variations re-
dected To great extent Ia, mutations Of current opn
with respect to the forthcoming Presidential message
the report or the Secretary Of the Treasury and their
Immediate influence upon prices In the first place there
was disposition shown &c discount fall anda "short
interest created accordingly lin the second there was
a martial reyulsion OF feeling and anxiety TO
cover stshorts' among the bears and buoyant feel
ing among the bulls; while In the third
the market experienced renewed depression
the sales TO realize by weak holders which are
always common Saturday assisted by others made
anticipation that Presidents references TO Mexico
and the Monroe doctrine also the contraction argu-
ments o, Mr. McCuoch, will exert transient influence In
lowering quotations The decline produced by these
and apprehensions was however, slight the difference
between prices Of the leading speculative
Friday morning and Saturday at halfpast three p. NJ
respectively being u a IL, the extreme decline being
In Fort Wayne Mariposa preferred showed advance
Of Haz, supposed TO be under the operations Of
clique; but the common stock in which there is evident
ly no combination, was * lower Tho New York lines
were tho armest on the railway list
At the petroleum and mining boards business was
active with improved exhibition of speculative feel.
ing The developments of late the oil regions Of Ken
In that section OF the country which, In the opinion OF
experts is likely 70 prove very productive OF petroleum
Lubricating Oil reported to BIO found in considerable
quantities at shallow depths and several companies are
already at work there tho stock OF one OF which has
already found its way into this market and VIII probably
be followed by others. The Inducements Tor the
public TO invest thcm not, however, very strong
unless be shown that they are not mere specu-
Iatons TO enrich their promoters like the great majority
NJ ph rh In AMT
appropriated the subscription money in the manner
which best suited themselves, leaving little or
nothing for working capital. There also
some inquiry for Colorado gold stocks owing to
favorable reports from the Bates h Baxter,
Consolidated Gregory and Gunnell Mines The new de-
supherzng process which is in Of adoption WILL
1t expected largely increase the productveness while
1t dimnishes the Of mining. English capitalists, 1t
Is said buying properties with the view Of organic
ing them into companies for tho London market. But
for all this gold stocks may prove anything but mines OF
gold to those who hold them.
The gold market was firm and closed at 14sH a u,
against 147h-the lowest price touched on Monday.
The government sold coin freely during the week
in order to get currency for 1t, and pro-
vide for the redemption Of tho Ave per cent notes,
on account OF which about eight millions was dis
bursed at the Sub-Treasury the 1st and I'd inst.
Seven cent was generally paid to have gold carried
The demand for duties aggregated for the week
$2,l74,ol4 and for exports only S95,974 The amount
of gold certificates issued Sub Treasury, repre-
sentng for the part recent sales by the
was Sill, 79s, 100 at three p NJ. yesterday.
Foreign exchange closed firm at 1O9& for bankers
bills at sixty days England. There Is q scarcity
OF Southern bankers and commercial bills. the
former being due to a disposition at New Orleans
and other ports hold back cotton Tho receipts in
this market from the Atlantic ports and the West by
railway for the week large, aggregang from all
sources about twenty-five thousand bales Tho exports
were however, light amounting for the week ending
the Both ult to 1910 bales This Is large falling or
when consider that the cearances for the four
ending on the Goth November exceeded hundred and
twenty thousand bales representing foreign exchange
TO the extent Of nearly four millions Of pounds sterling
Tho money market closed easy at per cent with ex-
cepons and the further disbursements Of currency
In redemption Of the Ave per cent notes will increase
the supply OF capital available at call, and
contribute nrmness and activity on tho Stock Ex
change Tomorrow's market is however, likely to be
unsettled owing the suspense attending the essags
and the Treasury report There will 10 strong dspos
ton the part OF the majority to defer operations till
the effect OF these State papers asccraned but few.
holder than the rest will buy and sell shor according
TO thoir respective opinions Those, however who look
for considerable prolonged decline likely to be
disappointed and asrtho Treasury report has been read
and canvassed there every prospect OF active and
improving stock market Mr.. McCulloch will argue in
favor OF contraction and ask for unlimited powers
he will also OF necessity endorse the recommendation
for moro national bank currency. He will per-
haps point out the effect OF tight money
market in curtailing speculation and reducing
foreign importatons by lessening the demand
for foreign goods; but we all know that tight money
market would at the embarrass the Treasury and
decline OF importaons would involve depression Of
trade and reduced receipts for customs duties The
theorzing portion OF the report will In all likelihood DO
strongly tho 'bear SIDE TO Wall street phrase
oogy but the stern logic OF facts entirely the side
OF the 'bus" and these facts speak for themselves
With twelve hundred millions OF maturing obligations
be met in currency during the three years, the
Treasury will find II difficult do than counteract
tho effect OF fresh issues Of national bank during
that time We, however, alike with him, anxious
for to specie payments possible but
are OF opinion that policy Of contraction
In under the present exceptional circumstances would DO
premature and DISASTROUS and only defer the day Of
sumpton-and probably none are better aware Of this
than Mr.. McCulloch himself
Tho Central Pacific Railroad State aid bonds offered
In this market They bear the Of
per god payable semiannualy by the State Of
California
But one national bank authorized during the past
week under the national banking system, - follows
National Bank Of Augusta, Augusta, Ca. 100000
Previously authorized 404 los, 4o3
The whole number Of banks now authorised
ol3, with capital of........... $40l o00, 4o3
Amount OF circulation issued to the national banks for
the week ending Saturday, December 1896 Is stated
N 4s,A6SpViv
freviousiy.... Zl,z5o,Zio
Total. $22S, 402,s1
No additional national banks have been designated by
the Secretary OF the Treasury repositories Of the public
money.
CITY COMMERCIAL REPORT.
SATURDAY, Doc. 2-6P. n.
ms,-Rccepts, none. The limited supplies continued
10 prevent sales and served TO further prices