The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-12-03
FINANCIAL AND COMMERCE.


SATURDAY, Dec. 2-e r. NJ
The stock market has -rienced genera
to-day, owing the indisposon OF many 70 hoa soeAs
over the interval pending the publication OF the report OF
tho Secretary of the Treasury AT the open beard ct ten
O'Clock the market was dull but steady and at the nrs
rcuuar hoard there was considerable realizing. New
york Central closed q lower than at the second
board Yesterday, Eric u, Michigan Southern ~
Cleveland and Pttsburg a. Northwestern p, Fort wayne
q. Mariposa u, Cumberland q, Canton u. Government
securities steady and dull Coupon tsnforties were
lower thirty notes Of the third issue q higher
At the open board at O'Clock the market was q.
shade lower and at the three O'Clock board there was
further fractional decline. Erie closed the call
at 02, New York Central e7H, Hudson River 1885,
Reading 1857, Michigan Southern 75, Cleveland and
Pittsburg 92, Rock Island 1861, Northwestern 35I,
preferred do 64x, Fort Wayne l0sh, McGregor West
en 27h Ohio and Mississippi certificates 2s4, schuyl
kill Coal 11 Marposa 1874, preferred do 2lH, skies OF
1881 1864 seven-hirty notes Of the first series o7k
Afterwards tho street, the market continued heavy
tIll the close Of business A prominent speculative
house sold largely during the day In anticipation Of TEN
porary depression Immediately following the pub
iication Of the Presidents Message and tho 70
port Of the Treasury The probability is that
the former will be nrm upon the Mexican ques-
Zion, and that the latter will have much TO say upon
Secretary Of the Treasury has virtually little or no power
pursue system Of contraction at present He 10, and
for the next three years will continue to be, controlled
by the necessity he Is under or meeting eleven hundred
million dollars Of maturing obligations, exclusive OF
hundred millions Of temporary loan during that period
In currency He will doubtless discuss the evils OF ina-
tion throw the weight of his moral influence in favor
OF contraction and return TO specie payments as speed
lily possible In this principle support him. for tho
tn
may be consistent with its interests But In application
OF the principle we may differ from the views OF tho sec
rotary although think that he, practical
man. will commit himself in his report TO any measures
likely 10 prove mpracticable. We must allow several
years. perhaps ten, Of preparation to eapse before wo
can find ourselves position to cntcr upon the task OF
resuming specie payments, and meanwhile the great
work OF Southern reconstruction has to be completed
and tho industrial and agricultural resources Of the
South awakened into new activity This, by stimulating
our export trade, win turn the tide efecually in
our favor than all the Of contraction which
Congress the Secretary Of the Treasury could devise
Mr. McCuloch, IL we mistake not, secs danger in the
present tendency of speculation but he is powerless
either to impose other than merely transient check
upon its So long facilities and
inducements to speculate exist there will be speculation
and long merchants consider to their interest to
give credit the credit system viii be in vogue BE may
think that contraction of the currency, by creating
tight money market, would reduce our foreign mporta
this would prevent drain of gold out of the
country; but this would be a protectonst view
of the case and In practice would be sure sign that
our trade and laboring under depressing
influences Moreover tight money market would in
volvo decline in government securities and sudden
withdrawal of temporary deposits from the Sub Trea-
sures and further It Is very evident that the funded
debt cannot be increased without tho whole being
deprecated in market value.
As way Of improving the national credit and
sustaining the government without interfering with the
currency, except to prevent further material naton
internal tax Of cents per pound cotton
has been suggested tax TO be payable in national
securities Of all kinds and the securities paid in to DO
cancelled and their amount, always calculated at par
transferred to the credit Of sinking fund for the rcdn
ton OF the public debt. By such process the aggregate
OF Indebtedness might be rapidly reduced arterco-
ton cultivation is fully resumed.
The gold market opened at 147ss and declined hlA7,
but under rumors relating to the Presidents sttltude
upon tho Mexican question it advanced to 14sk at the
close Lenders had TO pay per cent toaave their
coin carried.
Foreign exchange duh, but bankers'os at sixty
day were firm at 109h. The steamer Newt ork TOOK OUT
$4,000 in specie, making for the week So,974
Money easy per cent for call loans, with
exceptions at SIX The disbursements yesterday and to-
day in redemption of Ave per GER notes aggregated
about eight millions in addition S672 l60 rs interest
on the twenty 1--we millions OF Clea.ng House certificates
Petroleum stocks active. At the first board Pit
hole Creek closed l0c higher than at the same time yes
terday, selling at sl4 Empir City 3oc, selling at 75c
New York and Newark IL, sclling Mt Soc Waikiki
sOc. selling at 81 IS: Nrthern Light Csc, selling ut
S. Ivanhoe sold at s. 10, Kentucky National Petro-
Ieum and Manufacturing Company 81 40, Palmer
Petroleum 81 85 Tfthoe consolidated So 65, Bcnnchor
Run So Buchrnan Farm roc, Brevoort sll rs, Cherry
Run 26c FeeSimplc SOC, First National 40c., Germa-
mia Sic, High Gate &c., Manhattan 43c., Oceanic &c.
Minco So OIL Creek 81 so, Shade River &c, United
states So 90, Webster 81 80.
The business the Sub Treasury to-day was as fol-
lows -
Total receipts. ACKNOWLEDGEMENTS. 1921, l52
Payments -....................... 0,2iO,l 100
baiance. u, 2ov,OOl
For customs. 10000
On account OF government loan. .......... 237 600
Gold certncates. ,2sO,0OO
Tho imports at this port for the week ending Novem
Der 30 compare thus with the two previous weeks
Week ending. Mr.. 10 Nor. % Nor. 30.
Dry goods. 81, $40 go % 900 ,99a 024
General merchandise. 3,491 COS 3203,225 3l43,0o5
Total S. So7,7 25 se,7oa22l $5,i4a,e20
The Atlantic and Great Western Railway Company
yesterday entered possession Of the Catawissa road
the President OF the latter road being appointed general
manager