The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-12-13
FINANCIAL AND COMMERCIAL.


ading and preferred the weakest Oh the
railways The latter company, as we previously int
mated would be the has decided to pass the pecem
har dividend ON its preferred stock to enable 1t to devote
n. surpIus earnings the acquisition OF new rolling
stock
Az the rs regular board Erie closed higher than at
the half past two board yesterday Michigan Southern
X Reading was Y lower, Cleveland and Pitts
burg X, Fort Wayne u Cumberland and Ohio
and Mississippi certificates were unchanged. Schuyl
kill Coal firm and In demand at l3 Govern
ment securities In the ascendant Coupon
nve-twenties OF the old issue were 4 higher,
ten fortes X sevenhTy notes Of the second series v
At the open board at O'Clock the market showed
greater Hrmness and activity. Erie advanced to 81,
Michigan Southern 76,s d. 81, Cleveland and Plttsburg
ssX Prairie du Chen sold at 96h. There was also
session OF the regular Stock Exchange one O'CLOCK
which fair amount Of business transacted
At the half past two board the market was stronger
Eric closed higher than at the first board Michigan
Southern u, Cleveland and Ptsburg II, New YORK Gen.
trial r. Northwestern preferred ~, Reading ~ inc last
named company has declared dividend OF ten per cent
payable in cash scrip at the option OF the
era Mariposa preferred sold at 1919 Government So
curitics experienced q further Improvement. Coupon
avs-tweniies Of the old issue advanced u.
Afterwards on the street. business was almost a.
standstl, owing to- the open board going into pro-
changes AS late halfpas four it had not concluded
these deliberations
The gold market showed increased frmness and loans
continued TO be made fat The opening price 144,
followed by decline Of ~ and subsequent advance to
l45k The stubbornness with which the premium has
yielded under the unusually heavy sales OF coin cern-
Gates by ubTcasury during the past week indicates
its inherent strength AS section five Of the act OF
March g. 1863 says, Certificates representing coin in
the Treasury may be issued In payment Of interest
on the public debt which certificates, together
with those issued for coin and bullion deposited, shall
not at any time exceed twenty per centum beyond the
amount of and bullion in the Treasury" 1t becomes
the duty Of Congress to speedily repeal SO much at least
of this as authorizes the issue Of certificates to the
tent of twenty per beyond Of the Trea
sury to redeem them the Of their being all pre-
scented for pay ment Should this power not be abro-
GATED rave responsibility will rest upon Congress for
nvng Of action fraught with extreme peril in
the present circumstances Of the country.
Foreign exchange very firm, bankers bills at six
~ days being quoted At 109x 81 Importers are still
holding on but in view Of the large preponderance OF
imports exports the demand for foreign bills Is
likely to continue strong and many of these WILL OF
necessity, have to be drawn against shipments Of gold
There was q moderately full demand for money the
Stock Exchange which promptly met at seven per
cent After Friday is probable that increased
will be felt owing to the disbursement Of $40 900 In
payment Of the half years interest three hundred
millions OF the enthirty loan The general dsburse
mens Of the Treasury will meanwhile continue large
The disinclinaton TO discount commercial paper how
ever shows but little If any abatement This is not so
much owing dstrust Of credits as to desire to employ
capital in speculaons otherwise to better advantage
Hence we see number Of new companies Of different
kinds either sprngng into existence or being galvanized
olln1 vSsvfr rno1
companies some OF which there is to believe
likely to prove anything but mutual in the estimation Of
those who subscribe for their stock although the mutual
principle If honestly carried out is good The
paper Of produce houses has been less favor since the
failures at Chicago but there Is uneasness apparent
among dealers in breadstufs here in consequence The
note shavers have large piles Of notes in their Offices
which they unable to sell and unwilling to buy
at IL Is per cent The best grade at short date
nevertheless at 49, the rate being But
WHILE In consequence Of this state OF feeling money may
be somewhat in the discount market promises
TO remain abundant the Stock Exchange, and thus
facilities speculation win constantly Afforded and
long least the national bank issues continue to
swell the volume OF the currency the rate Of nearly
four millions week the tendency OF speculation will
DO mainly for risc As only two hundred and twenty
i've millions Of these notes have been as yet de-
iivered the national banks, follows that seventy
Ave millions more will have TO be paid out before
the authorized three ,hundred millions are issued;
snd there is every prospect OF Congress acting
upon the recommendation Of the Comptroller Of
the Currency in favor of increase OF the national
bank circulation to four hundred millions However
much may regret the necessities Of the financial situa-
tioa It Is idle to shut eyes to them and indulge in
day dreams Of phantom contraction and an impossible
restoration OF specie payments.
patrn znrka war NIL
the rst board Pthoe Creek closed 45c higher then
the time yesterday, selling at $14 Go; Oil Creek
30c., selling at 81 60 United States loo. lower
selling at S25 40; Bergen sold at 40c Bunker Hill, 25c
Kentucky National Petroleum and Mining Co., 81 25;
Now York Philadelphia and Baltimore, Soc. New York
and Newark, 45c Buchanan Farm 69c Bradley, &C.
Excelsior oec Fee Simple, 24c. First National, 43c.
Ham McClintock. 81 Germana Mt Vernon, Co., Oceanic,
Sc. Union, $50; Canada Copper, Soc Benton, Soc
waikiki, 81 90. Al the second board Pit Hole Creek
closed 15c higher than at the first board selling at sl4so
Bsnnshon Run 20c. selling at SIS 20; United States
100, selling at SIS 60 Buchanan Farm sold at roc,
Bradley &c. First National 43c Oceanic &c., Webster
$l2o
We have hoard q number q complaints from sub
scbers to some Of the Mutual Coal Companies recently
organized this city relative TO the nonfunlment Of
the promises made by the latter In their advertisements
ssd otherwise Persons have bought their In the
expectation Of getting On immediate supply OF coal q
cost price, but IL has been found afterwards that tho
oentraotins COMPANY had little supply on hand for
delivery, and was not ike. - have for an nde6PSc
period TO como In other cases whs.- uortic- at
coal 70 which the subscribers were entvso 90
and delivered, vas found to be 20 pia,of
% inferior a. 70 b unit for household nsnd goa coal
mutual associations for provdins eneynce took
for the people eommendabis, and Yss OF this kind;
Son 70 mention The advent Of cogthe case with
bat H. there reason V bslienere spscuaiions vir
Of their number, they are 'oh the host Of worthless
sually identical IN prineipbawned upon the market
psArs,sun stocks that wsoner the public know IL the
couple Of years ago, Sdviee intending subscribers 10
bsstsr We there's ASCERTAIN their character before
musuai coal comf money.
they part vulnerable opposition shown 70 the proposed
There Is Q Currency Bureau 70 this city by number