The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-12-18
FINANCIAL AND CONNER CIAL.

The week inst concl, ded was an active and hopeful
one ON the stock EXCHANGE, all the leading securities
being in demand at advancing quotations The rise was
most marked in and Toledo and Cleveland and
Pttsburg the former selling as high as ll5 on Saturday.
AGAINST los M the same time in the previous week. and
the latter Al OK counting the per cent dvidendl
sgalust e2, ON Friday Ohio and Mississippi certificates
were also active and advanced about per cent under
the highly favorable statement of its earnings and expen-
d.ures submitted at tho recent annual meeting OF the
company New York Central on the other hand, was
depressed by the unayoabc character OF the annual
report of the company but ii subsequently, recovered
mos. OF the decline Tho market, including the mscel-
aneous list in which Schuyikl and Mariposa preferred
were the favortes closed strong and somewhat excited
Cleveland and Pt,sburg being the most active and buoy
ant selling at o. The closing quotations at the pre-
yious three o'clock open board we're New York Central
sSk. Erie s34 Hadson River l0shs, Reading lex ten
per cent dividend 1885, Michigan Southern 1855, Pitts
burg 921, Cleveland md Toledo ll4lS, Northwestern
sx, preferred $685. Fort Wayne 1906 Ohio and Missis
sippi certificates 2e1, schuHk Coal 1873.
Government securities unusually buoyant under
the prevailing monetary and the publication Of the
Treasury report.
The gold market strengthened from i44s-the lowest
point touohed--on Monday to 1864 Friday but from
this point II rca ted and closed Saturday 1451x
I46 Loans were made in NEST hat early in the
week, after which per cent interest generally
paid upon tho currency borrowed The shipments for
ne week considerable, aggregatng $1,4a0 929.
The as,qand for customs duties amounted to 81 202 O0O
Foreign, exchange was FIRM, leading drawers asking
1921 Is for the sixty day bills at the close but with
out finding many buyers willing to give more than 1927.
The argument OF The bankers is that the imports
likely to continue nrse those at this port for the week
ending on .hc 6sh ns having been valued ut So 4s
the cotton in the country likely to leave slowly,
owing TO The prospect OF scarcity and higher
price for the staple Ia ae future. The next crop
generally expected 10 b. suliccny large to depross the
market aud rneanwhe he present stock will have been
considerably reduced Further, the doubt concerning
the yield OF the crop planted this year extends the
future OF the cotton growth in the Southern States for
several years Tie labor question is by no means
solved and the political reconstruction of the South
must necessarly precede tho permanent reorganization
Of the system This consideration does much towards
keeping cotton oboua twenty per cent only below
the highest ponJ reached during the late
The Britt h consumption during the present
year has averaged 80 800 Gales per week II is question
able whether our stock on hand exceeds a million OF
bales and whether the growing crop viii reach three
quarters OF milleu o. h,cs. The supply next year
and afterwards from Egypt Brazil India Peru, Turkey,
China and Japan viii Doubtless fall far short of what
il this year for the cultivation has compare
lively ceased in portions o those countries where the
stimulus Of high nrnat had before directed labor from
It's accustomed chunre, he cotton panic which followed
the close og the war here having proved dis
sstrous TO cotton growers and indisposed them
for planting fresh crop. Middng Orleans, which had
sold at 271sd stofi,ug fer pound in the Liverpool
market in November l,64 fell to 1atsd. in April.
1865, since which 1: ms steadily reacted TO 20d Fair
Egyptian. which az tho period had sold NJ SID
and fair snral which had sold at aod fell in like man
ner 10 13G. and 10d rc,rc.cy. But fair Egyptian is
quoted gid per sound and fair sGrst 16ysd,
These ruinous fluctuations the result OF doubts and
miscalculations AMI long cotton prospects remain
indefinite they still are less violent fac
tuatons will continue to disturb the market Suraf has
already risen hundred per cent SINCE The pac OF April,
and other kinds seventy to seventyve per cent and the
indications favor further advance. IL is not surpris
ing, therefore, that although cotton is accommodating
both here and at tho Gulf ports very little OF IL Is
being shipped the exports from this port for the week
ending Thursday last having been s6T4 bales. while
tho receipts 81, 50: bales, making 5326s2 bales
since July l. The exports during the time aggrc.
gated 1Co SGG bales The stick hand at Savannah
the 9th inst was l04s bales, Mobile "a 800 bales at
New Orleans, tho 18Th. 10000 bales; at Galveston,
on tho I'd ia balcs Tho recent loscs upon cotton
cent IN the rate OF insurance
The Congress acts upon the Presidents
yruction policy the shall, have cheap cotton.
meanwhile cotton will be- boarded, and the foreign
change market viii remain firm, notwithstanding tho
luctancc or importers to bus ~ current rate.
Tho money market was, throughout, but particularly
at the close Of the wee, easy, call loans being made
freely al seven cent, With not few exceptions at
six. As the balance in the subTreasury at tho same
time had increased So O5s 532 the probabilities
that there will be oninuancc OF monetary al this
CENTRE under which speculation the Stock Exchange
will he encouraged The disbursement OF the semi
annual interest three hundred millions of the
thirty loan has been gong forward since Friday mornings
but only abou. quarter II The SO 600 has yet been
paid.
The following table shows the quotations of the lead
Ing shares the first OF the Stock Exchange
tho close OF each or the las. -four wceis:---