The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-12-20
FINANCIAL AND COMMERCIAL.

TuSpAY Dec l9-6P n
The stock market was somewhat unse''iou' D's oA '
whole steady this morning. Cleveland anu r"'sou's -
ceptsd which was weak under heavy saes' 'he pii''
declining 70 ST. After noon, however. tue specu'ao
feeling became stronger, and prices improved a0eou
ingly Al the open board at ten O'CLOCK I'ie sun -
cav MAJ, Work Central 9sx Michigan Southern 1871,
....aa ana pittsburg Soy Rock Island lo7's North
-.s,.rn sss. Ohio and Mississippi certificates 2sx'
scnuvlk,u Cosi IsN At the first regular board Ere
alone was strong closing higher than ~ inc
..oo.d board yesterday New York Central WAS
Y lever Reading y, Michigan southern "a
northwestern u, preferred 4, Rock isiand "a, for'
Wavne X Ohio and Mississippi certificates a. quick
silyer X Cleveland and Pttsburg and Cieveiaad ana
Toledo were the weakest OF all, the former being ~
lower and the latter az Government securities were
quiet and steady excepting coupon skies OF 1851 whcn
ware lower, and seven-thirty notes Of the second
series, which advanced y
Al the open board at O'Clock Cleveland and Pitts
bunp was active and rose to sss Toledo advanced TO
10 Reading l07X. The rest OF the market remained
,Aadv and rather dull Al the fpast two session OF
the regular board much better feeling prevailed and
prices were in the ascendant Erie, Michigan Sounern
and Pittsburg being especially strong tho latter
acted as under manipulation for fresh nse'
New York Central closed y higher than at tho
Ar regular board, Erie n Reading y, Michigan SOUTH
ern " Cleveland and Pittsburg Ia, Northwestern u,
preferred y, Cleveland and Toledo IN, Kock Island
n Quicksilver was weak and declined per cent
Gover.ment securities were dull Coupon nve-twentes
Of the Old issue lower, seventhrty notes OF the
second series X Coupon ten-rorties advanced 4.
At the open board at half past three Erie advanced
to 95k and closed on the call at 951s New York Gen.
trail closed at seh Hudson River l09 Reading exdiy
dend) 1O71l Michigan Southern 76,4, Rock Island b.5
l0s Cleveland and Pittsbirg SS Cleveland and Toledo
1929 Northwestern 36s4 preferred 62A, Fort Wayne
100, Cumberland Az, Quicksilver A. schuylkill Coal
IL Later, on the street, the market closed
rm Michigan Southern and Erie being specially active
At5:15 r NJ Erie was quoted at 951s u, Michigan
Southern 7et4 q, Rock Island los, Pittsburg ss%.
There considerable talk the street Of higher prices
for this last as also old Southern and Ohio certificates
The gold market firm, and loans were generally
made by the lender paying two cent interest on the
currency advanced. The opening price 1867, fol
lowed by decline of u and subsequent advance to
1464-the closing quotation.
Foreign exchange is firm and very few mercantile or
Southern bankers bills drawn against cotton are offered
in the market Prime commercial bills sold at 100 net
this morning, and the leading bankers demanded 1921
for their sixty days bills England and 1905 u at
short sight Some transactions were however reported
1885, for bankers bills and 1857 2, for commercial
Money in good supply and the wants Of the Stock
Exchange promptly met at seven per cent while IN
few exceptional cases large amounts loaned at
six The Sub Treasury here and the Sub Treasures
elsewhere ng freely account OF the interest
on the second series of the thirty loan and other
wise and the volume Of oanabe funds is steadily in
creasng the financial centres while at Chicago, Gin
and other central points In the West the money
market Is reported quiet and moderately easy The
drain southwark and to the interior generally has at the
same time diminished to nconsiderable proportions
which the return flow than neutralizes, as was
shown by Inst weeks bank statement The Treasury is
in comfortable position for meeting its current oblga
tons the balance in the Sub Treasury this afternoon be-
ing 977 1893 $40 Mr. McCulloch assured does not
intend to take any action in the Of funding or Dor
rowing until the financial question has been discussed in
Congress- and as the latter will adjourn in day two
till after the holidays nothing is likely to occur in the
meantime of character disturbing monetary affairs
The inference therefore, is that although shall have
little more than . brokers' market on the Stock
Exchange, It will DO . rather active one,
with upward tendency, In anticipation Of quick rise
early In January when large number Of persons who
are now engaged In balancing their accounts will be
ready for brisk speculative movement
So long as the natona bank issues being made at
the rate Of more than three and half millions week,
without any other agency being at work to ncuralizc
their effect there lie powerful engine Of imitation In
operation, WnlCn
prices on the Stock Exchange than TO advance in
modes owing the disposition Of lenders to place their
money at call in preference to employing Il in discount
ing commercial paper other temporary investments
not OF speculative nature. We opposed 70 fur
ther imitation Of the currency unless SO far as II may be
temporarily necessary enable the Treasury to meet Its
obligations the finances OF the country are in such
delicate that the Treasury Is dependent upon an easy
money Market and consequently cannot afford TO con-
the currency for long time TO come to any material
extent Meanwhile seventy millions OF new national
bank will have bcen added to the circulaon-the
amount thus far issued being only two hundred and
thirty millions-and Mr. McCuloch in his report esti
that there is likely to be deficit in the present
fiscal year OF more than hundred and twelve millions,
which, together with the fact that about twelve
hundred millions OF maturing obligations will
have 70 be provided for during the next three
years, is somewhat discouraging and postponcs
the resumption OF specie payments indefinitely The
nation must however, keep this last steadily in view, az
we arc sure the present Secretary OF the Treasury will
and IL encouraging to find that the resolution Of Mr.
Alley in tho House OF Representatives yesterday, con
curing the secrearys views, was almost unanimous
" assentcd by the rest Of the House With such SEN
tments combined with care, economy and good staes
mAnship we may nnd ourselves in position to return
to the hard cash basis In ten years. which, II DONE Will
DO great achievement and source OF genuine national
PRIDE VIII oh the world large cannot fail TO respect
The business the Sub Treasury to-day was as fol-
lows -
Total receipts IS 273 500
Pavments Observation-Disclosures. 2746 33l
Balance ~ 703, $40
Yor customs observation-disclosures. 343, 600
On account OF government loan ....... 52l, 900
Gold Certificates ACKNOWLEDGEMENTS. 800. 600
The dividend of the Metropolitan National Bank Of
this city is six per cent, free Of government tax
despatch 10 Wells Fargo Co.. dated San Francisco,
December 10, quotes mining stock as foliows:-
Gould Curry. $50 Crown Point. 40
Savage ............ TAO yellow Jacket....... $50
Chollar Potosi 12o Beicher..... lao
Ophlr... .......... 2aD Alpha .............. 100
Hal Norcross...... IS Imperial ............. 20
earnings Of tho Grea; Western Railroad of Canada