The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-12-22
FINANCIAL AND COMMERCE.
THURSDAY, Dec. 2i-sP. N.


20 day Erie continued and strong the difference
between the cash and regular price ranging from TO
a. The course Of this stock in particular has puzzled
che street. and the indications that the present twist
will continue 90 long a. the bulls find II profitable 70 buy
In the regular way and sell for cash. as tney are now
doing Cleveland and Pttsburg was hammered BY the
late bull party for Of producing an effect for
certain purpose which, Is understood, was accom-
ulished There was general harmonzing OF interests
bearing upon the future management OF the road at
meeting held today and full and satisfactory under
standing arrived at with respect to the disposal Of
proxies at the annual election Of officers the Sd Of
January While this session special efforts were
made TO depress the stock the motive for doing
no longer exists and Is calculated that tho conference
referred to WILL In Its results contribute largely to the
value of the stock intrinsicay.
Al the early session Of the open board Erie sold At OAK
95, New York Central s55< =, Michigan Southern
s5 Cleveland and Pittsburg SIX, Ohio and Mississippi
certificates 2sh e. 81 schuyiki Coal 1874. At the nrst
regular board Erie, Michigan Southern and Ohio and
Mississippi certificates the strongest stocks the
list but the general market dull and hammered BY
fhs bears Erie closed az higher than half
board yesterday but the rest Of the list showed a.
ciias aAmsay-Nsw York Cssirai x, Michigan sosthssa
g. 0A.o and Mississippi csrt,ncstss y, rssbuu ~.
Northwestern ~ preferred 4, Quicksilver y ssvsfns
meat securities Wsre Inactive, but STEADY IS
Al The open tiasa IT O'Clock Eric rose 70 ~
cash and esx reguiaz and Manposa was actve q 49,
bat Psssburg soiA down sl With further hammer.
ing after the board tos3 At the regular session 81
haif-past two there was considerable excite
ment end worry earnest bidding ana odorins,
tho mettle OF the bulls being SHOWN IN the
demand for Cleveland and Pitsburg and other active
stocks and that OF the bears In distributed sales at sixty
days option The reused from the compare
tive leharpy which had overaken and the contest be-
tween the opposing interests assumed more lively
aspect Should bulls determine to use their strength
instead of allow ng remain unelt there is nothing
TO prevent their doing pretty much as they please
with prices in the present easy condition OF the
money market, and the large outstanding " short
interest which has laterly been created affords
splendid for operations, the only drawback being
che approaching holidays and this OF only temporary
and trdng Importance The report of the departure Of
Mr. McCuoch from Washington in this direction was a
signal for some OF the bears to put out fresh ne Of
sorts" but upon what financial theory it is din ult
70 deane Certainly the Secretary of the Treasury
will neisser propose carry into effect any new
measure Tar after Congress meets following
tho Adjournment, and whenever he does do
either viii ~ In manner which will
exert influence opresite to that which is gencr
ally expected. He will prcssbly In the course OF
month offer fund compound and other inter st
.
par, and he will the time pay of by all tho
at his command a certain portion of the tempo
rary deposits prec ding the by notice OF stoppage
OF interest tho after fixed date. This will add
considerably to the supply OF active currency In
che country and stimulate speculation on tho stock
Exchange the intention being make money easy and
at the time promote conversions oil seven-hry and
compound interest notes into bonds to lessen the bur
dsns of the Treasury meeting maturing Obligations at
notbe forced for there will be limit asto time or
amount II will DO entirely volunteer funding and the
probability Is that will so forward very slowly,
tending long period and by counterect
the effect ofthe national bank issues
At the halfpast three call OF the regular board Erie
higher than at tho first board, Ohio and Misss.
sipp certificates u. New York Central u lower,
Michigan Southern y, Pittsb1rg ~, Northwestern ~
Fort Wayne H. Government securities arm, and
coupon nvetwcnties Of tho third Issue advanced ~
Al the last session OF the open board the general
market was Grmcr Erie sold ut o5yS New York Con
kral e5k. reading 1905 Mchg gan Southern 70, Rock
Island 107, Phtsbura SAX r. Northwestern ASIA pro-
icrred 61I, Fort Wayne 1857, Hudson 1884, Schuyl
kill Coal IA, Cumberland 43,..
Afterwards on street. the market gained In strength
and activity, and at halfpast avo r. N. Michigan
Bouhern selling ss T5h, Cleveland and Rttsburg
$50. and Erie 90, with gord deal OF excitement the
bidding for each Of those stocks Large 'shor sales
have been made under the belief that Erie would havc
yielded before this but here signs favorable to
the realization OF the expectations formed by those
Operating for fall.
Gold q shade nrmsr Aner opening ~ 1855
dropped TO 1851, and then to l4ok Il, ultimately
closing at ll8k Cash became scarce, and loans
made In the afternoon high l-1o in favor OF tho
lender
Foreign exchange dull and bankers bills on Eng
land at sixty days quoted at 1925. but importers
indsposed TO pay more than 1O01
Money abundant ut psr cent with frequent
exceptions SIX the demand being light in proportion
60 the supply
The business ~ the Sub. Treasury to-day a. fol-
lows -