The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-12-06
FiNAN GAL AND CONNER GAL.


TUESDAY Dec Sop M.
The stock market was Arm today. AT the early
sion OF the open board there sharp advance upon
the closing quotations last evening" and the first regu
lar board the Improvement the whole well main.
tanned Erie closed n higher than at the second board
yesterday, Michigan Southern x, Northwestern ~ pre-
fcrred u, Quicksilver " Canton n, Ohio and Mssis-
sippi certificates II, Marposa preferred X.
The number OF shares converted into the latter
is 81 ,544 which supposed TO be held by par.
ties who saddled with the common stock at
high figures year or ago. Government securities
firm Coupon fve-twenties OF the third issue
u higher thirty notes OF the first series NJ
ond series u. The third series were * lower
At the open board O'Clock prices a fraction
higher on portion of the list Schuylkl Coal sold at
11A This company recently organized with capt.
tai Of $1,000 000 of which ST. 300 900 only has been
issued. 1t owns in fee simple three thousand
five hundred acres OF coal lands in the Heck
sher Basin schuylkll county, Pennsylvania, and
proposes to Immediately put all this property under
lease in tracts OF three to five hundred acres One cut
ting, already operation reported to be producing at
the rate of one hundred Thousand tons year
At the second regular board the market was dull
Erie closed u higher than at the first board, Reading r.
Northwestern was lower preferred u, Rock Island u,
Fort Wayne u Government securities were inactive.
Coupon forties u higher thirty notes Of
the second series Il lower
At the open board half-past three the volume OF
business was very light and the speculative feeling
sluggish New York Central closed at 97A, Erie 92h
ID 81, Hudson River 100, Reading IT, 81 l16A Michigan
Southern 75h, Rock Island o. 81 107, Northwestern pre-
ferred To- 81 65x, Fort Wayne 100, Ohio and Mississippi
certificates 2s, Canton 40, scbuylkil Coal Is 81 Tx,
Mariposa preferred u. 81 FIX.
Of the Secretary Of the Treasury and the Comptroller Of
the Currency absorbed good deal Of attention late in
the afternoon, and there was disposition shown to
defer operations until their effect If any, upon the
markets should be ascertained The Message more
conservative and conciliatory than was generally ex
pected and its influence rsasurng The Treasury
report in like allayed apprehensions although
II suggests several important measures, but none col
cuated TO create any present disturbance Of value Of the
money market. Mr.. McCulloch begins his report by
morazing upon the evils Of imitation but acknowledges
that immediate repeal Of the legal tender act would
be unwse and affect nuriously he legitimate business
Of the country upon which depend the welfare OF the
people and the revenues necessary for the man
tenance Of the public credit He also bol,eves
that the influences Of funding upon the money
market will sufficiently prevent the too rapid
withdrawal Of legal tender notes He, however,
recommends that the compound interest notes should
TO be legal tender after their maturity He
there 10 apprehend that policy Congress
may adopt will rapid reduction OF prices TO
produce very serious endorsements 70 trade The
currency only be withdrawn to any considerable
extent by salc OF bonds and the demand for bonds
will be affected by the state Of the market that
rapid contraction will be diacult II not impossible,
were IL desirable. He seems TO be In dread OF
further imitation; for he observes that there
In he
OF the government TO reduce its circulation
rapidly enough than from too rapid reduction OF it.
Nevertheless ne believes that decided move towards
contraction is public necessity He, therefore, asks
for power sell per cent bonds knd OF interest not
mentioned for the purpose Of retiring compound notes
and plain loyal tenders He at the time acknowi-
edges that If the expenditures for the ming three
quarters OF tho present fiscal year prove equal to the es
mates there will be deficiency TO be provided for by
loans of $1I2 1914 947 in addition TO tho $32 Dol Of
1--WE per notes part of which being paid or
He consses tina, he may for short period be obliged to
avail himself Of any authorized for meeting
expenses other demands upon the Treasury
Further he for power to issue six per cent bond, 70
meet any deficiency that may occur and estimates that
the amount Of the debt the LIST Of July, 1896,
will be three thousand millions The unsettled
and accruing Indebtedness OF the government Is
not now capable OF exact estimation He heartily
endorses the recommendation of the Comptroller
for compelling the national banks TO redeem their
notes at the financial centres and he aludes rather
vaguely 10 the wants Of the Southern States respect Of
circulation, and thinks II perhaps unfortunate that
greater restriction had been placed upon the large
banks already organized view OF the necessities Of the
South lie evidently yields his assent 10 the suggestion
OF the Comptroller that the limit Of national bank crcu
lation be increased condition that all the banks
deem their notes AZ New York, Boston or Phil
adelphia His main reliance for exricating
the government from lie financial dfncult les 10
upon large revenue yielding fair surplus.
He meanwhile opposed TO the issue Of securities like
certificates Of Indebtedness redcemable at short dates
except under necessity He against the taxation by
States OF national securities and urges Congress 70 de-
clare the principal well the interest Of the i've
twenty bonds Of 1852 and 1864 70 be payable in coin
For the fiscal year se7 the receipts estimated
at $500 600 and the expenditures at 1884 49,
leaving surplus Of Sill, 6s2, sls.
The gold market steady The opening price was
1884 followed by rise 14sk and relapse At the
close Of business 70 l4sh Foreign exchange was dull
Bankers bills at sixty days quoted at 100 u;
short sight 110ax
Money was In good supply al seven per cent, and q
few balances were lent Mt six
The business at the Sub Treasury to-day as fol.
lows
Total receipts s5,670 2o4
Payments 3,O03 800
Balance 10 SAC 8l3
For customs ............,............ 944 600
On account Of government loan ......... $40 600
Gold certificates. I,026,o0o
stock Exchange.
TUESDAY, Dec 5--10:30 A. NJ
$4,000 uS6s, Sir Elm l02A 800 shs NY Cent tsR 9sk
1000 Us6s,'sl cou 107k 20 do. I'd call 97A
1900 Us 6's, 81 1917 90 Eric RR ....... "
1000 trs 6's,5 20c'85 9yk 1900 do ........ 92K
1000 3 SIS, 10 4Qc 90A 100 do b30 92H
1900 IT n 1910 LIST 8 OK 200 do. call 92r
10000 do III series 81 80 Erie RR pref. Sax
aOOO do. ....... 97k 1000 Reading RR. =. 116k