The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-12-25
FINANCIAL AND CONNER CIAL.

,wav list with the exception Of Erie which remained
Arm under semconering process engineered by GER
tain clique But although every effort was employed to
ru the latter stock up failed to reach higher point
than 97K against s3z Saturday, the 10th inst Cor
nering Eric is very different affair from corncring
Prairie du Chen. The corner yielded on Friday under
large sales by individual SPECTATORS and the price
coded 10 o4s< but it soon recovered 95s, and ethe
three O clock board Saturday It sold at 95< There
was NJ the same time brisk demand FOR Cleveland and
Pttsburg and old Southern, and moderate inquiry for
Ohio Mississippi certificates based upon the largely
earnings OF the road and the prospect Of their
ultimate conversion into dividend paying shares TIC
report Of Thursday announcing Mr.. McCuochs depar-
t1ro Washington for this city induced the bears 70
hammer the market TO the best Of their ability oat on
the whole the decline light, and when i was
seen that the Secretary had not come 70 New iorN
to borrow fund.- or 70 specie payments at
half past nine next Tuesday morning there was an evi
dent d,sincnaton to put out fresh shorts The Secretary
expressed himself freely while here, and acknowledged
has desire 70 witness an money market and further
advance in governments securities inmatng, TOO, that
there was little probability Of bis having to come upon
the market for during the present hsca year. ana
tba, mn effort TO fund any part OF the floating debt would
be made until after Congress had debated the financial
question and whenever such funding took place an
easy money market would be insured by all the
gency which attended the funding OF the hrst hty MIL
lions should be avoided.
Goyernnsnt securities continue firm, but the chief
yi,y in them arises transactions of brokers
raer thai the purchases Of the public, and there is
willingness shown TO invest in low-priced
railway stocks just now than in any OF the
gold pairing stocks, owing to the augmented
olrninss OF all the railroads in the country The
stocks of most OF these are at the same time
sellns thirty Atty per cent below their highest
pint 10 the spring OF 1894 while their earnings are
mech larger than they then. They undoubtedly
sole ar above their value at that time and in
instances they selling above their real value now but
mist Judge comparatively and admit that so long
.ho stocks of our leading companies held large
estsnt N Wall street they will always have more or
less specntve price tho range being above and
sometime, below the real value II is not four years since
Erie and Cleveland and Psoug sold at To- and both have
since sold vt 100 In the first instance their low price was
attributable 70 the absence OF that speculation which
could foresee The future and in the second speculation
mai regardless of real values, and the panic OF
April, 1854 was the result of which Mr. Chase has the
honor Of bong the immediate originator. Prices on the
Stock Exchange AKIN to real values than
they generally in market supported by speculation
aud there for either rise fall according
circumstances II the money market happened to be
stringent, and likely to continue for consider
able length OF time, should, perhaps be right in
looking for fall; but when it is easy and likely to be-
still easier and remain for indefinite period
come there nothing interfere WITH but every
thing promote speculation for n rise and the wonder
is that there much speculative apathy in Of the
monetary facilities which held out for active
operations The provcrb says Make hay while the
shines but Wall street, contrary to its usunl habit is
slow to upon 1t just 1t, alike with the un-
rfof vhnIo cto udo
Of the dogma Of and return specie pay
mens Everybody is afraid Of being bitten by imsg-
nary rcco and has vague idea that Congress or the
Secretary Of the Treasury bring about speedy return
70 specie payments whereas the contrary the
Neither Congress the Secretary achieve this
result without the material with which do
It, and the accumulation of these will DO the work
Of years, probably not less than ten, from the
termination Of the war Contraction and resumption
becoming bugbear, illusion and . day dream
which IL becomes . serious duty 10 dspsL There
good DO gained but positive harm to DO derived from
disooantng an impossibiy. The journalists who I'D.
voOato return to specie payments next year simply
nothing Of their subject, Of the by which
this result be wrought and of tho mpossbiity Of
arriving at II within any such period they prescribe
They also overlook disregard tho evil Of meeting
20 prepare for contraction which will not take place till
years the time they fix for the return hard cash.
and which, BY disappointing expectations, tends TO pro-
further imitation Of prices afterwards than would
otherwise be the case. There will undoubtedly be a
Of revusons Of varying degrees OF importance be-
foro re-establshed specie basis; but there
nothing in the present aspect OF affairs TO render II wise
to prepare for crash and It Is than useless to
anticipate the evil day; for evil panic would be while
premature and general fall of prices would In way
the resumption Of specie payments there Is
gold enough in the country which TO resume II
prices only half what they are at present There
Is gr deal OF socaed patriotic rant and cant about
this specie currency deb, question. and tho moro Is
dyesed OF political social and moral considerations
regarded in purely scientific financial spirit, the
better Just unaedged politicians, who arc unable
10 distinguish "B from bulls foot' in finance, find
ready OF capital in vapd preachings about con-
and resumption but in the minds Of all thinking
persons acquainted with the facts relating to tho nnan
cha. situaton such bombast Is nonscnscal in tho
trcme But while speak thus We arc nrm advocates
OF return specie payments practicable, and
we hold il the main thing to be kept in view in the
agcmont OF our We differ with tho radical con-
t,consts both the and the time OF rcsump
ton and base calculations upon what Is feasible
knowing by the history Of other countries and facts
connected with our own that their views impossible
OF execution and therefore the people against
beng mised by them
tho gold market steady Till Saturday, when it
weakened l457. the close, against 146ss Y at
the opening The sub.Treasury has not been seller
during the week owing its having to pay coin interest
the LIST of January the amount Of So 1856 100 upon
nine different descriptions Of bonds No part OF this
intercs, win BIO anticipated and the Sub Treasures will
commence disbursing Il on the morning Of Tuesday,
Jauuary2 Those holding thirty more coupons
lodge them the Sub asury and their checks
on the Goth instant.
Foreign exchange has been firm at iooi4 y for
bankers bills at sixty days and leading drawers nd
posed relax their quotations. The imports continue
heavy Those for the month Of October valued at
sas. ls,s7s in gold, against slo,oss,sos for the
corresponding month last year For the ten months
OF the year ending with October however, the i'm.