The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-12-28
FINANCIAL AND COMMERCIAL.
THrnspAY. Doc 27-6 p. ~

contnued hammerng Of the bears who are anxious 70
their without advancing prices Hence they
sell in demonstratiye manner, and buy unoorusviy
but shor interest immense that II would DO
impossible without producing astrong upward
reaction of perhaps from 10 to 20 per cent There was
decided change for the betterin the afternoon, owing
manly to the influx Of fresh orders from outside buyers
and the advance in quotations was marked and general
The bears for the last days have been covering their
contracts by buying from each other and the result
easy be foescen Deliveries made very rreguariy
and nearly all the speculative shares in active
borrowing demand, much TINT stocks ad mi,ted
30 be scsrcer than The bears place their chief
reliance upon The condition OF the loan market pending
the disbursement OF the dividends declared by the
banks and insurance and other companies but this Is
very slender foundation which to base great expecta
lions. The supply OF money rather easier to-day
yesterday satisfactory coa.erals and moderately
wide margins, although The bears stil Withholding
legal tender notes from circulation, with tho view OF
'coverng advantageously Tho general rate was
per cert and exceptional transactions govern
inert securities reported Mt six There only
very light business being transacted in commercial
paper tae supply being small and the demand
equally 50, and the best grade Is rated at seven
por cent, Tho dulncss Of trade combined with the de-
cline OF gold have produced feeling OF depression
among tie mercantile community, and heavy losses have
doubtless sustained by importers and otier large
holders OF goods, failures reported and the
prospcc is that with the turn OF tho gold Market in.
activity and bnoyancy viii BIO impaired TO all de-
partmens OF trade with tho increased demand for
goods domestic manufactures at present in a semi
stagraa state will be greatly stimulated and at the
same impetus will be given TO the employment
or labor Congress, too, will be likely after 1t
assemb,es give attention TO the question OF taxaon
which present excessive TO BIO undermining the
prosperity OF the nation and exciting approximations
or a commercial revusion There be rcvuson,
however Under present circumstances. The volume OF
paper money in circulation is too large TO permit OF such
catastrophe aud the fact OF Its being irredeemabe
guards against dangers TO which should be other
wise exposed and among these the most important Is
foreign draiu Hnd we been specie basis in Nay
and June last. when we exported to Europe nearly
thty-seven mill ons Of gold In six weeks, the banks
would have been compelled suspend specie payments
such Contingencies may again, but from these
our domestic money will DO wholly screened SO
ling as the currency remains bridesmaids and II
must remain while moro than seven hun.
dred millions of seven-thirty notes, rcdcenpblc
in currency. outstanding, and four hundred
millions of our national securities held in Europe,
liable to be returned at any time, besides
large OF railway and State stocks Tho legisla-
ton of Congress will doubtless result In limitation Of
tho powers Of tho Secretary tho Treasury the
authorizing reduction OF plain legal tenders should
DO repealed ind contraction If there ia to be any
limited strictly compound interest notes But tho
less Interference .here is with the currency tho better
will boybr Che interests OF the country
Tho gold market showed tendency towards lrmness.
The opening price 13lK followed by advance OF
and relapse to 1917, after which II steadily rose TO
132,s, closing quotations being 1929 ~ Loans
made at 16a 1l8 and 1a2 cent in favor Of tho
Al the open board O'Clock the stock market
weak. Emo sold al s51s a X; Michigan Southern slK
Readng Ios4; Northwestern, 4oH 49, DO preferred,
sox 79X; Union Navigation, 1864. At the first rcgu
lar board there largo business transacted at I'M
proving prices New York Central closed y lower than
at the time yesterday, Erie n, Michigan Central
" Michigan Southern u, Illinois Central 4, Cleveland
and Pittsburg u, Rock Island H. Northwestern ~, do.
preferred 2H, Toledo. Wabash and Western ~ Ohio
and Mississippi certificates x Pacific Mall 2 Atlantic
Mail ~ Western Union Telegraph X. Reading
was higher Fort Wayne x. There some
pressure 10 sell government securities, and in tho
absence OF . corresponding demand prices declined.
Coupon OF 1881 were y lower; hvetwenties Of
the new issue OF 1855 y, ten-forties n. seven
thirty OF the first series y, second series, l.
A. tho o'clock open board the marke, was strong
Erie sold at 65&; Michigan Southern, s2h, North
western, ~ do preferred, soh; Union Navigation
1861. Al the haif-past two regular board there
confident icelng among the operators for risc and
the bears showed some anxiety to .cover." View York
Central CLOSED higher at the first board. Eric r.
Reading X Michigan Southern 4, Illinois Central 4,
Cleveland and pnsburg *. Cleveland and Toledo a.
Northwestern id-preferred H. Toledo, wabash and
western J. Pacific Mail TX. Government securities
inactive anG coupon hve-tweniies OF the issue
1865 declined e. Tennessee State skies we're 4 lower
At tho open board at half past three o'clock hopeful
feeling prevailed and there a further advance
prices New York Central sold Al 1922 Erie 81 67X
Reading 1885, Michigan Southern, 81, Cleveland and
Ptsburg, 81 ID 1ol Cleveland and Toledo l2i, North.
western. ~ - Rock Island, 1895 Sorthw pre-
feryed sos r.; Fort Wayne, 1905 Milwaukee and 81
Paul, $50, Marp9a preferred. 30as; Union Navigation
Company 1861 Western Union Telegraph, 49,. subse.
aucnuy there a brisk demand for all the Lending
railway shares. and at halfras Eve The market closed
hrm a. the sGboined quotatons:-Nov York Central,
r0s1 4 Ere, c. y Reading, lo5h x; Michigan
Southern. s:, 4; Northwestern ~ AZ; do pre-.
ferred, so s0X Rock Island, 1885, a x, Fort Wayne
1861 Y Cleveland and Ptttsburs So. 4. Conn
pound qaotrd ~ under:iune 1854.
I1saiIoif July, 49, - August, us \; October
IlsaK December III 1870 August, ITO llOiS I;
seponbcr 1925 Z October, io,4ak.
Railway earninrs large. Tho receipts o. tho
CHICAGO ami Northwestern Railway IN the third week OF
December 8iol $50, aga ns si396 90 for the
responding week last ycag showing an increase q
sas $50 The earnings Of tho Michigan Southern Railway
Tor Tho week ss35i2 against s5s ss7 Tor the
corresponding IN 1895, showing ncroae Of 81 as.
Tho foreign exchange market H. steady, but dull.
Bankers hills England at sixty days were quoted At
the close at 1923 lo9a a, three days, 10 nos;
commercial bills, 1917. IOsE francs a. sixty DAYS
slsss abi3t; Al three days51o a6i2k; bills on Der.
Nh, 524 n 72H on Bremen, 5sH 70; on Amsterdam,
AK AK; on Hamburg aea o6l.; on Antwerp,
oisI s5ieI,
Mining stocks moderately active bu, les buoyant
than yesterday. At the rst board Gnnnei Gold closed
1Oc lower than at the Same time yesterday; smith and