The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-12-31
AND COMMERCIAL.


y
SUNDAY, Dec so-srn
ne railway share market ives active but unssesied
durinx the pest week. and the course Of prices somewhat
irregular Towards the close, however, increased nrm-
.sss vas displayed this tendency being strengthened by
- ..roh.sss Of the besrs 70 scovsr their contracts
And thoss Of buyers for rise anticipation Of brisk
upward turn early In the year. the ranks Of the
bulls are being gradually recruited BY desertions from
che bear side many OF the boa who have been recently
triumphant dssming prudence hs better part Of vaor
4, the came time considerable portion OF the public
interested in spsculatons for riss prior TO
the late panic has become disguised, and looks
upoa the Stock Exchange As don Of inQuity infested
~ uuscupuous gamblers and the support Of this class
% the fresh upward movement Il withdrawn. More
ever the bul hoasss and Spectators have been ssr
susy crippled and these have nsithss the ability nor
ths courage launch into the deep watss Of specua
eion q pssssnl The bull element In the street has these
Disadvantages TO contend against but y probable that
sas iuduK ef outside buyers tossshsr with the CONVEX
son Of bears 70 bulls, win result In general advance Of
psicss. fos which there more room than usual owing
. The heavy fall which has taken pacs All the leading
ssockA too, are largely ovsrod. and Me scarcity
q noasy, which IVES osnnsa moro BY ARTIFICIAL than
ssgimals mssns Il giving piacs 70 abundant supply.
and ksly that the rate for call loans viii shortly
- rsdcsd per cent, OwAg TO the Disbursement
or dvidsuds By the banks and insurance and other co
paBss the payment Of The interest on such Of the
Aals debts due u ths centre The whole amount
oe currency thus 70 paid ont IL estimated u nfseen
iiiona The monetary facilities a the dsposr Of the
bulls win doubtless be actively employed In vigorous
attempt 10 recover their recent heavy losses
There was only limited Offering OF 1rst class COM
srusl paper but that OF inferior grade abundant
The former passed slowly alta y per cent discount,
lenders generally prsfenng 70 employ their money in
call 70 buying notes Tho supply Of money avaia-
bic for use on the Stock Exchange moderately &C
tive owing TO the bears and the banks In collision with
them continuing hold legal tender out Of crcu
lstioa
Government securities became nrmer In sympathy
with gold and the general Market but there very
moderate amount OF business transacted IN them Tho
gold bearing bonds have whsosd the effect Of the de-
cline in gold remarkably we'll
Among the miscellaneous shares Pacific Mail rose to
Is7 and Mariposa preferred 3lS. Cumberland Coal
preferred advanced TO 90 by the clique operating In
II with = view to "cornerng, tho few 'shorts' out
standing In It. and inducing outside speculaors to buy
for in anticipation Of further rise. The clique,
however. by owning all the stock controls Il efectu
ally that plays with loaded dice, and both those who
buy and those who sell II tread on very dangerous
ground Tho public should, therefore, leave such
stock alone and speculate IL must speculate In some
thing less worthless and free from the shares and
pitfalls OF Wall Tho stock market closed steady
Saturday at the following prices-New York Central,
Il04 -; Erie 67ss y; Reading. 1851 q; Micbi-
gan soaieru s2ia a; Cleveland and Pttsburg, 9o,s
. u; Northwestern, 447s 45-preferred, 79'i q u,
R>'k island, losk ~ Fort Wayne, los 1851
The Of the creditors and stockholders Of the
Oho aud Mississippi Railroad company have advertised
thai interest due the preferred Certificates ia
ia Of January, will be paid in further preferred Ger
sn instead OF cash such certificates be ready FOE
Alt. nh asfa h of lam
vscsliang aud unbusiness-like manner In which this
trust has attciy been administered, Is calculated to
shake ronadencs the minds OF certcata holders
The ultimate value OF tho certificates they hold and the
psppnsy OF adding 10 the amount Of preferred cerii
oates outstanding Is very "a sonabc. The reason
sgncd fos doing IL that the rebuilding OF the
Miami bridge and the repairing Of other damage caused
BY tis Hood In September last cannot be delayed with.
ont permanent injury TO the road, and the cost Of
% doing will absorb the money In the hands
OF tho receiver which would otherwise have
been appropriated tho payment OF interest The road
stsrn divson has been several times advertised for
different dates-;hat present announced being
che 9th OF January, and 10 contamination Of this
there viii become due and payable 10 suDdry parties
named In the decree Of the United states court in the
foreclosure suit under which the sale ID be made an
amount OF money estimated at 100000.
The gold marke, continued heavy III towards the
clo.s, ~bea ID became nrm The prce declined steadily
from 1884, on Monday 10 1919 "Wednesday. from
sch point gradually advanced to l34x saturday,
~ dosing quotation, however. being 1885, i33k.
s.nsdemand FOR customs duties at The port during the
very lght-nameiy. 81, <0s 900, and the sub
ssry disbursed t22i, 800 In coin FOR interest
&c debt or The export Of eIo7l.lso the greater
astsn In gold and silver bars, Mexican dollars and
jsi doubloons
rhe foreign exchange market was on the whole. nrm
al ~h!le bills In limited supply the demand was
Terd importers induced 10 buy By the decline In
a and the Apprehension that the premium might
upward. Bankers bills England at sixty days
raicd At 100 1921; Mt three days, 109x 10;
commercial IL, 1917 100; sixty days ally
ASS: at three days, $40 5i3k; bills Berlin Tx
"a. Bremen, 5s5s ss3s; on Frankfort, AZ. a
sIi.i ON Amsterdam, AZ. Az. on Hamburg. 49,.
35,f, on Antwerp, 617a5IBh.
10 general trade there Of activity owing 10
/r~ beng holiday weck but cheerful feeling now
.yais than before observable. and revival OF
nation will probably follow tbs escape from the dull
or tho holidays There u growing confidence At
| time thai Congress viii 80 egisIate a. TO pre-.
further contraction Of the currency. and define
al,es OF tho Secretary OF the Treasury 10 every
can't particular clearly that he will have no
I TO produce perturbai.ons OF the money
81, secretly sell gold, or manipulate
eminent securities. The interests OF the
euniry present demand that the currency should be
u, unf slorbcd ami TIA, attempts drec, or nd,.
oct. should 10 made 10 specie payments with
four hundred millions OF government securities VA.
rope, resurnabe for sale here NJ any time and
hundred millions Of seven-thisty stl outstanding
m3rs than foolish to talk Of resumption OF specie
paymeats within the years. u will proba-
bly, ten before ring OF the true metal
n heard hank counters.