The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-12-17
FINANCIAL AND coMMER GAL,


1917 -~~~~~~~~~~~>~~~~~~--~~~
sssai1itss1 tAs suxpAv Dec 16-sPM
There was marked change for the better in the tone
Of feeling the Stock Exchange during the past week.
and the railway share market exhibited considerable
buoyancy combined with increased activity Tho trans
actions In the Northwestern shares wero very heavy,
under which the common advanced to IS and the pre-
fered TO 7sk. Erie was also active and firm, while
Michigan southern was eversh the stock advancing 20
s3k and relapsng to 81 during raid which made
upon the market by the bears Friday afternoon but
from tho effects OF which it quickly recovered on satur-
Gay morning. 1t is noticeable that these attacks are
generally accompanied by false reports and improbable
rumors invented by the bears induce sales by the
holders Of stocks, and is somewhat remarkable that
they generally succeed In accomplishing their purpose by
frightening timd persons into selling just the time
whom they ought to be buying Tho very transient in
aence which the bears capable OF exering anst
the natural tendency OF the market was shown in the
instance referred TO- II IS the general opinion Of we'll
informed capitalists that the Of railway shares
will be upward for indefinite length OF time to como
BY reason both Of their large earnings and reduced
psndisurcs aud the general condition Of monetary
saiB is evident from both the temper Of Congress
and the altered tone Of the Secretary Of the Treasury
with regard to the currency, that measures Of undue
contraction will not b adopted aud that there s soma
probability Of the present rate Of legal tender contc
ton namely, four millions per month-bcing reduced,
on te ground that u s excessive There is no doubt
that would be accordance with the interest OF
thoceunry keep tho volume Of the currency nearly
stationary possible and the maturing compound In
tere will Of themselves contract the circulation
rapidly necessary without any canceing whatever
Of plain legal tenders Congress should pass an act to
limit the contraction process TO rate not exceeding
tweny millions next year, including compound interest
ar five n %
i've millions only. The duties Of the Secretary OF the
Treasury should also be clearly defined and provision made
against the secret sale Of the public gold private
Of national securities that all may have
equal knowledge OF what the Treasury doing and
that the door may DO closed favortism and caves.
choppers
The week closed upon very easy money market,
although the general the Stock Exchange six
per cont with exceptions government securities at
nve and the indications all in favor OF prolonged
ease. The stock market closed firm Saturday, and
the quotations at haf-pnst five under:-New
York Central, 1l1Ha Vi Ero,7 2h q; Reading. llo's
X; Michigan Southern, SIN X; Cleveland and Pitts
burg, 81 ok; Rock Island, lo4X X; Northwestern,
53k ~; ditto preferred, 7ss ii Fort Wayne, 1861
a1o6' Ohio and Mississippi certificates 291 Nj Quick.
silver, As a5k; Western Union Telegraph, 40 4ok.
To .mor-ows bank statement will doubtless DO highly
favorable showing, must large and nearly equal
increase in legal tenders and deposits and this will tend
TO stimulate tho speculative feeling (which again strong
on the stock Exchange and likely to be long continued
The panic only interrupted . movement which
promises develop itself into gigantic proportions next
year
The gold market ruled steady at the recent Decline
Che Of the week having been 1855 and 1885,,
and the closing price 1874. The customs receipts at
this port ST. $50 900, and the SubTreasury dis
,tofu do,s
The foreign exchange market was throughout very
arm. Bankers bills on England at sixty days were
quoted the close At lOs 1924 atthree days a, ITO
ali01 Commercial bills 1857 100. Francs at sixty
days l6x 5.l3x; At three days S. 10 5l2h. Bills
Berlin ~ 72,S; on bremen 7sk 79S; on Frank.
fort Al. aAx; on Amsterdam Al 4l1l; on Hamburg
ssis 35,1; ON Antwerp 5.l7 a5.1ok.
The market for foreign dry goods remains dull and
considerable improvement looked for before thu open
ing OF seasons business The trade in domestic
goods somewhat feverish. and prices are irregu-
lar Tho year has been, on the whole, an
anr.ou. aud Improbable ono for all connected
with tbs trade. including manufacturers, but Il has
besu DISASTROUS and heavy losses reported
10 Consequence OF the credit facilities which have
been extended freely TO country dealers. Both i'm
portsrs and jobbers look forward hopefully TO
Of activity up for lost time and merely nominal
profits.
Tue oca returns OF the import trade Of this port for
the mosth of November show marked decrease in for
ssn impovsiions their value falling moro than seven
millions below shoss for the corresponding month last
year Up 10 August last the imports for . whole year
- bssa upon an enormous scale, but snce that time
they have been gradually deciuing although was only
Iaa moeth that heavy decrease for tho nrst time
shove The immediate decrease 10 doubtless due TO the
laIasss which has prevailed in tho dry goods trade
AotA ~
Importers. but the large increase, beginniag
IN August last year duo 70 tho de-
nznd from the South 70 replenish exhausted
stocks The total value OF the imports for the eleven
mouths ending with November $780, 76i oi0 in gold,
exclusive of freight and charges and underyaluatious
Tits very large In comparison with one hundred
and seventy millions tbs aggregate for the correspond
ting eleven months in 1865 even sos ooa, AGO. the
total ror 1895 Asa consequence the customs receipts
Ia the nr eleven months OF 1856 were $l22 372, 23l
agains, only sea- 400 255 in 1894 In turning to the
foreign exports for November find considerable de-
crease their total value currency exclusive Of specie
hsvns b,sa only os5 agans, s7s for the
sAms month Las, year, and S1452s, 900 IN 1861 The
aggregate Tor the ht eleven months Of the year. exclu
ave of specis was however, in excess Of last year,
nsney si5asi60i7 agans, $3.50 500 so4 but less
In 1904 when tho total s2oo. ISL The customs
receipts November coresponded with the decrease
On inpor,ations. being only s7,7l6.ss3. q,
the ratio % about nincty.four millions q year,
the total tor 1895, tho exact hgurcs having
been s9a.s2t.l55. II Is probable that the I'm
poral,ous m future viii a lower than
have accustomed 70 for the past year. although
good authorities estimate tina, the range will still DO
abovo the average OF 1863
Thee statistics q the port which has boon estimated
receives seventy per cen, Of the whole amount Of i'm
ports 81 the United States. and sends out forty
eight psr cent Of all the exports, should be
studied by the Secretary Of the Treasury. who can