The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-12-07
FINANCIAL AND COMMERCIAL.

FINANCIAL AND COMMERCIAL.
THURSDAY, Dsc. ESP NJ
The ock market has been unsettled again to-day and
prices submitted slight decline under further heavy
sales by tho bears The talk OF the Secretary OF the
Treasury about contraction and resumption Of specie
payments in year and half hence has tended tempo
,rany 10 disturb confidence his administration OF the
nnances but IL is expected that Congress viii very soon
denno his duties in every important particular II is
against the interest the nation pursue policy OF
severe contraction or unduly hasten the resumption OF
specie payments and 1t than probable that the
recommendation Of Mr.. McCulloch will be ignored
In both houses II Is quite certain that his
theories arc inconsistent with the welfare or
tho great mass Of the revenue paying commu.
nIty and that all his opinions are subordinated to the
one idea Of specie payments which Is Of itself based
upon erroneous assumption.
Tho money market Is easy at per cent and there
arc sill few exceptions government securities at
i've notwithstanding the efforts OF Of the bears
create impression that II Is active the higher
The Western journals report that the banks in that
ton compelled remit currency daily eastward and
this drain very percepble here in the accumulation Of
national bank notes, which in some instances have
been loaned for three days without interest,
returnable In legal tenders The discount line Is
dull at OK " per for the best grade OF CONNER
cia paper In estimate Of the amount Of interest
duo the seven-thirty loan the 18th instant We
made to state the At instead Of
sl0o5O00o. This, however, is according to the last
return Of the public debt In which the details given
namely, that Of November, 1855. The aggregate Of
seven.thty notes then outstanding was $780, ooO
whereas the statement Of the date in the present
year-the last published-shows the amount outstanding
20 be only l4soo; but this includes the three
without specifying them in DETAIL 1t is impossible
Z 70 tell the exact amount Of interest due on the
date mentioned, beng the fixed for the
payment Of the second series. The form in which the
statements Of the public debt at present made
is very unsatisfactory and the Secretary of tho Treasury
should improve upon by reverting the old style of
preparing these documents This reminds US that the
statement for the month Of November has not yet
made its appearance. although it is six days overdue.
These returns should be published punctualy, and all
omissions to do injurious to the public credit.
The balance In the subTeasuy the Of business
yesterday sos 0O0 which shows IL to be amply
provided with the OF meeting the maturing in
terest on the seven-thirty loan referred to- There
Is nothing In the condition Of the monetary
affairs opposed to a recovery OF prices the Stock
Exchange and the fact Of the market being largely
sold 10 favorable to q sharp upward reaction.
At the ton o'clock open board the market dull and
steady. Erie sold at 71H "a " Northwestern 81 50%,
Michigan Southern s0k At the first regular board the
speculative feeling bearish and 'shorts put
out freely In anticipation Of further decline. New
York Central closed u lower than at the time
yesterday; Eric Is Reading y, Michigan Southern IN,
Illinois Central l. Cleveland and Pittsburg Cleveland
and Toledo X, Rock Island " Northwestern preferred
x, Fort Wayne x, Ohio and Mississippi certificates
y. Pacific Nail l, Quicksilver 1H, Western Union
Telegraph u. Northwestern TX higher; Mis-
souri, skies u. Government securities neglected.
Coupon sixes of 1881 lower;
issue OF 1895 u. At the one O'Clock sessions
the market was steady At fractional decline on
tlon Of the list At the half two boa-d II Arm
at n advance, and Pacific Mail recovered 10 TO- New
Youk Central closed x higher than At the FIRST regular
board, Erie u. Michigan Southern y, Rock Island ~
Northwestern " Fort Wayne x, Pacific Mail l. Cleve-
land and Pittsburg was lower Cleveland and Toledo
u Subsequently dull steady feeling prevailed, and
the open board at halfpast three Erie sold at Tx,
Reading Ill, Michigan Southern 795s, Illinois Central
117x Cleveland and Pittsburg s31, Northwestern ST.
Rock Island 1884, Northwestern preferred 7oH 4,
Oh and Mississippi certificates 49, Quicksilver As, West
ern Union Telegraph "a, Atlantic Mail 103 There
Hrmer feeling displayed and some Improvement In
prices experienced Afterwards, and at halfpast I'VE
Northwestern, after selling up 70 62's, was quoted at
Ska y, Erie nix T. Compound interest notes
were quoted thus BY the dealeB:-June 1854, 1i6k q
u; July lISX I1s; August, l15x Vi October, 114i4
vi December, 11sK ~
Tho gold market is langud and the bears still hold II
under their control The opening price was 1891, fol-
flowed BY decline to Is9 and advance to 1917. From
this point however, dropped again to l3s at hafpast
three and the latest quotation was 1889 r. The sup
ply u coin was in excess Of the borrowing demand
Thu foreign exchange market was steady and quiet.
Bankers bills England at sixty days quoted at
l09x Y; at three days, ITO 1lok; commercial bills
Ios 100; francs sixty days. Sis SIX; at three
days SIX a51sx; bills on Berlin, y TAX; on Bre
mon 70 7ok; on Frankfort, AK az; on Amsler-
dam ~ AK; on Hamburg, se,< sea; on Antwerp
CITY a5.16.
American securities quoted as under in London
on the dates mentioned