The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-12-19
FINANCIAL AND COMMERCIAL.
TUESDAY. Dec. 1s-e P. N

TUESDAY Dec 1872. NJ
TIE sps ulatvs spirit on tho Stock Exchange con-
tnues strong and railway shares are In the ascendant
Tbs most active Erie. Michigan southern, Fort
Wayne and Northwestern. The demand for the last
mentioned based upon the large earnings Of the road
those for the second week Of October having been
sl5o5s4 against sl3o 500 the corresponding week
last year-showing increase of sl9,e74 Confidence
in tho value Of railway property constitutes the main
support Of the present speculation for rise ana next to
this in Importance to the bulls is the abundance OF
money Tho Stock Exchange is now freely sup
Piled a. six per cent, and tho exceptions at Ave
becoming more numerous. The Tendency
towards Increased case Is strengthened BY the
disbursements Of the Treasury in payments
OF tho interest on the sevcn-hry ioan and the return
Cow from the West Is steadily swelling the volume Of
loanable funds The easy position Of the Treasury is
indicated BY the large balance sub-Treasury this
evening namely $1os, 727o5s The amount of nrst
class commercial paper offering for discount limited
and tho Best grade passes at on per cent On Sat-
urday 1915 900 dlsbursed here in interest tho
Seven-.hirty loan, and yesterday 100000.
Al tho open board at ten o'clock the market bnoy
ant Erie sold at 1aK Michigan Southern, s3il North
western, SAX x-do preferred, so u.
BY now arrangement, decided upon yesterday, con-
nuous call OF stocks from ten TO four takes place
the regular board, tho object apparently ng to offer
facilities for tho transaction of tho entire business of
Wall street thereby beading OF tho open board. The
result Is however wearsomn repetition OF calls while
the time which they distributed gives appear
OF Inverness to the proceedings the especially
there are virtually two other markets Tor stocks
namely the open board and tbs lower hall of the Stock
Exchange. in each Of which large business Is done
There brisk demand for the LEADING railway shares
at The regular board, and the improvement IN prices
well sustained. At twelve o'clock New York Cen
trail 4 higher than at the tina yesterday, Eric
u, Michigan Southern X, Illinois Central Y, Clove and
and Toleio 21s, Rock Island 4, Northwestern ado
preferred 81, For: Wayne Il Ohio and Mississippi GER.
ica.es ~, Atlantic Mail l.. Michigan Central was 4
lover, Cleveland and Pi,tsburg q. Government
securi.ies were 0rm. Coupon SKIES OF 1881
showed an advance OF x, Hye-twenes OF 1855
now Issue, 4, thirty notes of the second
series y. At the open board at one O'Clock
the market was fraction lower but firm in
tone AT tho regular board during tho afternoon 4. was
rather dui. but steady and at four O'Clock now York
Central vas q lower than noon, Michigan Southern
y, Illinois Central x, Cleveland and Pitsburg a. Rock
Island IL, Northwestern I1--do. preferred A, Fort
wayne M Ohio and Mississippi certificates Il. Michigan
Central was higher Cleveland and Toado ~ Govern
ment sec7r;t.es neglected. Coupon of 1851
and ten rortics u higher Subsequently the
market was hammered by the bears but without much
effect, aud at halfpast vo IL closed steady fol-
lowing quotstons:-New York Central lax u: Erie,
7sss X Reading, 1861 io7; Michigan Southern. s2i
Az Cleveland and Pittsburg 9oM 81 Rock Isiaud lo5
1855; Fort Wavne, LOT 1071; North western 53<
A-do. preferred, 7sK a a. Compound interest notes
were q,otd thus:-June 1884, 1l89s s.; july ll5gx
ZIG; August, 1862 " October, ll47s III Decsm.
Dor, Ilssi a u; May, 1885, 1l1k a x; August, 10Y
G september, ITO 1l0k; October. I09L a1IO
Tho gold market opened firm at 13sM, but gradually
dechned to 1s7k y at the close Of business Loaus
wero generally made q fat and at 3 per cent for
carrying The failure of the Ways and Means Commit
tee TO aot upon Mr. Boutwes bin providing foy tho sale
OF two millions Of government gold per week mas orc.
daced no perceptble effect upon the prsmium ia the
course OF speculation Tho specula.o,s are generally
anxious that It should pass as, Carried into effect
wou'a soon place tnem IN CON- .rol Of the market Al
p' sem INC treasury noard vsops down the premium
and kills speculation, b., n ,h,s hoard were
70 be reduced IN the manner provided BY
tho bill referred 70 the Gold Room would
take the gold. and the Treasury would no
longer 90 aoiS 70 nuencc tho course OF the premium
~ wouid 90 rs u slpcss 1t last May, when the
pane IN hAsO nd caused more than thirty millions OF
sod 70 DC tipped from this country within few weeks
a. ro'urA' securities previously held abroad and
In hqor alton Of commercial indebtedness Europe
THIS - suggests the danger which constantly attends
the y ossesson Of four,or Ave hundred millions 6f our
'ses Irtes by foreigners In Europe, who demand
sh for Thorn q any tune Herein lies bar the
sumption OF specie payments, although still moro
formidable exists in tho fact that hundred
millions OF three years seven-thirty notes. redeemable
In currency ct maturity, or convertible into
nvetwep,ics, at tho option OF the holder,
still outstanding To talk nf contraction and re
symptom Of specie payments undcr such circumstances
oaiy does harm BY preventing the funding Of seven.
thirty notes, disturbing the channels Of trade and
exciting false hopes and fears In the minds OF the
people. The currency should be allowed to remain
Stationary; or there Is any contraction, 1t should be
cosanod 10 compound interest notes. commencing with
twenty millions year and descending at the rate Of five
niirous year TO nvo millions only To contract tho
legal tender notes at moro rapid rate than this would
involve danger TO the national banks, whose notes
rsdoemAbe in legal tenders, demand and, long
abe national bank currency 10 not replaced by loyal
tenders this consequence must bs kept in view.
The monthly ranges Of gold since tho beginning OF tho