The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-12-24
FINANCIAL AND CONNER iAL.


SUNDAY, Uoo. 49, = -
The railway share market active during the past
week. but unsettled BY the contest gong forward Do
tween the bull and bear forces Up 70 Thursday even
ing the bulls seemed 10 be acquiring the mastery, but
Afterwards tho bears gained the ascendancy and sharp
decline in all the leading stocks took place, owing mainly
60 the latter having produced artificial scarcity Of
money by boarding and borrowing upon legal tender
notes. with the assistance Of fFisndy hank managers.
accounts the largo credit balances OF some Of
,thc banks ON Friday and Saturday Is becoming no.
torous that whenever concerted attack upon the stock
market Ia made some OF the banks are found
10 be in league with the bears, and permit
them 10 engage Ill the money they have, thus partially
closing up the usual sources Of supply upon which The
holders OF stocks depend This Of course Is the reverse
OF legitimate banking. and depositors and others
cerned right TO inquire into It, and 20 far may
be found possible put stop TO such gross abuse Of
power and trust It looks however, as II the bears In
resorng this piece OF strategy had played their last
card and there is doubt that very sharp reaction
will follow the present speculative depression Railway
shares considered cheap by outside capitalists and
they are heavy buyers for rise. while every stock
on the list IL 70 largely oversoid that strong
Inducements exist for the commencement Of
vigorous bull movement and doubtless The mere
covering Of "shors viii result in sharp recovery Of
prices especially for those stocks which have expe-
renced the greatest decline The bears too will have TO
set free their boards Of legal tenders and this viii r.
store the money market 70 Its normal condition The
drain Of currency from We VEST continues and that TO
the South will shortly give place TO return how The
demand money on Saturday active at seven per
cent 1t is somswhas singular coincidence that the
balance In the Treasury hero should simultaneously
with the efforts referred To- 70 make money arti1ciay
tight bs up to the unusually large amount Of
STA o7s l26-a greater sum than seems necessary TO
any disbursements the Treasury has to make. II
probable that after tomorrow the supply Of money
available the Stock Exchange win be in excess
Of the demand ate ~ per cent and the bank statement
hardly fall 10 exert reassurng effect notwithstand
ing the strategy Of the bears T NsM W
The railway share market closed steady on saturday
evening IL the following prces Erie, SIX a67k; New
York Central, 1913 f0sk; Michigan Southern, SoX
,xI; Reading, 1ol aiO4A Northwestern, 5s,t 53h;
do preferred 70 a79K; Illinois Central llex III;
Fort Wayne 1o4s< los; Ohio and Mississippi certia-
Gates. esss 2SX Government securities have been
neglected and heavy, IN sympathy with the decline Of
gold. Tho miscellaneous stocks were adversely in
ducnced by the general market nH&sAs ~s
The gold marke, was throughout weak the price hav
ing fallen gradually from 1881 Monday 10 l32K on
Saturday. the closing quotations being 1881 1888.
rho receipts for customs duties At the port were very
,isht-nsn,ey 81 O6s o00-whle the disbursements At
Sub Treasury Of interest aggregated
43 600 Tho light demand for customs and the fact OF
exchange being below the shipping point encouraged the
overaousor the bears and in Wall street every thing
runs extremes When the tide turns tho Spectators
who arc bearing, gold now win be just as eager 70
bu II. As itis there Is hardly bull am9ng them 4
little than ten millions Of coin interest on tho
pubic debt will fall due the st Of January. Accord
Ing the asary statement dated November 80 1906,
the follow ing amounts Of bonds we're outstanding the
,nfaraa, rs.nr rphfch u M rabia nj that Tina.