The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-12-21
FINANCIAL AND COMMERCIAL.

auction OF tho Bank OF England 49, ~
and half per CONT the busness>p 'ne io'su
markell ana r.mor that the rre,sTy was again secret
ly selling portion Of It's hoard foh' last mas oeen con-
trsdctod but as Il Ia known that ihe Treasury does
occasionally dispose Of coin this nable manner
every rumor however unfounded has ~ effect, and Is
Is necessary 70 the public welfare that Corss should
make provision against the secret sale Of government
gold which plays only Into hehands Of specuSton. Tho
present Decline requires TO be understood much
duo TO speculative the decline to 15s fol-
lowing the termination Of the war The specuiat5ys In
the gold nearly all on tho s'bear' side and
they consequently wish TO drive the premium low
possible In this they have double motive, the first
being their ''shors" advanageously and the
second to secure as low basis possible for fresh
apwasd movement BY which they equally hope'to profit.
Those who suppose this decline in gold brings
day nearer specie payments than,we otherwise would
DO re mistaken. merely unsctles for the time being
confidence IN the stability Of prices, without
improving the public credit in the least and
- che present encessive decline Is certain
70 Do followed by corresponding reaction,
the result s pernicous disturbance OF monetary and
commercial channels without any equivalent advantage
The opening price in Tho gold was 1855, followed
BY steady but gradual fall TO 134A, tho closing Quota
soa being l34% r. Tho supply Of coin for delivery i
abundant and loans arc generally made without interest
and the awaited themselves Of this opportunity to
rsnew their attacks upon IT, They also assisted
BY tho general dulneA which always Immediately
pvecedss the holidayR But this comparative mao
tivity Is not likely 10 result in any continuous
depression Of prices, the material conditions affecting
railway shares being favorable to rise than fall
and ahs prevailing opinion is that with the resumption
OF activity January there VIII DO buoyant market
Cor stocks.
Money continues easy at six per cent among private
lenders although OF the leading banks still ask
scven The dealers in government securities are, how
ever, enabled to borrow at i've. There Is moderate
dram from the West towards this CENTRE and the ship
eots OF currency the South light although drafts
received by the last Steamer of which magniaed
reports In circulation. There Is very little doing In
the discount line and commercial paper OF the first class
passes at 6x q per cent Tho easy condition OF the
Treasury Indicated by its balance this evening Of
Oil, se2 2s3
At the open board at ten o'clock the market was
steady. Erie sold at TAX; Michigan Southern, slX;
Northwestern 52 do. preferred 7sx. A. tho first reg
ular board there a ratherheavy of business
transacted but at declining prices Cleveland md Toledo
excepted New York Central closed y lower than at the
same tmo yesterday. Erie y, Reading az, Michigan
6outhern'k Cleveland and pittsburg 2X Rock Island
e. Northwestern 4. Fort Wayne X, Ohio md Mssis
s!ppi certificates NJ Pacific Mail u, Marposa preferred
r. Cleveland and Toledo was 6as higher
Government securities dull with the exception Of
coupon nvetwenes Of thernew issue Of 1885, which de-
elined ~ At the one O'Clock open board the market
was dun nnd barely steady Erie sold at 7a2; Rock
Island l04sl Fort wayna 1oG{; Michigan Southern,
slx At the hafrast hoard the transactions were
larger thsn usual, and all tho stocks Offering wcro
freely taken Notwithstanding that the bears were
the largest sellers prices wo sustained in most in
49, ,l,r arrt
annual dividend Of i've per ceni, and advanced Eric
also advanced thsca from 72K to TAX. Pacific Mail
declined lss but without any apparent reason tho
Affairs Of the company being In good condition New
York Central closed u lower than at the flrs regular
board Reading Il, Michigan Central az, dividend,
Cleveland and Psbnrg x, Cleveland and Toledo n Rock
Island X, Fort Wayne Y. Toledo, Wabash and Western
~ Ohio and Mississippi certificates y. Illinois Central
wss Y higher, Northwestern preferred q. Erie and
Michigan Southern wore steady at the neutrality-suspicious.
Gsvcnmsn. securities neglected and coupon nvc-
twentes Of 1852 were steady.
Al tho half-past thrss open board the bears madss
raid upon the market and New York Central sold ~ 1lox
Ak Erie 725.; Hudson. lco,; Michigan Central l0ak
a1iok; Reading. 1881 1O4x; Toledo, Wabash and
western AK y: Michigan Southern, s0-s 81 ceve
land and Pttshurg. 80 . ssx; Cleveland and Toledo,
l2skaN: Rock Island, 1osk losX; Northwestern,
COX 81; do preerrcd, 70; Ohio and mississippi cer:
Acstes, m Aftsrwards unfer vigorous hammcring In
Ne lower bali OF the Stock Exchange, there was
further decline, but . rally succeeded, and 1t hail.
- 1vs tho following quotations were current
New York Central, 1ook 10: Erie, MAS; Read
IND. 1884 Io4; Michigan Southern. soX 81; Cieve-
land and Pttsburs, sSs< . ri Northwestern. toH 20;
d. preferred, Tx q; For Wayne, DS iosx.
Compound interest notos were quoted thus:-June,
lssl l1sy. n; July. 1lsa 1le; August, l151 u;
u. Mnv
l1lx y; August. 1lois AZ; September. ITO liok;
Ostober, IO9x salo
ne sympathy between stocks and gold Is without
substantial reason a. the railways have 70 gain
than lose by q dsckne In the premium but II 10 Of
the interest OF the operators for fall 70 pro-
lucc contrary impression.
Mr. n L. Wilson has retired from the Presidency Of
che Marietta and Cincinnati Railway Company, In oopse
suenco or proracted ines and the duties heretofore
pssformed by him devoive upon Mr. b. Keycs, one OF
shs present director acting President, while the
active management win remain In the hands Of xr
Cutler, tho Vice President A complete arrange-
msns will doubtless DO effected at the annual meeting
se stockholders TO BE- held about tho middle OF February
.nszt
Tho forern exchange market IA duh and rates are
rarely steady Bankers bill on En- yland sixty days
vsrs qu0ed az tho close lo9H 1ook at three days
Iosk 1loL; francs At sixty days $40 . 513s<; a.
three DAYS 5ls $40; b,lls Bremen. 7sk 7o>f;
Berlin, 70 72f; on Frankfort. AZ az; on Arnss~.
dam. Al Az; ON Hamburg, 10. 3x; on Antwerp
AlTK as1sx. The prospective receipts Of cotton bills
from tho south tend 70 depress tho quotations for sr
ling.
American securities are strong In London. owing TO
the decline In goid Tho quotations under on
ne da,es ncntioned:--
Dee. IL DEE IL. Dec; 10.
United States sos ....7l u Tx
,rrs .... CIV fEL 40
nino,a. uz 7sY
Mnng stocks were heavy. Al ths.n ra board corydon
scsed soc lower than At the time yesterday. sell
iag 50 70; Quartz Hill I5c., selling A. 90 So Smith
and PssmeIee vas loo. hisher, selling at 81 25 Al the
second board Consolidated Gregory Gold cicsed s5c
higher selling al $40 20; Smith and PameIes loc, sell
ting Al o. 3s Quartz Hiu was 1sc- lower, selling at