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

TrxsnAs, Dec ii-sPM
rns speculative feeisux ON the Stock Exchange is
eradusFy gslnnr strength ana cday there has been
marked lncreazs ~ the volume Of transactions Very
considerable amounts of stocks have been withdrawn
from wan street dunng tho last week or two by outside
capitalists and TINS has strengthened the upward
tendency Of prices The current ~ speculation
A. A present running hezvlly upon tho North.
western share. and Erie. bu, at The same time
there s an active demand for all the leading
stocks the future policy OF Congress with
regard 70 the finances "a far he SEEN
tua 70 toss who wish 20 disturbance OF the cur
rency In the House Of Representatives yesterday the
resolution offered by Mr. Ross 70 the effect that the
Committee on Banking and Currency be Instructed 10
Inquire into the expsdency Of whdrawing the national
currency and winding up The national banks, and fur
nshng The country. In lieu Of such national currency,
with eenbacks Other currency OF similar character
was promptly tabled by vote Of 80 70 So and similar
resolution, offered by Mr. Harding, Of Illinois, shared
like fate. BY vote Of % TO co. There b. indeed, moro
hanger Of Congress adopting policy of imitation than
one Of undue contraction. II 10 70 the advan-
tass or the country and The revenue. how
ever ehat pubno ccn6dsacs N the stability
Of values bassa upon ihs presons currency system
SAouiA sss b shaken and shss sssepriss should bs
sncouragsd. especially in tho South
Tia money market easy SIX per cent 10 rst class
h0uses with exceptions at i've ON government secur-
Tics but tnre few transactions az seven, and tho
tan have MOI yet lowered tho rate for their old loans
which generally stand at seven per cent
while Il Is noticeable that borrowers In gen
sral show little or no disposition TO pay
shem on The tendency 70. however, towards
six per cent the maximum rate, and the flow OF cur
rcnoy from the West continues active Meanwhe the
supply is more than ample 10 meet tho wants Of the
Stock Exchange, and IL not for tho uncertainty
with which the movements OF tho government are re-
garded there would be nothing to check tho natural
upward movement which is progressing. all tho
movements of tho Treasury conducted publicly a.
che public has right TO demand the public credit would
be strengthened and the money market would be freed
from the perturbatons which 1t Is occasionally sub
Jeced at present But notw outstanding there - faith
enough in real values to make men more eager TO buy
shan 70 sell and higher prices are inevitable
Al the O'Clock open board the market was strong
ut an advance upon the closing quotations OF yester
day. Erie sold at 725s, Northwestern 53& h-dto
preferred 73 At the FIRST regular board tho specuia-
tive feeling was buoyant and there was rather large
md well distributed business transacted New York
Central closed TX higher than At the time ycster
day, Erie x, Hudson /, Michigan Southern y, Cleve-
land and Pittsburg 2X Rock Island X, Northwestern
~
and Western a. Ohio and Mississippi certificates X, At
Iautic Mail g. Quicksilver IN. Cumberland TX, Western
Union Telegraph N Pacific Mail sold at 173k Ill.
The capital Of this company Ia twenty millions Of
dollars and by tho negotiation OF Its unissued
stock IL isa holder Of ten millions OF United States six per
cent bonds Its contract with the government for mail
service from San Francisco 10 China and Japan once
month via tho Sandwich Islands, takes effect the LIST
pf January next, which dato the company's first
steamer the Oriental limo will leave San Francisco
Government securities neglected, but steady In
tone AZ tho o'clock session tho market was firm,
pnd Northwestern preferred rose 70 74k At the half
past board II steady the advance New York
Central closed higher than At the first regular board,
Cleveland and Ptssburg II. Northwestern preferred u,
Ohio and Mississippi certificates ", Pacific mail x.
Reading was u lowcr, Cumberland az Governments
securities continued neglected
At the half-past three open board there was
no material change In prices or In . the
temper Of the market Northwestern, however,
advanced 70 S3H under strong demand.
New York Central sold as 112K Erie 72k y, Reading
10ox u, Michigan Southern sox, Fort Wayne 1861,
Cleveland and Pittsburg ssK, Rock Island lOlK y.
Norshvssssrn preferred IAN Subsequently there WAS
brisk demand for all the speculative railway shares and
particularly Northwestern. A. halfpast nve tho market
CLOSED firm At the following quotations:-Nsw York
-Csatni li2K " Erie TAX y, Reading 100 Y look,
Michigan Southern Sok y. Cleveland and Pittsburg
neX X, Rock Island 1Olx y, Northwestern 81 ~
ssfsrsd 7sX u, Fort Wayne 1o6K . X. Compound
tstsrss nssss were quoted thus BY the dsalsn:Jans
tssl 1lex . y; july ilsK . llex; August, l1s,S .
y; October. lll,s . n; December, llss . 81 May,
bsos. lllK ll3K; August, 1l0x Xix; September
aiok alIox; October, lo0K l1cx.
Ths following statement prices Of shs leading
railway shares prior TO and during the recent panic and
koday those current at the nrst regular board the
hates mentioned being quoted-