The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-12-15
FINANCIAL AND COMMERCIAL

#4MWMkAN HRinAY, Uoc l4--0 r. 4
The stock market was buoyant this morning, and
prices sdyA need, particularly for the Northwestern
shares but id the afternoon n was attacked BY the bears
this induced sales 70 realize, and quotations
declined the heaviest decline being on Northwestern
preferred, the stock Thich had most The reac-
ton having been due % speculative causes It Is reason
able TO expect quick recovery, in view Of all the
teral conditions afectng tho market Money ID sbun.
dant AT six per cent ON call and 10 has been offered
freely at this rate today and securities
at i've There Il, consequently, no reason for appre-
hension on monetary grounds, while the dis
position Of the Treasury, alike with that
Congress appears TO DO favorable to disturbance
Of the currency in any FORM The disbursement Of the
interest ON the seven-thirty loan second series) will
commence tomorrow, and this will further swell the
volume Of oanable funds and stimulate speculation for
rise the Stock Exchange On the 18th Of january the
ferest the third series viii fail due and tend in the
rame direction The government is already provided
III the Of paying this interest the balance or
$l S74 in the sub-Treasury this evening goes TO
prove. An effort made by the bears TO create .
contrary impression and that the Treasury would re-
qure ~ upon its national bank depositarcs; but
the best answer to this v that the government
deposits in the banks OF this city amount TO but uinng
sum- that country banks were drawn upon unu-
suay close only two or three weeks ago. Tho return
How Of currency from the West continues and
generally report increased supply Of funds In proper
ton to the demand There Is very limited amount OF
commercial paper Offering and the best grade passes at
0a7 per cent.
AT the open board at ten o'clock the market was
strong. Erie sold at TAX, Northwestern 5lM a55sS-
preferred Tx Is, Michigan Southern SIX X.
At the first regular board there was large bust
ness transacted particularly in the Northwestern
Naw Ynrlr Gan.
trail closed n lower than at the same time yes
terday Erie x, Reading X, Michigan Central !,
Michigan Southern x, Cleveland and Piusburg IL,
Cleveland and Toledo u, Rock Island n, Cumberland
". Hudson River Il higher, Northwestern IL
preferred 3, Toledo Wabash and Western r. Govern
5ment securities heavy. Coupon 1vetwenties OF
1852 y lower, issue Of 1865 n, tenfortlesh
thirty notes Of each series x. Tennessee sIxcs,
OK coupon, were lower At the O'Clock sessions
the market nearly steady. Northwestern sold at
IS h-prcferrcd rs 77I, Erie 72H, Michigan
Southern s1A. At the halrpast two board there was
pressure TO sell than TO buy, and prices showed
sinking tendency under previous sales TO realize and the
hsmmcrng of the bears New York Central closed l,S
lower than at the first board, Erie r. Reading y, Mchi
gan Southern H. Cleveland and Pttsburg Z, Cleveland
and Toledo n, Rock Island TX, Northwestern ~
preferred ets Fort Wayne e. Toledo Wabash and
Western III, Cumberland -, Western Union Telegraph
u. Government securities were dun but steady, ex-
coping ten.fortics which declined r.
At tho oren boird at hnf-pas; three there wns
further decline, the market being heavy.
New York Central sold at 110% y. Erie Tx. Road
ing l0o-s =, Michigan Southern SlH SIX, Illinois
Central ll8Js III, Cleveland and Ptsburg soit,
Cleveland and Toledo 49,. Rock Islapd 1852 n
Northwestern 53sI M-preferred 7Sls 70, Tort
Wayne 1O4si. The market subsequently vigorously
hammered by the bears, and further decline por
tion OF tho list the result; but at harpast five II
closed Arm at the following quotations New York
Central ll0H e. Erie 71I6 q, Michigan Southern
90T 81, Cleveland and Pttsburg so, Northwestern
s2Ts 5c-prcferred 751 a TO- Reading 1898 4,
Rock Island 103k II
The gold market has been sendy. The opening PRICE
l3s followed by decline 1917 ami advance
! TO 1885, Afterwards there was a relapse TO 1873,
but the closing quotation 1871 u.
The bear interest continued TO prepondcrate,
but there is little expectation Of the presen,
decline being permanent and the tendency OF
ke towards recovery. II is kept down only by sp.cu
influences assisted by that the Treasury Ia
selling secretly. The fact that ths government gold is
occasionally sold In this plays into the hands Of
this pecustor and gives color every report they put
In circulation. Congress should therefore sgsate
TO provide for tho public sae Of any gold which the
necessities OF tho Treasury may compel II to sc well
the public conversion, with previous notice, OF any
securities which require to b. converted.
The following is statement OF the total amount OF
gold certificates Of deposit issued by tho subTrsasury,
together with the amount redeemed and the balance
outstanding on the Sth instant -