The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-12-29

.FlNAldClALs AND Il COMMERCIAL.
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The course o. prices on The stock Exchange to-day
.horsd confederate Improvement while the volume Of
business q the advance was large Tho leading specu
lst,vs houses are buying In anticipation OF brisk up
ward movement In January and a the same time out
side parties are doing likewise under the impression that
stocks are cheap the current quotations The natural
tendency towards recovery from the recent depression
win be greatly assisted BY the large short inter-
e, o1l and the increased abundance Of money
consequent % .hs disbursement OF tho January dlv,
dsnds Of pubic compahies Tha supply to-day was
ssuy equal 70 the demand from siocE house, Il s5v4a
psr cent with exceptions at six government sscur
tics There 10 pressure for discounts and
feeling with regard the future gaining ground
among the commercial community It Is generally
expected that Congress will pursue cautious and
surfing with regard the nuancss and especially
1.-THE currency which " being contracted rapidly for
the good Of the country under The present law. The
contraction should b. limited 70 compound interest notes
N there 70 b any contraction and the rss should mos
sxceed twenty millions nsxt year. end b. On dsciinng
scale OF Ave millions year ni II reaches FIVE milons
per only The authorizing the contraction OF
plain legal tender notes should therefore DO repealed
wszs tho devastated soath 10 but slowly rscuperang
from tho sxhaustins snso,s OF the war; and
enterprise elsewhere languishng, u Y sui
cidai 10 disturb the volume or The currency,
the moro especially - resumption OF specie
payments for long Mns Y sms will be impracticable
for two reasons, the nrss which B that hundred
millions Of thirty notes the whole Of which
redeemabe 10 currency within two years, II not prev
oasly converted into bonds, still outstanding and
che second Is that according to the estimate contained
In the last Treasury report six hundred millions Of
securities held In Europe OF which three hundred
and hfty millions United States bonds II we were
70 resume specie payments prsmaureiy these bonds
would be sent back to for sale and we should be
drained Of our specie Immediately. Notwithstanding
the large revenue Of the government, the
public finances In . very unsatisfactory
condition. mainly owing to the amount OF
seven-ihrty notes which will 70 be provided for
ss they mature and the large aggregate Of foreign
Indebtedness In the shape OF securities The financial
question Is the most important one that Congress has
40 consider and 1t especially important to the South
rse South should therefore adopt the constitutional
amendment and leave nnor political questions settle
Themselves. Then both sections should unite TO con-
slider se subjects OF taxation the tariff the currency
and asinking fund.- and In this way good might
be done and mere harm avoided than by all the political
discussions which likely to take place either or
out Of Congress
Tho soAc market nrm the opening and the closing
price being 1888, and The extreme range l32X l33
Loaus made without interest and "a per
per diem In favor Of the lender The heavy decline
from ios IN June last and from $50 within compare
lively period has Inflicted heavy upon largo
holders OF imported merchandise by causing a
spending decline prices The dry goods trade has snf
Tered more than auy other, and the depreciation OF
stocks war not generally guarded against by 'short"
sales OF gold, the importing community having suffered
ny Mo nj fuiu
delivery that the custom is longer general Tho |
profile arising from tho decline in the premium have
bssn resped mainly by the spectators in the room who
preparing 10 'coger' their shorts and 80 |
-'long" after which they will rbu' tho market ss |
strongly they have laiterly been 'bearing' H.
the early session OF the open board the market
strong but dull Erie advanced 67K Michigan South.
to s2h and Northwestern preferred 10 500 Al tho
res board the market active and buoyant
owing the demand from the bears 10 'coycr their
sshors and from buyers for q rise VINO look forward
10 sharp upward turn after the holidays. New York
Central closed IL higher than ., the same time ye9er
day Erie tx, Reading x, Michigan Central -, Mich
fssn Southern u, Illinois Central u, Cleveland and
Pittsburg J. Cieveisnd and Toledo X. Rock Island |
TX. North western l. Fort Wayne u, Toledo, Wabash
and Western IL. Ohio and Mississippi Certificates w.
Atlantic Mail q, Quicksilver 4, Western Union TeIo-
graph v, Union Navigation Company l ", Northwest
srn preferred lower There was increased suima
tios shown in the dealings in government securities
Coupon ave.twenties Of 1895 advanced Vi thirty
notes Of ths nrys and secosd r. Fveweuties Of
sns new Of 1885 lower. Al The O'Clock
epsa board there was further improvement in prices
Ere sold Il SIX. Michigan southern sax, North
western <lk, do preferred. 7oL. AT the
haifpast two regular board the continued
TO mako progress and . larger business than
.usual was transacted. New York Central closed
higher than ut the nrst regular board, Erie Il Read
ing Y. Michigan Central y, Michigan Southern y.
Illinois Central y. Cleveland and Pttsburg ". Rock
Island y, Northwestern preferred y, Fort Wayne y,
Toledo, wabash and Western u Ohio and Mississippi
csrAcates y, Atlantic Mail T. Canton Il. Cumberland
Coal 8. Western Union Telegraph X. Government &C.
curitiss nrmer Coupon Of 1881 advanced "
svstwcntiss Of 1904 x, new isue OF 1855 r. Missouri
stsss axes higher. Tennessee skies, o. coupon
we've y lower
subsequently the market aeady In tone, and Al
ssifpasi I'VE the following quotations current:
New York Central, 10 iiok; Ere. % ss's; Read
Ing l0bL log; Michigan Southern s2k v; North
western ls IS; do. prsssrred 7sk vi Rock Island,
1854 x Fort wayne. M 1o7k; Cleveland and
Irtisburg ssx a y. Compound interest notes were
quoted thus BY shs deaisrs:--Jane 1854, ils% ";
1sly, fissAE August 1f5is X; October, liiH
. X; December, iisS III May, 1895. iii,l a
4 August, 10 no.. September. 1o9X Ioss. octo-
her. 100 loss The sharp % k Atlantic Man vas
dos 4 . fspcfs thai the court which nos long since
GRANTED an Inapc,.on 10 prevent The new dccto rom
taking possession Of the company affairs had rendered
: declxcn sustaining the ne~ board The advance In
Cunbsrlasd Coal was due 70 "ccrrerng"
5re->toa and not 10 any faith that the
pubo ar the street have In Its yaluc The
s.vsr,es AZ osary all the leading stocks made ir-