The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-12-22
FINANCIAL AND coMMERc iAL.



bears having borrowed with the connivance, It 10
rumored Of certain ban officers, considerable amount
Of cursucy foe The nero sake Of locking out or cir
oulason First elass housas had, however no dacuIsy
On supp,ytag themselves 81 eat per csnt although
soms Of ne banks were resouts II refusing 90
ssmmolasios - weak holders Of fancy stocks On the
usual msfginA whsshsr from personal and speculative
motives 81 olAsrwiss open Inference The general
rate for call loans was ssvea per cent and nes NV
las houses having hank loans sx volunteered pay
ssvsa early N the day In order 70 avoid The calling 10
aed shfsiag peocss There change In the discount
usa. end The ssst signatures are taken - eh pss
esat Ths sabTrsasusy hsrs h N sasy position, ~
balance being up 70 ell3 80 this evening The
nitsaaces 70 The 6oath important and they aro
seneraitsed By the draia from the wssk
~ ths open board q ten O'clock Erie ssa q II
niohisaa Southern soH . 4, Northwestern. COX; do
0rsfsrrsd. 7Sk y; Fort Wayne. loA ~ the nrat
regular board The market duh and heavy. New York
Central closed ~ lower than ~ the time ysstsr,
Day; Ere, ~; Reading. X; Achigaa Central, *;
Mchgaa Ssuthsen, !; Illinois Contrai, TX; Cleveland
and Psttsburg, M Rock Island, /; Northwestern, q;
de- prefsrsd, "; Fort Wayne, lX Toledo. Wabash and
wesssn, ~; Ohio and Mississippi CERTIFICATES. v; ~
danto Mail 1: Quicksilvsr, ": Aarposa preferred, r.
Oisvsssnd and Toledo was X higher. Government.
rifles weak. Coupon fvs-twenties OF 1904 showed
decline Of y; nov issue Of 1885, X; ssvsu.thity
notes ef the drst series, Y.
Atths one O'Clock open board the market was nrmsr
and moderately active Erie sold NIX y; Reading,
1O4K; Michigan Southern, soX; Toledo, Wabash and
Western, 4sK X; Cleveland aud Toledo l25k; Rock
Island lOs,l 4; Northwestern, Ash 49X; do. pre-
1erred. 7sk . u; Fort Wayne, los lo5k.
Al the half.past two board railway shares were
vol sastalu& On the cali, although q bearish
sscsug prevailed among majority OF the members New
York Central cssod y lower than the nrst regular
board Erie e; Michigan Central, y; Michigan South
ern, v; Cleveland and Toledo, u; Rock Island, Nj;
Northwestern, .; do. preferred, u; Fort Wayne. Vi;
Toledo. Wabash and Western, i; Ohio and Mississippi
certificates, "; Atlantic Mail, r. Reading 4 higher;
Illinois Central Il Cleveland aud Pltsburg, H. Gov.
eminent ,urities dull int steady in tone lmme-
datsy Afterwards the bears resumed their operations to
break the MARKET and prices fell like monumental dust
under the hand Of the destroyer. There general
sweepng away Of margins and brokers the bull side
~eSc eager 70 Tighten their load, which fact OF itself
sersay assisted the bears, who chucked nwardly
over their triumph; and here Is doubt whatever that
they have had triumph al the expense Of the bulls
although 10 due almost entirely speculative nHu-
ences the material conditions affecting the value OF
railway property being favorable rise Real values
however, exert little influence the course Of prices
10 Wall street. II Ia. 70 great extent, question
OF money and force
AT quarter TO six O'Clock the railway share market
unsettled ct the subjoined quotations New York
Ceatrai, los loSK; Erie, Is y; Reading los l03x
Mchigan southern, 7sK 70; Cleveland and Pittsburg
s<x ss Rock Island, lO2 1929; Northwestern, 40 .
sax; 40 preferred. II 7Yl; Fort Wayne. 1o4H .
lotk. Compound interest notes quoted thus
June 1894 ilsk n; July. ll5a< llo :Augusi, ll6k
. "; October. ll4k u; December, 1l3k y; May,
lsos. 1iIk Ak; August. llox . III September, ITO .
al0k: October, lo0x TO
Gold continued its downward course, although the
large OF she snort interest shown BY the
Iac. that loans OF coin commanded La . x
ps~ coat per diem. Nearly, IL mot quite all
ess spectators In The room arc on the bear
side. aud gold for the time being has no
friends. But Ia clearly against the interest Of
the government and the mercantile community that II
should 90 do~n rapidly Tho opening price l34K,
followed by steady decline 70 l33, the closing quota
ton baing 1874.
The decllns n the premium, combined with the IN
certainty attending the future legislation Of Congress
With regard The finances has produced spprshensons
in The prbs mind which tend 10 the stagnaton Of trade
aad limit productions accordingly. There Ii doubt
chat Congress viii pursue very cautaoas eourse In
dssnsg with NE osrrsocy and 10 probable that the
psesoat of ooutrscson will decreased before the
A@a8l00 expires. rntu6r une8&y Ioelng prevails
smoog manufacturers, Importer and others owing 70
che TAXATION 70 which they subjected and
against which they loudly complain Such
bardeosoms be long endured and call tho attention
Of Congress the prompt Amendments Of tho present
law The more payment Of akes away reconsider.
able portioa Of every man income ard impovershes
che whole community. And for whaty Why merely for
ne sake Of reducing the national debt, which may
vol b paid BY posterity, for whose benefit u was
Incurred the prent generation II stands to reason
that excessive taxation acts check upon the produc
tive powers OF tho country and BY industry u
reacts upon immigration Hence have already Of
tate large numbers Of newly arrived Irish Immigrants re-
turning tho place from whence they came, simply be-
cause they could ind work 10 DO the labor market
being ovcrstocked.
Tho foreign exchange market experienced . further
wesksniog, owing 10 importers defering remitsncss
and tho Increased offerings Of southern bils BANKER
bills on England al sixty days quoted at the clo@s
at 1881 1924; a. three days. l0s,. slio Francs At
sir,y days, 81 asI5; at three days, bisa6lL Bills
on Berlin. u 72N; on Bremsn, ss;s Is on Frank
fort, az AK; on Amsterdam, AK a4iK; on Ham
burg, 35a a n; on Antwerp. 5.isx a51b.
American securities were quoted . under In London
to-day and previousy:-
De-. Is. Dee H. Dee II.
United STATE, avsswsn,'es. II IL TX
Illinois Central. .............s7s 70 7sx
Mining stocks we're generally srmer than when last
recorded Al tbs nrst board Consolidated Gregory Gold
CLOSED csc higher than At The tins yesterday sell
sne $40 So Smith and Parmoieo Soc ssirs a. 81 rs.
Quartz nm 2sc. lower, selling 81 50 60 Ccrydon
sold At o. rs g. ~ AT the second board consolidatsi
Gregory Cold closed ssc higher selling At ell as Quartz
Hit 40. selsg q % TO- smith and fmmsles was Soc.
tower, selling At 81 o.
The Continental Bank has declared sen,-annusl dlv