The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-12-08
FINANCIAL AND COMMERCE.
FalDAr, Dec. Top. N.

and prices advanced UNDER an increased volume Of
transactions Erie being the nrmest Of the railway
shares The entire list has bean LARGELY ovesold and
the their contracts by buying among them
selves nearly all the sales being OF short stock. fol-
lowed by borrowing to mako the deliveries II Is there
fore clear that prices have been aracaly depressed
and il would require litle effort the part Of the
uls Ia cause brisk reaction The latter however are
tnid after their recent heavy Losses and they lack
oined strength Hence the hesitation which the marke
shows at intervals and the general sowness OF Its
oovery although the material conditions affecting are
favorable 70 . rise. But while 1t lacks the buoy
ancy and activity which preceded tho pauic.
10 shows great stubbornness In yielding, and
AFTER the strenuous efforts which the bears have made to
depress il it is fair infer that future will be
accordance with its naturally upward tendency The
supply Of money available for the Stock Exchange
i In excess Of the demand at and scven per cent tho
majority Of transactions being At the lower rate, while
exceptions government securities reported at Ave.
The Of the brokers limited, owing TO the
dulness Of speculation while the drain OF currency from
tho West is becoming moro active The Chicago jonr-
mails report lhst the banks there compelled TO remit
eastward daily 10 the amount OF about half million.
Exchange consequently and rm the rates being
par buying and lilo premium selling. There Is very
limited business doing in discounts and the best grade
~of commercial paper is quoted at 6K per cent,
Treasury this evening up to sloe ia and tho gov
ernmest is already provided with the of paying
the interest on tho thirty the 18th inst
Its disbursement will therefore, favor the increased
the open Market The interest on the third series Of
the win become dive the 18th OF January
According to published statement Of the details OF
the public debt in November last year the amount then
outstanding Of the third series $3.50 900 600 max
lng the semiannual interest upon So 1876 900, but
A.. l..A
by conversions, due allowance be made for this
fact II Is generally understood that Congress win so
egate guard against monetary perturbatons aris
ing from undue contraction Of the currency and that
its inclination will be to to the opposite extreme and
favor iasation, as is foreshadowed in Mr. Chambers
bill TO authorize the issue OF additional hundred mil
lions Of national bank II would be wrong, how
ever to pass such view of all the evils OF
the national banking system and visor plan would be
90 cur,a the reduction OF legal tender notes to merely
nominal until the South has had time TO rccuperae
n is nevertheless probable thai Congress will be wrong
headed enough s further add TO the strength Of this
dangerous financial monopoly, which Mr.. Mcculloch
pains 70 defend in his report giving these notes
preference legal tenders
At the ten oc ock open board the market was steady,
hut extremely dull. Northwestern. common and pre-
ferred and Michigan Southern being the most active.
AT the first regular board continued dull the specra
tive feeling being unusually tame. New York Central
closed Z higher than at the same time yesterday,
Northwestern l. Reading was 81 lower, Michigan
Southern 4, Cleveland aud Pttsburg u. Cleveland
and Toledo ~, Rock Island u, Northwestern pre-
fcrred +, Ohio and Mississippi certificates a. Quicksilver
l. Western Union Telegraph " Government securities
were inactive but steady Seven-thi-y notes OF the
third series were y lower State stocks were rather
heavy Missouri SKIES declined 4, Tennessee sizes 4.
North Carolina SKIES (newl r. The stock OF the Pacific
Mall Company advanced to INK. The stock OF the
Cameron Coal Company admitted TO the mtscellane-
list. Al the o'clock sessions there was no
material change In prices or the speculative temper:
hui al the hafpast two O'Clock board the market
bccame strong. Eric, Michigan Southern and the
Northwestern shares bang the most baoyan'
Eriec:osed u higher than at the FIRST regular board
Michigan Southern y, Cleveland and Pitisburg. X,
Rock Island X. Northwestern preferred ", Fort Wayne
x. New York Central was y lower Reading y, Michi
gan =, Government securities steady and
ssveu thirty notes OF the third series advanced ~
Al the last open board there further Improvement
New York Central sold 1l05l Eric Tx Reading 1904
Cleveland and Toledo 112S, Michigan Southern s0X,
Cleveland and Ptsburg s4, Rock Island 1888, North
western 81, Northwestern preferred z0x Fort WAYNE
1861. Subsequently, the market remained hrm, with q
better demand for stocks generally and a hafpast Ave
the following quotations currcnt-New York Gen.
Michigan Southern 79s& So Cleveland and Pi,tsburg
ssA 4, Northwestern 81 y, Northwestern preferred
TO-. q, Fort Wayne los . u. Compound interest
notes quoted thus:--Junc, 1894 ll64 "; July,
ll5s. li0; August 49, Il; October, lii< u;
December, 1l3t4 "; May, 1866, ll1h a1l2
Tho gold market has boon barely steady and the pur
chsses mainly TO cover ''shorts" The supply OF
coin is more than equal borrowing demand. and
loans made fiat and a. per cent In favor Of the
borrower The opening price was 1888. followed by an
advances 1882. and relapse 1857. the closing quo
tation. According TO tho Custom House returns, just
complied the foreign imports of specie at this port dur
ing the eleven months ending with November amounted
10 o. $50 the receipts OF treasure from caifof
10 e3g ,s07 200 making total Of sac las Tho
exports during tho time aggregated $50 256 $50,
the whole showing loss OF $12, 2s5. Tho Cod
Exchange decided this afternoon. by formal vote TO
adopt tho Clearing House system projected long time
siucs on and after Monday next, tho charge for
clearing 10 be at the rate Of twenty dollars every
million &C gold. clearing house has already been
tabishcd accordance with act passed at the las,
OF tue State Legislature upon the application or
certain parties representing the gold board. The new
plan generally well received among brokers' as il
win away with the dangers attending deliveries by
messengers, NJ at present.
The foreign exchange market continues dull but
steady Bankers bills IN England at SIXTY days were
quoted the close at 1oo1 1927; 81 three days lo9y
Ii0L Commercial bills Jos 100. Francs at sixty
days. ais 5.i7Js; at three days, DIX a5lsx Bills
Berlin. y TN; on Bremen. 7sa 7sk; on Frank
tort az AK; on Amsterdam. AK Az; on Ham
burg, 3s,s a x; on Antwerp, a17x 6l6
The latest quotations for American securities IN London
under
Dee4 Der. 5. Der T.
United States nve-twcniies. ..7ok .os n
Ere. -s-..................4 oA ga 41A
Illinois Central. .............U TIA Tx
mining ssocks continue dun Az the nrst board Con-
-odaed Gregory Gold closed &C. lower than the same
time yesterday selling go o. Al the second board
Quartz Hu closed 1sc lower, selling ~ os Davidson
Coppev TO-. selling al TOO Corydon was isc. higher
selling =, ~ so