The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-12-03
FINANCIAL AND COMMERCIAL,

susDAY, Dec. 2--SPM.
Tho stock market has sbored under depression during
the past week. natural consequence Of the recent 70.
yere shock But there Is every Indication that prices
have touched bottom and that vigorous reaction viii
the suspense with which the Presidents
message aud the Treasury report await Cd passes
away Considerable amounts Of the leading railway
shares have been bought By investors and withdrawn
from tho street during the last few days. under the i'm
preston that thoy cheap at current quotations. aud
this demand from conservative class Of the community
significant Of the real value OF railway property. The
earnings Of all the great limos very large
aud the Increase, while their working az
psnscs have been steadily decreasing since the
termination Of the the proportion OF net to gross
receipts being considerably in Of the average OF
previous years. or the ultimate future OF the railways
Of this country no douS is entertained by the
most confirmed OF the bears They certain to grow
in vauc with the growth OF the country and their stocks
will permanently command far higher prices than they
have yet touched They will thon be held almost en-
tirey for investment and Wall will lose control
over them The incentives 10 bad management for
speculative purposes which exist will do SO no
longer and the safety and comfort OF the travelling
public will be promoted accordingly. II is notorious
that those roads whose stocks have been taken out o
Wall better managed and moro productive
managed on tho Stock Exchange. Ths short IN
terest in the market IL Just probably larger
than al time since the beginning OF the year, when
the bears successful in depressing prices TO an
unnatural extent At the time there evident
indsposton shown by them 10 extend their contracts
pending the publication OF the public documents referred
The bulls have also shown similar hesitation during
the week and both parties be said 10 have been to
extent wha, is technically called on the fence
The bulls have lost much by the panic that they
disposed TO await favorable opportunity for trial OF
strength with the bears and hence in some degree the
absence OF large operations last week; while the fact
that Notwithstanding the temper OF the market steadily
improved goes show that it's natural tendency IL
towards recovery. AT haif-past Ave on SATURDAY, il
closed firm a, tho following qnotations;--New York
Central liz. IL. Erie IL. =, Reading il2 ~
Michigan southern s1k a, Cleveland and Piisburg
S5is ~, Rock Island t0i 4 Nortiwesterni5x ~
preferred 6si4 =, ex-dividend, Fort WAYNE los
n Ohio and Misss-ippi certificates 2ei Western Union
Telegraph s6k u.
Government securities were duh and rather heavy n
sympathy with gold and the general stock market but
towards the end of the week they became nrn and
tsions advanced slightly The miscellaneous share H..
neglected
The money market easy throughout at six per
cent for call loans, with exceptions at Ave on choice
C0latefals A raUer A'ive urain Oh currency iTUhi
the IVES, Is now felt aud there is nothing
to disturb confidence in prolonged monetary esse
ut this centre II is probable that Congress will
further rnl, the authority OF the Secretary OF the
Treasury contract the currency, the present rate II
reduction being rapid to be consistent with the in
tcrests OF the country Tho rate OF reduction OF the
national debt should likewise be strictly limited aud tho
duties OF the Secretary Of the Treasury ia every im.
porant particular clearly defined, that an cnt may
be put sales OF tho Treasury gold to unn,ey
drafts according to the secrctarys caprice upon the
public dspositsres thereby dsrangng ths money mar
ket here and elsewhere TO secret manpusions Of The
public debt and variety OF other operations OF which
tho public has had cause to complain. II the
legal tender notes are reduced on declining sca.s
beginning with twenty Ave millions year aud runnnS
down ive millions year tho contraction will 'bs
sufcienty rapid insure tie end In view aud Tiers Is
no reason why the national debt shorI be rirri asfer
than At tho rate OF about twenty millions pee
The present excess OF thu should BE- met by
reduction OF taxation which Ia scale as-dls-ly
oppressive To follow hard money and r,icai con
traction theories would he involve ourselves "a tho
same ruinous consequences which overlook Great Britain
between 1918 and 1890 and which had the srst OF
making the rich richer and the poor poorer.
The gold Market after opening At 1;s,. on No,tsy.
advanced to 1897 Tuesday but Afterwards rclA2Sed
to la0h on Saturday, and closet at iH's - The
customs demand this port aggregated 81 es and
OF export scoc,5'i tho larger portion wa IN gold
bars and silver.
The foreign exchange market ives nrm bli not very
active and bankers bills England nj sixy DAYS wers
quoted tho close at i09s at three days 1905 com
mercaI bills los 1922 francs At sixty days. 10 asis
three days. 5lis 5.i:, BiIis on Berlin u 'si,
on Bremen, 70 ssif; on Frankfort AZ AK on
Amsterdam Al n A.. ON HAMBURG 3d.. a 10
Antwerp, 611Il a5i5.
Th8 isthmus steamer arrived today brings 81, a013
In treasure The receipts OF gold by from San Fran
cisco and Aspinwa since January aggregate ss7li5,
e95 against tisct 207 To the corresponding period In
1865 San Francis papers Of October report easier
money market complaint In comrnerci, circles.
NO far a. bank accommodations concerned than 10
months past The mercantile community, however
have been pursuing very conservative policy recently
in anticipation VI a stringent money market before
the close of year First class paper and other goof
securities readily negotiable In bank at "a @is
per cent month. Receipts OF treasure from domestic
source continued up IN tho usual average, and dnring
the first week of October amounted nearly ~ oop oop
The exports OF treasure from san Francisco from October
10 the sih and since the commencement Of tho years
with the corresponding period Ia 1906. were a fol
lows
Previously this wear ............'......+ Aos"N"
Totsl since January I. 1896 ~, sxs
CORES ponding period Of 1885 .......... s,s5al''
Increase this year. fAhi~''
The highest prices Of the leading stocks sold At The
arst SESSION Of tho Exchange each saturday Of the
last four weeks j. follows
NoeLs Noe. 10 Nos. IL. Noe. - D.. !.
Atlantic Mat ......:... ils,, ios Jos ioa
a Tar Han