The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-12-06
FINANCIAL AND COMMERCIAL.

FINANCIAL AND COMMERCIAL.
WEDNESDAY, Dec 5-6PM
Both the gold and stock markets have been unsettled
today by heavy sbear" operations assisted by a tes-
gram from Washington, which is officially declared to
have no foundation fact stating was reported tina.
ecrstary Mcculloch anticipating the action which Con-
eres5 Is likely to take had ordered Mr. Van Dyck the
Assistant Treasurer here sell gradually few millions
of gold The despatch further said Treasury
has accumulated nearly hundred millions In coin,
which Is incorrect On the LIST of November the date OF
tho statement Of the public debt the Treasury held
e0o, AIS OILS In coin, from which be deducted
$50 OF gold certificates deposit leaving only
sasss '60 3S the property Of the government. From
,tbs ann, again. must be deducted the November
ost on che a, stwenty bonds amounting about TWEEN
ssy-swo nilions which would leave residue Of about
sxtysix millions an half To this must be added the
receipts for Customs dr. les since the LIST Of November
ana the receipts from thu abTeasury at San Francisco
and due allowance must be furthermore made for any
sales Of gold which the Treasury nave made IN the
interval With respect to the telss. =" from wash
.tugton, II is enough to say that M van Dyck
denies that he has received any instructions OF the Kind
sssferred TO- and In connection with the evidently pre-
Arranged bear attack gold and stocks this morning,
has suspicious look-prety much II Wall street had
originated IL in Washington
Tho money market easy at the banks today at
sx and per cent the higher rate being the one
generally asked but lrst class supplied them
selves at the one while there exceptions ON
government securities five. The discount line Is dull
and first class commercial paper passes at 6k por
cent Tho return how OF currency from the West and
the interior generally S6ecomlng gradually more actve
but considerable portion OF funds thus received
In national bank notes. the full extent Of the drain
will not be indicated in bank statement The
payment OF $16s60, 900 OF interest on the seven
thirty loan will commence the 18th instant and this
will contribute materially to swell the volume OF loana.
bio funds al the disposal OF tho banks Lenders
without exception express confidence prolonged mon
etary ease, although efforts will doubtless be made by
them to keep the rate for call loans per cent
The bears on the Stock Exchange striving to excite
apprehensons OF active money market, but this
is old story almost old indeed as the Stock Tx
change ITSELF There is whatever apart from
speculation why securities should decline and the log
mate inf affecting them Of character avors
bic to their RISE The earnings OF tho leading railroads
very largo the increase, and the temper Of
Congress is opposed to any arrangement of the
rency monetary affairs, much that 1t is not i'm
probable that it will authorize q hundred millions
Of increase tho national bank issues instead Of the
twenty vo millions recommended by the Comptroller Of
the Currency for circulation In the South But
theles protest against the continuance of the SYSTEM
and advise substitution Of legal tender notos for the
amount of national bank notes already issued. snd If
necessary total suspension of all contraction to
plish this purpose The absurd theory OF the Secretary
Of the Treasury with regard to tho currency
only to be secuted
At the ten O'Clock open board the market steady
Erie sold at TAX u, Northwestern sou u, Michigan
Southern 81 AZ At the FIRST regular board there
pressure sell by the BEARS and this induced sales
realize under the effect Of which prices declined. New
York Central olosed2K lower than at the same time
yesterday, Erie TX, Reading l. Michigan Central H.
Michigan Southern, Cleveland and Pittshurg III Rock
Island l. Il, northwestern TX, Fort Wayne x, Toledo
Wabash and Western X, Ohio and Mississippi certificates
Is, Pacific Mail Quicksilver Y, Western Union Tee-
graph u. Northwestern preferred TX higher
Government securities steady at the slight advance
Of yesterday afternoon Coupon hvetwenties Of the
issue OF 1885 higher, ton fortcs u, seven-
thirty of the second series " State stocks were
Arm Missouri skies showed advance Of Tennessee
skies, new, y; ditto, coupon, y; North Carolina
skies u, new issue ~
After tho call the market was fevsrsh and unsettled
but at the o'clock session It was steady. At
the half-past two board It was . fraction
lower with the exception Of tho Northwestern shares and
New York Central. Erie closed y lower than at the
Arst regular board Eric preferred u, Reading Y, Michi
ran Southern Il, Illinois Central M Rock Island y,
Fort Wayne X, Toledo Wabash and Western k, Ohio
and Mississippi certificates Y. New York Central was
II higher Northwestern K-preferred u, Quicksilver ~
Government securities rather heavy Coupon SKIES
Of 1881 werc lower, issue Of 1885 u, seventhiry
notes Of the second series r. Missouri State skies ad
vanced " Pacific Nail closed steady at ITO although
there sales low 1cs the decline being due 70
!. an application said to como from holder Of forty
shares for injunction to restrain the company from
completing the exchange Of their unissued stock for
United States skies Of 1881.
At the open board at haifpast three prices expert
Snccd further slight decline. New York Gen.
, trail sold at 1l1X ", Erie II . Tx, Reading
11lK, Michigan Southern sou Y, Cleveland and
Rittsburg SAX n, Illinois Central III, Rock Island
1o3k, Northwestern Asa a so, do preferred Tok n,
Jort Wayne loAK y, Quicksilver 46K, Western Union
Telegraph a. better feeling prevailed afterwards and
quotations improved 70 tho extent Of Y per cent
and the market steady at the following quotations
ct half-pas nveNew York Central Ill ", erie ne
> . ", Reading INK " Michigan southern soX u,
Cleveland and Pittsourg s4,a ~ Rock Island lo3
X, Northwestern toK q Y, do. preferred FOX *,
Fort Wayne 1866 Y.
The gold market declined the false report from
Washington before referred TO- and after opening
14os steadily rcceded to 1854, the closing quotation
Loans were made "aatn and at al per cent for
carrying Tho passage OF Mr. Boutwes BILL providing
for the sale Of two millions OF Treasury gold every
Monday by auction, In ten thousand dollar lots, has
been already discounted and should II fail TO pass with
out amendment which Is probable tho market win react
upward Should It do will be for the good OF the
country trade Is partially paralyzed at present by
the excessive speculative decline In the premium. Dat
admitting that IL does pass gold will rise Of ~
tion and tho weekly sales by auction will PLAY INTO 'ne
bands OF tho SPECTATORS. Tho prorvr poncy ior 'he
Treasury to pursue l. 10 hoard gold and thereby huc-
tusons OF tho premium could be better guarded against
thsn In any other way
The foreign exchange market was steady ana quiet
Bankers bills England at sixty days were quoted I"
Abe close at loen loe; at three days DAYS 10 1loh