The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-12-28
FINANCIAL AND COMMERCIAL.
rmpAr. Dec. flop. u

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TmpAY. Dee. 2T-6 r. u
Speculation II the gold room continues 70 DO malny in
favcr u fall, and the market Consequence largely
oversold, as the active borrowing demand for CON
suacieny indicates The price. nevertheless. remains
steady, the extreme range to-day having been from lsax
70 l3l. with the cosipg transactions prior 10 the ad
journment Of tho board a. 1SA Loans were made with
out interest and d lS2 Lea per cent per diem, and
per cent per AMMAN for borrowing Is we'll - with
out interest, and at per cent per annum for carrying
Ths gross clearings amounted TO tho gold
balances to $lls3750 and tho currency balances 70
sl.o50soa
Money was In moderate demand from the Stock Ex
change and loans generally made at six per cent
the exceptions being At Tho supply not sur
ncieny large to lenders to leave balances with
the leading dealers In government securities At Ave per
cent but it was ample rule al per cent below
the legal rao-a sign Of monetary There is
sluggish movement in discounts and while commercial
paper Of the first class passes freely at per cent on
the street. inferior grades are out of favor The dis
bursement OF tho January dividends Of the banks and
other corporations will undoubtedly contribute greatly
10 swell the volume Of loanabe funds, and hence
an active Investment well as speculative
demand for government and other securities ia ex
pected by large majority Of the spectators tho
Stock Exchange The bears the other hand although
opportunity favos them and that the expected rise will
not ke place. The dulncss in trade by making money
abundant In Wall street hardly fail however, to
stimulate specuatiou but the policy OF the clques Is
Of course dependent upon tho judgment caprice Of
individuals The market for railway shares yielded
slightly this afternoon but closed steady after being
firm during the morning.
Mr. Mccuoch has written letter to tho president Of
Boston bank, In which he says that he Is quite
Congress adverse to his own views. He Is however,
likely to find himself disappointed II he thinks that the
Senate Will not pass the ii-contraction bill already
acted favcraby upon by the House and reported by the
Finance Committee Of the Senate without dissenting
voice. In order to all doubt and further
sure the people on this important subject Of tho cur
rency the Senate when It reassembies should lose no
time voting upon the measure, and tho interests Of
the country demand that IL Its equivalent shall be-
como law. The trade of the country Is in q
depressed condition. and continuance OF consrac
ton would involve o commercial panic which would |
PROSTATE the trade OF the country result in such
decline in the internal and customs receipts
that the Treasury would In all probability be unable
meet current expenditures and interest payments.
IT, therefore, necessary that Mr. Mcculochs policy
should DO overthrow by the withdrawal from him Of
all power the currency and would be well at the
sameime 10 limit his authority In ether important
spec. aad particularly with regard the sale OF gold
The following is the text Of the letter referred to-
TREASURY DEPARTMENT. Doc "a, 1867
Ny DEAR SrRY0ur favor or the 2st inst Is received
There good deal OF difference OF opinion among tho
members Of Congress in regard TO what shall be here
our no N dscdsS
majority out before the adjournment for the holidays
more conservative spirit was manifested ana am
tho present Congress favorable to the views OF General
Ruuer very adverse to those OF the Secretary. We
C1ul hat hn- xia nr~afn
With thanks for the uniform suppor. which have |
II. MCCULLOUGH.
AT tho commencement Of business the stock market /
was rm but quiet and Eric sold AT 7sI and Cleveland
aud Pitisbur1 ssl ssh Western Union active
and advanced 10 37k, whIc Pacific Mail steady at
10. At the first regular board the market was active
aud lrm and New York Central closed Il higher than
at ne same time yesterday Erie ~, Reading - Michi
gan Southern ", Cleveland and Pitisburg IL, Rock /
Island Il, Northwestern preferred 81 Fort Wayne II, |
Pacific Man u. Canton a. Western Union Telegraph |
~. Cleveland and Toledo was II lowsr Northwestern
u, Government securities firm, but dull Coupon
1ye-,weatiss or lsea n Lisner. coupon ten
forsios ~ Eksouri advanced l. tennessee sixes
=, n1w nsuc - The shares Of the associated
express companies Y per cen. lower.
At the open board O'Clock the market for rail-
way shares slightly lower but Pacific Nail advanced
20 H. under large IONS Erie sold al s27, Rock
Island eaG and Michigan Southern s5tl. Atthe second
regular board tho market was active bat irregular and
rather dropping Erie declining tho call 10 72s. New
York Central closed Il lower than OF the frs, regular
board Eric u, Reading Il, Cleveland and ri,tsburg ",
Northwestern preferred ", Atlantic Sal y. Hudson |
River u higher, Cleveland and Toledo =, North
western y. Pacidc Mall !, Quicksilver u, Cumberland
*, Western Union Telegraph 70. Government sec1ri
ties nrm Missouri skies advanced u, while Ten
messed SKIES declined ~ Tho express shares were
heavy ard Adams declined IL, Merchants rnon IL.
AT the open board at haifpazt three tho market
heavy and prices experienced further fractional |
decIine New York csntral sold a, 11.M; Erie, 725S
tax; Hudson Riser l32: Reading. ocis; Michigan |
Southern, SIS ss. Cleveland aud pillsburg s7ii |
s7s,; Cleveland and Toledo. esis lex. dv.J; Rock
Island eess; Northwestern SIX IS; do preferred,
7ogk 70ts; Pacific Mall, li0L; Western Union rce
graph 3sz 37si During The rest OF tho afternoon
the market was dull. but shade frmcr, and at tno
ciosc, a, half past iye the following quotations
current New York Central 1I7ia MS Erie, 72s
724; Reading, s6s6 Cleveland aud Pi.sburg ST..
SIS; Rock Island, eos a oos; Michigan Southern, |
s5H $50; Fort Wayne. 100 1904; Northwestern,
57s IS: do. preferred 7Ois 7os4; Pacific Mall 10Y
d no Z; Western Union Telegraph, 37ss 37k.
TIC extreme range OF tho market for tae leading |
stocks In 1865 and 1896 respectively was
as iollows:-
--ls6s-- -----1s65---
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