The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-12-21
FINANCIAL AND COMMERCIAL.


FmDAy. Dsa 2o--6 r. X
TIE gold market continues steady, notwilhs aadIng
he Efforts Of large majority Of the brokers and other
proessonai spectators 10 produce further decline
The extreme range was from l3lk to 1854. with the
closing transactions prior the Adjournment ~ 1854.
at watch price small lots wsro afterwards offered.
There was brisk borrowing dmand for cola, and loans
wero made FREQ Of interest and q per cens for
carrying. The gross csarugs amounted 10 COS 900
the gold balances 10 S3s and lhs currency balances
to $1,2i3-i5L
II is generally accepted certain that the Senate win
pass tho AnsCsnsact,on bill which has already passed
Tho House Of representatives. by large majority aud
which Tho Senate Committee have reported without
dissenting voc, but Notwithstanding, tho tho
Senate aSca action upon tho BIZ the better suspcn
sion Of contraction has become noccsa AIRY 10 tho pabic
welfare and this important fact Is recognized in both
branches OF Congress- There consequently no
for delay but lis tho time Of the sdourn-
mcnt that tho debate on the measure vii doubt
less be pstponsi until after tho holidays when
Il shoa'd, and probably Will, DO taken up imma.
dlaiey and passed. Meanwhile IL ID satisfactory
TO learn officially that Mr. Mcculloch viii not proceed
further with his Contraction policy pending tho nnai
action Of Congress letter from hin, TO Mr. Sherman,
the Chairman Of the Finance Committee was read IN
tho Senate yestsriay 10 this effect coupled with the
statement thai tbe cordton OF tho finances would
IL any event enable him contract either In present.
month, or January even, Il he wero not unwilling to
exercise his power TO carsa the circulation without the
snpport OF Congress- With tho suspension Of contrac.
ton conaicncs Ia values viii gradually strengthen,
trade viii recover from it, prolonged depression and
tho general prosperity Of the country will rovive
The circulating medium viii be more actively
employed and tails Of itself will contribute
TO the practical OF The money market BY nsuring
tho full use Of all tho currency outstanding whereas
10 times or doub! and dstruss money Is boarded
want Of safe and profitable employment. The Now
year viii open BRIGHTER prospect III round, and an
active and buoyaat speculation the Stock Exchange
may DO regarded An inevitable accompaniment OF
this change for tho bc,tsr IN financial and commercial
Affairs. Hs
Money IL in abundant supply al sIx per cent to
fret class stock houses; bat loans are still made
here and there miscellaneous collateras a seven
per cont Tho banks and private lenders ind
IL difficult 70 keep their funds fully employed in
advances TO tho Stock Exchange, aud therefore
uercal paper Of the best grade Is more In demand
tho street At pcr OF this tho amour. Is linn.
ised while the second and inferior grades super
abundant. The banks still feeling tho effect OF the
Sab Treasury disbursements in payment Of the Interest
the June seyen-ihires and the principal and interest
Of the December compound notes. Tho payment OF
the DIVIDENDS duo on The Lat Of January viii
result in plethora or Idle capital, and there
Il NO doubt that much Of this VIII sock
employment in the purchase Of gQysrnmsnt and
other securities thereby teadiny To- stimulate tho
present upward movement in pricss. fH# M ~
A the commencement Of business the stock market
was Grmer than at tho cIofs last evening and At The
early session Of tho opsn board there fractional
advance, Erie selling At 73x. Northwestern preferred
active ami from 6s 70 6s5s the call AZ :he
rst regular board the market quiet but % except
for Pacins Mail which declined 70 III New York Cen-
trail closed Z lower than at the same tmo yesterday;
Erie ", Hudson River =, Reading u, Rock Island y,
Milwaukee and St Paul Il, Pacific Val Western Uniou
TELEGRAPH *. Michigan Southern was y higher Cleve-
land and Toledo Milwaukee and ST Paul preferred Y,
Quicksilver X. Government securities were strong.
Sizes OF 1881 closed * higher; coupon nsctwontes
OF 1892 u, rsue Of 1854 70, new issuo Of 1905 u,
coupon ,en-forti-s X. Tho express shares were
dulI and n . Ia lower Al the open board
at one O'Clock tho market steady a.
slight decline Erie selling 73,i and Northwestern a
So AZ tho second regular board the market steady
aud quset for railway shares Eric selling At 13K but
Pacific Mall vas active ana declined to 1854. North
preferred advanced TO Co. and report put
In circulation tho eject that agreement had been
made botwsen tho directors Of the Northwestern and
the Mi~aukoc and e. Pan oompaniss; bus shaa y mot
the casa me Sseent nog0tiasions Terminated wtous
any arrangement 10 corporate. and the two companies
stand precisely tae footng as they did before
the meetings with view 70 cooperation were held. Eric
cosed lower On the call than II the ns regular board
Ccvsland asd Ptisbars q. Fort Wayne u. PsCilo Mall
u. clicksycr e. Michigan Southern was * higher.
Northwes,ern preferred Il. Government securities
were sissay aud ave.,wsn,ics or 1861 sofa a. 1857.
wlne tho issao Of 1885 advanced TO Ioox.
A, tho open board at hal. past three tho market was
shade armsv and moderately active New YORK Central
sold as li71l Il7ss; Ess. 72s.; Readlrg, s5ys NJ
NJ higaa southern. s3I; Cleveland and Pi.t,burg.
SIX as7E; Rock Island, osk os,s; Northwestern.
5sH; 40 preferred. cox cox; Western Union Teie-
graph, a4s& s&3s; Pacific Mail l1c5s alls51. During
The rsst Of ths afternoon there considerable ACTIVITY
IN Ill tho leading railway shares but material change
ia prices took place, Michigan souhern excepted. which
advanced 10 SAX. A. the close the market 1rm,
with m. advancing tsndsscy Il the following quota
uohs:--New York Coatral NIX 1I5ss; Ero. 7sil
7sk Reading, eeK OAK; Michigan Southern, az
s4t Cleveland ana ri.tsburg. SIX SIX: Rock Iss-
ana ss,4 sss,s; Fort Wayne % cox; Northwestern.
Esl 80; do preferred, 60 . az; Pacific Ha,l l1ea
1Is1.; Western Union Telegraph. s44 AK.
Nos~iihssandiag tho unfaveabls weather thsrs Was
moderately active demand FOR gcyerumcnt securities al
the counters Of the leading dealers. both speculative
and invssmons acoosat and prices continued 70 3D.
vance. The low range Of The market. combined with
inc prevailing monetary sase, 6vors steady reaction
from the recent depression. Coupon nve-twoutiss Of
lss2 were hrm 1t lOs 1oeH IN the regular vsy, and
= i07z, seller fifteen days, and The bonds q
1895 wore IN demand q 1osT, while ten
fostiss advanced 70 lolx. Al Tho dose The
market was nrm at shs mbjoinsd quotstions:--
Registered 1851, 1881 . 1854; coupon, 1881, 1l2K .
Il2.; sos registered. lssa los'< rofjS; s-co's.
eospos, 1854 losk 1885,; do, 1854, 1oss< 1851;
DO, 1855 1857 1861: Co., lsds. January and July,
10ek loss; DO. 1897. ,l0sk 1854; 1o40'a regis
tsrsd 1oi 1917; 10 eos, coupon, loi 1oiss gold
iss1 1ssY Juns zoe. 1o1X lo47S; July 1905,
losx 1917 Nay ccmpounds, 1895. ll7,< ANY;
Angus, do, 1Iss nay, september %. lls,< lls;
October DO, n5x 11sx.
The market asmfor bills q foreign exchange Some
sales Of at cla baaksn sterling, .; sizty days.
made al ITO early In tho Dry second hsnd bus sfser.