The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-12-04
FINANCIAL AND CONNER GAL.

TUESDAY, Dec. 3-6PM
The publication Of tho Presidents Message and tho
abstract tho report Of the Secretary the Treasury
had very little effect in Wall street this morning,
although both advocate early resumption OF specie
payments. The tendency was. however, to promote q
reaction from the sharp decline In gold and tho
opening transactions at 1877 following which there
advance to 1917, the demand TO cover ''short
being meanwhile active and rather excited. Sub
sequentIy there strong effort made depress the
Market and decline to 1909 took place. but the clos.
ing quotation in the prior 10 the adjournment OF
the board was 1867 1877, and, still later, sales
made at 1871 There was brsk borrowing demand for
CON- and loans made without interest and
varying from two TO six per cent for carrying Tho
sshort Ii very heavy. and bears find that
they losing control OF the market; and tho
they do 30 the botscr for tho country, for in
view Of the commercial depression which prevails
the decline OF the past few days 10 calculated to deepen
distrusi because involves fresh losses to importers
and merchants by diminishing the currency value OF
their stocks Of merchandise Moreover all fluctuations
in the specie vaius Of the currency unsets business
and increase tho risks OF trade and tho latter has al
ready dsgencratsd into speculation.
On the stock Exchange the public documents referred
10 produced rather gloomy feeling, and The OF
business was very limited while prices yielded slightly;
but in the afternoon the market both for government
securities and railway and miscellaneous shares became
more animated and prices advanced the indications Il
the close being favorable TO the bulls than the
bsa especially with regard TO Ers the speculative
director Ia which 10 selling "puts" at II and
thirty days for one psr cent The supply OF
money was abundant u seven psr cent, and in
some instances loans were made at SIX; but
tho discount market continues stringent the banks
being unwilling TO take any but choice selections from
the paper presented BY their customers while tho
best grade has 10 submis TO . 10 per cent on the
street. Rumog OF fresh mercantile failures wsrs crcu-
lated this afternoon and the suspension was announced
OF Msssz wsstray, Gibbs Hardcaslls, an old estab
ishsd house In the tea trade No more convincing
proof OF tho heavy losses IN trade resulting from the
contraction Of hundred and nine millions Of legal
der notes during the past ysar could be adducsd than
II afforded BY the numerous failures Of rss class NOR
camille houses which have taken place within the past
three months and the longer contraction 10 continued
the more numerous viii those failures become; until
depression eliminates In panic and The Treasury and
the people alike bankrupsd BY the Suicidal policy
which Mr. hcCaloch undertakes 70 defend 10 his report
He tells the country that since November l. $780,
e4p 600 2s3 Of interest bearing notes. certificates Of In
dsbtednsss and Of temporary loans have been paid or
funded and sisos The ls Of September 1885, the funded
DEBT has been increased $685. 500 After predicting
in his previous report resumption Of specie payments
ON the Isl OF July, 1885, he says may not b. safe
70 AZ the exact time but with favorable crops next year.
and with no legislation unfAvorabis 70 contraction al
This session. ought not 10 DO delayed beyond The LIST
Of January at the latest the 1t Of July 1892 no
incidentally remarks that nothing will be gained by
forced resumption but u 10 fair 70 ask what but forced
resumption has he been aborng TO bring about during
tho year embraced in hs reporti With . view 10 tno
end proposed he consdsrs Important u indsp.nss-
BILE, the funding or redemption Of the bsD4ncs or Tho
Interest bearing notes aud tns eocsaued contraction Of
the surssey. We maintenance = the public fsi.h