The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-12-14
FINANCIAL AND COMMERCIAL.


Closing
- the board and subsequently, At 1884, Owing 70 the
enormous .shos," interest outstanding there Vas
vssy active demand for CON- and loans were
made without interest and at per cent per annum,
and l64 per cent per des Ia favor OF the lender Of
1he coin The OF businsss was large and almost
sntirsy speculative the recent decline having caused
nearly all the operators TO sell 'short." with
unusual bodnesa The consequence that the premium
mas been unduy depressed the injury OF tho import.
ang and mercantile community and the unsettiement OF
values for the benefit OF spectators whose object will
he 10 run up again - high a. possible when
shsy md they cannot Get u any lower currency
With nucusiing value great public evil, for with
ont stable standard values trade converted into
spscuaon and since legal tender act took effect
our standard practically been greenoacks, and
ros gold When the premium rises tails
nc does not indicate that the value OF
gold has changed but ina, the purchasing Of the
currency has been increased or diminished In Csor-
mia where gold the and she legal tender act
= imperative, The price of gresnbacks Is quoted but
wth US The process reversed. Gold has been recog
Mined the standard OF values throughout the world,
Because Is liable to luctuate LEES In value than any
shing owing lbs scarcity and the amount Of labor
fuvslved Ia its production. As II ncreases 10 abundance
q will dopreciats value in relation to other commod-
tiss, but will be likely TO remain tho standard
f values long Is not exposed TO violent nuctua.
sons OF value would become mischievous 10 its
1nnusnco and soma substitute for It would have 70 be
found. During Tho present period OF suspension OF
specie pay msnts OF currency ucuatng in
value just much calculated 70 unsete values as
represented in paper money and therefore. is OBJ
ytousy to public interest that the price Of gold
SHOULD nuctuate as Little possible. Stability in the
value or tho currency, whatever it may be,
Dc matter OF ,he first Importance. for upon
Dc hinges the price Of everything else Tho wild and
1mpracicabIc project OF Senator Morrill, 10 resume
specie payments July 1862 has had some effect as
bear argument in the gold during the last few
days. but that eentisn might well ask Congress
20 sgsiac that the should be turned into green
cheese on that date for all the power that Con-
erss has to bring about such result at the
zine specified. Toe British Parliament iegisated to
Shs same effect erai times without producing
1he Intended resumption, but great deal
Of commercial and public stress instead This sche enc
D Mr. Norrs to rank with that OF his brother
Senator for demand loan bearing six per interest
estensby designed to give elasticity to the currency
Dut In reality tns Treasury and mako pay
large every year for money IL does require
and which 1t would need TO be always position TO
repay. Both these projects are undeservng Of the at
Senhon Of Congress
The supply OF money available for employment on
the Stock Exchange nov considerably in excess OF
she demand and FIRST class houses have difficulty in
Borrowing ali they require at six per cent, although
lho banks ask seven from borrowers In general.
The domestic exchanges 70 limited extent in favor
Of this and the prospect Is favorable to
coaditon Of monetary acs here during the remainder
OF the winter. The banks discoun.ing the best
grade OF their paper at per cent bur
they not buyers Of any coming from outside
sources and the street tho best grade Of is
raasd at a Q per cent. On tho 18th inst the Decem-
x.t~~
Spai Of these held by tho banks will DO paid
In thsc per cent certificates and the interest
An currency, who such held By private ndivd-
nails will DO redeemed In currency. The result will ts
further the supply Of oanable funds the
amount, IL is estimated, Of seven or eight millions.
There wac less pressure TO sell government securities
sshort" to-day yesterday, and prices showed
snprovinS tendency. The latter that
they cannot fail 10 attract purchasers Tor Investment.
large shorti Interest outstanding will s,imu-
nAis she reaction from the present depression At tho
close the market steady the subIoined quota
aions:--Rcgistersd, 1881. 1914 1os; coupon 1881.
l11K NIX; SOS. registered 1892, 1l4L 1l4H I;
e-:o's coupon, 1862, 1915 1071; do, 1854 104x
104x: do 1865, l047s 1866 do, 1865, January and
July, 1917 1917; do 1867, 1917 l07S; 10.40's,
registered 1907 1ooss lC-ios coupon, 1905 foos
gold, 1884, 1885, June 7.So's, 1919 lo47s; July
1905, 1o@s aloi5s; December compounds 1854, 1874
= 49,, Nay do. 1865 llTs 1l75s August DO,
11ck 16ii; September do, Il5a{ lis; October do,
ASK Il5I.
The speculative spirit on the stock Exchange is
becoming stronger and tie 'short interest diminish
Ing In view improved prospect before tie country
while the large earnings OF the railways this year not
viihssandng she mercantile depression against which
ehsy have had % contend, have caused most Of the
large stock houses TO tho bull side of market
and the prsponderancs Of wealth 10 Wall street Is
undoubtedly with the operators far The sns-
pcnss and inactivity or the last mouth two have
made the brokers and other professional spectators
anxious for an active spocGalion and the indications
are favorable TO higher prices for all good n;cres.
and dividend paying stocks. The bears are apparently
largely the minority and unwilling % tbs risk OF
bold attempt turn the tide their favor and II IL
~ no probable tns. shsy would be Successful II
ihsy made The ,risi.
Al tho commencement. OF busirer ih- stock market
vas flrrn but dun, the volume or transactions bang
limited by the absence OF many or the brokers and
professional spectators owing TO the heavy depth Of
snow the ground, which made tins journey 10 Wall
street a matter or considerable officially most men,
and hence no. . few remsined away all day. Al the
early session Of the open board prices were about
she same those current a. the close last evening"
Erie beng .nrm a. 1sN 7sis. Al thu frst Snar
board the market somewhat irregular, put
quiet Se~ York Central declined on tbo call
% 1l6,;. while Erie NAMED steady. Qacksllver
advanced to "a and Cleveland aud Piitsburg to 81.
New YORK Central closet IL lower than d tho sane
siue yesterday, Cleveland ard Toledo 4. Northwestern
-, Milwaukee and 81 Paul preferred r. Western Union
1slsgrsph =. Ere was higher. Cleveland and Pits
burg u: Rock Island Y. racitc Mail u. Quicksilver 2ss.
Government securities were heavy. SKIES Of 1881
closed 4 lower, coupon hvstwsn.les OF 1861 v, new
Issue Of 1855 ~ coupon ,en.foriss e. toupon ave.
1wsntes Of 1854 wsrs x higher Slasoau sxss All
Tennessee Sizes new, vera u tower
AZ the opsn board a. oclocx TIE market vas
steady. but prices were IN Instances lever "A
The second regular beard thers material .k,ags
Ia the Of shc market quotations. kns ciossd