The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-12-13
FINANCIAL AND COMMERCIAL.


FINANCIAL AND COMMERCIAL
TuuasnAY, Dec. l2-6P a.
There has been further sharp decline IN the aoid
market to-day. The opening traDsacsiors were ~ ios
= i34x following which there was asteady pressure "
SELL which carried the price down to 1855 lower pons
than has been touched since last April when there was
. fall 10 l32A but in the meantime sales nave oeen
made IS hah as l4o,s reaction 90 1854 succeeded,
and the closing quotation prior 10 the aJournmnt Of
the board was 1891 Afterwards, however, there was
renexed hammering Tho part Of the spectators al
Of whom are BEARS relapse 70 1885, 1854, fol-
bowed by recovery to 1881 . 1881, took place
The market IL enormously oversold, and
tho borrowing demand for coin very
active Loans acre made without interest and ~ l0s
per cent per Ia OF tho lender although more
generally rates Tor carrying, varying from one to SIX per
cent were paid. importers and others with large
stocks OF foreign goods hand are becoming appreben-
OF the consequences OF this heavy decline which
Is much owing speculative as legitimate Influences,
while some OF tho arguments advanced In favor OF
iower range OF the premium really strengthen the
opposite wow OF the II rains but It pours
b the gold ROOM however.
The that the Treasury wi have dsburss about
thirty millions OF coin the January, exclusive
Of the payment TO Russia Of the Alaska purchass
money, Ia OF itself calculated to advance the premium,
because The government reserve OF coin viii DO CORE
spondin2ly reduced The items composing the thirty
millions referred 10 are the principal or the loan OF
JS47 maturing the LIST OF January, $o,67o0oo. to-
gsther with interest," say 500 900; the interest ON
s. 942 OF OF 1885, $2s6 000 the interest
sos2 1911 $50 OF the OF 1884, $s4sl, o4s; the
interest on s4s9 FOL 900 nvstwencs Of 1861,
Sf4 692 $780, and tho interest SAT 600 i've per
ecu,s Of 1s7l-54 $685. $50 II desirable far
iptar n nj
that the gold premium should decline; but
the contrary. the nrmer 10 the greater the conf
dence in values IL likely to be- What tho country
qures stability the standard Of values and the
paper dollar standard at present the less 1uctu
the better Gold was selling at l46 not many weeks
ago and below 1884, and imported goods have de-
pseciated In specie value accordingly rhs would not
matter Of such serious TO tho people
largo II the course OF the premium 10 DO steadily
downward but there probability Of this being tho
II will rise and fall alternately and its fuctua
tons viii unsetlo trade and benefit but specula-
With rospect coin OF the Treasury
and sales Of gold BY ths Secretary IL u be hoped that
Congress I'LL the necessity Of egslatns Is 70
de0ac his duties strictly 10 every important particular
fhefussl publicity should be given all the transactions
Of tho Treasury. and especially such any way
calculated to affect tno money market BY causing .
Drain Of currency into tho Treasury now Of currency
eni Of II Tie policy OF the government should b. TO
Aeard much coin can, for the larger ~ specie
reserve ths stronger will be the public fash b govern
Dsnt securities and legal tender notsa Ntga
Honey IL in abundant supply, ana loans stock COL
htsrals msds freely at per cent while nst
sasss borrowers In not few instances ssppsd At six
pr cent and this applies especially 70 tho leading deal
- 10 government securities me banks discount
~ the bea grade Of commercial paper for their
more readily than IL did last week q ~ per cent
fbe Western money markets aetivs, bat the ~
sps Of currency from West this centre continue
- b about equal to the remittauces
At the commencement Of bus ness the stock market
vas nrm. notwhsal ding II. dunsss occasoned by the
snow Storm and at tho early Of the open board
pstces were fraction higher than II the Close last
evening, Northwestern common excepted. which de-
Gned on the call. under large sales from 80 TO 5sK.
Al the nrst regular board the market Was nrm, but
quiet except for Erie which active and advanced
20 13X Erie closed u higher, Cleveland and Ptsburg
y, Pac'nc Mail Y, Western Union Telegraph x. New
York Central was u lower Hudson River ~. Mcngan
Southern ~ Northwestern AZ do. preferred y, Mil
vsukee and st. Paul preferred Y. Government sscur.
Css were dun Coupon 0ve-twentics OF 1864 closed
higher. OF 1867 A. the open board
o'clock the market nrm, but duh A. the second
regular board dull, and tho speculative feeling
was tame. New York Central closed lowcr than at
ne nst regular board Erie u. Cleveland and Ptsbug
vas higher. Rock Island Z, Northwestern y, Pacific
Hail l. Government securities dull. coupon
ave-twenties Of 1862 closed Y lower.
Al the open board hali-past three the market
steady in tone, bus dull and Erie lower. Subss-
qsenily became strong although the stormy weather
greatly interrupted businsss Erie In particularly
scive demand and evident that the election Of Ar.
h,so sha of fha Naw
York Central Company is giving impetus to the
Ssrmsr. The understanding being that traffic arrange
ments viii soon 10 made between The Erie the Now
York Central and the Pennsyivania Central Companies
which will virtually result In consolidation OF their
sarnngs At the same time the knowledge that the
New York Central, the Hudson River and the
Harlem are now practically under tho manage
neol Of one man gives confidence In the value OF the
socks Of these roads and Erie which last u IN sup
posed will DO worked In tho Vanderbilt interest," A.
the The market strong 1t tho following quota
sions:-New York Central ll0X . III; Brio. 73K
Sss; Reading. s5 . e5x; Michigan Southern, SIX .
e; Cleveland and Pittsburg ssk s3,<; Rock Island,
COX 81; Fort Wayne, oox . Eek; Northwestern.
SIX IS; DO preferred. 81 sssH; PsciaesMAi, l25x
Leg. Western Union Telegraph, s3x 33ss.
rhe foreign exchange market was quiet bat arm,
end the drawing rates for sterling were advanced
ftsction. The bankers anticipating . considerable
shrmens OF coin on Saturday 10 addition TO
the 5000 900 taken by the Cnnarder Wednesday
end sl43so by tho steamer wessf to-day. The low
prs gold Is inducing purchases FOR remittance 70
Knppc 70 q moderate extent Al tho close Of business
sAs rates subjoned ;Bankers' bills on England
q sxsy days ITO: ct three days. llox aliok; com
Dsrsia bills los Iook; bills on Paris q sixty days.
kI6x a1Sx; II three days. 6l5x LAX.
Government securities depressed by the further
aeshns In gold. and there vas very light business
transacted at the coustss Of the leading Dealers A.
ne close the following tho quotations. nomisaiIy
eucsn,-Rsgstered. 1881. lo7x io7k; coupon. 1851,
lux NIX; 52os registered. 1899, max . 1llx;
sos coupon, DO. 1884 io7x; d.. 1884, io4x .
Ioix do. 1895. io4x los 90 1905. January and July
1o7x loIH; 49,, 1857. io7H i07x; LOS, regis
lard lnnA n ln0k. 10. l0,a cnnuon l00yx mi