The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-12-07
FINANCIAL AND CONNER cIAL.


FRIDAY, DEC. v-o = -
ms gold market has been arm bat frss from exsiss-
msns to-day. and IL tendsncy under present ciFcum-
stances upward tAs RATES q fersiEn exchange
being favorable 70 shpmsuts of coin. The extreme
range nom ls7k ls7,l, with the closing sxansAe-
lions l37K. Cash gold In supersbundant supply,
and loans were made - varying from four to sir
par cent The gross clearings amosnsd 70 0O0
The gold balances y eI0A2o3l and the casrsncy
balances to sllss olI. American silver d quoted q
per below gsld and Mexican dollars are rated
a l02k los In god II d remarked - somewhat sin
gular that Mr. NcCuiloch In his spove failed
% make any mention Of hs receipts from the sale Of
gold or explain his manner OF eectng sales under
shs bet suthorsing thsm Il also . matter or COM
mont that gave explanation Of hs funding opera
and the method employed 70 facilitate them The
man power IN The management a the finances has
indeed been = complete for long time past that hs
probably feels that be say leave unsad whatever
he 1t In his reports without question 10
therefore takes the trouble TO defend the
national banks = erest length, after The manner
Of . special plsader, while be omits 70
give practical Information on important matters con-
aecsed With his department that tho public has right
90 expect in such document Ho assumes an attitude
Of defiance when he discusses tho currency question
from the narrow standpoint Of his Fort Wayne speech,
and u LEFT topursue his policy without interruption
ne would bankrup the country by undue contraction
and premature m ptlon. He manfssts singular
blindness with regard effects OF contraction upon
The trade OF the country already when he that It
has been productive OF embarrassment or de-
preston, and Il surprising that with tho example
afforded by the history Of Great Britain between
1915 and 1893 before bin, should be such unqua
ned advocate of contraction and speedy resumption.
Undue contraction II that time involved England In
bankruptcy and bread riots and the premoniory symp
toms Of similar state of things apparent
In this country II is therefore necessary that Congress
should lose time imposing the bill before Il suspend
ing the further withdra OF legal tender notes.
Speculation the Stock Exchange continues very
sluggish and or the bulls becoming weary OF
waiting for the long expected rise Northwestern
IS the only in tho desert through which they
are passing, and they derive but hltlo comfort
from that The steadincss OF the railway share Market
However, gives them encouragement, and there is
q general better that otter tho annual election
OF the New York Central Company, "Wednesday next
the prospect will brighten MI. Cornelius Vanderbilt 1t
Is understood will DO the next President and arrange
nents win he made under his management between the
New York Central, the Erie and the Pennsylvania Gen.
raj by which practical consolidation OF the earnings
will bs secured Meanwhile the prevailing depression
trade tends TO rsprsss speculation in stocks to
tent and every fresh mercantile failure has little
effect In shaking confidence the Stock Exchange Tho
Bentley Burton Co., wholesale grocers; but private
settlements have been made avoid an opsn failure
in several instances rho large holders OF stocks
nevertheless sangune that better state Of things
will be experienced, while the bears reluctant
70 soil 'short" and they themselves with what
they consider mastery inactivity. Il is generally
garded than probable Congress viii pass
the bill reported By Nr. Scheuck from the Committee
OF Ways and Means but u IS very much doubted
to -
wthstandug the strong efforts which tho Western
sers viii unaoubssdly mako 70 secure fresh issue Of
There 10 no change TO note In the condition Of shc
money market Tho supply Of capital available for
ployment ON the Stock Exchange is fully equal TO the
demand a. per satisfactory coilater-
ss thers are no transactions below this rate The
discount line continues stringent and only commercial
paper Of The arss class can BE- ad 70 b marketable
The banks take limited amount from their customers
At per can't but the it passes slowly
10 per cent The distrus Of credits. which for
months past hes seriously hampsred tho mercantile
community. IL severely fcIs now than
at any time previously, and, in Consequence
eumon of fresh failures arc circulated, the
effect Of which b tos hasten tho downfalI Of
sottsrng houses II reported from Washington that
there VIII be contraction Of hecursency during the
present month. MIR Mccuiloeh being unwilling 10 his
discretionary authority any further pending the nnai
action or Congress the currency question.
Government securities dun and heavy on the
street during The day, and rherc very limited
business transacted counters Of the leading deal
At tho close the market was steady 1t the sub
Joined quotations Reg slered 1851, io7k 1oyL;
coupon, 1881 i12x lex; $40 registered, 1862 1l4
1l4K; $40 coupon, 1ss,, 1071 l071s; do, 1884,
lo4 10ls; DO, 1885. 1857 1855; DO, 1885, Janu-
airy and July 1919 l07@: do, 1861, 1919 lo5s<;
10 40 registered, 1905 aslol: 10 40 coupon 1914
lol gold SIX s7ss; June TO loia1 l0l7S; July
7ao 1O4sl 1o4ys; December compounds, 1884, lists
llsk May do, 1895. n7ss 1l77s; August do. ll61 !.
anek; September do, li551 llo; October do, ll5s
1l5x.
AZ the commencement Of business the stock market
was steady but doll and early session the open
board New York Central sold il4ss; Erie ny; Hud
son Rivcr, 12sx; Reading. s5ss Michigan Southern.
e0yS; Cleveland and Pitssburg So: Rock Island, 90
Northwestern, 03K 81: do. preferred cox .cPacino
Mail, l22k 122k; Western Union Telegraph 327<
. %; Quicksilver, l6< 1915 Al tho nrst regular
board there moderate degree OF scyisy In rail-
way shares, but prices traction lover IN some
Instances Northwestern common. however, advanced
20 ezk under tho manipulation OF the clique
trolling u Pacific Nail was steady a. l22 .
l22k. Tho express shares were dun snd
slghuy lower thss a tho close last evening
New York Central closed x higher than ~ the same
time yesterday, Ere V, Hudson River x, Reading Y,
Cleveland and Toledo r. Rock Island x. Northwestern
!. do preferred 4, Western onion Telegraph =. Gov
srnnsss securities heavy. Coupon hvs-twsatiss
n 1854 elossd lower issue Of 1855 y. coupon ten
sortiss ~ ne STATE stocks were STEADY. Tennessee
skies Of the nsw issss declined
Al the opsn bod a ons O'Clock the market was
steady and the business moderate and wen distributed
New York Central sold ~ u4is; Erie. IN: Hudson
River. l2o; Reading os,s M'rhigan seuthern, sox;
Rock Island, ask; Northwestern. o3yS . o. do. pro-
ssnsd, cox; western Union Telegraph, s2I . 52ys
Psolne, MAIL 122k los.
At the second regular board prices we're fraction