The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-12-06

py urging upon congress the earliest poSspo tesump
tion Of specie payments Tho members present were
not, however unanimous on the subject and Mr.. John
Riley to complain that the action of tho Chamber
the report OF the committee taken without due
notice to the members. He contended worry properly
that the report should have been at regular
monthly meeting, and not hurried through at special
meeting with less than . tenth part or the members
present cognisant or what was transporting. he as
serted that the report was not correct or
preston Of the opinions OF the Chamber on the
question OF return to specie payments and said II
not proper that should DO sent to Congress when
only nifty or hundred out OF nine hundred members
had taken part in the action Of the Chamber with regard
to it We give prominence to this protest against the
report because the latter evidently represents the views
OF q minority OF the Chamber, and . still smaller
minority Of tho mercantile community at large and 10
both wrong and absurd to send memorial 10 Congress
protesting to represent the views Of the merchants OF
this city when II speaks only for few Of their number
and In opposition 10 the sentiments of the great mass
Not only the greater number OF business men non
contractionists but nnatonsts and In tho House Of
Representatives to-day, motion Of Mr. Ingersol, the
Committee Ways and Means instructed to inquire
into the expsaency Of restoring the currency to the
amount at which stood prior to the operation Of the
act Of April IL, 1868, authorizing contraction.
On the Stock Exchange speculation continues lauguid
and the brokers and other professional spectators
awaiting the FINAL action OF Congress ia relation to the
currency The arguments In favor Of contraction and
speedy return to specie payments embodied In the
Treasury report and the Presidents Message no
longer talked Of and hardly remembered except in
very general way There Is vague impression loft in
the public mud that thu President Numbered very
much in his calculations when he said that
hundred millions OF currency would
only buy three hundred and fifty millions Of gold.
and that resumption Of specie payment would add
hundred per cent to the present value Of geenhack
There is also feeling that Mr. hcCuoch has said moth
ing moro In his last report than he said In
othes words in tho previous one, except
that he has gone out OF his way to plead the
Of the national banks little He looks
the currency and resumption from the Fort Wayne
standpoint and when we have said this have gwen
the key to very long and very dry lecture As for
the report OF the Comptroller ofthe Currency looked
upon As enlightened sweetness long drawn out" In
favor OF tho national banks It elaboration Of Mr.
NoCuliochs views and loses in value by being agranty
pdrte The people have had enough OF sr. Mccui
lochs theorzng for the present and they look to Con-
gress for measures OF practical relief.
The money market moderately easy at seven psr
call, but there transactions below this
reported Owing 70 the duInessof business tho
Stock Exchange the demand was rather light. In the
discount ne however, there is considerable pressure
for accommodation at the banks, only small por.
ton Of the amount Of commercial paper Offering taken.
On The street the best grade continues TO be quoted
- 10 per can't and good but not prime Mt 10 q II.
0~ina 10 recent failures two having taken place yester
day In the coal trade and Of other suspensions
lenders becoming distrustfu Of credits
than they we're last month, and some Of the namos
which regarded FIRST class then treated
with great caution and rated at IL is per cent.
There usual Of late . very limited amount Of
~
counters Of the leading dealers, but the market was
nrmcr than yesterday. and at the close was dull.
At the commencem Of business the stock market
dull but steady and at the early session OF the open
board New Fork Central sold at ia Erie 71;s; Read
ing, 95x; Michigan Southern, sos; Cleveland aud ri ts
burg, 80; Cleveland and Toledo, l02% 1917; Rock
Island, %: Northwestern, 62s< 62H; do preferred,
COX; Pacific hail l251< 12ok; Western Union Tcle-
graph, 80 32 Al the FIRST regular board the market
became rather heavy In Tone and prices declined except
for Northwestern common, which advanced 10 50.
Pacific Mall was weak and sold Al 124x. New York
Central ciosed lower than at tho time yesterday
Erie n. Reading l. Cleveland and Toledo X. Rock
Island n, Northwestern preferred 1, Fort Wayne u.
Milwaukee and 81. Paul preferred 4. Pacific Mail 81,
western Union Telegraph X. Northwestern was q
higher. Governments securities dull. Coupon Ave.
twsnsics OF 1862 closed Y lower coupon tenfortes
y. The state stocks werc steady and quiet
At the open board at ono O'Clock the railway shares
were nrmer except for North wessrn preferred, tho
price Of which declined to &C. whie tho common stock
advanced 70 63k. Pacific Mail remained weak and de-
clned TO 12lA. Now York Central sold at 1884 ia;
Erie, ny; Hudson River, 124x 1885, Reading ssz !;
Michigan Southern, 500 Rock fslard, e5Z AGO. North
western, 90 63S; do. preferred, 90 esH; Pacific
Mail. 12ii 1921; Western Union Telegraph, s2h.
AZ the second regular board tho market steady but
without much activity although II was known that the
Committee OF Ways and Means had reported bill
against the further contraction OF tho currency Erie
closed higher thaa at the FIRST regular boari Reading
u, Cleveland and Toledo " Fort Wayne =, Western
Union Telegraph Y. Pacific Mail was u lower. Gov
eminent securities dull Coupon nve-,wenos OF
1864 closed y higher. issue Of 1865 y. The
express shares strong. and the bull
movement in them Is stimulated by rumors
that an informal understanding has tecn arrived
A. by which there will virtually DO opposition boz
tween the did companies and the Merchants Union,
while report has u that the old companies arc buy
Ing mp the stock OF the one for tho purpose Of
controlling IL at tho next election Tho rumor that all
the companies already consolidated. or on the
point Of being consolidated 10 without foundation In
| fact. Tho capital OF tho Merchants Union Is
$4,000 ooo OF which seven millions has been paid up
The prco OF is stock 10 nearly twenty per cont
above par tho amount paid up per share
beng only thirty Ave dollars All hese express tarcs
arc 80 high that prudent man would buy item for
Investment and although speculation may temporarily
force Thorn higher, they likely 70 DO considerably
| lover before long, with without opposition
AZ the open board at ha past three The market was
without material change Now York Central sold at
NAV; Ere, 1ik; Hudson RIVER 12s . l2sk: cievs.
land aud Pnsburs. 50; Rock Island oe;s Northwest.
crn 6sx q csk; DO, preferred, cox; Western Union
Telegraph, s2.l; Pacific Mall l23K ia. During the
rest Of tbs afternoon the market quiet but rm, and
a. the close Of basincs, a. hsfpast Ave tho following
| quotations were currsnt:-New York Central ia q
li4H; Eric, Tx 7ix; Reading ssx o5x; Michigan
Southern, sox 81; Cleveland and PRtsburg e2< 81
Rock Island esk %: Fort wayne. o. o1x; North
western. e3h e3,s; do pssfsrrsd. s5H e5x Pacific
Mail, l23x l2s4; western Ussa Telegraph, szk .
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