The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-12-13


the rapid accumulation Of funds at this time OF the
year in the collections OF internal revenue, and
abes to the relief OF the banks should the
drain upon them continue 10 the extent OF inducing
anything approaching stringency. This We are
assured the government is prepared to do to
the extent Of two or three millions or more
If necessary, by cashng the three per cent
certificates to that amount, engaging to re-
issue them when the banks shall have
recovered from their embarrassment. Such accom-
mediation would only involve the loss Of the interest
on these securities for few days, which could very
easily be made up In an active money market.
The most puzZling item in the bank statement is
the increase Of nearly one million and half In spe-
ce and is difficult to see where that extra amount
of specie can have come FROM Last weeks statement
showed likewise an increase, but just sufficient to
balance deficiency existing the previous week.
Now, where the amount OF specie which thus turns
up in bank this week In excess of what was in last
comes from is mystery. The exports Of specie
during the week just closed have been almost double
those Of the week ending December 8. Consequently
1t does not arise from that source, and there
have been no government sales OF gold during
that period that would reduce the amount
of coin in the Treasury; therefore, the
only solution OF the problem that offers
Is that large owners Of gold have recently while the
rate for carrying was low, kept the gold in their
safes ready for immediate use should any sudden
turn In the market offer them an opportunity for
profitable strike. Recently with the advance in the
carrying rate and inversely a weak turn in the
price of gold they have turned it into bank, not
anticipating any immediate Improvement in the
market 1t is known that great many loans
have been called in, but rs the amount Of
these must have stood in bank to the credit
OF the borrower it being unlikely that the small
owners would keep the gold by them, this would
only result in changing the credit the bank books
and would not affect the general statement. Ger
tainly with large shipments OF coin to Texas and
ther parts of the South the increase in bank Of
$l496,514 cannot be gain Of that amount, or from
what sources and its appearance in the present
statement can only be accounted for above. One
Of these days the exploit Of daring burglars
safe robbers VIII perhaps solve the mystery.
Money, Notwithstanding the bank statement, was
easier towards the close Of day than earlier. or
course the desire to two days interest would
account for this but then 1t is not unlikely that
with general knowledge OF the movement Of cur
rency hence the decrease Of legal tenders has been
discounted, and the knowledge OF the exact amount
perhaps proved 1t IN many instances less than
was feared. Plump seven was the ruling rate
all the morning. but in the afternoon the exceptions
at six were numerous, although seven continued
Still be the regular quotation. Exchange to-day
sixty days. 1895; do, short sight, l10sS sterling,
sixty days. commercial, 1889 1895; Paris sixty
days, $50 a 516l4; short sight, 5.13Z 5l31s Ant
werp, $40 5.1614; Switzerland, $50 5.16s4; Ham,
burg. 36x a 366; Amsterdam, 4oss AZ; Frankfort,
40ss Az; Bremen, 7S5S 70; Prussan thalers,
7lha72.
The gold market to-day was remarkably steady
with only slight transactions and special feature.
The price opened at 1861. and shortly afterwards
fell or to u, at which figure 1t remained the
greater part OF the day. In the afternoon however,
1t stiffened a little and advanced to Il and
u, but towards the close weakened again and
dropped to u. 1t subsequently rallied to II, but
fell or again and closed at u. Later upon
the publication OF the bank statement showing the
amount OF specie In bank, 1t weakened still and
fell TO 1861, where 1t remained to the close OF busi
ness. The transactions OF the Gold Exchange
Bank comprised the following clearings,
S57.o32 900; gold balances $2,50S 07o; currency bal
ances. S39&s,205.
Governments were steady to-day in the absence
of any fresh discharge OF financial skyrockets ut
washington with quite liberal dealings. At the nrst
board 'e2's sold at 1loA lloJi, '67sat ITO 1i0X
and 1040's at 1864. the call closing with q fair
inquiry all through the list. Between the boards the
market was quiet, and sales Of 'e7's we're made at
ITO liz. The CALL the last being Saturday was
active, and sales were made of '82's 1t 110x, '64s
at 1907, 's5's at 1914 '67s at ITO 1lo and 'ss's at
1l0ss. A fair amount Of business was transacted
after the board, and all classes Of securities seemed
In good request The market closed steady, with the
following quotations, at Ave o'cock:-United States
6's. 1851, registered, 10ok 1922; d. do. coupon,
1laH 114%; United States 52os, registered, 1861
1861; do, coupon, 1862, 11oh q 110k; do, do,
1864, t)7 1oT; do, do, 1885, 1919 los; d. do,
new 1865 ITO 1lois; do, do, 1867, ITO 11o.; do
I03'.; do, do coupon, 1861 1861; United States
Ga. Pacific Railroad, so,s 99js.
sulte bonds to-day quiet and, in sympathy
with the general stock market, dull. At the first
morning call Virginia 6's, new, and North Carolinas
showed o slight activity, and the whole list re-
mained steady during the day. The following were
the quotations ct the last open board:-Tennes.
see 6's, ex coupon, new, osk; do, new, 81 q e7x;
virginia 6's, ex coupon, new, 571s; North Carolina
SIS, OK coupons 6214 621s; Missouri 8s, s9k 901.
The stock market opened duh ard without much
demand, ut prices not materially differing from the
closing rates last night. At the FIRST open board New
York Central was quoted at 1854 124; Erie, 39k
3ags Hudson River, 124 124is; Reading s6js q o.;
ST. Paul. 62N q g.; do. preferred SIX s1Jx; Fort
wayne 1905 1925; Ohio and Mississippi, 20
2a,s; Michigan Southern, 50 q s5is; Pittsburg,
ST. $50; Toledo, 101 a 101n; Rock Island,
10sh q 1857; Northwestern, 75jS 1914; do.
preferred, 704 1919. At the first regular board
the market was steady aud subsequently improved
somewhat rumor being put In circulation that tho
supreme Court would decide In favor OF the consti-
tusonality OF the Legal Tender act At the one
O'Clock board the market was dull and steady, ex-
~ccpt for Pittsburg, which dropped under a rumor
that the present management had lost control Of the
scad. The express and miscellaneous shares
were weak. Erie was forced up during the
day. but was not much dealt in by outside
parties. The public have learned too much respect
ing the clique operations In this stock to he easily
taken In again, and the managers OF the last cor-
ner' "hoist on thor own peard," look in vain for