The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-12-23
FINANCIAL AND COMMERCIAL.

TOPIC of discussion In wan street-VlA'' eus "eou "a
that body IN reference to the finances. ihere 49, per-
haps an occasional reference to Mrhor'ous oii ana
the great mass OF the mercantile community charac-
,er,ze hs proiect as mpractcabe. Reader have you
ever gone TO Europe or to Canada or to California
II AZ Won win recollect the feeling with which you
contaminated the exchange OF your greenback dol
lar for the seventy per cent Of coin. In vain
yoa wished the dollar 10 be worth the
French ave franc piece. You chafed because the
zrDiant OF Montreal refused TO give you four silver
quarters. You were angry when the San Francisco
shopkeeper called it seventy-two cents. IL was
dollar TO you; why should 1t not be so to themg
Thewish or the desire TO have it rated az you used
to rate the dollar bill In the times before the war
ayailed you nothing. You had to exchange II at q
discount. No anxiety on your part can make your
fund Of greenbacks equal to their face value in coin
IT y precisely the same case with the government
and its currency. England, iii the beginning OF
TINS century, with ali the wisdom OF Pitt to guide
her. passed thirteen acts to compel specie pay
ments but all OF them failed to force resumption on
tnc part OF the Bank OF England which is the source
OF paper money just as our government now is. II
only after the fourteenth law the subject and
sGar twenty-one years OF suspension that specie
pas ment5 were resumed. No Congressional enact
mcnt can fix the time in our case Resumption and
The appreciation of greenbacks must be left to the
natural laws OF trade and must be predicated upon
tie development OF our resources and Il healthy
management of their business by the great mer-
camille community.
The money market to-day was invested with
features OF unusual interest on account OF sudden
activity experienced soon after twelve O'Clock, or
when tic bankers and brokers began their inquiries
The rate call loans varied from seven per cent,
currency, on mixed collaterals 10 seven per cent,
coin, on governments and seven per cent coin and
acommissicn on the ordinary securities. Both these
were the exceptional rates OF the day. great por-
tcn OF the business If not the principal volume was
All seven per cent, gold. This activity was said TO
h. without strngency. for money was easily pro-
cured at the exorbitant rates demanded showing
that 4 good deal had been boarded against the cx-
pecied scarcity OF this season. The remaining days
al the year will doubtless witness continuance OF
tins activity The banks arc contracting their loans
much as they can consistently with their interests,
in order to make good appearance in the quarter
ly statement. Money, again, is boarded by mcr-
chants for the winding up OF their years accounts
The activity Of the stock market and the dis
position to speculate produced by the buoyancy
In the various stocks resulting from the
New York Central affair keep money in constant
demand among the operators, who would otherwise
lei the remainder OF the year elapse without dong
anything. The prevalent impression IL that these
causes OF stringcncy will pass away with the advent
of the new year. The banks, after the quarterly
statement win be at liberty expand again. while
q large quantity OF interest money arising from
national securities and various bank dividends, VIII
be set free The remttances to the West AMI South
are diminishing, and those to the former region viii
have ceased altogether a. the demand for the pack
Ing business Will have been satisfied.
In discounts the market was dull and without in
by the failure OF large dry goods commission honse
There was no concession in rates, however and the
best paper was held at large figures. 1t is almost
impossible to give quotations, AZ prime names were
held at the most slngulayly diverse rates.
Foreign exchange ought to have been an mated on
account OF Tomorrow steamer: but either the large
business Of yesterday had satisfied the demand or
there was an indisposiuon TO buy at the advanced
rate. Prime bankers marked up to l09z,
on account Of the previous large inquiry;
but little was done al this figure. There was
a consequent recourse to good bankers, which ad.
vanced 10 1925 a 1898. The decline in governments
IN London on Monday stimulated activity and the
sttcmpt keep up the rate to-day. after recovery
OF governments III London, was not attended with
success.
Gold was weak throughout the day. 4 few trans
actions in the early forenoon took place al 1854
but the price al the regular opening OF the board
was 1857, from which there steady decline to
Isi-s during the board. with recovery 10 1855 at
three O'Clock. This figure not sustained In the
subsequent dealings aud the price returned 10
1915 before i've O'Clock. The activity OF money was
reelected in The Gold Room where borrowers, anxious
10 Keep the currency. paid from to per cent ord
nsriy and TO per cent exceptionally for Carrying
the metal. The transactions at the Gold Exchange
were not unusual, as VIII be seen from the totals
which were as folows-Gross clearngs, 500 244, oo5.
god balances, sI,7sa.so; currency balances.
s2,60.416.
There was less speculation in government bonds
owing to the high rates which 1t would have been
necessary to Pay for carrying. The regular
investment demand was steady, II not slightly
actvd. in view OF the approach OF interest
day and desire to realize the three per
cent gold interest which, 1t IS stated viii be paid
few days In advance or the rst OF the MONTH There
was recovery at the morning board from the de-
pressing effects OF the cable despatch announcing
decline In bonds at the London Exchange and
prices remained comparatively quiet for the rest OF
TIC day. The closing street quotations towards five
O'Clock were follows:--Unltcd states skies, 1851
registered 1854 100; do, coupon, Ii4a a Illts;
52os registered. 1866 1905 do, coupon, IsO2 no.
iIoss; do, 1854, 1861 lo5x; do, 1866, 1919. lo7
do new. 1885, 1oa5s loh, do 1897. 40 l10is; do,
1865. il0& ll0ts; 10-4os registered 1925 1D2s.;
do coupon, 1867 1861; currency bonds, s9i4 a
9pi,.
The border state bonds were without any new
feature, and prices remained duh A concession In
one class was counterbalanced by On improvement
in ancther; 50 that the average figures were steady
Some little furry Is likely TO take place in North
Cardinals on account OF an apprehension that the
state government win be tcmpted to increase It's
deb Nv some SIX millions IN aiding the movement
for reconstruction OF old ana the building Of new
railroads, which seem so popular In the South just
now. The amount would thus be increased to
tic vicinity OF thirty millions The following
wore the closing quotations al the board and OF
IN day. for there was little, II any, disposition
80 - anything on the street :-Tennessee skies, cx-
. coupon, 60 o cas-; do new, os,s a %; virginia
siAra OK coupon, So SO; do new. s7ts North Caro-
Ina skies, ex coupon e5h 90; do. new. 60. 81;
Ial.--- m AlL.s-.- -.