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

~-~~e<S>~~~~~~
FRIDAY, Dec. u-oPM
Gold opened this morning ut 1851, sold up 70
lS6x and declined 1885, at which figure IL closed
The market was heavy throughout the day' ana,
although In the morning somewhat steady, holding
strong up to 1876 vet in the afternoon, under the
pessure of large sales by tmid operators, who were
afraid OF still further Decline or Others induced BY
the high rate paid Tor carrying-as high a. seven
Der cent-lt broke and fell on quite rapidly.
1 There do not appear to be any special causes
GENERATING To bring about this decline other than those
stated a. exchange high almost up to the specie
shipping point and debt statement as published
NJ Mr. McCulloeh, is generally regarded as generally
unfayorabe the idea early resumption Of specie
payments. The total debt less cash in the Treasury
has increased sl1,S52,3l6 The currency In the
treasury has increased $77assls, resulting princi
,paly from the sales Of gold, which latter has de-
CREASED GIL. The total amount OF gold In the
Treasury at present Is $ss 1926 37A Against this
gold certificates outstanding to the amount Of over
twenty-three millions and quarter, thus limiting the
amount OF gold actually at the command OF the gov
eminent to something over sixty i've millions The
customs receipts for the first week Of the present
month have been sold, and the amount likely
20 accrue for the balance OF the month
y estimated at ten millions, which would make
the amount of government gold on the LIST ofJanusry
4hs will have be deducted the coin interest on the
bubble debt due at that time-about thirty millions
Which will then leave ct the disposal of the govern
1aent with other engagements be met in coin, only
1orty five millions, against greenback circulation
Of three hundred and half millions, besides many
millions Of national bank notes. Viewing the
matter in this light, many operators pre-
barring to avail themselves Of depreciation
pr the government bonds abroad, as q conse
Quence Of the discussion OF the subject Of the
resumption OF specie payment having but
one result, demonstrating more clearly the
embarrassed state OF the public finances, and 1t Is
believed in some quarters that the decline In gold
To-day was mainly brought about for the purpose of
making large purchases at low figure to be used
IN taking up bonds in Europe should they fall Off
there as IL anticipated. the transactions at the
Gold Exchange Bank to-day comprised the follow
lng:-Gross clearings, $47,74sooo; gold balances
ST. ,Slo currency balances, 81, s64, 42e.
" Money was remarkably active to-day and frm at
seven per cent, with fewer exceptions at six. The
Grain OF currency to the South and West still con-
ttnues and 10 mainly the cause of this hardening
In the rates here. This stringency was most
Noticeable early in the day. when In general anti
ripatton Of an active inquiry money was held high.
As the day advanced and it was found that the sup
ply, although not excessive, fully equal to the
moderate demands or dull market, the rate weak
4ned, and In the afternoon was comparatively easy
- T. and exceptional loans were made at Q. The
msrket for commercial paper ID dull and rates nomi
ENsl 1t per cent for short acceptances with first
GLASS names. Foreign exchange Is steady on the
oasis Of 109X for prime bankers 60 days, and 1907
Tor short sight. The other rates are:-Sterling, 90
DAYS, commercial, loSX 1O9h; Paris sixty days,
no 5.1e1<; short sighs. 5.1aA q 513H; Antwerp,
TO . SICK; Switzerland, $40 SICK; Hamburg,
~ 90
egK; Bremen, 7sh 70; Prussian thalers, 71K q 70.
Governments were unsteady to-day and dull, ex-
cept at the last board. when e7s to the amount Of
$500 were sold at no. The market has been heavy
Tor the past few days, and was to-day up to the
tme stated, when feeling OF timidty, arising from
the general decline OF values the Stock Exchange
1nduced holders to let 60, and sales were made at
lower rates. At the first board prices steady,
with very little doing '62's selling at 10H 64s at
a07, '65s at 1917, '67's at 110H, and Paccs at 99,
the market closing firm. Between call '67s sold at
aloK, and remained steady for time at u bid, buyer
three and offered ct u, seller three. At the call
business was light and prices nominal. The last
psii witnessed the only excitement Of the day, o2s
helling at 11OZ, 84s at 1o7 65s at 1919, 'o7s at
HOY and a. above stated at ITO. We have before
pointed out the influences which operate to o de-
probation of the price Of governments, VIZ, the
discussion Of schemes variously calculated to en-
nance reduce their ultimate value, and in this
connection 1t may be remarked that next to the i'm
perative duty Of Congress dealing with the financial
dinicuity now presented TO them for solution in
broad, comprehensive, statesmanlike and sound,
business manner il the necessity Of approaching the
Consideration Of the several questions involved in
that issue In . liberal and intelligent spirit
with full understanding Of its numerous
antrcacies and the comp lex relations Of commercial
Hrop aho IA M n prin mi
above ALL this matter at least should be kept out Of
che slough OF party politics. Is difficult to foresee
what the future OF this market may be; the outside
public at present keep themselves aloof and large
orders to sell are necessarily executed at conces
oions which In react In producing distrust The
market this evening closes better than 1t promised
during portion Of the day, the following quota
Gions at five O'Clock show ing q much improved
Hone:-Unted States e's, 1881. registered 1921 no.
ho., coupon, 114,1 q 114x; DO 62o's, registered,
h06k 1Oex; do, coupon, 1852, 11oK Ill; do do,
ASA 1OT 107z do, do 1885, 1o7X 1os; do, do,
new 1855, ITO 11ox; do, do, 1867, Ill lllx do,
do. 1885, 11oK 11ox; do. 1o-4o's, registered, 1881
posK; do, do, coupon 1861 1o5h; United States
S's, Pacific Railroad, 9o3S 9sh. w
State bonds were dull to-day, without much change
an rstes North'Carolinas are still suffering from the
doubt which exists respecting the payment Of the
january interest," while q similar cloud rests upon
Tsanessees pending the action OF the State Legisla
sure on the Omnibus, Grdiron, bill Sales Of both
lwere light An active inquiry continues for South
arolins old 'e6's and $685. The following were the
CLOSING quotations in the regular board:-Tennessee
l6's ex coupon, esk esk; do, new, o7x e7s<;
Virginia es, ex coupon, IS q 56,<; do, new bonds,
SIX IS; North Carolina 6's, "a Q e4k; do, new
bonds, 81 . 61H; Missouri es, soH SOY.
! The main characteristic Of the stock market to-
day was dulness New YORK Central, Northwestern
common and preferred and Rock Island being the
only stocks which showed any excitement Shortly
after the morning call movement was started In
Erie. on the strength OF the published announce
ment OF the lease Of the Atlantic and Great western
Railway. II was also rumored that the directors
had retired the 100000 shares issued by
cham in exceaa Aa nm effort of the ciioue