The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-12-18
FINANCIAL AND COMMERCIAL.



OF another lookup" being in contemplation gained
freer circulation to-day In the face OF more active
money market than ruled yet since the period OF
the last operation OF that character Notwithstand
ing this seeming confederation OF such an intended
scheme 1t does not in reality appear that there Is
much ground for the entertained or expressed
In some quarters of this hnality. 1t is one OF the
features OF business In Wall street and
the Stock Exchange that the widest rumors
obtain believers AID currency the ease with
which stories the most ridiculous be concocted
and retailed without fear Of contradiction appear
ing to work inversey in the extent to which such
innuence mems minds Something more than the
ordinary 0rarao sails is needed in the reception OF
the rumors which prevail here, and II people could
only be educated to apply this test TO the many in
ventions that are set aloat for their discontinue
there would be fewer "lame ducks" picking their
uncertain way through the soiled thoroughfares OF
speculation. In connection with this bugbear Of
another 'lock-up" there are names mentioned which
we forbear to disclose, the idea OF which, in such
association, is incredible and the use Of which leads
us to the supposton that the whole thing Is con-
coction, ga weak invention OF the enemy" who SO
lately figured thus discredltaby. 1t is little sngu-
Jar that the parties who before hestated not
TO avail themselves OF this ruse TO create tight
money market should appear now In the virtuous
role OF endeav0rng to defeat another like attempt,
and just at time, too, when. suffering from the Sc
we're rebuke administered 10 them for their reckless
mess in this and other matters, it Is all important
shat they should In way recover the confidence
Withdrawn from them, and again secure sympathy
and aid whereby to reinstate themselves in their
tormer position.
1t is barely possible still, however, that this move
ment, designed to produce an artificial stringency
in the money market, although at present pre-
Renting existence
mere assertion may be really on foot. 1t would
be too much to assume that simply because dishon-
brabe it will not be attempted, but we feel confident
fhat, however shrewdy planned, 1t will fail OF its OBJ
aect. Fortunately for the respectable business men
of the street. the honorable conservative Dealers
should the banks lend themselves as before to any
such measure, the Secretary OF the Treasury is in
position and, we are assured, prepared to come to
their relief and Illustrate this impudent effort to dis
arrange the business Of the country. There ten
millions unemployed in the Treasury which will be
used for this purpose and with such reserve avail
able apprehension OF any great monetary trouble
need be entertained.
The truth falsehood Of this story, therefore, be
comes matter OF less moment in its probable effect
On the MARKET II true, than the principle involved
IN its contemplation. 1t Is well that at period
favorable for the carrying out Of scheme Of that
kind as the present, when natural scarcity Of
money is looked for, consequent upon the banks
calling in their loans, preparatory to making up
their quarterly statement, the government Is in q
condition to remedy the evil which would be
STONED by such q plot But whether
true or FALSE good would come out of
the evil feared Congress, in the exercise Of Its
legitimate power to regulate trade, would, by timely
legislation, prevent the accomplishment Of any such
scheme In the future. The English common law in
the interests OF public economy treated as crime
what Is known as 'forestalling." How much greater
The offence OF those who, to paltry profit OF
few thousand dollars conspire to dam up the fruc
tifyng current Of commercial activity and paralyze
the enterprise and industrial energy Of whole
people. Such should be placed under the ban OF
criminal enactment
The money market worked somewhat more closely
to-day than for some days past, although the supply
was found fully equal to the demand. The rate for
borrowing all classes Of securities seven per
cent, and we learn that in some cases loans were
made at gold interest. As yet there Is no greater
scarcity Of money apparent than might be naturally
looked for at this tme with heavier drain OF cur
Tency South and West than was perhaps expected,
and the approach OF the time for banks to
make up their quarterly statement; and 1t Is
extremely probable that the story Of an
Intended sGock-up,n was got up In view Of
this tightness in the expectation that the natural
Btrngency being mistaken for an artificial effect,
would awaken apprehension and bring about the
same result. An active demand exists for loans to
bridge over the holidays, and In many cases CON-
mission is paid for their negotiation over and above
the legal rate. There was not much doing in COM
mercial paper to-day, except produce bills, which
are OF short dates The rate for prime names Is
nomInal-seven to nine per cent. Foreign exchange
was quiet to-day the basis OF London sixty days.
1905. zoos. short sight, 11os 11Oas other rates
are-Paris, sixty days, $40 5.1614 short sight,
b.13Z 513k; Antwerp $40 SICK; Switzerland,
$40 5.l6k; Hamburg, 35S 36h Amsterdam,
40ss Az; Frankfort 40s Az; Bremen, 7sh 70;
Prussian thaers, 7l1Sa72.
Gold opened this morning at 1344 sold up to l3i7I,
but subsequently declined to u, at which figure 1t
closed. After Clearing House hours 1t stinened
slightly, and was quoted at the close OF business
l34Is a 134s.. The market throughout the day was
weak and neglected, the more favorable news from
Europe OF affairs between Turkey and Greece and
the general anticipation Of decision In favor Of the
Legal Tender act operating to keep down the pre-
MUM, and holders being indisposed TO sell while
these depreciating influences operated. Cash gold
was plenty, and from to per cent was paid for
carrying. The heavy disbursements OF coin
interest looked for in January VIII doubtless
prevent any advance the present premium
unless some new sensational influences be applied
to the market. The transactions at the Gold Ex-
change Bank to-day comprised the Ioiiowing:-Gold
balances, sl,o343j9; currency balances s3007,L7o;
gross clearances, $751; 900.
Governments opened this morning about Il OF the
quotations OF last nigh, and continued weak and
irregular at the first board, with manifest indispo
eiton the part OF holders TO offer at the regular
call. but willingness to accept private bids. At
the noon call a better feeling was shown and
o large business done In 'o2's at no. over
million and half OF these were sold during the day
ut that figure, but they subsequently weakened and
closed at 1927, bid. AT the last can rates exhibited
decline OF about 4 throughout the entire list from
the morning quotations. After the boards the mar
ket continued dull and heavy, but firm, at the fol-
lowing quotations up to i've o'cock:-United
States 0s, Pacific Railroad, os,s o9h;
do. d. 1881, registered, 1921 n 1ooH; do.