The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-12-31
FIN ANc,AL AND COMMERCIAL.


banks viii be MADE up Saturday next instead
Of tomorrow, and that the condition at Clearing
House time viii be the basis which their
several reports will be made up. This tends to
prolong the period OF stringency in money,
which 1t was conlectured would end at noon
tomorrow, and adds one more day than was
was originally expected. The normal state OF affairs
would induce the opinion that the last day OF the
year would be marked by the severest pinch In the
money market, but source OF relief is afforded by
the determination OF the government to pay the gold
interest in advance Of January l. This payment Will
commence tomorrow, checks having been already
exchanged for the coupons and the banks will,
therefore, be richer by additional specie reserved TO
the extent il is computed, OF ten or twelve millions
OF dollars To-day they were lending more freely.
Tomorrow they do SO still more freely II they
choose. In the exhibit all they care for ~ 10 sustain
good proportion between the spen,c reserve and
their liabilities. With institutions Il viii be
merely question or good proportion. With others,
doubtless the desire to keep the reserve very large
will prevail, and hence there will be no expansion In
the line of loans. The extent OF their action, one
way or the other, viii rule the money market at the
close Those who are interested in the stock mar
ket, and who wish divine its direction tomorrow.
may therefore draw their own conclusions as to
what the banks viii do In the oft quoted language
OF the Snowman they have paid the requisite pecunl-
AIRY consideration ana can make their election The
approach OF easy money is so largely discounted,
however that the holder operators will disregard the
banks altogether pay the most extravaganza rates OF
interest If necessary and carry their stocks over into
the new year. The stringency to-day was not, on
the whole as severe as yesterday. For bref
period the vicinity of two O'Clock money was as
active as 1t well could be without crisis but the
relaxation came toward the close of banking hours
and the rate declined to per cent currency 1t
would be impossible to give any figures for the rate
during the greatest activity they were SO very di
even upon the same classes OF securities COLD
interest and commissions high rs onequarter per
cent were freely paid at time The expedient of
lending and borrowing in one place, The usual stock
market which ingeniousy hit upon, perhaps, like
q great many important discoveries, by chance, was
productive OF convenience and led to something Ike
an equalization Of rates, which would not have been
the case had borrowers continued the practice OF
hunting all over the different Offices. 1t will be
ruinous to hundreds OF opera. n the money strn
gency last the week. Their nerve and holiness
in paying all sorts OF to have their stocks car
red amount to desperate The easier state of the
market and the consequent rise in stocks are 80
confidently counted upon that they have hardly hest
tated in their determination to do anything rather
than let go their grasp. The advent of Saturday
noon will be anxiously watched from every side OF
Wall street. The quarterly statement will then have
been submitted, and there will be breathless
interest for the result. The now OF cur
rency to the South has not been attended
with any change, so far as reported, but
money is beginning to return from the West, the
farmers and merchan ts Of that region beginning to
exchange the profits OF their wheat and pork for the
commodities afforded by the market OF New York.
There is also demand for government securities,
which pass through the metropolis as the great
financial centre. ana the Western banks have ten
dered large orders doubtless for their customers
who DESTROYS Of thus investing the profits Of their
crops.
Gold dull and weak, with more doing than
yesterday The total volume of business, however
was hardly more than one-half OF the amount
usually transacted in the Gold ROOM
The absence Of exciting foreign news and
The large contribution OF government gold
keep the premium from advancing The opening
price was l3i2l from which there was an advance to
1854 and relapse to 1s4ss. These were the figures
during the OF the board the greater part OF
the business being done at 13i& 1884 Later in
the day the price further weakened and few lots
were sold at 12l% the cosing quotation at FIVE
O'Clock being 13iS 13tss. Loans were made as
high as SIG carrying during the greatest activity
in money put the general rate is and under
The gross clearings were S55,S45,000 the gold
balances s2,590,s25 AMI the currency balances
$s,s5o42o.
The government bond market was barely steady
at the beginning of business but recovered tone
during the day with the easier feeling in money, and
prices advanced large fraction before the termina
tion OF the last session OF the board. On the street
the following quotations prevailed at haEpast
four o'cock:-unted States SKIES, 1881, registered,
l0s7k q I091<; do coupon, 114s4 us; 5-2os regis
tered 1867 1867 do coupon 1882, 1lOk i1o9l; do.
1864 1o71, 1917; do, 1865 1903 a 1oSlS; do, new
1885, 1l0% Ill; do, 1857, Ill X; do. 1858,
1IlA q NIX; 1o4O's, registered, 1927 1927; do,
coupon, 1855 1864; currency bonds, 90 a 9oI.
State bonds were dull except Tennessees and
North Caronas At the final session or the ope
board the only quotations were follows:-Tennes-
see skies, new, 69tl 69k; North Carolina skies, ex
coupon, 60 a 81; North Ca DINA skies, new, 59s
bg1; Louisiana skies, 90 Did.
Foreign exchange was steady on the basis OF 1093S
for prime bankers, sixty Gays. Tne other rates
were:-Good bankers bills, 1899 1925: CONNER
cial, lOsgs 100; Paris, 5.1e4 5.17h; Antwerp.
6l6Aa 5.17K; Swiss, 5.16I a 5.17h Amsterdam
407s All; Hamburg SO a 500; Frankfort, I'll a.;
Bremen, 7sk 1917; Prussan thalers, 71s4 ~.
The stock market was animated on account OF
large and numerous transactions New York Cen.
trail, Rock Island, Fort Wayne and Ohio and Misss-
sppi continued its features. Tho "bull' element
was without opposition. and q strong and buoyant
feeling prevailed. The ciques gave further sign
OF their doings than what is revealed In their gen.
era support OF the entire list. The street with
out rumors or gossip, and transactions took place
quietly. There hustle everywhere about the
Stock Exchange, but no excitement. Operators
have nerved themselves up for the task of carrying
kock over New Years, so that the greatest strin-
gcncy in money to-day was strongly resisted
the yielding OF prices being singularly little.
New York Central sold up to 100, but declined
under heavy realizations. Rock Island went up
to 1857, Fort Wayne to 113x and Ohio and
Mississippi to IS. St. Paul improved to the
extent OF one to two per cent. The Northwestern
stocks were very active. Erie more extensively
dealt in and made its appearance quite prominently
again In the lists OF sales. Pacific Mall active,
but very nuctuating. American Express was very