The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-01-01
FINANCIAL AND CONNER ClAL.
TUESDAY, Dec. 3l-oP. n.


Of the board at two O'Clock at 1885, There brisk
borrowing demand from the bears and loans made
without interest and at rates IN favor Of the lender
ranging as high as 36i per per diem The gross
ceangs amounted TO sos 0T6 0o0 tho gold balances to
sl7s0,6So, and the currency balances 10 81 5e6,os3
Tho sub.Treasury began the disbursement o. the Janu
AIRY interest coupon bonds this morning. but the
ceipts from this source were without influence upon the
premium.
There moderately brisk inquiry FOR money from
tho Stock Exchange, and loans were generally made
at seven per cent on mixod coaterss; but tho old
tnbshed stock houses and the leading dealers in gov
eminent securities enabled TO borrow all they
required per cent and before tie OF bank
hours the supply was in OF the demand, the
market being the whole easier than 1t yesterday
The indications against any disturbance arising from
the preparations Of tho national banks for their quar-
ierly returns on the lrst Monday in January. and
If any pressure IS felt from this cause II viii
be over by Friday afternoon, as tho returns
will show the condition OF tho banks before tho
meGcoment OF business on Saturday In the discount
line there percepdblc change the amount OF
rs class commercial paper Offering being limited while
for inferior lrades there was little no market although
tno former passed freely at per ceat The release
Of large amount Of funds at present reserved for the
payment Of interest and dividends viii contribute to
increased monetary carly in tho year. and
cause them to seek ronyesment largely In government
secures, which, by reason OF their low plice, offer
special Inducements TO investors
Tho stock market opened in furry In consequence
Of the break in the stock Of The Chicago and Rock Island
Railway Company last evening; bat it became firm
again, sign that stocks firmly held and before the
close ae greater part or Yesterdays decline except in
Rock Island, had been recovered. The street is less
unanimously in favor of a rise than il was last week.
but large majority OF The brokers and other profess
siona Spectators src stin on the bull side. This is
mainly owing 10 the railways not having shared in the
commercial depression under which country has been
aborng fer long no past the gross earnings
teen Of tho principal lines during the fret elovon
months OF this year having boen average, S1TI
per mile larger than in the corresponding eleven months
of last year. The general conditions affecting tho
ket favor the bulls than the bears, but IL Is so
much cliqucd that all ordinary calculations may DO
overthTown by Clique nanpula,ons, and unexpected
circumstances like the last strategic movement
Rock Island may occur at any tune and turn the
natural current OF affairs Tho fact that The Senate has
not set acted upon tho Authorization bill passed by
the House OF Representatives leaves sufficient room for
doubt with regard to its ultimate passage to many
TO defer operations until the future policy OF the gov
ernnent in this important particular becomes matter
of certainty, and this applies to all deTarmcns of bust
ness VOL speculation the Stock Exchange. Tho
better for the people as web tho public revenue,
which last even under The most favorable crcum-
Stances likely to decline largely during the year
two.
AT the commencement OF bus inesa tho stock market
weak especially for Rock Island which declined to
S9 or ten per cent below the price at which it sold
Friday last. The immediate OF this heavy break
issue Of stack By the company, ostensbly
to provide for tho construction Of the road from Des
MONIES 10 OMAHA Some months since iir. Tracy, tho
President. and Mr. David Dovs director author.
lied BIZ the board to make provision for this extension
whenever it should be decided to mako it, For this
purpose reservation OF four millions and half seven
per cent bonds placed at their disposal with the
privilege of issuing equivalent amount Of stock
instead II was not discovered by the street or It is
sad even by the codrccors Of the gentlemen referred
to until yesterday that they had AWARDED themselves
OF their authority to issue Stock and IL transpircd
today at meeting Of the directors that forty nine
thousand shares OF tho stock had been sold being
the whole OF the amount authorized although should
DO hereafter found necessary further ISSUE may be
made b. the company bu, OF this there immediate
probability 1t was announced at the meeting referred
to that the company had six millions of cash in
hand and the question arises, what has it for 80
large sum? Certainly tho extension OF the Rock
Island line cannot require II, and II the company has
need Of 1t why should the forty nine thousand shares
OF stock have been sold al at in order raise
the moneys The conviction Is forced upon the public
mnd that tho sale Of the shares q stock jobblug
operation, in whcbeoine OF the directors Of tho com.
pany the principals The stock selling high,
and there was q strong temptation to undertake bear
operation In IT. and the opportunity embraced
cordingly to issue tho new stock. II the company
continues pay per cen. dividends on its stock IL
will lose the difference between this rate and whatever
II make by iendfry tho proceeds of tho 600
OF stock call The total amount OF tho compaDy's
stock issued 10 exactly fourteen millions.
AT the early session Of tho open board
the market was s,oader in tone and Rock IL.
land recovered TO 9oI OIL whio Eric cold
II, York Central at 1lJZs and Northwestern pre-
forred coz Az tho nrst regular beard tho market
was irmer ami Rock Island advanced, under heavy
ransactionshe saos aggrcgang TO- COO sharesto 90.
who New York Central and ErIc, which nozt in
point OF activity, sold at lle4 and 7l'l Tx respee-
lively. New York Central closed i lower than at tho
Same tl.no yesterday, Eric Il, Reading 4, Michigan
Southern * Cleveland aud pitisbgrg y, Cleveland and
Toledo =, Rock Island ~, Northwestern preferred ~,
Milwaukee and st Paul preferred Il, Atlantic sial az
Canton *, Western Union Telegraph r. Pacific Mail
was 4 higher. Government securities were steady.
Fye-twenlles OF the Issue OF 1866 advanced u,
while tho new issue Of 1867 declined q. Tic express
shares were 4 a Z lower
At tho open board at ono O'Clock the market
moderately active and firm, except for Rock Island
which reapscd to Ok o2. Erie sold Of 7ss and New
York Central at 1861 1904 Az tho second regular
board tho market was dull but nrm aud Rock Island
recovered TO 90 a o3H whila Pacific Mall advanced TO
III; New York Central closed y higher than at tho
st regular board Eric 81 Rock Island Il, Pacific Nail
4, Western Union Telegraph q. Missouri skies dc.
clined 4 and Tennessee SKIES (now) advanced ~ At
the open board at hapast thrco the market continued
nrn and there was a further slight advance in prices
New York Central cold at lie7s a III; Eric, 12,s
52ii; Hudson River. 13lts 132; Reading. o1A ol4;
Michigan Southern. si7E AK Illinois Central 13i
1879; Cleveland and Plsbrrg. ss7l 81, Cleveland
and Toledo % osI; Rock Island, o3j< osy{: Pacific
mail, Ill 11lL: Western Union Telegraph, Sex Az.
During tho OK the afternoon tho market with
out material change and at the closc OF business
halr.past Ave tho following quotations were current