The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-12-11
FINANCIAL AND COMMERCIAL.

ceA{aeEeg Qf Congressional legislation upon the
Ebiect Of the finances, IN view OF The
serv radical and extreme propositions now
under consideration, have served to render
che general tone OF the market, both In respect to
governments and miscellaneous securities weak and
unstesdy with limited transactions. AS yet the de-
mand for currency has not exceeded the supply but
has 20 far become urgent to induce hardening
OF the rates Of interest," and but few loans are now
made at less than seven per cent. Although strn
gency exists the inquiry large that this DO
readily obtained, and only in exceptional instances
IL money loaned at six, although some few transac
uons to first class houses on prime c0llateras are
noticed at that figure. There is q fair supply Of
commercial paper Offering. but not excessive. The
best names are discounted at 7 to per cent for
short dates. Foreign exchange Is firm; prime bank
ers sterling being quoted at 1Osss Tor bills at sixty
days and 1lo's for short sight.
With the general weakness in other subject mat
ters OF speculation and depreciation OF values gold
maintains strong, firm feeling. with indications OF
30 continuing for some time II not advancing beyond
its present premium In the disordered state Of
finances and the troubled discussion which arises
thererrom, disturbing and unsettng the value
OF the various representative securities, gold
IL the barometer that indicates the direction
and effect OF each crude scheme or proposal
brought forward ostensibly for the ameloration
Of existing Ills but often presaging other and grayer
disorders. Thus every movement made In Washing
ton is reflected on the Gold Room here with
erring certainty as though the metal itself were
acted upon directly as in the tube OF barometer.
Hence the unsteadiness which has marked the quo
tatons Of the past couple OF days, not including
very wide margin, that very sensitlveness is
prevention to sudden decline in price, but varying
u and often half per cent, as suited
the plans OF the operators Gold to-
day opened strong at 1865 but, IN the
absence of any further news and clear
understanding Of the rumors which advanced it to
that figure last night fell to 1853, and subse
quently to 1851. This was, however. the lowest
point reached and before noon it had several times
advanced to q. once to 136, falling again below
that figure, but recovering precisely at twelve. In
the afternoon, upon the reception OF the news that
General Butler had introduced bill into Congress
TO tax the government bonds per cent, it
hbited still further hardening Of the price,
ana often quoted at 1861, but as the more
mature consideration Of such . measure ANA the
opposition is likely to encounter lessened its effect
the price again fell, and at the close 1854. The
transactions In the Gold Room were considerable,
and some large purchases were made Cash gold
wss In good supply and the rate for carrying adj
vanced from 2}s to per cent. and later to l-52 of
ono per cent but subsequently declined to per
CcHt. Tue IOitOWlIlX - Tic IcpOrt VI INC GOiu
Exchange Bank for to-day Gross clcarings,
$5S505.OO0; gold balances s3,075, las; currency bal
ances SAL 640
Governments were marked by q signal decline to-
day, owing to the discussion, doubtless Of ques-
tons calculated to affect their value reducing the
Investment demand. At the trst board the market
was steady at the closing rates last night, with
excitement and greater volume OF business than
for some days past 1915 sold at 114zs '62s 11Ss;
'65s l0S; '67's, ll0H 10-4O's at 1861 1855 and Pa
cincs at 99ts in large amounts. Rates remained
stationary until noon. when sales were made under
order at the prices bid in the morning, and at the
quarterpast twelve call the market was on u. AT this
board sales were made Of 'e2s at Ill o4s 1919; 67s
1lok; 'sss, 11oZ. Ten-fortics were firm at previous
rates. A further break in the market occurred be-
fore the last board, when prices fell OF again r.
'67's selling at 110ts 110ld, 1040's 1885,, and
'64s at LOT. Later the market rallied little, the fol-
lowing rates at five O'Clock showing slight i'm.
provement the market closing strong:-Unted States
Ga 1881. registered 40 1lOtl; do, coupon, 1l4s
n II4ys; do. 5-2O's, registered, 1861 1ool: do,
coupon, 1862, 110I Ill; do do, 1864. 1915
1913; do, do, 1885, 1878 1077s do, do new,
1885, 1101I 1l0K; do, do, 1867 11o1s 110iS. do,
d. 1858, 11Os 1lo4; do., lo-ios, registered, 1881
lO3k; do, do coupon, 1861 1855 do. 6s Pacific
Railroad, 99,s 99K.
state bonds were quiet and steady to-day. New
Tennessecs sold at 8Sh esq., North Carolina 6s, ex
coupon, at 65x, buyer 8; North Carolina new, at
81 82s, and Virginia, OK coupon, at $751; The fol-
lowing were the closing quotations at the regular
Tennessee 6's, coupon, 90; Tennessee IS,
ex coupon, new 60; Virginia 6s. ex coupon, 50:
Virginia 6's, coupon, new, 81 81; North Carolina
Ga ex coupon, 90; North Carolina e's new, 6214
62a Missouri 6's SO S9ls.
The stock market was heavy and dropping to-day,
street OF character to affect the market. The cleo
ton OF directors for the New York Central Railroad
was quietly discussed but being previously regarded
M foregone conclusion there was noexcitement
accustomed by the published list OF names in the new
direction. The newly elected directors have chosen
Cornelius Vanderbilt president and Daniel Tor
rance vice president OF the board, and adopted
resolution inviting an investigation Of their stock
books Rufus W. PcekmaD, OF Albany; Charles
Stebbins of Cazenovia, and John A. Griswold OF
Troy, are the gentlemen to whom this invitation has
been extended, accompanied with o request that
they would make report upon such examination.
The adjournment OF the board without the dec,ara-
tion OF any dividend occasioned some disappoint-
ment on the street and 'dropn In the stock, but
did not create much surprise, as the circulation OF
OF the kind given circulation TO In this con-
necton Is old dodge to sell stock and did not de-
ceve shrewd operators.
II Is authortatively stated that tho Erie Railroad
Company has leased the Atlantic and Great western
Railroad for q term Of twelve years, upon condition
of the Erie Company paying thirty per cent OF the
gross earnings OF the leased road or q minimum OF
si,soO,0oo yearly In the event OF the thirty per
cent OF earnings falling below that amount.
The Erie Company engages to keep the track,
stations rolling stock Of the Atlantic Great
Western road in repair, and gives to thar company
the option OF renewing the lease at its expiration.
The arrangement will give the Atlantic and Great
Western Company amount more than sufficient
to the interest upon Its bonds, due under the
recent arrangements with the bondholdcrs. The
market has yet given responsive signs OF being
Interested In this condition in the Erie situation
II IS reported that q suit has been commenced In
san francisco against the Pacific Mail Steamship
fnmnanY for an INFRINGEMENT OF the MESSENGER law