The New York herald., 1869-12-27
r FINANCIAL AND COMMERCIAL.

SUNDAY, Dec 20, 1863.
Holiday week promises to be very duh one In
Wall street If the experience OF the past week be
criterion. Naturally the end OF the year, with the
winding mp OF accounts, brings about more con.
seryatlve tone among moneyed men. On the present.
occasion THIS duness is assisted by the adjournment
OF Congress- whose proceedings are closely
watched by the financial community ana give the
cue to so many business enterprises. The money
market has WORKED comfortably to borrowers on
call, and loans pledge OF the usual collaterals
Daye been freely made at six to seven per cent.
There Is little or no apprehension concerning the i'm
mediate future Of the MARKET inasmuch as the perl
odca demand for currency by the interior has been
fully supplied and capital shows disposl-
tion rather to begin Its usual winter ac-
cumulation at this CENTRE The thousand ana
ono enterprises which call. for money are
in allegiance until the opening OF spring. Doubtless
In the ensuing week we shall experience some ac-
tvity In the local money market, owing to the call
ing in Of loans to prepare for the liquidation OF the
January instalment Of interest by our numerous
savings banks and for payment OF coupons on rail-
way and State bonds and like interest-bearng secu-
rites. Such money however, soon nnds Its way
back again into bank.
the stock market has boen especially quiet and
the fluctuations were made on light transactions,
the principal operators seeming 10 be content with
small profits, for which reason they realized on
small advances. The only feature was the disposi.
ti0n which stocks manifested to out loose from
gold with which they had closely sympathlzed ever
since both stocks and gold had their great trouble
last September. The government bond market has
been alternately strong and weak Operators for
were disappointed by the steadiness OF the for
eign market, which, 1t was expected, would be
strongly active after the presentation OF
the Cabinet reports and especially upon
the 1attering exhibit Of the national resources,
as contained in the various documents
submitted to Congress- The decline In gold was
also counted upon for It's effect abroad but the
foreign bankers have contented themselves with
brief and light ventures now and then in the gov
ernment market. There has been steady reinvest-
ment OF the coupons due January l. and which have
been payable at the Sup.Treasury since Friday last
In the Southern State bonds the features have been
a sudden rise to &C for the Louisiana leyee sixes
which were In request on foreign account, and the
frmness and activity Of the South Caronas which
rose to S41l for the new bonds upon the publication
OF the advertisement Of the State agent In this CITY,
offering to pay the January coupons In gold. This
notice, which appears elsewhere in our columns is
in pursuance Of q law just passed by the State Le
gisla.ure ordering the future payment Of the inter-
est on the public debt to be made In coin. The mer
curial Tennessees and North Carolinas were better
and firm at the Improvement. Foreign exchange
was active under scarcity OF commercial bills and
good demand from the importers, who were remit.
ting to close up the years business. The latest
quotations were firm on the basis OF 100 for prime
bankers sixty day sterling. Commercial paper was
without important feature. Rates were shade
easier.
The weekly statement Of the banks excted con-
siderable comment and was varousy construed
The specie decreased over million and half OF
dollars, despite the government sale OF Thursday;
while IN legal tenders there was loss or three hun
dred thousand dollars In face OF the disbursement OF
over two millions by the Treasury. The deposits,
also fell Off nearly four Millions and the loans have
been contracted a million and three quarters. AS
the statement Ia only for five days 1t suggested
that there has not been distribution OF the
different Items, inasmuch as the banks lose the
chances OF the last days exchange being in their
favor. Again, the pay ymcnts into the Sub-Treasury
for customs combined with the specie shipments
Of the week, will 60 far to account for the
decrease in specie. Taxing the specie from the de-
posits would leave about TWO and half millions or
the latter to be accounted for. This is done by con-
ecturlng that the withdrawal OF funds to meet var
GUS payments OF interest due from railway and other
corporations, together with the temporary diffusion
OF money among the shOpkeepers for holiday goods,
win fully amount to the sum in question. The effect
upon the stock market was hardly perceptble mas
much as only few brokers still remained on the
sidewalk after the publication OF the statement and
among them II was not regarded with any apprehen-
sion 1t is only proper To observe that far the
banks are concerned 1t really leaves them in beI-
ter position than might at first appear With the
decrease in loans and reduction OF deposits they are
about in the same position as when they began the
week. While tho loss in reserve Is two millions they
can AFFORD TO lose one million, SO that the surplus
above the reserve required by law is decreased by
only the latter amount The totals Of the last two
statements are c0ntrasted as follows:-
nSc 10