The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-12-21
FINANCIAL AND COMMERCIAL.

MONDAY Dec. 1o-6P. N.
The week opened upon extreme dulne1 IN Wall
street. although the earliest transactions this morn
ing gave promise Of activity, the action q Secretary
Boutwell, In diminishing his gold sales producing
quite movement in gold which extended to other
branches OF business. This buoyancy only spas
modic and soon disappeared leaving the market
again calm ANA quiet. The programme Of Mr.. Bout
well originally contemplated the sale OF million OF
gold on each OF the three days, Tuesday, Thursday
and Friday. HIS latest communication 10 the
Assistant Treasurer revokes the order 30 far
a. TUESDAY and fridays sales are concerned
which leaves only . million to be disposed
OF against the purchase Of two millions Of bonds on
Wednesday. The acceptance OF the bids last FRIDAY
stimulated large short interest in tho gold market
evidenced by tho carrying rate, which on Satur-
day descended to three ana to-day 10 two per cent.
The first effect therefore this morning Of the an
nouncement OF o reduced amount OF sales this week
was rush to cover the part OF the shorts, who
bought In 30 rapidly and extensively that the price
advanced TO 1914 as against 1901 ut the close on
Saturday evening. The speculation for rise IL 30
tame. however, That the "bulls'' were only glad to
unload, while some prominent operators who
are reported TO be short OF stocks were heavy
sellers on speculative account Under these crcum-
stances Il Is dlficult TO say what might have been
che full effect OF Mr. Boutwels new order. AT one
time II seemed as II the speculative sales were the
only check to advance In the premium. but later
in the afternoon the market became heavy and
weak, and at the close had declined to the lowest
point reached before the modification OF the Trea-
sury progi Amme. Tho future Of The market Is enig-
NAUTICAL In the highest degree. The tendency which
at one time OF the day was shown toward
buoyancy seemed to give color to the opinion
that In the decline TO 120k there had been
full discounting or all the influences
operative for lower prices. These influences are
in brief the redundancy OF the gold reserve In the
banks and the prospective outflow OF thirty millions
from the Treasury in payment Of tho January inter-
est on the public debt. Moro remotely the album
dance OF gold in the city is due TO the decrease in
the line OF imports the past season. AS the day
wore on the neaviness OF the market asserted ITSELF
and while holders paid more to have their balances
carried the premium steadily fell. II this tendency
is natural then MIR. Boutwell, mas acted wisely in
keeping back his two millions this week, for tho
decline should not be too rapid. His order to
allow the payment Of the January interest without
rebate on and after Friday hext win weaken the
market sufficiently without additional aid. The
stock market sympatalzed with the earlier advance
in gold but did not decline with 1t afterward. In
fact stocks at the close were strong when gold was
at its lowest. This Is the first occasion In q good
while that tho two markets have gone counter to
each other. The CHIEF cliques have espoused 'tbu"
tactics for the winter and spring campaign. They
unloaded the othor day when gold was at 1913 a 124
ana now buying back again. They made profit
OF I'VE To seven per cent by the first movement and
are now essayng new one. They were rather
unanimous at the start two or three weeks Since
but are now divided, q few prominent
operators sticking to the 'bearu side. They are
less in number ana strength than those who have
tha l,ul Ha xVhtr for
the sudden change from sympathy to antagonism in
the movements OF gold and stocks to-day. The
transactions in the latter were limited and confined
10 the cques, for the outside public still retaining
the memory and the wounds OF the September
panic indisposed to enlist In any great force
either side OF the contest The fluctuations OF the
stock market are exhibited at length IN the table
further on The money market was easy at six TO
seven per cent on all classes Of colaterals. Com
mercia paper dull at rates last quoted. Foreign
exchange was inactive and the prime bankers were
compelled to reduce their rates an eighth per
for sterling.
Southern securities were active ana strong par
ticularly for the South Caronas which rose TO 80
for the old and so for the new bondsan advance OF
fifteen per cent since the meeting OF the Legisa-
ture q month ago. The Tennessees and North Caro-
lnas seemed in better favor and advanced about one
per cent
DONeIUuleutS WcIc uuH anu IN comparison 10
the fluctuations OF god steady. The extreme
difference In price for the leading speculative
issues was only quarter 70 thrce-eights
per cent. The market closed quiet at the
following quotations:United States currency sixes,
1857 1885; do. skies, 1884, registered, lis 115s;
do. skies, 1881, coupon, 11sH i18X do five
twentes, registered, May and November 1l1A
111h; do fve-twenties, 1862 coupon, May and
November, 1885 1137s; do. fve-twenties, 1884,
coupon, 1l1x a 11136; do. hve-twentes 1885, cou-
pom, 1l14 q nix; do. 1ve-twenties, registered
January and July, ITO q 10Y; do five-twentles
1865 coupon, January and July, 1135s ia; do. five
twenties, 1867 coupon, January and July, 114H
1I4i4; do. nyetwenties, 1858, coupon, January and
July. 114 1li2a; do ten-forties, registered, 1881
10a; do ren-f0rtes, coupon, 1857 109.
The following were the closing prices ut the last
session OF the Stock Excnange:--Canton, As a so;
Cumberland, IS ~; Western Union, a3ll q 33sl;
Quicksilver, 147S Is; Mariposa, ~ bd do. pre-
ferred, 10 q 15N; Pacific Mail, Az AK;
Boston Water Power, 1914 a 10; Adams Express, 594
a 595s; Wells-Fargo Express 1871 bid; American
Express S0is 40; United States Express, 4sh 30;
New York Central, consolidated, s6Ss q s6A; do.
scrip, 80is sox: Harlem preferred, 1877 bid; Erie
224 22as; Reading, 99k 9o1s; Michigan Central
l25; Lake Shore s41s SAX; Illinois Central, 1888;
Cleveland and Pntsburg. So a $50; Chicago and
Northwestern, 6sn q $50; do. preferred, 81 s1,4;
Cleveland Columbus and Cincinnati "a bid; Rock
Island, 1o4H a lo4*; Milwaukee and st. Paul,
72K 72H; do. preferred, Ban . s4I; Toledo
aud Wabash 40 bid; Fort Wayne 50 Did; Alton
and Terre Haute, 20; do. preferred, 81; Ohio
and Mississippi, 23x . 23A; Delaware ana Lacka-
wanna. 1o7 bid; New jersey Central, ss,i 90; Chi
cago and Alton, 142,i; Morris and Essex, s4h
q go; Hannibal and 81. Joseph los 1os; do prefer
red. 1oos< . los; Dubuque and Sioux City, 1905
1os; Columbus Chicago and Indiana Central, IS
a19A.
The extreme fluctuations OF the leading specula-
tive stocks are shown In the following table OF the
highest and lowest prices Of the day.
,.-. highest Lotpest
yrrv fov1 4 nnsJ sAotn $50