The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-12-24
FINANCIAL AND COMMERCIAL.


THURSDAY, Dec. 23-S p. N.
The markets were absolutely dull to-day and tho
Stock Exchange seldom so tninIy attic aided uy ,ne
brokers. The speculative interest IS awaiting the
new year and further developments In Congress,
that the latter has adjourned to January 10 the
immediate future OF the stock market does not pre-
sent nlterng prospects for an active business
The feeling on 'Cnange was rather more cheerful
dcsplte TITS duness and the year Is winding up
without the dcspondency ana depression which 1t
was feared would result from tins sharp decline IN
gold ana the accompanying bankruptcies reported
early In the month. The money market Is easy and
comfortable ut Blk TO seven per cent with lit
tie to indicate ACTIVITY or stringcncY. There was
some discussion OF report eIegraphed from wash
ngton that bill Will be introduced on the reasseu-
blng OF Congress to authorize the canceIatio or
the outstanding three per cent certificates. which
amount 10 about thmty-iyc millions OF dollars, and
allow the formation or new national banks in the
South and West, where more currency Is called for.
the national notes SO TO be issued to equal the
amount OF Withdrawn certificates. But as the adop-
ton OF the measure Is not only very problemacal,
but distant n point OF time, II had no eject upon
the money MARKET although 1t was generally
acknowledged that 1t would be contracliie
in its influences upon the circulating me-
dunn OF New York and the Eastern cities.
The stock market was strong in the main but prices
moved within comparatively narrow limits. The
Western railways were firm owing to the impending
dividends, ana the Vanderbilt shares quiet. There
was continued activity IN New Jersey Central, but for
what reason does not appear, unless that the clique
who control 1t are now buying at the decline which
they engineered by passing several dividends. Erie
was strong on small dcain, IS ana late in the after
noon sold up to 22Ss The prevailing dulness has
tendency to make prices heavy. In the miscella-
neous list Western Uniun active and strong ana
Pacific Man steady. The gold market was
II anything the centre OF speculative in
terest and was strong between l2JA and
lo1, the extreme fluctuations OF the price.
The strength OF the foreign exchanges and the
large outstanding short interest have been the
secret Of the lrmar feeling to-day despite the sale
of gold by the government The million was bid for
at prices ranging from 1890 to 12o5s and awarded
without delay, the prompt award putting an end to
any anxiety which might have been aroused as to
the policy OF Mr.. Boutwell, Foreign exchange rose
to 100 for sixty day prime sterling, bills being IN
active request, owing TO the absence Of commercial
bills. The lghtncs5 or our exports and the demand
TO cover coupons on bonds held abroad stimulated
buying. Governments were active and regular
gong up win gold, the 07's selng AZ high US il6h
and declining under the pressure OF sales from
foreign houses. The home investment demand was
far particularly from savings banks and moneyed
corporations. State bonds were active III the South
Carolnas and Louisiana evce skies, and the rest Of
the list steady. The Committee OF Tennessee bond
holders have prepared plan OF action, which they
will submit at the meeting next Monday. They pro-
pose the formation Of commission OF seven per-
sons, to be composed OF the Governor. Treasurer
and Secretary OF the state three OF The bondhoders
and member az large, to be chosen by the SIX pre-
vlously named who shall have the management OF
the collateral bonds OF the various railroads Ia the
State with power to collect and apply the interest
or to forecose IN case the interest Ia not paid
The fluctuations Of the gold market are recorded