The New York herald., 1869-12-09
iNANCiAL AND COMMERCIAL
WEDNESDAY, Dec. s-8P.

~
ora,n~ wise recommendat ons Of Secretary Bou
o,, :, a., r legislation On the question OF spec
xynon.a n,> Q been well.tllned In their effect upo
t,s oeneras hu> ness Of the city where considerab
astrust and aerA ession had been begotten OF III
yesum,tlo, ,,c,nmcA 8 and prophecies OF the MOI
radical organs OF pN olic opinion. The dangerou
cxned,ent of ef-ts,at,n, specie payments instead
permitting The country gro" 70 resumption Q
the natural process receysa no encouragement froi
the Execailye oftna nation ~ h's hnahciai mni'
ter. The prospect for the wIusA I "au oceh gloom
IN certain branches ot trade ana AoaiS VI oau t'me
had rendered our merchants very "Sy' Inc ieeiin
Is now more confident. ana though b. ''ness y oui'
except IN The line OF holiday goods, nd> cs not pro
duce so much despondency. 1t is the scA son Whei
dulness is looked for. The year VIII close out VIII
steadier and more cheerful feeling In mel cantXt
circles in consequence OF General Grants and Sec
retary Boutwel's position. The money market TO-
day was active up to two O'Clock. Previous 10 THAI,
hour The rate on call, with pledge even OF govern
ment collaterals, was full seven per cent the Ger
man bankers being large borrowers for the purpose,
1t is supposed, OF carrying the bonds bought TO
catch the rise In the foreign market There
was also disposition to make time en-
gagemen,s for periods running from thirty
TO sixty days. Toward the close OF banking hours
the market was irreguarly reported, borrowers and
lenders seeming lot TO meet each other, that
some portions OF the street six per cent the rate
while In others II was still sharp seven. The
OF this doubtless lies In the partial disbursements OF
the Sub-Ireasury in payment OF the bonds bought
this noon, the sellers who got their money late In
the day being ANXIOUS 10 place 1t over night. and
hence Offering down the market. Commercial paper
was steady and without new feature. Prime names
were current at nine to twelve per cent.
and inferior grades at twelve to eighteen
per cent, according to time and endorsement.
the government bond market was uniavoraby
affected by q heavy decline in London, where the
67's at FIVE O'Clock TINS evening had fallen to s5,
owing, 1t is conjectured to the disappointment of
foreign spectators the tenor of the Presidents
essage, which, from the outcry raised by the press
OF this country succeeding the gold panic of Sep
tcmber, they thought would take strong grounds in
favor Of an early resumption OF specie payments.
We have often adverted TO the curious influences OF
the two markets upon each other-that is, the home
and foreign. However complex these influences 1t
always certain that decline abroad LEADS to o
decline here. The difference between gold and
green3ack quotations is OF course. the reason OF this
ntRcacy. The inherent strength given domestic
prices by the conservative character Of policy OF
General Grant and Secretary Boutwell, combated
the effects OF the foreign decline, especially the
Golu WAS su Inc yleluluR mere was
a quarter to three-eighths per cent only as con-
trasted with fal OF over half to three quarters
per cent In London. The fact further illustrates
what has been remarked above as to the steadying
influences OF the Presidents message upon the gen.
eral market. The agents Of foreign bankers In this
cily have not profled as largely as they expected,
II they have at ALL Dy their recent purchases OF gov
ernments to realize the advance predicted upon ex-
pected specie payment recomme eldatons in the Con.
gresslonal documents. The market at the close was
heavy, particularly on the announcement that bill
had been introduced to make the national banking
system free. Whatever strength had been commu-
nIcated by the ofer OF the government TO buy two
millions OF bonds to-day was counterbalauced by the
large offerings at the sub Treasury, where the total
OF the proposals to sell was over five and half nil
lions. The following the closing street prices
this evenlng:-Unted States currency skies, 1919
1885, do skies, 1881, registered ia 114A do, do,
coupon 1ls1S lls}a; do fve-twenties, registered,
May and November 1924 113; do. do. 1862, cou-
pon do, lis 1l51s; do, uo, 1864. do do, 112x
1l3: do. do, 1865, do do, 1l3 ll3i4; do, do.
registered, January and July, 1111s 1l2 do, do,
1865 coupon, do, 1853 115k do, do, 1867, do,
do, 1863 1i5ai; do, do, 1868, do, do, 1153s
1855; do, ten forties, registered, los 1885,. do,
coupon, 1855 1857.
The gold market was orong and active, the price
rising to l24. The bull movement predicted IN the
beginning OF the week has been maintained, as the
gradual advance each day indicates. Tho "bulls''
are encouraged persevere owing to the absence Of
contraction Ideas IN the public documents ana to
the chance that Congress will expand rather than
diminish the volume OF currency especially as the
two most prominent members have already intro.
duced measures to make the privileges Of national
banking Tree to the whole country. The "bears," on
the contrary are selling in expectation OF the large
outcome OF gold from the Treasury IN payment Of
the January interest," and upon the nattering charac
ter OF our exports OF cotton and produce, and the
corresponding weakness OF exchange.
The range Of the gold market to-day was as
follows