The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-12-11
FINANCIAL AND COMMERCIAL.

fhiDAf, DeC. lU-o r. ~.
The absence OF any increase In the Bank Of Eng
land rate Of discount which was looked for by
many operators as the result Of yesterdays session
OF the directors and the large purchases OF our bonds
for export by the German bankers, led to o weak
market for gold this morning, especially as the gov
eminent was also to sell million at noon. The
price, under these Influences declined to l22zs but
thence reacted, and, under purchases traceable to
che clique eventually advanced to 1889. The gov
ernment market was very strong and excited In the
nvetwenties, which seemed to have their turn to-
day as the other issues had theirs yesterday The
Is6Ts IN London to-day closed at S65s, the highest
ever attained, and adding exchange equivalent to
%, while the English consols were quoted 92A. 1t
ts upon these facts thai the foreign bankers base
their decided belief that the government can
fund the debt quite easily at four and
half per cent. The 1875 were strong. but
not up to the highest figures OF yesterday, while the
currency SKIES were everlsh and the ten-fores hrm
The final street dealings were quite excited the
quotations from London, and the '67s to 1105s
which was strongly bid and the coupon ten fortes
to l10A The market ior Southern securities was
generally stron.. BY ono OF those strange ncon-
sstencies SO common In Wall street the Alabamas
were firm and active, despite the telegraphic
announcement IN the morning papers that the Legis
lature had under consideration a measure to lend
the endorsement OF the State to over ten millions
worth OF railroad bonds. The enhancement was
more marked In the eight per cents, W HIGH rose 10
oS-an advance OF three per cent upon yesterdays
prices. The North Carollnas and Tennessees were
more steady. The South Caroinas were strong, but
dull. The Charleston papers are very severe upon
Governor Scott and ms friends for the Introduction
OF bills In the Legislature calculated to improve the
price or these securities which they further charge
are largely ned by nm. 1t s certainly fact
upon which to base such charge. u Governor Scott
would only come into Wall street and learn the mys-
terry Of 'selling short' he would tnd quicker way
OF making money Tn latter policy is said to be the
plan upon which the authorities Of Tennessee and
North Carolina operate. 1t Is easier TO "bear' than
to "bull'' the market, particularly as little mis-
management OF the state finances, liberal grant OF
State aid to railroads and the like soon depreclate
Its credit. Governor Scott, however carpet
bagger'' as he is (he was general In the war; so
believes IN the good faith Of his adopted State that
he invests in her bonos and does what lie to i'm
prove her credit. The money market was easy at
seven per cent although the demand was quite
rreguary reported. Some OF the stock houses
were borrowers at as low as six per cent, but the
government dealers quoted the rate as fully up to the
full legal ngure. Inc movements OF currency
into the interior not Of special importance
Commercial paper was quiet and rates ranged from
nine to twenty four per cent as the extreme street
quotations for all classes and dates. At BANK there
was disposition to more generally accommodate
regular customers at seven per cent. Foreign
exchange was heavy under the influx OF the bills
drawn against exported bonds, but the duness in
exports and the demand Tor Saturdays steamer
kept the market steady that 1t finally closed
firm In fact this steadlness also aided the stronger
feeling in the gold market at the close, ana the
strength In gold, despite the advance in bonds
at London, assisted the strength Of governments III
nnal street transactions as above noted. The stock
market was again strong IN the favortes OF the
clique who 1nauguratei the present 'bull' move
ment Reading was especially strong ana rose to
10oI. Northwestern common was active after the
bonds and touched 544. st. Paul disputed
with Reading for the feature or the day
and rose to IA. In the miscellaneous rail-
ways New Jersey Central which had been
manipulated from II, down to 81 by the old
trick Of passing The dividends was in sudden de-
mand and TO % y and seemed TO show not only
the covering Of the short' interest, but strong pur
chases for the bunlsl campaign. which, as predicted
early in the week, is he present deliberative pro.
gramme OF the cliques. The Vanderbilt stocks were
irregular but closed strong. Lake shore was heavy.
owing to a slight decrease in earnings and Rock
Island steady. The general market was dull and the
quotations referred TO were made upon very light
transactions. The following were the closing prices
OF stocks at the last OF the Stock Exchange
Canton, 80 bid; Cumberland 26S 80; Western
Union, 341s So; Quicksilver, 1714 1715; Mariposa
~ IS; do. preferred l54 1917; Pacific Mall 52H
O SLY; Adams Express, 60 a COZ; Wells, Fargo Ex-
press, IS; American Express, 4oh 4os; United
States Express 50h SIX; New York Central
consolidated, 90zs OIL; do. scrip S3A s3ta
Erie 26ta 26%; Erie preferred, 45a DID,
Harlem. 134 a 1885, Heading, loOa 1oo1; Mich-
gan Central l22 bid; Lake Shore, s6% o s62l
Chicago and Northwestern. 7211 13A; do prefer
red, SAX a S45l; Cleveland, Columbus and Clncn-
natl, "A bid; Rock Island, 1919 1o71f; Milwaukee
and st. Paul, 1871 73S; do preferred, So1s s614
Toledo and Wabash. 81 OK; do. preferred, 70 a.
Fort Wayne, s7h bid; Alton and Terre Haute, 2o1a
26x; do preferred So bid; Ohio and Mississippi 20
q 28k; Delaware and Lackawanna, 1867 o 107; New
Jersey Central, 9o1s 902s; Chicago and Alton, 143
I44; do. preferred 1922 bd Morris and Essex, $50
bid Hannibal and ST. Joseph, 1Os "a; do. preferred
lO7A a l07sa; Columbus chicago aud Indiana Cen
cral, % %.
The extreme fluctuations OF the leading specula
tive stocks are shown the following table OF the
highest and lowest prices:-
Highest. Lo,cest.
New York Cen. and Hud. Consol. ok 0oI
New York Central and Hud. scrip. S3I So
Harlem. ............... .......... la5 Iva
Erie Observation-Disclosures. 26ss 26a