The New York herald., 1869-12-08
FINANCIAL AND COMMERCIAL.


a disposition to await further Developments ip
C6hxrsss the snow storm and the election were co.
operative Inn luences in producing duh state Of
lnAirs In Wan street to-day. There was good
deal Of discussion OF financial questions and can
SasHng or the relative chances Of the various eng
Aenions touching the currency Of the national debt
Gousstned In the Message OF the President and the
report Of Secretary Boutwell, but Iansactlops were
AuIto light In the various branches OF business
- the STOCK Exchange. The gold market
Was strong throughous In response to tho impress
sion that contraction Is the last and least
Of all measures proposed for the better regulation
0f tho finances. The price under this stimulus as
wen upon reports that resolution for the recog
SiItop OF Cuba was or would be introduced In Con-
kress to-day, rose to 1884, but subsequently fell or
70 l23. Later IN the afternoon on the announcement
W&t bill had been introduced to prevent the further
oalea or Treasury gold, the market became strong
Agaln and the price closed finally at 123X 1885.
Th6clearances as reported by the Gold Bank today
snow the Increasing speculation IN the
Gold Room, the total being over thnty-eight
millions. The clique movement was decidedly
percHptible In the upward turn Of the market
4 further inspection Of the Washington Cabinet
reports seeming to revive the original determination
10 put gold up. While there is no proposition to
contract there Is suggestion In the opening pro-
weddings OF Congress that gold be boarded In the
Treasury as the preliminary to specie payments.
This Is exactly what the clique wish. The retention
from tho market OF the surplus gold OF the govern
hent would enable them IN the interval to specie
payents to perfectly contral the price OF gold III the
open market.
Tho money market was abundantly supplied at
seven per cent, and little more activity was OBJ
eeyvable in tho demand at that rate. Tnere were
some exceptions at SIX per cent on government col
JAteras but the great bulk Of the loaus Of the day
were made at the full legal figure on all classes Of
Securities. The market for commercial paper was
dull on account Of the storm and the delay in the
mails. bur rates were unchanged. The ruinous
efects OF the decline In gold upon certain branches
~ trade are developing themselves in occasional
failures. In addition to the two reported
yesterday the suspension Of o German dry goods
h6use was announced to-day. The firms so far
reported have not been very prominent or Of heavy
capital, while their liabilities were comparatively
amell In banking circles there has been conside era
Ole ulfecling shown with regard to that portion Of
6eoretary Boutwell's report which recommends that
the banks be compelled TO withdraw their dve-twen
es on deposit at washington, and substitute smi.
lar amount Of the proposed new rour-and-a-haf per
cents the saving on which would be nearly hve
millions year to the people and decrease Of cor
responding proportions In the profits Of those inst
tQtions. His proposition 10 do away with the system
Sun1cent funds to their account is impracticable
and would only embarrass all business operations
for the sake Of checking transactions in stocks
70 restricting loans to certain fraction OF the
resources of the banks the matter is one which
should be left to regulate itself. Legislation can
hardly DO 50 detailed as to be operative for the
Accomplishment of-such an object The operations
t1 the Treasury during the week In selling three
nlllons OF gold against the purchase OF only two
nilions OF bonds is, Of course, unfavorable to the
money market, and the anticipation OF this fact,
together with the increasing values at the Stock
Exchange, account for the increased activity per-
ceptible this afternoon.
The government market was steady IN the fore
noon and rallied with the advance In gold and with
the recovery OF prices In the London and Frankfort
markets until the highest prices Of yesterday were
again reached for the leading issues. 1t 1alled
sustain Itself ct tho highest point aud underwent
Ecacton OF an eighth to o quarter per cent In the
1atest street transactions.
State bonds were 1rmer for the Tennesees, which
advanced to b1t4 for the Old and 45l6 ior the new,
and steady for the North Carolinas. The South Caro-
unas were strong the virglnias firm and the general
ust dull
The sales Of bills drawn against the bonds bought
for export by the foreign bankers during the past
few days have weakened the market for foreign ex-
change, whio tho demand from the importers Is
only moderate. Prime sixty day sterling sold as
low as 103H. The nominal quotations were as
1olows:-Sterling sixty days, commercial. 10S o
1os,f; good to prime bankers, 1Os1s 10syS; short
sight LOO 1ooX; Paris sixty days. 5.23A 51s'l;
short sight, 5.17K 6.1ej1; Antwerp, 6.2aA 61sA;
switzerland, 6.2aK Q 51sH; Hamburg, a5,S a73S;
Amsterdam, 4oh Q 4oZ; Frankfort, 40I 4OA;
Bremen, 7S1s 10; Prussian thalers. 7ots q 71A.
the fears OF contraction as policy OF Congress
OsinG in great measure disspated by the absence
Of suggestions to that effect In the Presidents
Glessage and Secretary Boutwell's report the bull
cllnues took fresh courage and made most decided
Advance In the stock market, their operations being
Haeisted by the temporary strength and activity OF
the Northwestern shares, which were IN request
against the closing or the books tomorrow after
Noon for the semi-annual dividend. The st. Paul
shares were otherwise the feature, and the common
rose to 227, the heavy increase in earnings during
November prompting speculative buying. Lake
Shore rose to s7H. In the miscellaneous
railways there was spirited demand
Tor New Jersey Central particularly at the last board
whom 1T sold as high as eo'S. In the mining stocks
there was "a movement' IN Quicksilver which car
fed 1t to 16, while In tho expresses there was great
0Tmness for the general list and special strength in
American which sold at 3oI. Pacific Mail rose to
G1M Western Union was feyerish, and after falling
to Nk closed at 35. The Vanderbilt stocks were
strong but dull. The following were the closing
prices Of stocks at the last session OF the Stock Ex
1hauge:-Canton. 80 5lH Cumberland, 2SI a 20;
Western Union, 34,s a43l; QUICKSILVER, 15I 16k;
24rposa, TX sK; do. preferred, 15 1e; Pacific
&a1k 6ok 81; Boston Water Power, 1914 a
~; Adams Express 5S 5S'l; Wells.
Faf4o Express IS 1876 American Express,
SsNl United States 81; New York Central
consolidated, eoK 91; do. scrip. s2A o s25s;
NM, 26X 26K; Harlem, 1ss; Reading, ssk; Mchl-
gan Central, 100 l2oX; Lake Shore. 1861 1907;
Qlinois Central, 13 bid; Cleveland and Plttsburg,
S2H Q SO; Chicago ana Northwestern, 75b 55I;
90. preferred, s9x ssK; Cleveland, Columbus and