The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-12-14
FINANCIAL AND MMERcIAL.


MONDAY, Dec. 1876 p. NJ.
me brokers who have been complaining OF the
suluess which has threatened to become chronic In
ali street were treated TO sensation to-day owing
"a further discoveries Of fraud in the alteration OF
the New York state Bounty Loan certificates. There
was q general examination ana scrutiny Of col
lsterais and money lenders were almost panic
stricken lest the securities nyposhecated with them
might also have been fraudulenty operated upon.
II seems thar the work OF changing the nominal
designations OF the various securities anoat IN Wall
street mas been conducted on q grand scale.
IS will be remembered that In the summer
time large quantities Of stock certificates IN the
prominent speculative railways had been treated
20 the great confusion and loss OF several banking
houses when these frauds had ceased the opera
tors next tried their hands upon government bonds
Lastly. they have exercised their skull upon
state securities which their desrabilIty COL
laterAis. have always readily commanded loans from
banking houses, Tue details OF the present frauds
are given I'm another column, so far a. they trans
pired up TO this evening. The amount in
VOWED "a sboat $4,000, ana unless some
parties are desirons OF conccaling their losses
tnrough fear Of hnpairing their standing that
inquire VIII comprise the extent OF the losses
The OF stock market and fact OF all the
mArkote hinge closely upon the fact OF these
frauds. stocks at the opening were Inclined 10
weakness AS q natural reaction from the advance OF
last week. and prices the street before the board
and at the nrst call barely steady II not some
what on from the latest Of saturday. As the news
generally spread a ieverisn feeling was cngendered
and money at the same time becoming active there
was a pressure 10 sell which led TO q sud
den II not sharp decline on most Of the
leading speculative railways. Rock Island, Lake
shore and the Vanderbilt stocks figured more
Reading Northwest and st. Paul In the
tive lis and New Jersey Central In the miscellaneous
railways. IL would be difficult To make an average
of the decline. but II was far from and hai
"a two per cent for the leading shares Pacific Mail
which had recovered To 53s fell 70 5lls. The ex-
prnss stocks, which have been strong SINCE the for
mai closing Of the canals and the advent Of ice OBJ
structions Ia the rivers, were the nrmest In with
standing the general downward drft OF the market,
but yielded TO some extent Toward four O'Clock
when the excitement had subsidized and 1t became
apparent that the extent OF tue frauds was known,
pr nearly so, there was better feel
ing ana prices took an upward turn,
which prevailed In the latest street dealings.
the market closing strong at al Improvement OF
about hail per cent upon the lowest prices OF the
day. THIS recovery to verify the suspicion
that the cllques who supposed TO be unloading
the decline not ers OF their stock on the
contrary. 10 u more than likely that they were
buyers, their support al q moment so critical To
ther plans being essential 10 prevent the spread OF
CONSERVATION among their allies IN the general
ket II Is not only completing the record W state
chat the movements above noted were attended with
light transactions ~ compared with tie regular
business OF the stock Exchange and Long Room.
The dulness Of the market q general COIN
plant among brokers. many OF whom are not
transactions are confined to the prominent opera
tors aud cliques who have the market well 10 them
selves The public too poor AFTER the late panic
~ well as extremely cautious. There Is . disposi-
ton the part OF those who have money 10 keep IL
unemployed the balance Of the year and await what
may be done by Congress meantime. II VIII he seen
Ny our Washington reports thar we are TO have
Investigation Of the gold panic sfler all.
The gold market was heavy and the price de-
cnned from 1913 to l224, the several assigned
being that Secretary Boutwell, may sell the million
tomorrow at the best prices offered for IL, and
that the nrm quotations for government
securities In the foreign market annul all
expectations OF gold shipments this winter.
ON the otner hand, ,fhe decline seems NJ variance
with the estimates Of secretary Boutwell, which call
for an appropriation 100000 900 than last
year. and also with the condition OF his currency
balance. which is sucn ~ TO justify hts suspension
of the gold sales should he deem such policy expe
dent 1t Is shrcwdly intimaied that Mr.. Boutwell,.
In asking for 900 than last year "a only
seeking to stave on any reduction Of the taxes and
revenues OF the government lest his capacity TO bay
IN the bonded debt should be impaired. the Imports
Of gold last week s5i,I8,. making total since
January OF $l4 s2s 6l6. against 81. Tod5s1 IN IsdS
ana $3.05s,0ss IN 1861.
The money market was active under the shifting
Of loans subsequent to the discovery OF the frauds
above referred to- In the earlier portion OF the day
Il was without special feature. but became excited
toward the close of banking hours. ana rates IS
high a. gold interest were had. IN exceptional
instances while some accounts were not made up
until after three O'Clock The Treasury operations
OF the week are favorable TO ease. however. mas.
much ~ the government will purchase three millions
Of bonds against the sale or only two millions OF
gold. The commercial market was duh, and rates
remained as last quoted, although few accept
Auces OF prime character AMI short dates
were reported TO have passed at low eight per
cent discount. The general business was at ten 10
eleven. Foreign exchange was quiet and the mar
ket comparatively steady for prime bills. The ex-
port OF bonds continues to supply tho market with
plenty OF "good" bills.
Governments were steady untn after the boards,
the foreign quotations keeping up prices despite the
decline In gold but the latter influence at length
prevailed and In the general weakness OF the after
noon street quotations were quarter TO half per
cent below those OF the noon call. state bonds
were withourany special new feature.
I The Commissioner OF Railroads OF Ohio to-day
received complete report OF the operations OF the
Atlantic and Great Western Railroad for the year
ending June go 1859. The earnings were t50s7. as7,
she operating expenses 2os, leaving balance
Of 81, 83s.Oe9
The following the closing prices Of stocks Of
the last session Of the Stock Exchange: Canton 81
So; Cumberland, 25 2e4; western Union, s4a. 3ss;
Quicksilver liz 177s; Mariposa, ~ as: do. pre-.
ferred, is; Paclnc Mail, san san: Boston
Water Power, 13h Is: Adams Express
B3k a e3I; wclls-Fargo Express, Tx q ls9;