The New York herald., 1870-12-27
FINANCIAL And COMMERCIAL.
WALL SrnErr.

MONDAY. Dec. %, 1870 I
cLosE HOLIDAY.
The social celebration OF Christmas has been
observed as "close' holiday. as II is termed In
Wall street. The various boards stand ad-
Journed to Tuesday morning. We repeat
the latest prices OF the leading specula
tive stocks:-western Union Telegraph. 454 a
45,a; Pacinc Mail. s92t So,.; New York Central
Consolidated VI a9l,S; New York Central scrip.
s'hi s7a; Erie, 239< "a; Reading, 9sla a ssA;
Lake Shore elss 9lA; Northwestern 7OL "A 704;
90. preferred 81 slh; Rock Island. lo3a. ioi;
st. PAU, 551s 55ja; do preferred so so'.:
Wabash, 4s1. 4sl4; Ohio and Mississippi 27a. a
2'al; Boston, Hartford and Erie. 2,4a21..
Gold closed Saturday AT llOts "a ll0s.
THE MONEY Market
The money market has absorbed unusual attention
during the past few weeks owing TO It's great ac
tiyity and occasional stringency.
CHICAGO
the topic Is treated In the following full and interest
ing manner by the Tribune OF Saturday.
Among the causes which aid to make money tight
at present, but which must soon disappear ana on
the other hand. contribute 10 make money abundant
soon after tne lst OF January, IL the unusual accu
mutation OF currency III the national Treasury to the
amount Of $780, 600 which is fully double what It
has been customary To retain IN the Treasury tins
season OF the year. when the currency needed in
the West to market the hog crop and In the South to
market the cotton crop. until quite recently the
effect Of this accumulation OF currency In the Urea
sury was not severely felt, because the mild
weather OF this year had been unusually prolonged,
and the first OF the two above mentioned great
crops had not begun to move. But the weather or
the past week has caused great activity IN this line
and created demand Tor currency which is the
greater because 1t has been deferred 80 long. Com
plaints OF Mr.. Boutwell's new policy OF boarding
currency are now becoming general, and rs lie VIII
probably be Influenced by these to increase hts bond
purchases, which have been unaccountaDly limited
iately-cOnsidering the large balances OF both gold
and currency IN the Treasury-lhe result VIII he
that The Treasury accumulation OF currency will be
would be experienced how after the lst or Janu-
ary ana that the Secretary Will buy bonds Ut Il
lgher price than ne could buy them for now lt IL
not probable that any human being could conduct
ths affairs OF the United States treasury without
becoming the subject OF great deal OF uDlavorabe
| criticism. In fact, lntelilgent and continuous
| criticism by the public press what
any chief executive of the Treasury should look for.
anu regard II as a means oil finding out when any
particular policy was being pushed beyond
able limits and becoming harmful 20 the business
interests OF the country. But there are certain
| periodic movements OF crops ana capital which
may be expected with such regularity that the Sec
Ietary OF the Treasury ought To anticipate them and
prepare for them us much us he does for the pay
ment OF instalments OF interest on toe public debt.
The country always requires more currency during
the period from september TO the middle Of Decem-
ber taan at any other or the year, ana dur
ing that period should be the policy
! balance AZ low as u safe. As long
as there ~ no reduction Of taxation and no de
termined policy III regard TO resumption OF specie
payments, and therefore, contraction OF the cur
reucy called lor on tnat score the only use to which
| purchase OF bonds This Is the only way the cur
rency can be- got into circulation AZ an after II has
OF internal revenue. Everything, therefore, shows
That the tall ana early winter are the seasons when
| tue bond purchases OF the Treasury should be IN
/ creased. This has not been The pocy OF the Irea-
| sury this season. and the eiects on the money +
Aet have been TO decrease the amount OF circulation
at the stringent season, ana PROBABLY VIII be u in
crease IL when money IL abundant.
/ Notwithstanding the strlngcnGy OF money IN the
commercial market ior ordinary trade purposes 1t is
i
| supplied with capital for more permanent invest
! ment in mortgages on first class real estate on
such security money Is freely o1ered for term OF
years at eignt per cent per annum, and on medium
class property there is good supply o money TO DC
hao at nlne per cent per annuIa. All OF this Kind of
capital now In this market is from abroad, and
shows how Chicago stands IN the estimation Of capt
tasts In other ces IL also shows that the present
stnngency OF money Is caused less bs searcity OF
capital than by the scarcity OF II IN form avail
local money market now are the pork packers
Grain operators are not asking ior much, ana the
mercantile community seem 10 be getting along
without asking Tor much aid from the banks.
| country orders Tor currency were larger to-da
| 81 per 81, 900 discount for sales between banks.
the counter bankers sell at lilo premium aud bay
| $40 discount.
| AT CINCINNATI.
according to the EiiQut,er OF saturday,
There Is a continued good demand for loans anc
IN some cases the applications were more liberal
the regular houses are al present dscountng littt
outside paper, az they hnd ample employment FOL
their means IN attending To the claims o
deDOsitors. or to those To whom they are under
obligations. The offerings Of paper In the opel
market however, were not large, and the broker,
report little difficulty IN placing good names. There
Is but little paper OF speculative character ahuat
the demand beng mainly FOR legitimate purposes
and the different branches oi trade are wen repre-
sented In the list OF applicants. The heaviest dc
mand, however, was from the pork packers. l4oca
checking was heavy, and the country banks stil
drawing freely Oh thus city Tor currency kates o
interest nrm. Money In the open market i,
worth IL per cent, but depo>tOrs aple negoti
ate loans at 10 per cent ana IN some cases tncy
Gere supplied al o but the former is the ruling
figure lhe brokers report the offerings OF papcr n
the open market only moderate, and good name,
| are placed without difficulty.
| NEW ORLEANS
the activity In connection with movement OF th
cotton crop seems TO have passed the climax. III,
Bee says:-
The money market continues 10 show signs OF IN
creasng ease Az the banks there is still good de
mand for discounts, but win an increase III then
available funds nearly ali The approved pape
offered Is accepted. Un the street capitalist IN mos
cases stlll hold out for the high rates which nav,
| prevailed for some time past bat accpmmoaal ION
| are extended more readily at inside ligures. VIII
these remarks we quote a Il per cent per montl
for AL notes accom- paned by unexcepti0uabe co.
| laerals with occasional transactions at IL per cen
per annum; = Ia for good do, ana "a / y all,
Tor good TO AL business paper without colatera!s