The New York herald., 1873-12-17

FINANCIAL and COMMERCIAL
The Market Steady and
Awaiting Events.
GOLD A DIV A N 9 r -.
The Policy Of the Government as Re-
1ected on Wall Street.
MONEY STRONGER r.
Are There Breakers
Ahead ?
GOVERNMENT BONDS FIRM.
Other Securities Generally Unchanged
and in Good Demand.
WALL STREET,

TUESDAY, Dec. 1916 P. M.
Tho market to-day was unsteady, and 1t was
plainly apparent that other influences than those
emanating from washington were being employed
70 AFFECT prices. The fluctuations were not wide,
Il Is true, but the want Of permanent strength dis
played indicated want OF faith on the part OF
some OF the leaders in the possibilities OF the future
situation. The thought is beginning to creep into
the minds OF men that the increase OF currency by
payments from the 50, ,00o, 600 reserve mas more
than been onset and absorbed by the large ad-
vance OF stocks since the panic. Nevertheless,
there are still hundreds OF operators who express
the belief that Congress win con inue
THE WORK OF INFLATIoN,
and, whatever may be the resultant evils, that the
people will endorse the action OF their representa-
tves. 1t Is impossible to form any conclusions on
the subject for II it be true rnat half dozen inter-
ests have combined TO supply bribes for our ma.
tOnal legislat0 and that money is ready to now
like water in order to secure the ends desired,
prediction is useless, logic will be at fault and
principle may well hide her head in shame. The
reports from Congress and the Cabinet were not
OF nature to excite speculation except in so far
they referred to the increase OF legal tenders,
which to-day amounted TO only s65,ooo Practi-
cally /: would be blessing TO Wall street II Secre-
tary Richardson would issue his entire $4 100000
or reserve and have done with the fever. At pres
ent he is doing out intoxication by the spoonful
mere dTiblets, that only create taste for more
and leave no good behind.
THE MONEY MARKET
Early in the day money was comparatively easy
At per cent on call but later In the day curiousy
hardened to 1872 a 1-16 per diem. The banks are
evidently beginning to exercise great caution
again, and possibly discern something in the situa-
tion that means danger. Foreign exchange closed
weak at a reduction Of 4 Il per cent on both
classes OF sterling. The late business was at
1854 los 1916 for prime sixty day sterling bills,
and loo% for sight. The legal tender circulation
added to that already reported, was only $1,000.
The loan certificates OF the associated banks have
been reduced TO $4,4s5,0o 600.
THE UNITED STATES TREASURY.
The following were the balances at the close OF
business to-day in the United States Treasury
Cusrency y...................... ........ S4sssS5
Com ............................ s5,oo0,0o0
Legal tenLers outstanding. 314 065, 900
Increase since Monday. ay................... 65,OO0
The customs receipts to-day were S252, 900. The
Assistant Treasurer paio out to-day $4,000 on
count OF interest and S7s000 in redemption OF fve
twenty bonds
THE GOLD MARKET
to-day was unusually speculative, the price ad-
vancing from l1lx to 1928, and closing at 1928.
There was considerable selling on the part OF the
German bankers, and handsome realizatons from
the profits made in the sharp advance. The rates
paid for carrying to-day were !, 132, 3-64 4. and
per cent gold. The following have been the prin-
cipal quotations In the Gold Room to-day