The New York herald., 1873-12-19
FINANCIAL and COMMERCIAL
The Attitude of the
Stock Market.
SPECULATION SUBDUED.
Operators Awaiting the Ac-
ton of Congress.
DECLINE H IN GOLD.
SPECULATION sUBDUED.
Money Easy Government and Railroad
Bonds Generally Firm.
MORE GREENBACKS ISSUED.
WALL STREET,
THURSDAY, Dec. 1876 p. M. I

WALL STREET. l
THURSDAY, Dec. 1876 p. M.
Az was predicted in this column several days
ago. the stock market now exhibits alternate con-
4 ditons OF strength and weakness. 1t has lost
Traction OF strength meanwhile. and the indica-
ti0ns are that the attitude OF the market will re.
main much the same as at present, until one OF
two things happen-.o wit either an attempt to
force prices upward which is not Immediately
probable, or an effort by spectators to realize, as
the result of the discovery that temporary inna-
ton by an unlawful issue OF greenbacks from a
public treasury in distress Is not sound basis upon
+ which to operate. Neither of these contingencies
has yet been presented. The ''street' is appar-
emily waiting upon
TIE ACTION OF coNGTEss.
Even the decrease of the $4400o,O0O reserve seems
to have lost its power. In the main, however,
prices are well sustained, preserve compara-
lively fair equilibrium and the character OF the
trading, small as it is, shows a disposition to be
patient and take the chances OF legislative action.
This is now the point around which all calcua-
tions rev0lve II there be no infaton II 1t should
80 happen that the Senate verifes the action OF
its predecessor and Congress- following the ex-
ample OF Senator Howe to-day, denounces the
issue OF any amount in excess OF 1856 00O,0 600 as
illegal and unwarrantel the stock market Will
undoubtedly suffer sharp decline On the other
hand If Congress, through bribery or from any
other cause, leans towards
FURTHER EXPANSION OF CURRENCY,
1t will be impossible to forecast the future and
describe the boundaries OF the new speculations
that are likely to be commenced on every hand.
The only word that can successfully describe the
condition of the stock market to-day is "dulness."
Before the close prices showed decline OF from
Il to TX per cent from the highest point OF the
day. The principal dealings were in Western
Union, Wabash, Pacific MAIL Lake Shore and
Union Pacific. The fluctuations SO slight as to
. require scarcely more than the record OF opening,
highest, lowest and closing prices, which are given
below. The sales amounted to about 10000
! shares The weakness in wabash was due to a
report OF fresh Issue OF stock. Western Union is
also said to have leased the Pacific and Atlantic
Telegraph. The operators In Pacific Mail are hold
ing firmly, in anticipation OF the news Of certain
changes which expected, and 1t is believed
will materially affect the stock.
MONEY
was easy at the close at and per cent.
Early the market was sitter and the rates ranged
from 132 per diem to per cent per annnm, gold
ana currency. The outstanding legal tender circu-
lation has been increased Sl.300000. The informa-
tion, however came over the wires too late to
affect the market. Foreign exchange closed firm
at 10SX 100 for prime bankers 60 days sterling
and 109a4 for sight. The outstanding loan certif-
Gates reported to be reduced to S., $780, 600.
s w THE GOLD MARKET
suffered from pressure, the price opening at 1117s,
advancing to 1922 and closing at 1l17S, the decline
being gradual from the highest point. The carry
Ing rates were Z, 8, and per cent, gold.
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