Year: 1869




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THURSDAY, Dec. 3l-SP.M NJ.
To-day was made q half holiday In Wall street.
There was but one session of the regular board and
two Of the open board. The Long Room closed Ut
four O'Clock.


The interest OF the day centred In the money
market and funds were again dealt In like the ordi-
nary securities OF the Stock Exchange. The course
OF the lending rate followed the line Of curve. with
its depression at the close OF banking hours
In the forenoon money was stringent. Borrowers
went upon the street early through apprehension
that would be dangerous to postpone getting what
they needed. Money being freely offered at high
rates. the demand was satisfied toward noon, while
Others deemng it more prudent to wait omitted their
search until the afternoon. The market was thus
very deceptive about the middle Of the day.
Between two and three O'Clock there was Q decided
'squeeze," and many accounts were not made up
until four O'Clock. The banks refused to lend beyond
what they could possibly help and the heavier stock
houses contributed all they could to make their
balances large for the close OF the year. Outside Of
the ordinary business pride which stimulates these
Arms to have plethoric bank account on the last
day tney were solicited by the banks themselves to
make their surpluses as large as possible-a request
which they could not very well refuse in view OF the
fact that the banks are accustomed to certify their
Checks daily for sums far above what deposit.
Many again were under the impression that the
quarterly statement would be made up to-day and
that after clearing house time money would be easy.
The eventual demand from these, as well as the
causes above enumerated, united to make the strin
gency very severe just about three O'Clock The
borrowers were bidding from three-eghths to
Onehalf Of one per cent per day in this period. but
the demand generally satisfied at one-quarter of
one per cent. Much uncertainty existed as to the
precise time at which the statement would be made
up; but it was understood at the close that the banks
will be enabled to expand Saturday at clearing
house time, the report being based their status
after the settlement OF balances each Institution
having the privilege Of changing the figures Of its
reserve In accordance with the amount OF legal
tenders received up the close Of business Satur
day afternoon. 1t is proper here to repeat sugges-
tion which has been frequently uttered in Wall
street-viz., that the Comptroller OF the Currency
should change the present system Of calling for the
bank statements 1t is no guarantee to the public
that these institutions are in . sound state
for the reason that they are 80 on a day
known and designated in advance because
they can prepare themselves against that day.
The approach OF this day. the last Saturday OF every
third month"; Is the OF the greatest commotion
in financial circles, and enables the Shyocks to take
advantage OF the necessities OF legitimate business
The proper way would be TO demand statement
WHcucscI ~ HlcdScu tHe COuptrOuer. IHe DaukB
would be thus compelled to be right at all times AS
1t is they may be perfectly reckless for two months
and then reform in time to make good exhibit at
the time appointed by the present custom. The lat
ter really defeats its object. The plan proposed
would detect and correct such banks as are in
cined to expand beyond the proportion to their
serve. Discounts naturally dull, owing to the
high rates on call loans. A larger innux Of money
from the West is reported and complete turning Of
exchanges next month is predicted. How far these
receipts will Offset the drain TO the South remains to
be seen.


The course OF gold was marked by sudden rise
In the price In the middle Of the day. In the earlier
par. OF the week the dropping tendency OF the mar
ket induced great many sales by the bears, and the
covering OF these shorts created demand which led
to the advance. The opening price was 134As, from
which there was rise to 134s4 and return to
1a4s, the market being duh and heavy Between
and two O'Clock, at which latter hour the board
adjourned, the advance suddenly took place, the
price going up to 1856. A reaction took place subse
quently and the quotation at the close OF business
was l34zs q 1875. The carrying rate followed the
course OF money, but not closely as on previous
days OF the stringency. The figure lis and less
for the greater part of the days transactions The
gross cearings were s72.5Oa.0o0 the gold balances
$2,sT5,e26 and the currency balances $4,347, 600.
The European steamer took out $50, 600 In specie.


The price OF gold In the year 1865 nuctuated be-
tween 1927 and $50. The highest and lowest prices
In each OF the twelve months just closed COM
pared as folows.-