The New York Herald Newspaper, December 23, 1873, Page 9

{ , eee eine eee. FINANCIAL AND COMMBRCLAT The Question of Specie Payment. CAN WE RESUME ? Decline in Stocks and a Compara- tively Featureless Day. RUMORS OF FAILURE. MONEY AND GOLD EASIER. Railroad and Government Bonds Generally Firm. WALL STREET, } Monpay, Dec, 22—6 P, M, The subject of specie payments, which so dis- ‘turbs the congregated wisdom at Washington, ‘would appear less irightful to the excited imagin- ations of our lawmakers if they would bring to bear upon the question more common sense and Jessa of the science of modern finance. It is a ques- tion whether, if the United States Treasury had een permitted to run itself, instead of having ‘been made to play its part in Wall street—now ald- ing the “bears” in gold, and now the “bulls” in stocks—and had exhibited more of the “mind your own business style’ and less of the ‘paternal”— whether it would not before this have resumed the ‘payment of gold instead of the small sliver change. ‘Yet what a spectacle is presented for the admira- tion of the world, The United States Treasury, at one end of its palace, printing and forcing upon tts creditors at the rate of a million per day uncon- vertible dollars, and at the other end paying out ten cent pieces of silver. Another curious display is that of AN OFFENDED UNITED STATES SENATE, ‘who only one year ago declared that an issue of Jegal tenders in excess of the $356,000,000, such as had been made in the October preceding, was illegal, and that no further legislation was neces- sary to prevent its repetition. Now, however, we see them sit, almost’within hearing of the rattle of the “press,”’ and watch with unconcern the in- dignation that speaks from every eye, No one expects or wishes the government to resume until it is fully prepared to do so; and it 1s probably not within the wisdom of man now to namea day ‘when such an event will occur; butifthe Secretary of the Treasury and Congress are never to stop applying the brakes it will take a very long time to travel a very short distance. THE ROAD TO SPECIE PAYMENTS fs asclearas the noonday sun, The legislation required is more of anegative than affirmative character :— First—Stop immediately the issue of what the Secretary calls “his” reserve, and provide by a Joan, for the retiring and cancelling, of the amount already issued and for the purpose of meeting the present deficiency. Second—Cut down the expenditures to the lowest possible limit: Why should the civil service re- quire over $76,000,000 now, against only $28,000,000 under Lincoln, in the year “ending July 1, 1864? Has the country made any such proportionate prog- reas im nine years f Third—Withdraw from the Secretary all power over the surplus funds in the prenaety Std make the wording of the law so plain that there can be ‘mo possibility of two constructions. If no other ‘Way oan be found to control the erty s the finances, make it criminal to disp or a single dollar of the gold belonging to the Government, except aa provided by law— namely, for the payment of the interest on the iblic Miebt, for the purchase of bonds for x ‘inking Fund, as provided for by act of Februar, é., “one per cent of the entire debt o ine ‘United States to be made each fiscal year,” and dor such ee ee abroad as are of necessity payable in gold. Then by act pledge all goid re- eipts over and. above the foregoing requirements to the erie of “the promises to pay on de- mana’ legal tenders, This ‘ans, "Congress will have taken THE FIRST STEP towards redeeming the pledges of public faith made in nearly all the fmancial acts from that of February 25, 1862, providing for the first issue of legal tenders, down to the act of March 18, 1869, wherein it was provided “that none of the dnterest bearing obligations not already due shall be redeemed before maturity, unless ata time when United States notes shail be con- “vertible into coin at the option of the holder, &c.’” ‘How well this pledge has been kept! The question maturally suggests itself, Are the members of the administration superior to the law of the lana? ‘The answer is at this moment sounding irom one ‘end of the country ¢o the other. If we are ever to reach specie payments there are but two direct roads to the point. All others may go around, but they have finally to centre on one or the other of these before they reach the goal. One of these is Dy contraction, and the final withdrawal of all the degal tenders out of the surplus funds of the Trea- sury; the other is by hoarding gold until WE ARE READY TO RESUME. ‘The first would cause unnecessary distress, for the feason that there is nothing to supply the void made by the withdrawal of legal tenders. The Second would leave the legal tenders as titey are matil such time as the government may accumulate gold at least equai to 50 per cent of all its demand obligations, when it could safely resume and carry jhe banks with it. Then it should immediately ‘coffimence the withdrawal of legal tenders at the tate of $5,000,000 or $6,000,000 per month. The gold ‘which has been hoarded in the Treasury should come out in their place. Thus the volume of cur- mency, or, rather, of “money,” afloat would scarcely wbe changed by the transition. If it is objected that the government could not obtain such an -amount of coin, and that, if it did not sell from its surplus, the merchants could not obtain on with which to pay duties, &c,, the answer may be given that if the importer can import and sell his merchandise at a profit he will always find the ways and means to obtain the necessary gold. .Even if this policy should cause any MATERIAL DECREASE IN OUR IMPORTS for a time, it would soon correct itself by throwing the balance of trade in our favor, and thus compe; us to be importers of goid. There is nothing more true than that gold will flow where it is most valued. It is argued that the speculators would be able to control the market if they did not fear gales from the government; but it appears ag if they had never held the government 4am much fear, and have generally managed to control the market eight months out of the year. No! These gentiemen are not much disposed to operate against a certainty, however remote it may be. They prefer uncertainties, and ‘the probabilities are that they would virtually re- sume, 80 far as the premium is concerned, long be- fore it would be safe ior the government to do so. However, the plan has been well tried by the gov- ernment of forcing cheap gold; the resuit is that THE COUNTRY HAS STEADILY LOST GOLD. | Now, let high gold be tried, if the speculators | choose to make it 80, and let us see whether it will | 5) Mot bring gold home. It is not arash prediction ‘that there are many foreigners who would send gold hither and accept 110 for it if they clearly saw ‘that in @ couple of years, more or less, greenbacks | fwould be worth as much as the gold; and if they ‘were receiving interest on the proceeds of their palo in the meantime it would be no bad invest- ament. ‘This is the sum and substance of the qnestion-of @pecie payments. As in all great reformations it ia the first step which is the most diMcult to take; Dut let a firm and permanent policy be adopted ‘without regard to the passing currents, and the @esult will foliow more quickly than most persons ‘imagine, and impart to the country a@ health and Strength that will be in singular contrast to the ‘weakness and uncertainty of these fash times of Tags and lampbiack. on MONEY MARKET. Money was easy at the rates which have recently Prevatied, ‘and was freely loaned on call at 7 per cent, with exceptional figures as low as 4 per cent ‘towards the close. Discounts were also easier, vite od Biba) a dal bia {HW YORK HERALD, TUESDAY, DECEMBER “ete su with moreased dealings at 6 and 10 per cent. The increase of legal tenders to-day was announced to be $195,000, Twenty-four millions of the reserve have now been expended, Foreign exchange closed dull, with business as 108% for prime bank- ers’ sixty days sterling, 100% a 109% for demand, 109% for cable transfers, and 107% @ 108% for com- Mercial blils, The outstanding loan certificates amount to $3,805,000, THH GOLD MARKET. Gold opened this morning at 110%, but eventu- ally declined to 110%, closing at 110%. The curry- ing rates were 7 1.32 and 7 per cent gold. OPERATIONS OF TH GOLD EXCHANGS BANK. Gold balances .. + $1,734,600 Currency balances. 1,927,698 Grogs clearances. CLEARING HOUSE STATEMENT. Currency exchanges... Currency balances Gold exchanges Gold balances . GOVERNMENT BONDS. Government bonds were firm in the late deal- ings. The dnal quotations were:—United States sixes, 1881, registered, 116% 115%; do. do. do., coupon, 118% @ 119; do. five-twenties, 1862, coupon, 11246 @ 1133; do. do., 1864, coupon, 114. a 115; do. do., 1865, coupon, 114%; do. do. do., new, cou- pon, 116 a 11754; do. do., 1867, registered, 11234; flo. do. do., coupon, 117% a 118; do. do., 1868, cou- pon, 117% a 118; do. ten-lorties, registered, 1103¢; do. do., coupon, 111%; do. fives of 1881, coupon, 110%; 6 per cent bonds of Pacific Railroad, 112% @ 113, THE UNITRD STATES TREASURY. The following were the balances in the United States Treasury at the closing of business to- day:—Currency, $948,000; coin, $86,500,000; cer- tiflcates, $31,000,000; outstanding legal tenders, $376,195,000; increase since early report, $195,000. The customs receipts to-day were $210,000, In- ternal revenue receipts to-day, $535,000, The Assistant Treasurer paid out to-day $25,000.0n ac- count of interest and $11,000 in redemption of five- twenty bonds, BANK SHARES. Bank shares sold at 120 for Chatham and at 100 for Fourth National. The latest bids were :—Man- hattan, 145; Merchants’, 110; Mechanics’, 130; Union, 125; America, 140; City, 250; Fulton, 140; Greenwich, 208; Gallatin National, 124; Leather Manufacturers’, 150; State of New York, 103; Com- merce, 113; Mercantile, 104; American Exchange, 106; Chatham, 120; Bank of the Republic, 101; Irving, 120; Metropolitan, 124; Market, 117; Im- porters and Traders’, 180; Park, 12754; Central National, 63; Fourth National, 99; Ninth National, 100; Banters and Brokers’ Association, 75, ‘SOUTHERN SECURITIES were duli and without feature. We note the sale of 15,000 Florida sixes, gold, at 80, flat. it is an- nounced that the January interest on these bonds will be paid. Tennessees sold at 8044 9 80%, and Missouri sixes at 925:—Missouri sixes, 925; do. do., Hannibal and St. Joseph issue, 9034 ; Tennessee sixes, new, 8034; Virginia sixes, consolidated, 50; do., deferred, 93; Georgia sevens, new, 86; North Carolina sixes, old, 24; do., Funding Act, 1866, 16; do. do., 1868, 17; South Carolina sixes, 24; do., Funding Act, 1666, 14; Arkansas sevens, Little Rock and Fort Scott issue, 14; do. do,, Memphis and Little Rock, 14; do. do., Little Rock, Point Breeze and New Orleans, 14; do. do.. Mississippi, Ohio and Red River, 14; do. do., Arkansas Qentral Railroad, 14; Texas tens, 1876, 85. RAILROAD BONDS. ‘Railroad bonds were. quiet and generally firm. The latest bids were as follows:— New York Cen 6's, 83.. Ky Han 4&5: New York Cen 6's, '87. Del tack & Wagan’ New York Cen @s, re. s Del, Law his con. New York Cen 6's, sub. New York Cen 7's, ac i NY Cen 7's, con, " Erie lst m ex Erie 2d m 7’s, Erie 3d m 7’s, * Tol &Wab a ‘ab Gt West 2d m, 93. Galena & Chic ex, Galena & Chic 2d Chi, RI & Pac aoe Dock bond: Morris & Esse: 03 Riv 7's, 3d m, °7! Morris & Essex 2d m... 99% Harlem con m & s f6'. x 5 Cen Ist m, sew 103 J Southern Ist m 85, ‘itts, Ft W & Chit LOE pie Frw& Chis 10 Gl Men ssawiat Tp: 1% Cley & Tol 8 Cley & Tol new tdi C.P&a 5 Bart & eeeeski ke oi Pac BR 7's.4 Gen Pac $8 Western 85 Union Pac Ist m 84g i3 Lil Cen 7p, IDES ol Shite & Ind C isi'ms a6 It 24 70 Tol, Peoria & War, ED. 67 North Mo Ist m. 82 Tol, Peoria & WD 67 Chic & 1004 NY&NH 6s 98, hic & 83 Bost, H&E Ist m...... 27 Chie & 2s Bost, HH guarniid:. 32 0" 2 C in 18: 7s, Han & neg ae THE FOREIGN MARKET, Foreign advices by cable convey no important information. The market for nearly all classes of securities is reported dull. The rate of discount in the open market for three months’ bills is 4% per cent, or 4 per cent below the Bank of England rates. The amount of builion gone into the Bank ‘of England on balance to-day is £15,000. Erie is quoted at 3634. Paris despatches quote rentes at 58.20, @ decline of 15 centimes from earlier rates. In Amsterdam prices were as follows:—Central Pacific first mortgage bonds, 81%; Union Pacific first mortgage bonds, 71; Union Pacific shares, 2744; Northwest preferred, 593¢; St. Paul pre- ferred, 554. The following are the late London quotations :—Consols for money, 91 15-16 a 92; con- sols for account, 92 @ 923¢; five-twenty bonds of 1865, Old, 98% & 943¢; do. do., 1867, 94% a 9454; ten- forty bonds, 92; new fives, 91% a 913; Erie Rail- way shares, 36% a 364 ; New York Central shares, TIM. THE STOCK MARKET. Stocks were dull, and the decline in prices ranged from 3 to 2% percent, the principal suf- terers being Wabash, Western Union, Pacific Matl, Lake Shore and C., 0, and I. ©, At noon the market gave promise of greater steadiness, but later influ- ences were brought to bear, with the result above stated. Nor was the’ volume of business large. The exceptional strong feature of the day was Panama, which moved from 98 to 100. Prices were doubtless sharply afected by numerous rumors of commercial failure, but as none of these were veri- fied, we forbear for the present from mentioning names. The largest ousiness of the day was done in Union Pacific, which opened at 30%, sold up to 80% and down to 20%, the last price. Western Union began at 73, and receded to 71, Pacific Mail sold at 37% a 875¢ a 37% a 37a 36%. New Jersey Central was strong at 10144 a 101%. 8st. Paul opened at 40's, and closed at 39% New York Central sold at 955, a 96 @ 954%. Ohios declined from 380% to28%. Northwest common declined from 56 to 5444. Alton and Terra Haute common sold up to 15, The preferred stock is being quietly picked up outside, there being no active specu- lation at present, although a dividend is promised in May. Harlem ex-dividend sold at 119 a 118%. Wabash fell off from 60% to 481s. Erie was dull, at 44%. Lake Shore opened at 75, and sold up to 75%, and down to 74%. Hannibal and St. Joseph was steady at 27 a 26)¢ a 26. - Boston, Hartford and Erie closed at 3. C., 0. & I. 0, receded from 273g to 2634. HIGHEST AND LOWEST PRICES. The following table shows the opening, highest and lowest prices of the day:— Opening. hest, Lowest. N.Y. Cent and H. ss oy 9536 119 118% 4G 44% 75% 74% 50% 4836 56 545, 68% 68 }q 9855 98 90 90 9 . 4016 80% Mil, and St. Paul pret. 62 62 62 Onto and Mississ! 30% 30% 28% New Jersey Central. 10155 wi 101 ‘ew Jersey Southern... 64 6i5 635 Union Pacific... 80% 29% c., Cand LC. iy 2645 Pittsbarg.... 84 84 Western Union 73% 1K Pacific Mail.. BTM 86% In Philadelphia to-day stocks were active. We quote:—Pennsylvania sixes, 109; Philadelphia and Erie Railroad, 24%; Reading Ratiroad, 655%; Pennsylvania Railroad, 45%. Gold, 11034. SALES AT THE NEW YORK STOOK EXCHANGE, Monday, Dec. 22—10 Before ©: 200 shs West Un Tel... 80 do. o . B. 40h, B Frid ie 2 % 0% Ei 50% 50) Ef ie tort Fy 96. 80) f a S00 754 sos 3045 30% 60 w: 30%, 200 ww 2 1300 ue 10 3 2% lw 305 2% 1500 ae Oy By 400 30} a 26%. 10:15 and 11:30 A. M. $1000 Us 5.20, c. 62.be 12 $1000 US 5-20, c, 0 UB B20; GOT. NTs *swOUS Balt $5000 do, % 87000 do. 2300 do: First Board—10:30 A. M. 200 shs L S4&MS RR. 5 do do... 5 Panama RR, 100NJ Cen RR. 0. 5 BEEEE 5 me RO: ses 100 do. b 1500 & P RR gtdb c.95 10) Chit KIRK...be P. M.—Before ee 400 shs Un Pac RR....¢ 1000 ao. 400 do. 300 Bost, H & B RR. 600 Ohio & Miss Rix. » Ww do. b’ 2:15 P. M. $500 US5-20,c,'65,n.sm 116 6300 US 5-20, r, 67. i123 tom 08 US6's, c, 'B1....+. 118 5-20, C, "64. be dads 2, ¢!'65..b0 114% iW USeaEwnbe Las BN)” Go ‘500 US 5-20, ¢, '05,u.. 168% 8.00 US 5's, 6, *81. Second Board—1 P. M. $1000 NC 6's, old bas... 24 100 shs CMM&NWRpf.be 68% $00 Missouri O's... ¢ $3. 200MILA StF RE..bo fos 92% 20 Del. L& W 96° 2900 Un Pac Ri ‘oe 1000 do... 96% 00 do. 30s 11000 Un PRR Ist ins; 845, 600 ao 308 3000 Union Pac ine.:. 71" 500 do. Bo 1000 70% 1100 ao. 3053 ao. Bu: do. 303 do. 303 do. 30) do NJ South Nanwsido Rk: Tol, W & mw RR.be Pie Bos hi &E ites Be = can See! ee be ie 3 1400 Ohio & “Mscripb's a” 15% elt laa 27 ov Panama RR. CLOSING PRICES—3 O'OLOOK P. M. Western Un Tel 71% TH TAG Paname ... 9 2%, a 30 Del, L & W a By ‘Adams Express 9! Mea My Welle Fargo 8x 72 Chi & NW pret 63 A OBhy New Jer Cen...100% a 101g a % 2 Wig a res a 29% Ha alg a 264 Bost, Hari @EL aya 8 a 265 COMMERCIAL REPORT. PER Te Cotton Lower=Flour Quict—Wheat Higher—Corn a Gats were Firmer— Pork Qulct—Lard Steadier—Coffee Higher—Sugar Unchanged—Freights si y—Petroleum Quict and KMasy— Naval Stores Dull and Nominal—Whis- key Firm. Monpay, Dec, 22—6 P. M. The trade movement continued slow to-day and few important changes were recorded. The steady ruling of goid rendered merchandise more steady, and there was scarcely 80 much spectlutive feel ing, except in a few commodities. On ’Change flour was dull and unchanged, while wheat was in fair request and decidedly higher, the market closing strong at the enhancement, Corn and oats ‘were also firmer but not especially active. Whis- key was steady. Pork was quiet. Lard was steadier but quiet, Freights steady. OCofmee firmer, Sugar was only in moderate request but steady in value. Cotton was in fine request but lower, both for spot and future. Petroleum was dull ana refined rather easier, Navat stores were neglected and entirely nominal, Corrus.—The market was moderately active, end prices of Rio were again imarked ap Milly ic. per th. ‘The sates include 4,48 bags, ex Anna, onprivate terms. and 4.300 bags, ex Merrimac, at firm 3e.\a37igc. We quote :—Kio, ordinary cargoes, 29%{c. a 2 fair do., Ue. a B5%4c.; good do., isc. a Wigc.; prime do., 2%c. a 27¢.; extreme range for lota, 230. a 265¢c., gold, per lb, and ® days’ credil. Jaya, grass mats, Sle. a 3c. ; Ceyton, 2c. a 27c.; Maracaibo. 2c. » He.; Laguayra, Usgo. & 2Bc.; Jamaica, 20. a Me.; St Domingo, We. a 2le,: Porto Rico, 23¢e. a 265g0.; Costa Rica, 260. a 26e.; Mexican, 2c. a 2c.; Savanilia, 25c. a Zic.; Curacos, tic. a 2%c., gold, 6 and 90 days’ credit. Corton on the spot was in limited demand and the ular, and values were, to a great ex- tent, nominal. The appended revisea quotations show a 1e4uction of 4c. per lb. for ordinary, 4c. per lb. for good ordinary, and 3-16c. per Ib. for strictly good ordinary. At the close of the market cotton was not salable at quo- tations For future delivery a large business was trans- acted at declining prices, owing to continued heavy re- celpis at the ports (largest receipts of any one day on verse reports from Liverpool, nd lower ole. et closed weak at a decline of tully 5-16c. ¢ Uplands, Alabama. Ordinary... ne a Ae a * Wi 14 ta id Li 15 iddlungt ig ye 6 bg —the quotati on ie in sie panning iH quatity not more than half a grade above or below the grade quoted. ‘The sales were Ex Speculas 463 1,31 w middling) one sales have been as follows:—Suturday evening, alter oe o'clock January, 600 at {Soe vt ee ian at 15 ote ‘arch, eset 164 apr 200 at 164% 2c. init 00 a ben 10 de ‘WO at ib G:tto."* oO. at 1680 200 at 15 17-Bze., 100 at at, 16 5.320., 300 ut 163 70) at IWadae, 800 at 16} . 100 at Lge Total, 20,400 bales. “Grand: total, 25,800 coipts at the various ports were as follows:—Galventon, 5,0 New Orleans, ; Mobile, | 5,937 ; Viet ineeeh Jharlesta dil) Wilmington 828: Norfolk, 7200 wo York, 603; Boston, 34; qrniladéipiia, 7. “hiv da: st woek, 41,015, This day 1 Rates on cotton to foreign poris were mM at the following figures:—To Havre, by steam, 1390.5 by sail, Lgc.; to Hamburg, gs eg ny OH ene per 100 tea qual to 1 ; by sail, 1 by steam, 1340.5 by. sail, 1s¢p. 7 to Liverpool, isa Sed. Oe wena Hi. a 7-164. by salt FLOUR x.— Recalnts-—Flour, 18,016 bbls; Wheat, 194,440 bushels: Corn, 1895) do.; corn’ meal. 1,400 bois: and 170 bags: oats, 28686 bushels; barley. 19,976 do. The flour market was dul! but prices were anchanged, The sales since last report toot up 12,200 bbls. including all kinds, at prices within the range of the stbjoined quota- tion. "Gorn meal was in good demand and frm: Kates, 1900 bbls; $4 9) tor Brandy wine, $4 % for sarh’s caloric. e quote No. 2 stat 2450 0 $525 Superfine 575 a 625 E: 60 a 7H 700 a 750 575 a 625 69) a 70) a 700 a B® Round hoop Ohio, shipping’ brands. 67 a 70 Round h bio, trade brand: 650 a 700 zeuily, T5 a 8S) St Loui 650 a 675 St Louis, straight e 700 a 725 St. Louis, choice double ‘éxtra. 75) a 80 St Louis, choice tamil; 850 a 10 50 California :” Nominal, Rye flour, 500 a 60 Southern, No. 450 a 550 Southern, supert 575 a 625 Southern, extra. 70 a 850 Southern, tamil: 850 a 1125 Corn meal, Western. 4 a 425 Corn meal, Jerse 390 a 40) Corn meal, Brandy wine 440 a 450 Catoric.. 30 a 400 Puncheon 7 0 f. 0. b. — Wheat wai olerately ac- five. The sales were about 100,00), bushels, at $1 01 a $1 54 fortingraded spring ; $1 59.0 81 58 tor No. ¢ Chicago: $1 59 $1 6) for Milwaukee ; $1 64 a $1463 for amber winter. The fecha veloned firm at $1 60, retused for No. 2 Milwaukee. Corn was less active, but irmer. The sales were oni. about 5,500 bushels, at 83e. a 84e. for nixed, in store ani afloat; Mc. for new Southern white ; 0c. for old do. Oats were firmer and in tair demand. The sais Bregate Sbout 70,00) bushels, at Ble. a Gdige. for mixed? Ole. a for white, Burley was. in moderate demand and firm: Sales, 17,000 bushels AL $135.4 $1 42 for Western and $1.76 for Canada Wesi was inaetive—held within the Tange of $1 088 $1 wt for State and West Famonts.—There has been comparatively little doing today, either in the line of berth freights or charters, but rates were not noticeably changed. The engage- ments inelude >To Liver eo by steam, 1,800 bates of cotton at 4¢d. as it runs, 1, boxes bacon 500 tons 60s... of provisions at 42s. 6d.'; also late Saturday 24,000 bushels Of grain at 124d; by sall, 50 tons of whitewood at 40s. To London, By ‘sail, 8,000 bushels of grain at 12d. To Glasgow, by steam, 100 boxes of bacon até62s. 6d. The charters compe rise ritish ne hence to Liver- ool, direct. 4,700 quarters grain, at 124d. ; a British bark, ence to Cork, for orders to the United Kingdom, 009 quarters grain, at 8. 3d.—if toa directt port, 3d. 01 Kingdom brig, hence to oorhs for ‘orders to the United * bbls. of refined petroleum, at 7s 34., a tg Fo bark, hence to ew G er ab), on private term nae im es. —The market to-day has been quiet, but firm ; Jobbing | lots of New ig ma fe the amount of 100 bbls, ‘were placed at etl aie: epee uote tages cen- . 8, o., yed, ae. 8c. do Smuscovado refining. fle. a 20.5 5 2c. 100, be. Be. ; English “ciatde, 38 a Sc. ; New Orleans, dBc. & We., all old crop. New crop New Orleans, Sic. Navat Stonrs.—The, market for spirits of turpentine was dull and nominal. No sales were reported ; 41% Wras bid and Ked for merchantable order: * Roan so dull; strained quoted at $2 ) a $250. We heard of sales ot 260 bbis. at $250. The finer ary were quoted nominally steady. Naeene peglected, but quoted steady, at $3.0 $525 for all kinds, Fitch was’ algo steadily he “\mouevx.—The market for refined petroleum was quiet and casier; obtainable at 13%c. for balance of month, and offered at 13%c. for January without findin, Rurchdsers.. Crude, was ‘heid with considerable con lence at Sic. a in bulk, and 10%c. in shi pine order, Cases were quiet, but quoted firm at 19, h- tha remained nomiltal. ‘at Sige. for city. The Philadel: ie market was quic¢t, but firm. Refined quoted at th, “At the Creek th aye a %c. : Petro! Sahze. ; Fitusville, $1 1234 4 $ i Picton Recep Pork, = bie ackages; cut meat lerces. ‘the mi steady. The gal mess * $6 % coats cash bbls. fc beet, 142 an 0 at 3 Dols « of fold at ou 7. ‘Bacon—The arker ba saaiet firmer. mei but We heard of sales of 400 boxes of city lone clear at 7 c- at 7%, cash; 50 boxes ca Western short clear ai ; 500 boxes of Jong and short clear for opruaty on private terms; 250 hoxes of long clear, in Chica D re quiet but ‘firm at Tae. for elty. Beot—The market to-day was quiet but steady. Lois to the amount of 40 nck s were Bluced at prices within the range of $8 50a $10 50 for jain mess bbis., $11 50 a$12 50 for extra do. bb! one rime mess tlerces, $25 a $26 sor India do. Herees $28 for extra India mess tierces. Beef hams pete fuiet, but firm, small lots of prime were placed at to $25, Out meats were moderately inquired for and frm. We heard of sales of 800 pickled shoulders, heavy average, at Glgc.; 500 do. light average, at 7c. 100) amoked shoulders at 73c. « 8c. 2,000 smoked hams at 1c. 500 green ham: Ibs. average, on private terms? 10,000 Ids. of pickled bellies, 12 Ibs. aver je. on private terms; 9 tierces of, do., 10 1b3. average, at oxes of dry salted shoulders, spot, at 4c. taracine market for Western was quiet but steady, closing Bilibe. for December, 84, for January, 8 8. February and 93-16c. a Sc. for March. glud 78) tierces for December at 84 J 83 tierces for March at di 8 BY tlerces. Market for raw sugar was quiet and_un- ‘air to good refining quoted at 734 include £00 hinds of common refining at 48 do. of molasses ne ‘At 6%c., 17. do. of Porto Rico do. of Rood id oP molasses suger at ‘as not-materially changed in yale, abd ‘quiet We quote —Cuba—Refinins, Interior, to common, Oe. a 7e.;, {air to wood, fair, 1a oe tor apes in- ood to prime, 7340. 8 7%C.; grocery, fair to wigs. 8 3 prime to choice, Sic. @ 8'4c. ; niin and boxes, 7c. a Siac. » molasses ‘hhds. and ise. w 6740.5 Melado, te. a'5'4c. | Cuba clayed— butch standard, Nos. 709, Gc. a7 C.; doy 10 to @ 8c. d0., 13 to 15, Bio. 'do., “16 to 18, 9c. re do 19 to c. a te, 9c.'a 10c. Porto Refining, common to rite, Gage! a7 fair to choice, 7 éc- w Bac. 8 to 12, 6i4c. a Java—Dutch standard, Nos. 10'to 12, Tige. wSige. | Manila—Superior and extr a tiac. ick. —Busini been fair in a distributing way, with prices ruling steady. ‘The sales include 40 tierces ot Carolma at 7ge. & B)gc. and 120 bags of Rangoon at 6%¢c. STEARINE was neglected and nominal, in the absence of reported transactions. 'Batiow was in she request and frm; 70,0001bs, of out of town stock, sold at Receipts, 905 bbls. The market was mod- tive and’ a trifle firmer. The sales foot up 260 ‘of which brought 9c. aud 0 bbis. at the clove $1, DOMESTIO MJ MARKETS, aR raLveston, Dec. 22, 1873. Cotton. ri gata at ordinary, la4c.; ordinary, 13\e. a ed les, Exports, coastwise, 1,393, Sales oratsh bbls., Monitx, Dec. 22, 1873. Cotton dull ‘ie easier: a Ce 5 low mid- dling, ay COR — ood ordinary, . Net Orts—TO ne Continent, 500; coast- wise, So Se Zales es, 1,000, Stock, 52, Gessateienl Dec. 22, 1873. Cotton lower: middling, 14%c. a 1Sc.; low middling, 14Xe. ; strict good ordinary, Me. ‘Net pronto 190 bales, Exports—To Great Britaln, 2,915; to France, 1,620; coast: wise, 1,463, Sales, 1,600. Stock, Si oe Witminatox, Dec. Spirits of turpentine quiet ine i Rosia “fait a yy for Mytrained. Crude turpentine si cla at,$2 ror hard, $2 ior yellow dip. Tar steady c, 22, 1873, 1,600 hte at OF TTF Ne A Flour unchanged ; ator 6. $875 for ph winter, 89 w ¥ white winter. & 0 ior double extra, Wheat ‘quiet; No. 1 Milwau gl gsi ordinary white Canad an chotce do., SU 2! gt oi extra “whit $18. Cori quie! but trm at Toe. & Tho. ey fe pI rn mea ula held at $162; bay quiet, Banas Bh, ages She eee™ Mt chan oa shorts, $20; shi] tes, 2H Der ton Wallrond. Treights—_ ir, mae Nede tenis and PBostol, @0c.; to New York, i toAl oy 420, Borr: PALO, 1873. conte te ot satiate beet: corm, 8. 5 A 0.5 i TH6 40. Imports fo 1 gars coe mie, “puthels: Sorte ie do. ; ee Rok Eager toe mF as Wesie ma a oe acerca 3 wi x Baath 6; 40. ‘wheat . Hagia 8 aanae terati Saat 8 Ct ont ny RK si sae os, Novtat awa cuts, $16; ta By + to pred > id pitt eo Other arlicies DO, Dec, 2, 1873. eo opal and in fair demand”? Wheat drm ‘and in fate demant, at $149 tor amber Michigan, cash; $1, Fobeuary. Corn in fair demand and hishor h mixed, January, a February, 6lige-: Last halt Be yy Sg fg) \w mixed, sie. ; rok acmand, ‘ab 46c. for No. cH 1%. reased hoga sold at $5 0 a 4 oi Clover seeds | aan, at $5.4 Rocelee te lo. corn, nent— Dushels wheat and 4,009 do. rm Omtcaco, Dec. 22, 187% cor ed: sales. es xtra apri at is: ‘Northwestern, $11 nd spring Bi Lise . ). 2 apri . Ye carabors of idee January; $1 1sty Ped naees re; i accordiny igher hee. tor ¢. Did ny bruary ; OW, at view guiet and onchany a $5.75. WI Srtag at cae or 'o. 2 new th lar, ¢ closing “th the ceula Pork Fa $1425 cash; $14 80 February. firm and in fatr demand at Lat spot; Bae, February. Bulk meats in good demand ; ont loose shoulders, partly cured, at Be. a Sige. ; loose ee Trea Tie iebrtarys, Bee Malthe. poe ork mi ‘ clear middles February. Green shoulders one at Se. yt doe 21,000 do, ct 3,000 do. Fr} ani 8,000 a a6. barley. ship: ments—22,00) bbls. four, bushels wheat, 2,000 d corn, 19,000 do.,oats and 25,000 ¢ to. barley. EUROPEAN MA MARKETS. * Loxpox Moxey Marxet.—Lompon, Dec. 22—12:30 P. M.— Console, 91% a 9 for money, and 92 8 92'4 for the account. United States five-twenty bonds, rire old. 94; 1567's, be new fives, 91}; iL wi ‘Anis Bourse.—| jl C., FE despatches quote rentes at 58f. 373¢c. rentes, 68f. 6P. M.—French rout LIVERPOOL Corton MARKET.—LIVERPOOL, Dec. Sales on the basis of middling uplands, nothing below good ordinary shipped December and January, at ales on the basis of middling uplands, nothin, bel low good ordinesy. dl 5 do, shipped November, at Si4d.; Shipped Januaty and February, at 89a. dodo. deliver: able February, at 84d. ; do.. nothing below low middlings, eS November and December, at Bigd.: do. do., shipped December and January, ales on the basis of middiing uplands, nothi ng, below “good ordinary, deliverable December, at \-16d- The maricet is dull an Middiing plaids, 834 Bid. a 844s.; middling Orleans, Sales 10,000 bales, Including 2000 for speculation export Sales on the basis of middling Orleans, nothing below good ordinary, shipped December and January, at8G-l6d. Of the sales to-day 5,600 bales were American. Laveayoor, Brransrurrs Manget.—Livenroot, Deo, 22— 5 P. M.—The market is quiet, Corn, 36s, 6d. a 36s. 9d. per quarter, Livgapoor Provisions Marxer,—Liverroor, Dec. 22—5 P, M.—Beef, 8%. 61. per tierce for new mess. Pork, 628. per bbl. for 'new mess, Liverroot Propoce Marxet.—Liverroot, Dec, 22—5 P. M.—Tallow, $38. 6d. percwt. Spirits turpentine, 30s. 6d. a 3is. per owt. Loxpos Propucr M Lonpow, Deo, 22—Evening.— Spermoil, £93 rits turpentine, 2s. Sd. per ewt. Tallow, per ew Peemoteoa’ Mauxer—Axtweur, Dec. 22.~Petroleam, 30441. for fine pale American. FINANCIAL, ALEXANDER FROTHINGHAM & COMPA’ capital for incorporated companies, merchants, Mmanutacturers, mines. Our Register contains many hames possessing various amounts tor investments. ALEXANDER FROTHINGHAM & COMPANY, 112 and 114 Broadway. BSOLUTE SECURITY FOR PRIVATE INVESTMENT and Trust Estaies.—Seven per cent Coupon Bonds Secured by Real Estate, First Mortagees guaranteed by a wealthy New York city corporation, current here and in Europe, ranking next to United States government bonds. For sale by JOHN B. MURRAY, 98 way, FIRST (PURCHASE MONEY) MORTGAGE FOR $25,000 on valuable country property, 6 sold at $200,000 cash, interest payable semi-aan: ig. New York, for fale at a sacrifice; bondsman first cae uw Weve heck par about two years to run. SL East acenteacsh street. —$100 FOR 100 SHARES; $250 FOR $50,000, GOLD; = qftonk privileges: gold Micieliogesy dcuhe priieges in stocks and gold ; all contracts ne; ‘otiated on members of the Exchange of responsibie parties; explanatory cir- culars, with references, mailed to any addre LAPSLEY & BAZLEY, Brokers, 74 ‘Broadway. A WADDITIONAL CAPITAL, PROCURED + For merchants, manufacturers and others; estate exchanged for business; mining properties, &c., pagar persons with apical aed business ad- ised_of approved opportu: ferences—Seaman & Van Schoonhoven, commerc r, dc., G6 Wall street, Coy 1G08, VARLTON & CO. Financial and Business’ Agents, 08 Broad wi BONDS OF DEFAULTED RATLROADSJBOUGHT AND sold in open market. WILLIAM WARD, 22 Broadstreet. OMMERCIAL PAPER BOUGHT AND SOLD LOANS egotlated, Mortgages bought and sold by J. Hoy & C0. 38 Wail street. West AND SECOND MORTGAGES BOUGHT AND sold at reasonable rates, or money loaned thereon. Princi REIDENRICH & real als or attorneys apply to 5. and 908 Third avenue. REENWICH SAVINGS BANK—JANUARY INTER- est for 1874.—The Board ot Trustees have ordered in- terest to be paid wo depositors on and after Monday, the 19th January, 1874, at the rate of 7 per cent per annum on ail sums of $50) ana under, and all sums over $500 at the rate of 6 per cent per annum entitled thereto. Inter- est not called for will be added as principal. Money de- posited on or before 10th of January will draw. interest trom Ist. Bank open daily from 10 A. and ou Mondays, Wednesdays. and Fridars rows M. IGUT, Satident Cc GIBERT, ‘Treasurer. { Secretaries. James Bryce, J. Harskn Ruopes, AAReE™, STOCK DOWN TO PAR, AT @4E CON- tinental Clothing House, 76 Fulton street, corner Gola.—the above large stock’ will be sold at cost tor 3) days only ; these goods are first class and an opportunity seldom, offered. At M's} One Price Clothing use, 78 Fulton siteet, corner Gold, New York. 'ASKINS & BRAINE, BROKERS, 1] BROAD STREET. Stocks and gold bought and sold for cash or on mar- Hin; privileges negotiated, on, responsible firms, which can be n place of eash margin; this enables any one Withtemail capfial to speculate with Uttle risk. Explan- atory circulars mailed. ONEY TO LOAN—UPON CITY RESIDENCES AND Store Property, in sums to suit. WARREN 5, WILKEY, No. 5 Bee! man street, rooms 18 and 19. Nix YORK MUTUAL GAS STOCK AND MISCEL- Janeous Gas Stocks bought and sold by F. T, HEWITT, No. 8 Broad street, room Il. ARTIES DESIRING LOANS ON FIRST CLASS proved Real Estate in this city, where they can remain for a lon; pag pee iod, address, giving full description of property, TR! "EK, box 3,804 Post office. REASURER'S OFFICE, NEW YORK AND NEW Haven Railroad Company. Grand Central De gorner of Forty-second street and Fourth avenue, ow ¥i 15, A dividend of five per cent from the earnings of the > past ‘six months on the capital stock of the company hasbeen declared payable to the stock Holders on and after January 2.1874. The transfer books will remain closed un! januar; e1usi SOHN T. SHELLON, Treasurer. EXCHANGE—A GOOD $1,000 MORTGAGE FOR Horses, Wagons or Merchandise of any kind, Ad- dress box 6) Bast New York Post office. WAneran BOND AND MORIGAGE, $3, 000 FOR three years on Long Island Ba _Oity proper 3 princi pals only need lapply. Addre Post office. 8 AND ae PER CENT ’ City and County Bonds, <, ailroad Bonds, City Railroad Stocks, and bs? = Pass and Bonds, paying 10 to 20 per nt, at low rates, for sale “= ” ALBERT H. NICOLAY & CO., No. 43 Pine street, New York. N. B.—Investment Securities our specialty 22 years, 200 INVESTMENTS IN WALL STREET THE }. lastten days have paid many of our custom- ers $2,000; sums as low as $10 can be Invested without 82 page explanatory pamphlet mailed on.app! nica TINE TUMBRIDG. e pankersand Broker: 39 Wall street, "New. York. 000 WANTED—FOR USE OF *WHICH A 6. liberal per centage on. profits of a finely paying manufacturing business on Eighth avenue and | estate secut br HA ARDENBERGH & CO., 1,241 Broadway. $30.00 jattering prospects) tor sal on the dollar in cash or saleabi: DENTIAL, box 220 Herald office. \—PAR VALUE UNASSESSABLE STOCK Gn an mena company. with very leat the low price of 5 cenis io goods. Address CONFI- TO LOAN ON NEW YORK OR BROOK $45.000 lyn Real E: JACOB B SHARPE, M9 Broadway. _ TO, LOAN AND POR INVESTMENT— $78.000 i virst oat eames Morerages on i ‘anim! Tope in'smmal a pacar HERS, $6 Wall street sums » BA! 00 TO LOAN ON MORTGAGES, WITH. 300, out bonus, sums to suit, on approved lity Real state, for terms of years and si ample wi ex- penses. Montauk Insurance Com 165 Broadway. REAL ESTATE. ‘There were no public sales of realestate yester- day. The following recent private sales are re- ported :— The St. James Hotel property, consisting of the plot of land, with the buildings thereon, situated on the southwest cerner of Broadway and Twenty- sixth street, was recently conveyed to Susan and Paul N. and J. L. and Gardner Spofford, as trustees, for the sum of $376,000. The premises are mort- gaged for $225,000. phe property known a8 No. 733 Broadwi side, 54 feet north of Waverley place, was veyed to the same persons for the sum of $50,000. This property is mortgaged for $50,000, SALE OF A RAILROAD. “Baurnwone, Dec, 22, 1878. It t9 now officially understood here that the Pennsylvania Railroad Company has purchased from the Southern Kentucky Security Company its interest in the Atlanta and Richmond Air Line ‘oad, paying therefor the sum of $1,825,000 The purchase is sudject to the frst mortgage, wruloh segue to, ab ginme’g4,000,000.. The Toad cost over $8,000, ‘This purel ase greatly enhances the imteresia 6 of the Baltimore aod Potomac, the Richmond and Danville, and other important hegre? control ot the Penns, ia corporat! 160,000 in coupons of the Atlanta and Atont Sier Line Company fall due here on the 1st prox. | ment will be represented :—! Reflex Action in Wall Street Upon Gongrenleaad Inaction—A Possible 8o'ution of the Fix nancial Problem—Current Failares- The Shrinkage im Values—Inter- rupted Collections and Tight Money the Cause, The adjournment of Congress over the holidays appears to have been she signal tm Wall street, or, atleast, in that fragment of this great entity which represents its speculative activity—the ateck market—tor realizations, Thus, supplementing the operations of Friday and Saterday of last week, yesterday was a-day of sales and consequeat reaction tn prices. The’ near approach of Onrist- mas, no doubt, contributed to this disposition, the interval of relief from Congressional stimulation offering @ good opportunity tor a safe turn’ before. the reassembling. of Congress. Hence, if thia im terlude, in its discussion of the financial problem, and empirical propositions of remedy, should de velop a sudden weakness in- stocks, it 1 by ao means to be argued therefrom-that the business ef the country languishes because of Congressionan inaction, and that tndation must be tried at omee as the only remedy, THE BUSINESS OF THE COUNTRY IS STEADILY, 0 SLOWLY, IMPROVING, Complete recovery, alter the shock it sustained’ in the recent panic, can only be the work of time;.. and, to be lasting, must follow the eradication of the evils that occasioned such shock. It hag been already pointed~out here of what extreme doubtful consiitutionality would be any increase of the legal tender issue beyond the $400,000,000 already provided for by legislation, when the Supreme Cours rendered itn decision sustaining the legal tender quality of such issue, reser volume of government currency might ootain circu- lation on the credit of the government, bat U se stamped (with the title of the act anthorizing tl the issue) as to be recognizable from the older issues, it is doubtful if it would be: regarded as legal tender until a furtner decision of the Su- preme Court (if such could be optained) had givem it that quality. The uncertainty, not to say un- likelthood, ofsuch @ decision be 3 rendered, in- volving, a3 it might, tne status of the entire le Tey tender issue, induces the anticipation among thi ing men that whatever else may be attempted im that way, inflation will not at all events take form, At present THE PRESSURE FOR MORE CURRENCY comes from the South and West, although ‘Senator Howe, a representative man from the latter sec- tion, has already taken strong ground the issue of any more paper money. Mr. Mort aiso from the West, is set down as a “moderate' inflationist.. The Eastern and Miodle States are almost @ unit against infation, with some di among some of their representatives of the plain issue, in favor of intro-convertible bonds. The Pacific Coast Senators are all bulionfsts. A com- promise, in view of the necessity for somet! being done and the impossipiiey OF agreeme! upon any of the extreme views al resented, is discussed in monetary circles as within the pen sible chances that may result from the rece@s, This compromise is assumed to include the addi- tion of the entire $44,000,000 so-called reserve te the previous limit of the legal tender circulation, with a temporary loan at alow rate of interest having so much of the intro-convertible plan about it that itmay. be held by the banks as a part of their reserve. This would be tantamount to very large inflation, but in a mach less objection- able shape than fresh issues of irredeemable paper. dvices from Washingten received on “the street” yesterday represented Secretary: Richardson as Genying the statement which ap-- peared in the Heraxpin the morning, that he had: said he had sufficient funds to meet the next six. months’ demands on tne Treasury. “Were this: the case,” he added, ‘the would not.have asked Con-- gress to assist him.” The same despatch further says :—“It 1s not expected at the Treasury Depart- - ment that there will be any material increase im the revenue ior some time to come; in the mean time drafts on thé reserve will continue to be made to such an extent that Treasury officials, position to know, say THE WHOLE FORTY-FOUR MILLION DOLLARS WILL BE EXHAUSTED BY THE FIRST OF APRIL NEXT.” It will taus be seen that no legislation now is likely to prevent the full issue of this: reserve, and itis more than likely, if any legislation is required to give the Secretary authority Jor: its: ite-employment, it will take the torm above su; reak- ness of the stock market in vie few of this oficial statement is readily explainable upon the assump- tion that such extinguishment of the ited hom, previously been over-discounted. The circulation last night stood at Naeince-¢ eaving only. $24,000,000 in this much quoted (leh ny In regard to the loan, it is thought it will be adopted in preference to increased taxation, as less explanation at the intro-convertible seheme be don to it to give it an excuse as an ex- pentie nt having for its object the giving to our aerrendy. the quality of elasticity. Wall street had its share of rumors of failures yesterday, a fine crop of whichis looked for between now and the middle of January as THE RESULT OF THE YEARLY SETTLEMENT. The names mentioned yesterday were P. Late decker, wholesale dealer in furnisl goods, Ne, 8 Walker street; Frank & Koster, in the same trade, No. 10 Walker street, and R. Joselyn, jobber in carpet warps and cotton yarns, No. 365 Canal street. These are all | Scene of the nature of suspensiona: only, arising rom the interruption of eollecwons caused by the late panic. In respect te Mr. Lau- decker it 1s stated he nas already effected a satia- factory settlement with his tors, who have accepted 35 per cent in two secured notes at three and six months respectively. Messrs. Frank & Koster are next door neighbors of Mr, Laudecker. Their liabilities are stated at $180,000, Mr. Frank attributes the failure of the firm to the recemt shrinkage in values and slow collections. Frank & Koster offer 35 per cent to their creditors, Mr. Josselyn, of Canal street, attributes his.embarrass- ment to the same causes—shrinkage 1m. value, bad debts, and a tight tiger b market. He anticipates anearly settlement with his creditors and expecta to resume in ashort time. The name of another concern, more extensive than apy of those men- tioned, is reported as among the aor but as the firm itself declines information upon the sub- ject, the name is at present wit hd. CHEAP TRANSPORTATION. “ Meeting. of the Cheap Transportation Association Yesterday—Important Re- ports=The Need of Elevators. Aspecial meeting of the directors. of the New York Cheap Transportation Association was held yesterday morning at their offices, No. 110 Peart street. Mr, B. B. Sherman presided. The attend- ance included @ number of the most highly respect- able and influential representatives of the mercan- tile interests of New York. The following gentlemen were appointed to attend the National Convention of the American Cheap peepee Association in Washington, cone Levee bo mp where ot ae farmers’ clu} ey i rad ker, “oun S$. Baron, Simon. Stevens, E. Ren: petnurber, John F. Henry, W.'s. Fairfield. ate Et eee ‘to hold the annual meeting of the association January: 29. A committee was pointed to select the place of meeting, of ¢ _ oye will be given to the public. FR. B. THURBER, the secretary, read se) <octtthuneutions reierring to various preiede by improving the legislation on the ee of transportation, which will be acted I proper committees. . 8. Jacoby, of No. 209 Pearl street, was a member of thie directory to fill a vacancy. Jacovy will represent the tobacco imterest in dlzectors. Mr. B. P, BAKER, Chairman of the Committee om Terminal a ee @ verbal report upon the necessity of building elevators and system of improvements in ware! nd e tors, He showed that the cost of handling wheat, and other cereals was twice as great Lyte gs in, other cities. He also showed the necessity of ar~ riving at a uniform of grading wheat and: other terme | for all the Fn cinylee Bh that a certificate from any one m woul mand the —, quantity and grade of the same} in the’ commodi' any other market. Sucha would nad to the circulating mediam the} country, such, & certificate being @ ni r and one Of the best securities in existence. Pale Ge Committee on Claims and Grievances sub-{— mitted the following report :— z ting of the board on the Sta oath Me lat ee naanber of late fr ove inst sictferent railroad lines have been tient by members of the 3 fo overcharges resulted irom various causes. “Tn sous instances the fou = ae ae ny entitled tw. oes thrsuge, 2 ills of fading. Tht harginy ju ite Cg corpo, although ary lines tull iulthorty to classity wind ta referred to date prior to th chal Temerrad te Have. gowever, beel take by our general aj iret, wand out of 13 claims sent in to omee since th th inst. the amounts ¢! roe f} forward to ice me: ayant Talend or einer transportation ith the documents relating Wi ie He MA’ on Claims and New Your, Dec. 22, The commit porate ace rasa