RANGE OF GOVERNMENT SECURITIES FOR 1869. The following table will show the monthly range of Government Securities as represented by daily sales at the New York Stock Exchange Board during the year 1869: COMMERCIAL CHRONICLE AND REVIEW Monetary Affairs-Rates of Loans and Discounts-Bonds sold at New York Stock Exchange Board-Price of Government Securities at New York-Course of Consols and American Securities at New York-Opening, Highest, Lowest and Closing Prices at the New York Stock Exchange-General Movement of Coin and Bullion at New York-Course of Gold at New York-Course of Fore gu Exchange at New York. The closing month of 1869 was one of general dulness in business circles, partly perhaps the result of the bilious croakings of a section of the press, but more to be regarded as the expression of the generally conservative feeling which characterized the latter half of the year. The condition of the money market was comparatively easy. Some considerable amounts of currency were sent, during the first two or three weeks, to the West and the South, but without materially affecting the legal tenders of the banks, the weekly averages cf which ranged between $46,800,000 and $44,300,000. This amount of the paper lawful money reserve was of course very unusually low, and one or two brief efforts were made to turn that feature of the banking situation to speculative account, by locking up currency: but, on the other hand, the specie portion of the reserve stood unusually high, ranging between $28,400,000 and $30,600,000, so that the combined reserve maintained constantly an ample proportion to the demand liabilities of the banks. The operations of the Treasury were on the whole favorable to the banks, its disbursements on account of purchases of bonds being materially in excess of its receipts against sale of gold. The continued scarcity of small currency had the effect of limiting the money remittances to the West and the South; toward the close of the month, however, the lower denominations of notes were in better supply, but without affecting the shipments of currency, the course of exchanges with the interior having turned in favor of this city. At the close of the month there was the usual calling in of loans by corporations, to provide for the payment of dividends and interest, with the result of a partial stringency and an advance in rates on call loans to 7 per cent. in gold; the general rate on demand loans for the month, however, was 7 per cent. currency. The discount market has showed more steadiness, and, as usual at the close of the year, less activity. The occur rence of a few failures, mainly of minor firms, temporarily checked confidence, and helped to sustain rates at their former high figures, prime double name paper ranging from 8@12 per cent., and prime single names at 10@20 per cent. The market for Government Securities has been more active and more buoyant. There has been a diminished supply of bonds coming from bank investors which, together with a good export demand and the purchase of $13,000,000 Five Twenties by the Treasury, produced a comparative scarcity of bonds and an advance of 143 per cent in prices. The tone of the President's message, and of the department reports, at the opening of Congress, had a favorable effect upon the public credit in Europe, resulting in the shipment of several millions of bonds during the first half of the month, Sixes of 1881 and TenForties being in especial demand, owing to Secretary Boutwell's recommendations relative to the funding of Five-Twenties. The usual purchases of dealers, n anticipation of the January demand for the reinvestment of interest and dividends, also had a tendency to strengthen the market toward the close of the month. The following were the amounts of bonds purchased by the Treasury during December. The purchases marked * are for the Sinking Fund: The total transactions in United States honds at the Stock Exchange for the month amounted to $12,500,000, against $13,800,000 for the same month of last year. BONDS SOLD AT THE N. Y. STOCK EXCHANGE BOARD. The daily closing prices of the principal Government securities at the New York Stock Exchange Board in the month of December as represented by the Atest sale officially reported, are shown inthe following statement: The stock market has shown an extreme dullness, as will sufficiently appear from the fact that the total transactions at the Stock Exchange for the month were only 189,840 shares, against 1,093,730 shares in December, 1868. This depression appears to be due to a natural reaction from speculative excesses, and to the exhaustion of the means of a large proportion of the large class known as "inside operators." The causes of this reaction are discussed at length in another column. There have nevertheless been wide fluctuations in prices, the variations having ranged between 4 to 103; and the fact that these wide variations have failed to induce a more active speculation o ly indicates the depression in this particular interest. Toward the close of the week, a strin.ent condition of the money market, concurrently with a decline in the earnings of the Western roads, had the effect of weakening prices, and the year closed with a market as weak as it was dull. We take this occasion of correcting an error in our last monthly summary of transactions in November. The sle of railroad stocks at the Stock Exchange should have been stated at 369 600 shares, and the total of all classes of stocks for the month at 44,462 shares. From the subjoined statement it will be seen that the total sales of stocks at the Exchange for 1869 was 10,513,058 shares, which is 9 2 0,344 shares less than the aggregate business of 1868; a fact which strikingly illustra es the declension of speculation. The following table will show the opening, highest, lowest and closing prices 30,942 17, 71 13,671 1,093,730 181,840 903,890 19,713,402 10,513,058 9,200,244 of all the railway and miscellaneous securities so'd at the New York Stock Railroad Stocks- 6. pret. Bos o, Htford & Erie do do pref Chicago, Burl. & Quincy & Northwest'n... 29 25 58 11 1.9% 16% 155 75% 834 87 90% 8% do & Rock Island... 103 1064 102% 105% 10% 10% 11% 103% Cin Htn. & fayton 75 75 75 The gold premium ranged during the month between 119 and 124 the buk of |