The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-11-23
FINANCIAL AND COMMERCIAL.

FRIDAY, Nov. 22-G p. NJ.
The money market grows easier First class
paper passes below six per cent, and loans call
are Effected at TX. Both banks and private CAPT
talsts are overlooking with money, for which very
little employment Offers outside of the public loans.
The Sub-Treasurer is paying contractors very free
", which increases the amount Of money in the
market. The importation Of dry goods for the
week amounts to only $3.50 0O0 against 81 ,235 600
same week last year, and 81 ,2s7 goo same week Of
1862 Our aggregate imports for the year amount
to $40 300 0o0 against $94 900 900 to date last
year, and Sol 300 900 to same date in 1869.
The foreign exchange market was firm to-day,
rates ranging for bankers bills from lOs1l to 100
for sterling, and from 52.l14 to 52.Ght for francs.
We do not hear Of any business at the higher
figures. When Congress meets, one Of the first
measures taken up will probably be the tariff,
which will be increased so as to render the duties
on foreign articles Of luxury prohibitory, with a
view to keep exchange down during the war.
The stock market continues fcvcrsh and variable
At the opening to-day it was disposed to advance
and Pacific Mail and other speculative stocks rose
a per cent. After the first board, bear
demonstration was made, and sales Of Erie werc
effected as low as 3d. and Central 7SL1a. But be-
fore the secon. board rally took place, partly
owing to the scarcity Of stocks, which caused q
reaction Of a per cent. At the second board
this advance mostly lost, and the market closed
du--prices being not quite as low as they were in
the afternoon of yesterday. Government skies
fell off "a per cent, and Missouris as much. Eric
was pressed for sale and closed at decline of 10
from yesterday. The Western shares were all
severely hammered by the bears, and touch
ed the lowest points of yesterday. The con-
test between bull and bear is now a mat
ter of life and death to the latter; the short
Interest is unusually heavy, and stocks very
scarce. At the close the following were the
1uotations:--United States G's, registered, 1881,
o3 q ~ do. 6's, coupon, 1851, 9314 u; do. Sc,
1874, 81 Il; Virginia 6s, AZ a Il; Tennessee
6's, 42I y; MissouriG's, A24 y ~; Pacific Mail,
9l4 -; New York Central, 1874 q; Ere,
30ss "a; do. preferred, 53Ls u 81; Hudson River,
81 q; Harlem, I24 "a; do. preferred, 81 q 81;
Reading, s4I u; Michigan Central, 4s24 a 40;
Michigan Southern and Northern Indiana, lT5s
4; do. guaranteed. S5I SO; Panama, lis rs;
Illinois Central, eoH q; Galena and Chicago,
7os4 II; Cleveland and Toledo, 3t1a a q; Chi
cago and Rock Island, 53ss a q; Chicago, Bur-
lngton ana Quincy, Gl x; Milwaukee and Pra
a IS; Delaware and Hudson Canal 81 a SO; Penn
sylvania Coal, rs a 50.
The views expressed in this mornings HERALD
on the subject Of time sales of United States stock
appear to command the hearty assent of the re-
spectacle members of the Stock Exchange. 1t
does not admit Of doubt, in fact that short sales
of government stocks are calculated to impair the
public credit, to lower the price of government Sc
curi!ies to brighten timid holders into selling and
to dssuade cautious capitalists from investing in
the public loars. In tine OF profound peace,
bear sales OF governments would not call for no
tice but in time of war, when The capacity Of the
nation to carry on the war depends upon its being
able to sell its bonds at a fair price in the market
such operations cannot be viewed otherwise than
as reasonable attempts to give aid and comfort to
the enemy. 1t matters rot that the chief aim or
the seller is gain, and that the injury he intlicts
upon the public credit is incidental to his ope-
ration. The mischief he does is just as great
as il he were in the pay of Jefferson Davis, and as
If his sole object was to break down the credit
of the nation. Many members of the Stcck
Exchange seem to be concerned as to the
course which should be pursued in this matter in
order to redeem the Board of Brokers from the
imputation of being used as vehicle for the de-
struction of the public credit. One corr esponaent
suggests that any member who offers governments
on sellers option, or who is known to be short of
them, should be expelled from the Boald. Another
thinks that il is n matter for the District Attorney
to investigate, and gives it as LIS opinion tLa seye
raj persons who have been sent to Fort LAFAYETTE
were less guilty and less mischevons than the
short sellers Of governments. We win only say
Int ~ 10 al II 70
itself to put stop to bear sales Of public stocks
during the present crisis. Let the bears sell the
fancy railroad and miscellaneous stocks as heavily
as they please. But bald attempts to ruin the
public credit ct the present time are treason of
the worst kind, and should not be tolerated.
The following ere the rates Of discount IN the
principal cities o.,thc Continent. In Paris ihere
appears TO be rather less pressure:--