The New York herald., 1863-11-04
FINANCIAL AND COMMERCIAL.


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TUESDAY, Nov. 3-6 p. NJ
Tia indications are that the squeeze in money
has passed its climax. Though II was almost as
difficult to-day as yesterday to borrow money on
call at per cent on the best collaterals there is
reason to believe that the cause of the stringency
which has prevailed for some days is going to
cease to operate. Conversions of currency into
$40 bonds fell off to-day to 81 44l $50, of which
81 800 900 were really subscribed Saturday, and
the agents look for no immediate resumption of
The active demand for these securities The Sub
Treasurer paid off s. 900 600 of Clearing House
certificates to banks in want of legal tender, re-
ducing the balance this afternoon to $34 533 772,
Thus the prospect is that tomorrow morning
most of the banks will find themselves in aposi.
lion of more ease than they have enjoyed for a
week, and will be disposed to accommodate their
dealers. Yesterday and to-day the stringency in
Che money market was considerably aggravated
by a vague general impression that money was
tighter and than it really was, and that it
was going to be tighter still. Everybody scared
his neghbor by accounts of the extreme stringen-
cy of the market. Men worked on each others
feelings in this way to such an extent that some
banks and houses which had money refused to
lend it, and let it lie idle from mere vague appre
tensions of the future. These foolish terrors will
Of course subside as it Ia ascertsined that
the conversions Of currency have fallen to mode
rate figures and that the Sub-Treasury balance
has begun to decline. A stringent money market
seems strange anomaly at period whom every
engraver in the country is at work engraving pa.
Per money and paper representatives of value,
and when the great commercial business Of the
country is being transacted for cash. When the
pinch is over people will experience some difficult
~ in explaining to themselves how it arose.
This has been another quiet day in the gold
market, the fluctuations being between l451I and
148L. At the close the price was l46}%. Specu.
lation in the article seems to have subsded for the
moment, and the legitimate demand is not suhi.
oient to have any material effect upon the price.
Any important military news would make the
market more active; but in the meantime the gene.
xal disposition is to operate for a decline. There
was not much done in exchange for to-morrow's
steamer, and the quotation for bankers bills re-
mains at l60 a 161
The stock market improved to-day, in the face of
p very sharp seven per cent money market. 1t is
safe to say that such money market rs we have
had for the past four days would, one, or two, or
three years ago, have caused a panic in
stocks and q decline of S Is per cent.
That stocks have only declined q per
cent, and actually firm at the decline, Is
nainly due to the general confidence which is
nav felt in railway property. Large
hmonnts of the leading railway shares which used
10 be kicked about among the spectators, and
hlaughtered whenever money was close, are now
held for investment, and are no longer in the
street. Every man who has made money has put
hway or two hundred shares of some railway
ptock or other for dividends, and is indifferent to
The fluctuations in its market price. Thus the
amount Of stocks liable to "slaughter' is vastly
fcdnced and when the bears put out their
tracts they place themselves at the mercy Of their
opponents. Few persons aware Of the extent
10 which some popular shares have been with
drawn from the market. We doubt, for instance,
whether five thousand shares Of Toedo-which
used to be 80 plontiful-could be bought
without putting up the price ten per
pent; or 1900 shares of Pittsburg, or 1000
tharcs of guaranteed. The people who own
the bulk Of these and other stocks have not
bought them on speculation. but for investment,
lnd feel no inclination to part with them. When
ihe great bull movement in Erie took place last
August, the operators found II necessary to con.
rol about 65 900 shares in order to put the price
5 i?a. II any one was to try to get 65 900 shares
y Erie to-day he would probably have to pay
very much higher than l23 before he had half
Effected his purchase. At the morning board
Today the improvement in the market was prin.
Pipally indicated by the time sales, for which
large differences were paid. while the transac.
lions for cash were at yesterdays quotations.
Between the boards the market was steady, and
N the afternoon session the following advance
hook place, as compared with the prices Of last
evening:-New York Central I, Erie a, Hudson
biver ~, Harlem TX, Reading ~, Michigan
Central q. old Southern Il, Pittsburg u, 0alena
n, Toledo and Fort Wayne Il. Chicago and
Alton has been firm, in consequence Of the re-
poval of the injunction against the payment OF
The dividend. At tho four p. N. board there was
hot much doing, the offerings Of cash stock being
very small, with little or no disposition shown to
Dell on time. The following were the closing quo.
tations Of the day.
Uso ,'s1 cou. .l0s al0o Harlem pref. . 1l6
UB 6s,'sl reg .107 a1o7k Reading .l26X 127
USos Isl C, los l0sx Mich Central. .l26K 127
US5's, "a. p6x g7x Mich 30 N 10 81 SIX
Us5s, IA, cl 90 look Guaranteed. .l50 . a150h
rr 30 Z, ,A&O.l07 a107x Panama. 168 q 100
r-n a