The New York herald., 1864-11-10

market opened strong, and considerable buoyancy
impaired TO it by the spirited bidding as the
call progressed. The closing quotations showed
the following variations from those Of yesterday
morning:-Erie advanced 81, New York Central
2H. Hudson River az. Reading 3sS, Ahoh and
Terre Haute A, Michigan Southern g. nlinois
Central 4, Cleveland and Pittsburg 4, Chicago and
Northwestern "a preferred 81. Chicago and
Rock Island 3H. Milwaukee and Prairie du Chen
~, Pittsburg, Fort Wayne and Chicago A, Ohio
and Mississippi certificates 3, Marposa 2, Quick
silver ~, Cumberland Coal so.
Government securities were firm, with an up
ward tendency. Coupon skies Of 1881 advanced
Il as, coupon five.twenties n new issue q.
One year certificates were steady at 9516.
State and bank stocks were neglected, and rail-
road bonds dull, but firm.
After the call the improvement continued, and
at the open board at o'clock, general further
advance of "a 2 per cent took place.
At the second regular board prices were lower
and compared thus at the close with those of
the mornng:-Erie advanced u, Hudson River
"a, Reading sk, Michigan Southern IS, Rock Island
"a, Michigan Central r. New York Central de-
clned "a, Cleveland and Pittsburg q, Chicago
and Northwestern "a. Illinois Central, Cumber-
land and Mariposa were steady.
Government securities were strong at an ad-
vance. Coupon fve-twenties improved "a. coupon
fves of 1881 "a. Seven and three.tenths Treasury
notes sold at l07.
At the open board at halfpast three, the mar.
ket was stronger and quotations higher.
The loan market has been active to-day under
an increased demand for money at seven per cent
on call. The partial stringency and unsettled
feeling which have prevailed for the last few days
IN monetary circles attributed by some to the
bugbear of new government loan, but this
has exercised hardly any influence. The
immediate cause is more correctly traceable
to the calling in of loans by the national
banks and the curtailment of their lending power
by the drafts of the Treasury upon them in their
capacity as desposi,ories of public funds. This at
the same time has induced the observance of
greater caution on the part of the State banks,
while it has increased the demand for their loan
able resources The amount of money required to
carry gold is very large, and high rates are paid
for accommodation by the specie brokers an
operators. Wide differences are paid for time
options on the Stock Exchange, owing
to this condition of the money market.
In the discount line there is very little
being done. The quantity of commercial
paper offering is very small and only first class
names are marketable. The rate for these varies
from nine to twelve per cent, with exceptional
transactions at short dates at eight.
Foreign exchange is firm, in sympathy with the
course of gold, but the rates are unchanged and
the demand is not active. Currency quotations only
hold good for the moment, owing to the ceaseless
changes in the gold premium The gold rates for
bankers sterling at sixty days are quoted at lOsh
az, and Ill at short sight. Merchants bills are
still out of request at l0s a u.
The news of the burning of Atlanta and the cap
ture of the privateer Florida was not received
with unqualified satisfaction by the "bear" party
in gold, owing to differences suggested by the
first respecting Sherman's military position, and
a fear in the other case that we might
possibly become entangled in o dispute with
Brazil in consequence, neither of which con.
siderations, however, are entitled to Importance.
The increased legitimate demand for gold con-
sequent upon our reduced exports is assisting to q
certain degree speculation for rise. Those for
the week ending on the 7th inst. compared in
value thus with those Of the corresponding period
in 1862 ard 1861
u,s9s.sss asss .s,5ss,oss 1sss; ss.aiss,o asss
Our imports have simultaneously decreased but
not to the extent which our exports have during
the last three months.
fhe prime reason for the advance in gold to-day
and its prospective further advance, is, however,
based upon the result Of the great event of yester.
day. which leads the majority Of those who are
capable Of influencing tie gold market to look for
long continuance of the financial policy which
has already degraded the value of the currency to
less than thirty cents on the dollar. This,
therefore, ought to act a warning to
the administration aid Congress to avert
threatened disaster by the prompt adoption
of measures calculated to arrest the growing
evil of paper money imitation, and q heavy
responsibility rests on our legislators and the
government in the administration of the
national finances. They must deprive spccula-
tion Of its power, far as it is possible for judi.
cous to do SO, and counteract to the best
Of the national ability the errors Of the past origi.
mated by Mr.. Chase, sanctioned by Congress, and
at present obsequiously followed by Mr.. Fessen.
den, who is as conspicuous failure as was his
predecessor. This great question Of money has
not yet received the consideration which its i'm.
portance demands and which the pressing necessi.
ties of the future will render urgent and imperative
however much the supincness Of those in power,
with regard to the vast interests at stake, may
delay the Inauguration of a new financial policy
by which the value Of the paper dollar may be ap
Treciated and the expenditure Of the government
reduced one third or one half, while a correspond
ing advantage viii be reaped by the entire people.
Financially, we have a difficult task to perform,
which calls for the full development Of our re.
sources and skilful management of our fiscal
affairs generally. The room for improvement in
the future great and there is no time to be lost
Stock Exchange.