The New York herald., 1864-12-03

u W.
The stock market showed spasmodic buoyancy
al the first session Of the board but afterwards
declined. The closing sales as compared with
those al yesterdays second board, shoW0 an ad-
vance in Erie OF *. Reading "a. MichiS IAN Cen.
tral "a Michigan Sou tern II, Illinois Central 2ls,
Cleveland and Pittsburg 32s, Chicago and North.
western Z, Rock Island ! y, Fort Wayne = Mari,
posa a Quicksilver Il. Government securities
were strong. Coupon fve-twenties Of the pew
issue advanced Is |; coupon skies OF 1851, u;
coupon ten foFties a. Oae year certificates were
steady. Al tie open board, at one O'Clock, the
market steady. but at tie second
regular board IL W 5 dull and weak. The closing
sales showed decline upon those of the morning
in Erie OF X Hudson River 2s, Reading q,
Michigan Southern "a. Illinois Central /, Cleve.
land and Pittsbulg u, Chicago and Northwestern
q, Rock Island l1s. Fort Wayne II Marposa
IL, Quicksilver 4. Cumberland Coal "a. Govern
ment securities were higher: coupon skies ad
vanced Il a Is coupon fve-;wenties 2. (new
issue q ~, coupon ten.iorties =. at the
open board, at halipast three, the market was
steady, but very dull.
Speculative feeling is at q very low ebb, owing
TO the prospect of an improved military and fnan.
cia situation. The expected achievements OF
Sherman deter many, and the anticipated action
OF Congress with regard 10 the currency, loans
and taxation, deter all from venturing upon the
uncertain tide of speculation in railway and
mining shares. SO the field Is left clear 10 the
brokers, who buy and sell among ihemselyes-an
exhausting process in tne aggregate if long cen.
tinued, for what gains the other loses and
meanwhile the expenses OF living so Yet capital
is abund mt and call loans may be had on first
class collaterals at six per cent although the
OCULAR rate is ssven. But the general uncer.
tanty which prevails makes men hesitate either
10 borrow to lend, and millions Of money are
lying absou ely de III consequence. One OF the
national banas OF the city III view OF this peculiar
condition Of the money market adverlises TO allow
four per cent interest on deposits above thou
sand dollars after fifteen days, and that
such offer should be made and
that there are parties who avail themselves of it,
shows the de gree of stag alton 10 which the mo.
ney market is reduced. 1t is at present impossible
to lend large cunts freely good securities
but not few capitalists who wer. formerly
lenders are now SPECTATORS and they prefer to
allow their funds to remain idle at intervals to
employing them constantly in discounts or loans:
and they DO this for the sake of having them at
command at any time for speculative investment
on their own account.
Specifically it appears somewhat singular that |
with more than nine hundred millions of currency
in circulation this state of things should exist but
when consider that within few days measures
may be passed by Congress and events may occur
in the field which will greatly influence the gold
value of the currency dollar, the apparent anomaly
is easily explained.
There is very little commercial paper offering
for discount. and the best names rate from eight
to ten per cent with exceptional transactions, at
short dates, at seven.
The payment of the interest on the December
coupons Of the two years notes yesterday has re.
leased more than sixty millions Of these from the
hands of hoarders, and thus, after allowing for the
temporary withdrawal Of twenty-five millions in |
exchange for the fve.twenty bonds just issued,
there will be net increase to the active circnla
ton Of thrty-fve millions.
Foreign exchange has been in limited demand |
to-day at 1887 "a for bankers sterling at sixty
days and llOH q at three days, while mer |
chants bills continue to be offered at 1917 Q
1887, and francs at 5.l3 5.l9 at sixty days.
The importatops Of dry goods at this port dur. |
ing the week ending November 80 compare as
follows with those of the week prcyious:-