The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-11-15
FINANCIAL AND CONNER clAL.

M0NpAY Nov ls-G r. u.
The course Of the stock market has beeo spas
modio to-day. and Il shows want Of that stfeagta
which i essential 10 steady rise. The 'buli party
like the democratic party, i demoralized. u aas
been weakened during the fast year by series OF
panios. tia, 81 last April having been the m-st
disastrous and il has 40 longer the capital or the
confidence 70 absorb beavy blocks Of stocks and
carry them upward despite the efforts of the
bears" 10 the contrary. The majority of
BUYERS are now weak in both faith snd
cash aud the experience Of ale past has
taught them to be colleuted with small pro-
fts and quick returns. The present il
merely brokers MR. Aet,r easily broken and
lacking stability; while possessing salient fea.
ture, pointing either TO rise or tal il presents
very little Involvement 90 outside speculsto.s 10
cast their bread upon its uncertain waters.
Al the first session OF the board stocks were
stroag at the opening and prices advanced, but
after the call there was general recession and
a decline OF speculative feeling. The closing quo
tations showed the following variations from those
OF Saturday morning. Erie advanced Ia New
York Central "a Hudson River 20. Reading 5.
Michigan Central 3 Michigan Southern ~. Iii
NOS Central 2 Cleveland and Pittsburg "a. Chi.
csgo and Northwestern Ia, preferred 2lf, Cieve-
laud ana Toledo "a, Chicago and Rock Island go,
Milwaukee and Prairie du Chen |, Fort Wayne
~, Ohio and Mississippi certificates ~, Quick.
silver ~, Mariposa "a.
Government securities were strong at an adj
vance. Coupon iivo-tv entities improved "a II,
new issue Il a e. coupon skies OF 1851 u Is,
seven three-tenth Treasury notes, October and
April, a 4; one year certificates Is a.
State stocks were inactive, railroad bonds rem
and bank stocks quiet.
At the open board at o'clock prices were u
a ~ per cent lower, and at the second regular
bosrd the market dull and dropping.
As compared with the sales Of the morning, New
York Central declined IL. Erie |, Hudson River
1, Reading ~, Michigan Central 211a Michigan
Southern ~, Cleveland and Pttsburg u, Chicago
add Northwestern 70, Rock Island q, Fort Wayne
2. Maiiposa u, Quicksilver y, Ohio ard Missis-
sippi certificates
Government securities were strong al q further
advance. Coupon skies of 1851 improved Il a g,
coupon hvc-twenties II, new Issue Y 70,
one year certificates Il II, Treasury notes, Oc-
tober and April, A. The rise in these last of eight
per cent since Saturday is owing to the renewed
agitation of the subject OF their recevability for
customs duties by certain Of tic holders, who have
rendered them at the Custom House and protested
against the Collectors refusal to receive them,
with Tho intention of taking legal proceedings III
the matter 10 test the constitutionaity Of the law
Of February, 1860, which SAYS And he it
enacted that all duties on imported goods shall
he paid III cash, or III notes payable demand,
heretofore authorized to he issued, and By
law receivable in payment OF public dues.
A. there WAS nothing Inconsistent III word,
however much there might have been in
intention. with this clause in thc act OF July ".
1851 authorizing the Issue OF these notes, we can
referred 10 can be conceded, and certainly the
Secrct4l Of The Treasury would not be justified
in adopting any course other than that which he
has already done with regard to them. Certain
lawyers ana others have made a speculation of
these uotcs and are trying hard 10 10 something
which si force up iheir mar&et price. some
al t.c holders encourage lie belief that there i
possibility, in any case, of the Secretary Of tie
Trcasp.g continuing 70 pay interests ia gold upon
them y tie lst Of January. condition that those
receiving is thereupon convert the notes into SIX
pes ce. A1lds OF 1881: but mere is no authority
~ yet or ilis suppos.ol.
The gold market has bee firm but inactive to-
DAY. undcr the absence or strong speculative |
srtrt - any bat very ight Legitimate demand |
tagu. yum0rs we're crsuia ed with respect to the |
rovca4eots OF Sherinans army--one pointing TO |
panyiIlD Virginia, as his probable destination. !
aGotacc 10 Macon, a third ii tie direction Of the |
ACaatit coast. Speculation on the subject Is in |
TO the uncertainty attending it. But !
these runors exercise little influence on the |
market The quotations were as follows