The New York herald., 1865-11-25
FINANCIAL, AND COMMERCIAL.


The stock market strong and active al the early
session Of the open board this morning Erie sold at
s2K, Hudson River llo4 Reading ll7ss, Michigan Gen.
tral H. Mchigap Southern 773s Cleveland and Pitts
burg OAK, Rock Island l0e4 Northwestern 3ex Fort
Wayne 1861, Mariposa lax n. At the first regular
board the volume of business was large the market
freely taking all the stocks offered The transactions
were well distributed the entire list, and the
speculative feeling was strong New York Gen.
tra closed u higher than at the second board
yesterday. Erie u, Hudson River Y, Cleveland
and Ptsbury y, Northwestern y, preferred
u; Rock Island u, Fort Wayne ~ Reading and Mich
gan Southern unchanged Ohio and Mississippi GER
ticates lower Mariposa preferred sold at l9
Pacific Mall stock and scrip. go; Atlantic Mall laS
Marietta and Cincinnati first preferred SIX. Govern
ancnt securities were without Improvement Coupon
nvetwentes Of the old issue were lower second and
third series steady thirty notes Of the third So
riss declined ~
At the open board ono O'Clock the market was frm
but slightly irregular. Ers rsss 10 eS%. and North
western declined TO 3SX At the second regular board
there was an apparently preconcertsd rush to SELL
under which general decline took place.
Ere closed " lower than at the arst board Hud-
son River ", Reading ~ Michigan Southern X
Cleveland and Pttsburg TX Northwestern u, preferred
- Rock Island y, New York Central Il, Ohio and Mis-
sippi certificates y, Fort Wayne y. Coupon fvetwen-
ties Of the old issue steady Of 1884 higher
thirty notes. OF the second series X lower
false rumor circulated by the raidng party to the
effect that MI. McCuoch about to place new loan
upon the Market and absurdly improbable as this was
II had effect in inducing sales to realize The attack
the market apparently came from parties on the
bull side, who having realized largely yesterday
and this morning, were anxious to load up again at
lower hgures the time ate fresh ''short'
interest Some Of tho sales Of the cash stock sup
posed have been preceded by sales sellers options
by the holders OF the former their object being sell
their long stock at profit and to their shorts
Immediately afterwards also profit under the decline
produced by their cash stock being thrown upon the
market speedy reaction therefore probable In
the absence OF any special depress the
At the open board at halfpast three steadier feeling
prevailed. New York Central closed the call
at 81, Erie 92T, Hudson River d. 81 no. Read
ing ll6h ll6A. Michigan Southern 76X, Cleveland
and Pttsburg 921z ~ Rock Island 1857. Northwestern
3sk preferred sax Fort Wayne lo5s4 Ohio and Mssis
sippi certificates 20, Quicksilver AM Canton 45,S
Afterwards on the street. the market fraction
lower portion Of the list but ii quickly recovered
and at the close there active demand for stocks
Now York Central quoted at FIVE =. NJ. at 97H,
cleveland and Ptsburg 92H, Michigan Southern 76k,
Erie s21<, Northwestern 3slsaX
The supply OF money continues abundant at per
cent TO the Stock Exchange and the return flow Of cur
rency from the South, East and West than offsets
the drain outward The Sub-Treasury is at thcsame
time ~ An easy position In preparation for the redemp-
top Of the ve per notes the 1st Of December It's
balance in mixed currency being this afternoon
$50 6T1 14l The in question, to the amount OF
about eighteen millions, Will be cashed promptly on ana
Immediately the date OF maturity and at the same
time the interest the Ave per cent temporary
loan Including Clearing House certificates, will ba pay
rr,rfl Tranc tn
keep tho money easy, avoiding such spasns as
that produced just after the recent funding loan was
closed and to prevent far possible the undue de-
cline OF national securities II is stated that he will re-
commend in his forthcoming report to Congress, an
increase Of the amount Of rational bank capital and cir
culation to the wants Of tho South, and there
Is little doubt that Congress will authorize the required
issues enable the Southern country to share equally in
the national banking system with the other sections OF
the republic. He viii ut the same time. probably, ask
for discretionary power fund interest bearing legal
tenders to corresponding extent The talk Of the rad
cal contmciionis about sudden return to specie pay
ments has only the effect OF exciting the fears Of the
tmid and is, therefore, worse than useless. We are
mot yet prepared further contraction and the return
To specie payments a sound basis will be impossible
for probably ten years 10 come.
The discount line continues firm at 10 IL per cent for
second class signatures and for prime with excep-
uons att
Petroleum stocks active AT tho nrst board Pit
hole Creek closed 70c higher than at the time yes
terday United States 81 45 New York and Newark &C.,
Oceanic l2c OIL Creek 2Tc., Buchanan Farm &c., Gun
nell Gold 35c., Quartz Hill loc. DennehoG Run was
SOC. lower First National 7c., WAIKIKI &C. The rest
OF the list steady. At the second board
Fthole Greek closed Csc lower, selling al
SIS IS; Bennchor Run SC, selling at $19 90
United states SOC higher selling at $40; Gunnei
Gold 10c., selling ut 81 SO; OIL Creek &c., selling at
81 98 First National &C., selling at 42c; Excelsior 4c
selling ut 81 Manhattan &C., selling at 44c Bradley sold
o5c Cherry Run 27c, Oceanic 50c., Rynd Farm 60c,
Shade River soc., United Petroleum Farms 5os.
y Gold has been dull and steady. The market opened
M 14ezs declined to 146K, advanced 70 LAT and closed
at the opening price Loans made at per
In favor OF the borrower
= Foreign exchange was dull at 100 Y for bankers
bills at sixty days Some transactions second hand,
were reported at 10sH
The argument 10 the Prairie du Chen injunction
took place IN the Supreme Court before Judge Clerkc,
to-day The company prayed FOR dissolution Of the In
junction obtained by Henry stimson, restraining the
company from issuing any Of their common stock, and
conended that they had under the amended statutes full
power increase their stock The Judge took
the papers and reserved b. decision
perusal Of the full report OF Chief Justice Chase's
opinion OF Jackson the Northern Railroad
company Of Pennsylvania lessons tho Importance which
was attached to under the imperfect telegram an
nouncing the decision The plaintiff s Brit sh subject
residing out Of the United States holding coupons Of the
bonds Of the railway company referred TO, from
which the latter deducted Ave per cent under
tho 1921 section OF the Internal Revenue
act Of March 8, 1905 which subjects certain
corporations tax OF Ave per DIVIDENDS de-
ciarcd, and authorizes them to withhold the tax from
ssockholders tho Court ruled that the tax In question
was construed connection with sections Of tho
same act incomes, and levied in the form pre-
scrbed not as . tar, but rs Of enlorcing
oue already imposed. Consequently, that for
erncrs residing AZ the United States liable
70 the ax on Incomes foreign subjects entitled
recegve the amount OF their coupons in FULL railway