The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-11-15
FINANCIAL AND COMMERCIAL.

board yesterday, Eric ~ Michigan Southern -, Illinois
c,nrai 4, Cleveland and Pittsburs =, Northwestern
y, preferred Il Rock Island q, Ohio and Mississippi
certificates u. Fort Wayne failed 60 sympathizc
with the general market owing to the report
that the four new directors Of the company
Messrs W. r. Havemeyer, J. T. Yeiverton, W. White
right Jr and Oliver H. Charck-are opposed to the
purchase of Mississippi and Missouri road which the
remaining members OF the old board favor The former
understood have sued out an injunction 10 pre-.
vent The proposed action Of the Executive Committee
appointed treat for the purchase Of the road ques
ton. Mcssrs. Durant President; Tracy, sturges and
Davis compose the latter. and have, said drawn
upon the treasurer OF the company for S.5OoO0
With the intention Of applying tho same TO
the purchase. The committee invested by the
Did board with full power TO act for the company In this
matter but this being disputed by the new directors,
very pretty quarrel is the result Cumberland was un
changed; Canton x lower Government securities
heavy At yesterdays second board quotations, coupon
nsewentes OF the 1855 Issue excepted, which declined
r. There sale OF Prairie du Chen common stock
NJ iO3 The transfer agent OF the company was exam
med by Judge Sutherland to-day upon matters bearing
upon the injunction, but further progress was re-
ported in tho Western Union Telegraph stock rose
50an advance Of Ii per cent since yesterday morn
ing. Atlantic Mail sold at 1856
AMER the CALI prices fraction lower, and ut the
open board O'Clock and subsequently, they were
higher At the second regular board the prices
touched were sus1 ned; but the market steady
New York Central closed per cent higher than at the
arst board Erie ~, Hudson River y, Michigan South
srn r. Cleveland and Pittsburg In Northwestern u
Fort Wayne e. Reading was " lower, Northwestern
preferred "a, Rock Island a. few shares OF Prairie
On Chen sold Mt 1907 Government securities
Continued depressed, and coupon five lwenties Of the
1864 issue we're u lower
The steady pressure sell national securities and
their consequent decline in price, is the natural result Of
the country being overloaded with them and Of the pre-
Ealing apprehensons that the policy of the government
avors contraction which viii conduce TO general de-
cine Of prices. Moreover, contraction Of the
rcrcy would involve nearly corresponding increase Of
Tie funded debt, the holders Of the bonds repre-
senting the latter are the first 10 take alarm
and hasten to convert their securities into cash
other property which they imagine will prove
profitable them This tendency OF public feel
ing has been materially Influenced BY the talk Of the
rudca contractioplstS and Mr. McCuoch's Fort Wayne
speech, and all extremes ought to be avoided the
needless apprehensons Of The hodsrs OF government
securities should be checked before they have time to
undergo much further development. Within the last
two three weeks large amount Of government
cnes has been sent TO this point for sale by country
national banks the unduly expanded condition OF whose
maintain their solvency: but now private investors
are observed to be selling out their governments,
which furnishes practical evidence Of their disrust Of
ihe stability OF current prices This is mainly owing to
Exaggerated ideas regarding the future action Of Con-
Escas with respect TO the finances The people require
r. he told that IL is TO the interest of the govern
nent 70 guard against fall in the price Of its securities
commercial panic or monetary arrangement OF any
nd. and 10 leave the appreciation OF the currency
pach s possible to DO worked out by natural
twA rho goiume Of the currency Ia already
Enormously large but under the exceptional cir
uinslancea IA which tile country Is placed the
whole OF Is actively employed; and while the South
ASSEMBLING considerable portion Of the same and re-
ppesiiog from the exhausing effects OF the late war
medium Of exchange should be very deiicatey dealt
i,b, he duty of the Secretary of the Treasury
ling nwhe to countoract udoiously the effects Of
4, national bank issues which adding than
aee millions per week 10 the amount OF paper money
ai since the closing Of the recent funding loan in
non 70 the extent Of these issues has been going for
I'D and the maturity VI the tive per cent notes. COM
luy called 'tadpcles' will favor easy condition
uthe money market rather than otherwise. There
~ outstanding of these on October 81 S32 536,90l
aut SIS 900 900 OF which II Is estimated fall due on the
lof December, and the remainder in various on
tiisl OF March, Apri, and May respectively but
lat 81 Tho public debt the amounts maturing at
OF those dates is only known to the Department at
wilmington. These maturing notes VIII lie met
q, Tie issuo of compound interest notes and
cncale- Of temporary deposit, and to a
I'd extent by drafts upon the Sub-Trcusury
,is city for presented at Washington. II will
dos, DO the aim o. the Secretary Of the Treasury to
psent The further decline Of national securities and
a,ugb his efforts may not be entirely successful be
miat least modify the vague fears Of their holders in
-, the policy he intends to recommend 20 Congress
l. pcerncd
hey generally reported easier on tn stock Ex-
ctc, but the rate II strictly cvon per cent AT call
ri IL little dispoait!on shown discount but prime
mas and except for regular customers the rate for
nras commercial paper is per cont, the rate in
tbebcr case being l. Very good signatures. however
Sabt TO lOa12.
Abe open board at half past three the market
slaa but dull New York Central closed nj e7,s, Erie
9sNiudson River 1857, Rock Island 1885, Reading
1saMchgan Southern .5fk, Clevelans and Plttsburg
sa%NorihNescrn %, preferred Co. Prairie du Chen
loa, ieio and Wabash 80 canton a. schuylkli Coal
=.
Al.~srds on the street, the market wss stronger,
aad dc /. NJ Ere quoted at e2A AZ, old
sculi'n 75S. New York Central o7,s y, Northwest
sfn % s. preferred 50; Rock Islsnd lo5is ~ Read
ing lis
Goaas steady. The market opened at lI7, advanced
,, ia7 and closed at the opening quotation.
The sue certificates by the Sub Treasury will CON
pence morrow with The denominations Of $40, 500
f,0oo vs. ss,39 70 which viii be added then ready
fhose $3.50 anil $500
\ sora.a exchange was dull a. yesterdays rates.
EankerSbiIls At sixty days sold a, 1os}s al.
fetsO!,m stocks we're active At ,hr Gst board Pit
hole Cree closed Goc lower than the time yes
rrisy buchanan Farm &C.. First National &c., Oceanic
-, OIL Cock &C.. Rynd Farm &C., Webster &c Palmer
WIS lie ,igier BcnnehoT RIM Soc.. Zee simple &c,
Fniioi ts.es co., Gsnnell Gold Be- The OF the liz
vas steady
Al tb second board Pthole Greek closed l5c higher
sting SIC 50; Buchanan Farm Sc. lower, selling !
atEOc. Fir. National Ac Hing az Ole Foe Simnle