The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-10-03
TT E EsrT YORK uaAp runs P# IA IN ET I'm n
FINANCIAL AND COMMERCIAL.

ever t became 70 few in the street that section
number one OF the fvetwenty funding loan, which We
the first to foreshadow, and for which those who
imagined themselves wiser than ourselves ventured to
contradict us would BIO offered for subscription tomorrow
TO the amount of ffty millions 1903 the Treasury re-
ceving therefor compound interest notes one
and two years notes. and certificates Of in
debtedness which mature before the LIST OF January
next Stocks Immediately pressed for sale; but
the bulls vigorously contested the decline and OF the
many these who heard Of tho forthcoming issue there
were few who did not either dscredt the try
make believe that influence would bs NIL Wall street.
indeed for the most part fails to see that
this measure is Of contraction and the
first step towards the resumption Of specie
payments, however remote this contamination
may be- Hitherto the Secretary Of the Treasury hes
issued at his convenience legal tender notes for
bearing paid into the Sub Treasures in
accordance with the Of Congress- and this has prac
tcay contributed, although very slight degree, 10
the prevailing ntlation but those exchanged for bonds
under this funding process can Of course never be re-
issued There Is every reason TO suppose that
the banks will promptly avail themselves of the
privilege Of funding these notos, the accrued
interest being allowed, In which event a certain
proportion OF the same will be Withdrawn from the re-
serves, the amount withdrawn being replaced by non
interest bearing legal tenders This will diminish, TO
limited extent the amount OF currency in active circula
the loanable of the banks. The bulls
the Stock Exchange nevertheless argue that there
nothing tending towards contraction in this process and
that it is exchange of one kind OF paper for
another 1t is true that is only an exchange Of one
kind Of security for another; but nsomuch as it re-
duces the volume Of the currency by conversion
funded stock, 1t is important The national debt of
Great Britain is little less than double the amount of
own; yet the paper currency there par with gold
80 tl.a o
morning stocks buoyant, and at the
regular board there no falling Off in prices
speculation being mainly directed for a rise
At the latter New York Central closed Ia higher than
at the same time on Saturday Hudson River q, Read
ing IL, Michigan southern az, Cleveland and Pittsburg
Q Northwestern Il, Rock Island l. Prairie du CHEN 1,
Ohio and Mississippi certificates 2s, Quicksilver u Erie
was steady and dull throughout the excitement in the
rest of the market Government gold bearing sccuri
ties neglected and heavy Pacific Mail stock sold
at 250 and scrip at POS. Western Union Telegraph 74.
At the open board at O'Clock the
market firm, and the speculative stocks
were y y per cent higher At the second
regular board 1t excited and lower New York Cen
trail closed II lower than at the first board Erie ~
Reading u, Ohio and Mississippi certificates a. Quick
silver u. Hudson River and Michigan Southern
unchanged Cleveland and Pit,sburg Il higher
Prairie du Chen u. Government securities continued
heavy and inactive Seven thirty notes, OF the third
SERIES sold at 9sZ
At tho open board at fpast three prices were
lower New York Central closed on the call at 96x,
Reading s3) llsi. Erie s7zs, Hudson River s3l 1loA,
Michigan Southern 70, Cleveland and Pttsburg TAX,
Rock Island dividend 10TH Northwestern preferred
e2x, Marposa 1917, Quicksilver ls.3 40, Central Coal
ssx, Cumberland Asa, Canton 4o%. Afterwards the
mapke. was spasmodc in its movements and after
shot rally relapsed Governments heavy the
street.
Petroleum stocks very firm at the first board this
morning Buchanan Farm closed at the first board Sc.
higher than at the same time on Saturday Excelsior
1Tc., United States 81 05. New York and Nova Scotia
mining stock sold at 54c At the second board the mar
ket heavy and there was decline of from
In Germana to 81 10 in United States; but Excelsior
advanced 1Sc, closing at 81 Pthoio Greek closed at
IS rs. Webster 81 o. Eclipse SO, BenehoT Run $l2 So
Buchanan Farm 81 49, Chcrry Run &c, German 4oc.,
Fint National s5c Oil Creek 81 80, Rynd Farm 81 90
United States $40 o5.
The gold market firm The opening price was
lllx, from which there advance OF y, and the
closing quotation was l44k.
The foreign exchange market was dull, and bankers
bills At sixty days quoted at look.
The money market has been shade more active to-
day and very few call loans have been made under six
per cont The bank for the week is unfavor
abie the loans concerned the decrease being
IS $50 1885, but the effect OF this activity Is neutrazed
by the increase 50, 500 o27 In deposits The specie
has undergone q further decrease Of $57s,ss The
circulation has increased ST. $50 so2 and the legal
tender have undergone corresponding movement
70 the extent Of The discount is rm At
. 10 per cent
Tho European advces by the steamer Belgian show a
siigh depression the prices OF American securities on
shc London Stock Exchange Erie shares 67,a and
nve-twcnties IS u. Consols we're at the same time
rather heavy which Is the OF encouraging This
IA probably In degree attributable TO the Fenian
excement
Two evening journals to-day express their opinion
chat ar tho Secretary Of the Treasury should issue new
compound legal tender notes In place OF those received
in subscriptions the funding loan In the market
the effect of the will DO entirely ncutraized and
II will therefore prove mischevous and Of them
90 FAR as to say that virtually gives the Secretary
20 issue fifty lions currency replace that which
has long ceased cuIato We regret TO be obliged
In the Of the public TO contradict these gross in
accuraces. The Secretary Of this Treasury cannot Issue
securities exchange for one and whatever cur
rency is converted bonds cannot DO reissued In any
other hut the form Il Is papab'e absurdity TO
suppose tho contrary and those who sccpcal had
better consult the Of Congress- call At the Sub
Treasury, for further information.
In our remarks present export trade yesterday
msprint made us say that they higher than last
year instead Of lighter
The following figures compare the last weekly state
ment OF the New York Associated Banks with the
tirns Of tho previous week.
Sept q sept 10
Iosns .t2i5, sI9,454 e22i, sls $40
I,cnoats - ............. III. 800 I89 1888 $50 fl0
cycrie .......... IL, 222 662 f3,643,ls 81
Irrsal tenders .... 54Ois4Ts 81 ss5 6T4
CrcuIatlon ..... p2p4 sos 1O,645,69T
sl.a
arc follows
Ipcrcase I'm ioana 30 y39, $50