The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-11-17
FINANCIAL AND MERCiAL,


p,,,,a oo,@ por island 1904 Northwestern SO, pre-
ferrsd az Fort WAYNE l044, Cumberland 4sh At the
r, reg,ar hoard the speculative feeling was rather
tame New York Central closed " lower than at the
secoud board Yesterday Erie r. Michigan Southern
vas " higher Northwestern II Cleveland and Ptsburg
a. Northwestern preferred unchanged. Western
IIpon Telegraph was per cent lower Government So
curies were stronger under purchases by the regular
dealers Coupon fvetwenties OF the old issue advanced
n third issue seventhirty notes OF the second series
* third series H. Afser the call the market improved
and nj tho open board at one O'Clock it was
strong. AT the second regular board il was
firm. New York Central closed u higher
than at tho first board, Hudson River u, Michi.
gan Southern " Northwestern y, preferred y. Cleve
land and rtsburg and Canton unchanged. Erie was e
lower Prairie du Chen was steady at par. Govern
mcut securities were stronger Coupon skies Of 1881
were n higher coupon fvetwentes OF the third issue
H. seven thirty of the third ries a. One year
certificates steady
AT the open board at half.past three the market
weakened and New York Central closed o. Erie 92
Hudson River los Cleveland and Toledo 1o2, Michigan
Southern 1885, Cleveland and Pittsburg s2s Northwest
ern 33s preferred e5 Fort Wayne 1o4 Ohio ana Aisss
sippi certificates 30 Cumberland 43 schuykil coais4
Quicksilver 4s, Mariposa 1914 Afterwards on the street,
prices were fraction lower.
The inquiry for money was less active than yesterday
On the Stock Exchange and the demand was freely met
al en per cent There nothing in the condition OF
tho loan market interfere with the course OF specna
tion in stocks, the prevailing dulness IN wan street
beng attributable to other causes There is an mdspo
son 10 make now contracts among the old conservative
houses and the outside support which the market is re-
ceying Is insufficient TO give IT decided upward I'M
pulse The experience OF the Prairie du Chen corner
has made both brokers and spectators weigh
xrl.tla he hfn.
prices at which stocks selling make
them umid OF operating for rise, with the con-
vcon bsfoe them that before long lower quotations
must rule Meanwhile all ordinary calculations set
nj defiance the cratic of the clique stocks
Cquism underies and controls the whole market,
and when combinations withdraw their support
prices will sink, preparatory to fresh rise.
IL is not inconsistent with this view OF the
case, however TO look for higher figures
pending such withdrawal But the WHOLE two
three clique stocks excepted the present aspect Of the
street fagor the continuance for short time longer of
''brokeTs Market in which every weeks advance
vii; be lost In the succeeding week, and in which the
majority outside of the eiqucs will be contened with
short turns aud quick returns.
The recent depression OF government securities
is attributable In part to the failure Of the
Treasury Department TO furnish the banks subscribing
to the recent nifty million funding loan with their
bonds in exchange FOR their notes promptly Many of
thcsa having yet received the bonds which they
are entitled have been Breed to sell other securities to
make for the deficiency, and this has induced sales
by other parties and weakened the market for all
casses Of national securities The Treasury Depart
ment should have prepared the bonds for deli
very before the subscription 10 the funding loan
ccecd AMI have obyiatcd the inconvenience to the
subscriber which the absence Of this foresight has
caused them. Although the compound interest notes
paid in inert they served reserves aud the in
creased activity Of the money markets all over the
country since the time OF the subscription has made
their absence felt in quarters where the effect most
unexpected However large the volume Of the currency
may be- form OF contraction be adopted without
it pinchng somewhere for trade aud and the
wants 81 the community adapt themselves speedily 10
every change the amount Of the currency, absorbing
al frce isues rapidly and yielding under contraction.
The former is always pleasant and easy process the
latter painful and dGlcalt one.
Thc dts demand Is active Of per cent for first
class commercial PAPER and 10 u /. for the second
grade.
Gold was barely steady The market opened 141L,
aud closed at l4 Loans were made al l32 per cent
early in the cay but afterwards the rate six per
in favor OF the lender
deposits Of gold at the Sub Treasury have thus fur
aggregated about million OF dollars The certificates
ISSUED acknowledgment of the receipt of the
.sabia customs duties and also payable
They already in active circulation
Foreign exchange is duh bat firm at 1885 100 for
bankera' bills q, sixty days.
Petroleum stocks irregular. AT the first board
pi,ho!c Creek closed &c lower than at the time
yesterday, United States 10c., Webster &C., First Ma
ticnal Ice, Zee Simple &C., Oceanic &C., New York,
rhiadcirha and Baltimore loc. New York and Newark
v &c. higher, Palmer Petroleum &c., BennehoG Run
s. liralsy e. The rest of the list steady. Al
The hoard Pole Greek closed DE higher SELL
Ing at SO 30 Fee Simple &c. lower selling at &c
= National DC, selling at Gle United States 20c.,
selling $27 35 Ham Mcclinock sold at 50 So Bennc
hon Run Si7 60 Buchanan Farm 60c.
The Tiusvc tIa Herald Of the 18th inst makes the
following ammo OF the sudden failure Of well
oil WELL showing that the duration OF the yield
II ihe hest productive wells is matter OF great
uncertainty
The s,oppgre Of tho Frazier or United States well,
saic ocourred ON Friday last naturally creates some
sensation oil men We personally visited the |
veil fortnight since, when II was producing about four
iundid and eighty barrels per days very marked de-
:nc from whai il popularity rated outside The
port that Il had entirely failed Friday generally
tisrr dci hut 10 Ia confirmed The cessation OF the
dow wss ,den and unlocked for and was nrst made
snawn Tic company by two visitors a. the WELL who
~ overod THAT had ceased flowing and reported me
cifeinsis IT the Office.
arm. u struck in the early part OF January last,
tud started ~ two hundred and twenty-five barrels per
day II it- second productive well Ut any conse-
qaenee That has isiied The Homestead which the
sccand we'll struck suspended operations some time ago
Both "eils have proved highly remuneratve 10 Their
ownorr, anc haze made name and larIe for Pholc
A, 4 meeting 81 The Atlantic Mail steamship Directors
held to-day Mr. u. y. Alien elected Pr sidcnt, |
Sanae, Barton Treasurer and franklin Alien Secretary
The anrgn meeting Of the Pacific Mail steamship Com
pany resulted in the reelection OF the old board with
the exception Of The substitution Of NJ c. X Garrison
for Mr. George H. Russell
n i expected that the stock Exchange VIII I've removed
to the new building In Broad street about the LIST
cember where The board viii remain In session con. |
tnuousy within certain hours, after the manner Of the
London stock Exchange. The details Or the arrange.
meats Tor transact oil bn ness have no, YET been