The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-11-24
FINANCIAL AND COMMERCIAL.
THURSDAY, Nov. 23-s P. NJ.

Reading was In brisk demand and closed = higher than
Mt the second board yesterday, Michigan Southern u,
Eric " Cleveland and Pittsburg u, Northwestern y,
Fort Wayne " Mariposa a. Rock Island and Ohio
and Mississippi certificates were unchanged North
western preferred declined IN. Marietta and Cincin-
natl FIRST preferred sold 5lh. Government securities
were dull without Improvement seven-thirty notes
OF the second series u lower.
At the open board at O'Clock prices were generally
well sustained Erie advanced to 927, Northwestern ~
preferred 67A At the second regular board the volume
or business was light and Hudson River closed lower
than at the first board Reading u, Michigan Southern
NJ Cleveland and Pittsburg ~ Fort Wayne u, harposa
a New York Central was V higher, Erie q, ROCK
Island n, Northwestern ~ preferred u. Ohio and his
sisspp certificates unchanged. Government secu-
rifles were rather heavy Coupon HvetwentIes Of the
1885 declined u.
AT the open board hafpast three there was frac-
tonal Improvement portion the list, the remain
der being nearly steady. Erie sold 1924 u, New
York Central ON, Hudson River 109A, Reading III,
Michigan Southern 77x y, Cleveland and Pttsburg
93,< Rock Island 1925 Northwestern s9,s preferred
e7H; Fort Wayne 1o4x a 1861, McGregor Western 20,
Ashburion Coal TO-
Afterwards the street. Marposa preferred advanced
to 1eZ 20. Cleveland and Pttsburg closed at "a,
Northwestern 800 Il, preferred 061s Erie 9e14 u,
Michigan Southern 779s
There a slight increase pcrceptible in the demand
for money the Stock Exchange this afternoon proper
toned the rising volume or business but the wants Of
borrowers freely met at per cent, although
the exceptions at six were fewer Tho spectators
for q rise find difficulty In conducting their
operations far monetary facilities concerned,
nnd after the LIST of December, the redemption of
The eighteen millions of FIVE per cent notes maturing
On that day will mpar still decided
TO the market The disposition to speculate for rise is
strong among the great majority Of the Stock Exchange
and professional operators and apprehcnsions regarding
the possible action OF Congress In relation TO the
finances being gradually dispeled as 1t becomes
better understood that it is beyond the power
OF Congress or the Secretary OF the Treasury to
adopt any radical changes which would not
suit in speedy disaster TO the government itself,
and that, consequently, none will, upon reflection,
bs attempted The maturing Of more than thousand
millions OF public securities during the next three
makes contraction to any considerable extent incon-
sstent with the maintenance of the government credit
Contraction does not reduce the amount Of the national
debt II merely converts form ofsecury-namey,
currency-inio another-namely, bonds-wthout appro-
ciating, have recently had an opportunity Of
ing, tho value of the remainder Of the currency
In circulation. This conversion, by increasing
the of the bonded debt to lower the
ket price OF all the gold bearing securities Of the govern
mont, as well as tho seven thirty notes, which
the seven'hrty notes will touch par whatever the price
OF the six per cent bonds may be, because they are
redeemable into currency. fundable into bonds at
the option OF the holders Unless, therefore, the
bonds into which they convertible are selling above
par less interest there viii be no conversions Tho
Treasury will consequently, in all probability, have TO-
provide for the redemption of the fun amount Of the
sevenhry notes and other interest bearing securities
in currency during the time mentioned. Practically
therefore, the hands Of the Secretary of the Treasury
tied, far radical measures are concerned
Contraction is a very sautary process but 1t must
be we'll timed and carried into effect slowly and
assistance Of natural forces not in opposition to them
IT. after suddenly accommodating national debt OF three
thousand millions, able to specie pay
nents in ton years shall be doing we'll II took Eng
hnd longer period than that escape from the evils
Df an rredocmabc currency, although specie payments
wore nominally, but prcmaurcly, resumed six years
tfter the termination of her with France
1t was well to call for contraction when during the
war currency being issued a rate that had the
struggle much longer continued would have consigned
IL to the fate OF the French assgnats the old Contnen
tai money; but the is materially altered. The
only imitation going forward Is in the form
Of national bank notes, and all that Is at
present required is counterpoisc to these.
We have already experienced the equivalent
OF contraction TO great extent In the reopenng OF the
South and the consequent absorption OF large
OF currency by that section Of the country. The
theory Of contraction is excellent and it is dogma of
considerable popularity but It's practical application re-
qures steady, patient hand and keen eye to guard
against premature action the evil consequences Of which
ordinary intelligence could foresee We are contrac.
tioniss but at the me unlike the radical contrac.
tonlsts who advocate impossibities we urge upon Mr.
McCulloch that conservative which promises
commercial financial inercsfs Of thu ontrc
country.
Tho discount line continued rm at per cent for
prime commercial paper, with exceptions at seven.
Gold was steady. The market opened and closed at
ut 1l0T, the only variation being advance 10 147
Loans were made at 3 4 per cent in favor OF the
borrower
Foreign exchange stronger Bankers bills az sixty
days quoted at 100 Il with sales at 1921; short
sight ilo's; commercial bills los r. The supply Of
tho latter also Southern cotton bs is greatly TO.
duced.
. Petroleum stocks active At the frat board Pit
hole Creek closed Soc lower than the time yes
tcrday, New York and Newark &C., Kentucky National
Petroleum and Mining Company &C. Excelsior &C.
higher. OIL Creek Sc The rest OF the list steady.
AT tho second board Phole Creek closed 45c higher,
selling sls %; United sin.cs i5c selling At sef 20;
Excelsior o. sesling al 81, Cherry Run &C., selling at
csc Oil Creek &C. selling 81 o. Oceanic &C., selling
at 4oc New York and Newark DC, selling at zoe. Benne
hoG Run was 75c lower, selling SO 50 First National
&c. selling nj 45c Adamantnc closed at &c., Kentucky
National Petroleum and Mining Company 81 Is, Ger
mana BIC, Heydrick eoc., Montana 80 so, Buchanan
Farm SIC, Fec Simple Soc, Shade River 2oc Webster
81 80, Quartz hin ooc Waikiki 81 90, Consolidated
Gregory God $40, Smith and Parmec 81 60
The verdict In the Napoleon oil stock Carr against
Ecndal and Chamberlain in the Superior Court has
boon given In Gvor OF the plaintiff for the full amount
claimed--nnmely, 80, 100 This conveys warning to
"corncring parties in petroleum stocks II II fails to
reach tbs regular Stock Exchange but the principles in
voved In this case are identical with those of the
tPrairie Dog corner
Tho London Ec0nomis OF the 18th OF November says-