The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-12-07
FINANCIAL AND COMMERCIAL.



n ,na s,ocx Exchange this morning the removal Of
tba usnenss with which the Presidents Message and
rreasurv Rsnort were awaited was shown by the In
crassad volume of transactions and general improve
mont o prcs the early session OF the open board
New York Central sold at sS, Erie 92H, Pttsburg s4,
ola Southern TO- Northwestern 36I, Schuylkll Coal
COMPANY IL " Marposa 15t4, preferred bl0) 2lH Al
the first regular board the market was strong and Ere
closed x higher than at the second board yesterday.
Reading n Michigan Southern " Cleveland and Pitts
burg l. Northwestern ", Rock Island u, Fort Wayne
r. Mariposa preferred sold at 2iA Government secu-
rites were stronger Coupon nve-twentes OF the old
issue advanced ". Seven-thrty notes were steady.
AT the omen board at one O'Clock the market less
active and prices declined u, operations being de
ferrcd In view Of tomorrow being Thanksgiving Day,
when as matter course there will be total suspen-
sion Of business
At the second regular board the market was steady
Hudson River closed higher than at the first board
Pittsburg 4, Cumberland y. New York Central was y
lower, Erie y, Michigan Southern y, Northwestern 4,
Canton " Government securities were higher parity
undor the advance Of hve-twentes in London 70 eah
The latter Of the old issue per cent tnro Issue
X. Seven-thirty notes were unchanged
At the open board at half past three the market was
f. Erie closed on the call a. s25s, New York Central
ok, Qcadns III, Michigan Southern 7Sx, Rock Island
107x Northwestern $685. preferred 65, Fort Wayne los,
Ohio ana Mississippi certificates 2SH. Canton "a, Cum
bsrianc ID. 8, As, Schnylkin Coal Tx Marposa IL.
Afterwards on the street. the market closed duh but
steady.
Gold was weak under the reassuring influence Of the
Message with respect Mexico and after opening at l48
It declined steadily l4Gx Seven per cent upon the
currency has to be paid for having coin carried.
Foreign exchange dull, and bankers bills at sixty
days quoted at 100 y.
The money market more active to-day under an
increased demand from the Stock Exchange but the sup
ply was abundant TO good houses at seven per cent
There little doing in discounts but the rates
firm. Commercial paper Of the first class is quoted
at "a per cen. and of the second at 10 Is.
The Presidents Message and Treasury Report have
been freely referred to the street. but opinions we're
little divided to their conservatism that they cx
cited no controversy Tho recommendations Of Mr. Nc
Culloch respecting nothing than the
public mind had been prepared for but even If they had
been radical and decided they would have exerted
little any disturbing influence upon the course OF
afars- The action Of the government with regard to
the finances is known to be too much controlled by the
debt itself undergo any sudden CHANGE but the evil
dent desire Of the Secretary to restore the currency to
q sound basis as practicable was COM
mended without exception also his clear and
ingenious exposition of the condition Of the
affairs Of his department. II was, however,
considered by those best informed upon finance that he
attaches undue importance to the funding OF the cur
rency He says for instance that II will not be neces
sary retire than hundred at the most two
hundred millions of plain legal tenders in addition TO the
compound interest 'before the desired result will
be attained" by which we infer he means the
resumption Of specie payments. Nothing, how
ever, could be more mistaken. His suggestion In
favor OF funding the floating debt deserves attention.
aOft, Tho
three years will arise from the maturity Of secur
ties at short dates including the thirty loan Es
tmang tho total debt the LIST Of July next at thrce
thousand Millions the interest the same funded
into bonds bearing i've per cent interest per annum,
would be a hundred and hfty millions per annum.
Now IL two hundred millions per year should
30 applied, in half yearly instruments Of ono
hundred millions each payment Of the accrung inter-
est and in reduction Of the principal he argues that the
whole debt would be entirely paid in little twenty
eight years The great difficulty, however, will lie In
funding tho debt bonds at this rate. His
for the non-taxaton Of securities by the
States individually arc good; but II is an open qucs
ton whether the stocks held by national banks
ought to be included in tho exemption. He
Enormously urges plan compel the national banks to
redeem their issues New York. Boston Philadelphia
Tor he remarks Is important that inexperienced bank
under the national system should learn that their
notes are not money, but promises 10 pay II.
There In unusual degree Of similarity between
the report Of the Secretary and that Of the Comp
trolier, and the latter is nearly as wide in It's
scope tho former the Comptroller being
evidently anxious y express his views generally upon
che finances His recommendation to remove the Cur
rency Bureau TO New York. II acted upon, will probably
be move In the right direction
Petroleum stocks irregular. At the first board
Phoe Creek closed Soc higher than at the same time
yesterday, selling at $l3 Isl Excelsior 25c selling at
81 oS; Bennchor Run Soc, selling at $40 So Oil Greek
was 3oc lower, selling at 81 o5; Kentucky National
Petroleum and Mining Company sold at 81 90 New York,
Philadelphia ard Baltimore 7Oc New York and Newark
Pithoe Consolidated 81 70, Buchanan Farm &c., Brad.
Icy 6oc Empire City o0c First National 4hc Manhattan
45c, Oceanic 47c, United States s24 90, Webster 81 u.s.
Canada Copper Soc, waikiki 81 %.
The reduction Of the Bank OF England rate Of discount
70 per cent preceded by Of Its bullion
f77s o0O has exerted favorable influence upon securi
ties in England and the oath ut Illinois Central
TO 50 s3k and Erie TO 81 67l.
Tho following the exports exclusive OF spece)
from New York TO foreign ports for the week ending
December A.
1854. 1896
Previously reported .... iss sos 500 so,sos, rs
Since January l. ...... S202 2,454 $3.50, l2a 797
The business at tho sub-Trcasury to-day was as fol
lows -
Total receipts 9ol 033
payments 6,OII,55
os ~ w
~, 800
"o'' oizVW
The quantity OF four wheat corn aud barley left at
tidewaer during the fourth week in November In the
years 1864 aud 1865 was az follows