The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-12-01
FINANCIAL AND COMMERCIAL.

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THURSDAY, Nov. So-SP H.
Che stock market has been nrm to-day, with an I'M
proving tendency the disposition 70 buy STOCKS IN AM"
cpa&ion Of Z rise after the meeting OF Congress oens
moro decided At early session OF the open Doafu
Eric sold at olX Reading ll5x, Michigan southern .o.
Cievslsnd and Pittsbsrg 92x Rock Island 1o7h Fort
W.vns 1854 Prairie du Chen o5K At tho first regular
board New York Central closed x higher than at the
second board yesterday, Erie y, Reading ~
Michigan Southern e. Cleveland and Pttsburg Y,
Northwestern preferred u, Fort Wayne X, Mariposa "
urefered r. Illinois Central lower There was
sale Of the stock Of the Durango Silver Mining CON-
pany at IS. Government securities were stronger Cou-
pom tenfores were " higher, fve-twen'es OF the old
issue X third issue r. Skies Of 1884, fvetwenties Of
1884 and seventhirty notes were steady.
AT tho omen board at ono O'Clock the market was
fraction higher AT the second regular board the i'm
proyement was well sustained New York Central
closed y higher than at the first board,
Michigan Southern u, Cleveland and PttsburgH North.
western 4, Fort Wayne ~ Msriposa y, preferred X,
Canton y. Erie and Cumberland unchanged
Northwestern preferred u lower Government So
curtes were heavy. Coupon nve-twenties OF the old
Issue lower ten-forties y, seyenihrty notes OF
the third series y.
At tho open board at halfpast three the market
showed increased strength and activity. Erie
sold ct 02k New York Central e7H, Hudson
River 1oo Reading 1893, Michigan Southern 1914 Ceve-
land and Pttsburg 9sh, Northwestern 3oJ, preferred
66k, Fort Wayne 106z, Prairie du Chen ols, Mceregor
Western 27k, Now York Guano 154, Canton 4oh,
Schuylkin Coal Tx, Quicksilver 47,s, Marposa lo3t,
preferred 2oA.
Afterwards on the street. there was good demand for
stocks generally, at AZ advance upon the closing
prices at the board.
h,t<,n
supply was more than equal to the demand at per
cent The disbursements of the SubTrcasury In redemp
ton of the Eve per cent notes. which will commence in
the morning. likely reduction the rate for
call to six per cent Tor few days TO There
will DO about fifteen millions OF the notes paid OF in New
York and the remainder at the other Sub Treasures
The interest on the FIVE per cent temporary loan,
including Clearing House certificates, will be payable
also tomorrow The report OF tho Secretary OF the
Treasury 1t is expected will be Of conservative char
acter and rather calculated to disappont those who
with the Fort Wayne speech before them look for radi.
cal recommendations Mr.. McCuloch is too practical
and sensible man to commit himself in formal report
to Congress to measures which are mpracticabc. He
will doubtless speak of contraction and advo-
cate a return to specie payments as speedily
may be consistent with the financial and commercial
interests the country but he win do knowing that
that result for indefinite number Of years to come
Meanwhile the South must be reconstructed, the prob
lem of the free labor system solved abundant cotton and
tobacco crops raised and into the markets of the
world the drain OF specie reversed in favor and
the generals resources OF the country developed
and made tributary TO the national prosperity. The
political reconstruction OF the Southern States will be
important element in bringing Sabout the resumption Of
specie payments; but rs entering wedge II will only
pave tho way TO those material results upon which
shall have ultimately to rely for return to the
hard cash basis While Mr. McCullsch will dis
creely talk Of contraction az dogma he win
give an impulse in the opposite direction by
pointing out the necessity OF supplying the South
sharer with the North in the benefits of the National
Currency act. Congress may vote hundred or two
hundred millions national currency, and this will
unfortunately be hard to neutralize by
traction elsewhere; for the national bank
notes are rcdcemable in legal tenders, the latter
must not be made to make difficult for the
banks to keep prudent reserve otherwise the whole
national banking system win be endangered Danger
and difficulty beset the Treasury in whichever direction
il may move and for the next three years till after the
maturity OF the seventhrty notes. II must move with
extreme caution.
Gold was dull and steady. The market opened at
I4sK declined to 49, and then recovered aud closed at
l4SK. Six per paid for having gold carried.
Foreign exchange continues firm but dun Bankers
bills at sixty days, are quoted at 100 u; commercial
10sHaK
The business at the sub-Treasury to-day fol-