The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-11-26
E FINANCIAL AND COMMERC GAL.

SATURDAY, Nov asp. n.
Tho stock market opened with improved tone this
morning. and at the first session of the public board
prices were higher than the close Of business last
ing. Eric sold at o3x, Hudson River 1loH, Reading
ll6X, Michigan southern 1914 Cleveland and Pittsburg
e2K Rock Island l09k, Northwestern Sssf, preferred
6ek Fort Wayne 1864. At the regular board the mar
kot active, but somewhat irregular Erie closed X
higher than at yesterday board Hudson River ~
Michigan Southern i, Cleveland and Pittsburgs<. Rock
Island \. Reading u lower Northwestern u, prefer
rcd III Fort Wayne u. Ohio and Mississippi certificates
~ Panama Railroad sold At 235, Marposa IA. Govern
ment securities dull Coupon fve-twentes Of the
old issue declined e, second issue h Seyenthirty
notes werc steady. urf eaH c.-.---,.
After tho call prices were higher; but at tho one
O'Clock open board there was usual Saturday,
considerable realizing by parties unwilling to hold stocks
Sunday The sales Of Northwestern common sggrc
gated eight thousand three hundred shares under which
the 70 sok-1x below the closing price 1t
tho regular board. Az the open board at threeoclock
priocs generally fraction higher Eric closed the
call at esq., New York Central o7ss, Hudson River lloH
Michigan Southern 7eK, Cleveland and Pittsburg oek
Northwestern 3oz, preferred 66x; Fort Wayne 1884,
Marpos lax. Cumberland AZ, Canton IS. Ohio and
Mississippi certificates 20.
Afterwards on me street. the market closed dull but
with an upward tendency. Northwestern quoted at
half past four p. NJ at 36T 81, Erie 98X Y, Fort
Wayne 1851 y, Michigan Southern 7ell q, Reading
Hoax.
The demand for money was q shade more active this
morning than yesterday but after noon as the wants Of
tho brokers supplied the market worked easier
Loans were made freely at seven per cent but
the exceptions six very fow 1t is noticeable
that tho preference Of lenders formerly shown for gov
ernments collaeras is passing away and FIRST class
railway securities regarded with equal u not greater
favor. That government securities have manifested
downward tendency since the recent funding loan was
offered is not to be concealed; and this Is
partly owing 70 sales by hanks and private Indi-
viduals who, being In need Of money, consid-
cred their Avetwentics and seven thirty notes the
securities by which they would be likely to lose least
in selling The effect Of the funding was In the
depression Of NIL the funded and unfndcd public secu
tiesthe currency being left Of the ques
tionand the holders Of these securities naturally be-
came appreheusive Of further funding and further de-
probation in consequence A steady, although limited
now bonds snd seven-thiry notes towards the nnan
centres has been felt since that me and Is likely
TO continue till confidence felt in the stability
Of prices; for while some Of the sales made
under necessity IL 10 clear that many made under
desire TO change investments in view OF the possible
contingencies which may affect the price Of national
by demand from other investors induced to purchase
by tho low quotations current but IL is evident that this
demand Is not equal 70 the supply from other sources
otherwise there would be no Decline and more
hrmness than the market has lattcrly shown.
Had the Treasury been prompt In the delivery Of the
bonds subscribed for the temporary endorsements TO
which Of the country banks subjected would
have boon avoided and the market for government
curities would have probably suffered less. The fund
ing operation seems TO have made the gold premium
nrmcr, instead OF exerng opposite effect; for II
confirmed the previous impression that the cur.
rcncy would never be redeemed in gold, but
simply funded into bonds al par. Tho nve-
twenty bonds OF the issue are now selling below
par; but supposng them to beat par with gold at l47
they are worth only 50 cents in coin TO the nominal dol
lar Hero difference at once OF thirtytwo per cent
shown, by an act OF tho government itself, to exist
between the value OF the currency and the gold
dollar with the decline Of tho gold premium
this difference would Of course decrease, just
n with It's advance II would increase; but
while 80 many uncertainties attend the future Of our
finances the probabilities not much in favor OF the
former for long time 10 The exports TO balance
our foreign exchanges likely to continue till southern
crops turn the scale and check the DRAIN but until the
resumption Of specie payments gold will be more an
article Of commerce thnn standard Of the public credit
although It will To certain extent at all times reflect
public confidence dstrust or the national credit,
being liable under extraordinary circumstances 70 rse
rapidly while under no crcumsssncss however fsvcra
BILE, 10 II likely 10 decline otherwise than very slowly.
As standard Of values unlnnuencsd BY supply and de-
mand would be gauge Of the public credit during the
suspension; but as an article Of commerce. such ~
becomes whenwe export tso balance our exchanges, IL
is Influenced BY TIE ordinary laws Of supply and do
nand