The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-11-27
FINANCIAL AND COMMERCIAL
srNrAY, Nov. 20, 1906

There Was considerable speculative activity on the
tock Exchange during the past week, and prices were
generally in the ascendant ill Friday afternoon, when
m effort was made depress The Market and prices
seceded Y TX per cent; but the decline was partially
recovered from Saturday AT the three O'Clock open
board Ere closed at s3 New York Central 97, Hudson
River Il0H, Michigan Southern 76k, Cleveland and
Ipttsburg ga Northwestern 3oz, preferred 66 Fort
Wayne l03ss, Marposa 142s, Cumberland An Ohio
and Mississippi certificates 20. Canton ID. 81 40.
for railway and miscellaneous shares closed
dull but with a tendency towards improvement and in
view OF the abundance Of money available for stock
loans prospect of still further supply aud
after the LIST OF December in consequence Of The rcdemp
ZION of not far from twenty millions OF l7e per cent
notes there probability OF higher prices being
rent for the active stocks. The atadpoien
referred TO win be paid presentation al
the ubrreasures ON Friday and the next fol
lowing days, Those TO Washington By The
holders win be paid by draft on one of the sub
Treasures. The interest a large portion OF The tenn
poray loan falls due the date and on the iath
Of December $40 $50 0Oo-the half years. interest on
$500 o00 900 OF the seventnirty loanwii De Isyap@
The on account OF another section OF the
loan win be due February l5 and ssa ooe Oh
January Is third section. Thus the disoursemon's
OF currency by the Sab Treasury viii DC large io the next
ten weeks, after whch-nanely, on the ISL on harci,
April and Maythe remainder Of the i've per cent notes
will mature The amount Of the latter outstanding on
October 81 s32 90l In addition TO these large
amount OF compound and certificates OF in
debtedness will in the meantime, while the TEN
porary oan of which there 500 745 at the date
OF the last statement of the public debt ~ liable
70 be drawn upon at uncertain inervalstwenty five
millions of the amount in the form OF Clearing House
certificates being payable at sight and the remainder
days notice. 1t is therefore obvious that the
Treasury is dependent to great extent upon easy
condition Of the money market for the payment Of its
own maturing obligations without embarrassment, and
that under such circumstances If practicable
al all would DO indscreet and probably disastrous.
snpposng however, another conversion loan Of fifty
millions be offered, the legal tender notes TO be taken
par with accrued interest and the bonds five twcncs
10 be offered par what would be the result Why,
simply that not dollar would be subscribed. Yet The
nifty millions already funded subscribed for bonds
at l03 The issue was then selling at 1924, with
four months and half Of accumulated interest. The
sold yesterday at 992l This is of the
effects OF increasing the funded debt and fresh
would proporionaely depraciae the entire mass
1t is questionable whether new conversion loan
would be taken up at price above 90 for the bonds
Those who subscribed the late loan Of
losers by the operation, ana some OF them have
not yet received bonds to which they entitled
For tins in consideration Of the depreciation which
they have undergone since reasonable time elapsed
closing OF the subscription books for their de
livery, they have a claim for compensation.
Moreover, the decline OF government securities makes
investors at home tnd and DESTROYS of guarding against
further fan by selling out while it exctes apprehen
among the holders abroad which calculated
induce similar results. And it must be remembered
that return flow Of our bonds from Europe world
serious influence in advancing the gold pre-
MIN and the rates OF foreign exchange But
these and other dangers which attend forced ard
therefore mschievous contraction at time when the
tho public credit is public confidence, when
TN country recovering from the effects OF exhaust
ing war may avoided by leaving the currency alone
al the country. and consequently the government, is
strong enough TO bear contraction with safety II will
he enough IL during the next three years, the Secretary
Of the Treasury succeeds IN preventing the currency from
rising above It's present vaae The national hank issues
add ng nearly four millions per week IT, and the
redemption Of the remaining two hundred millions and
of bearing currency via he The
exchange Of inactive for active paper money. Many
VII. sell "short the stock Exchangc anticipation
Of the measures the Treasury may recommend aud Con-
gross may adopt; but those VINO look Tor radical mea
yuis Without seeing that our revenue would be reduced
70 comparative .nsignhcancc, and the commerce ard
enterprise Of the nation Frustrated by tem short
sighted indeed The probabilities, therefore, are in
favor n highly conservative financial policy being
parsued, which WI disappol. both hs saasa e2ss,ac
tooists ard those who base then calculations pom Their
arguments.
The gold market was duh but steady throughout the
wook tho fluctuations being limited 10 $ The
Lowest quotation 146ts Monday and the highest
l471S The close u business Saturday The issue Of
gold certificates the Sub Treasury reached total Of
s6o7o ESQ saturday, and he Withdrawals aggregated