The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-11-22
FINANCIAL AND CONNER GAL.
TUESDAY, Nov. 2l-e P. N.

Tho stormy weather had perceptble effect IN limit
inc the volume 81 business on the Stock Exchange this
morning. but as the day advanced the market developed
an improving tendency At the early session OF the open
board New York Central sold at s01 "a Erie 9lI x,
Reading l14.. Michigan Southern 757l Is, Cleveland
and Pittsburg 9S,S, Rock Island l0Sk, Northwestern
3sx. preferred 0Sz. At the first regular board New
York Central closed lower than at the second board
Yesterday Reading a. Cleveland and Pttsburg " North
western preferred x, Marposa 4, Cumberland r. North
western Fort Wayne and Canton were unchanged.
Narposa preferred sold at l7A r. Government secu
rites were heavy. Coupon hyetwcnties of tho 1854
y lower, seven-thirty notes Of the second
series y, third series r. Skies Of 1881 x higher
AT the open board at O'Clock prices gencr
ally afraction higher the chief activity being in North
western common, which clique endcavorinl
TO run up, regardless Of its low intrinsic value
Al the second regular board tho market was
strong New York Central closed u higher
than at the first board, Eric 81, Michigan Southern
y, Northwestern Ia, preferred 81 Rock Island 4,
Cumberland ~ Fort Wayne and Marposa common
were unchanged Marposa preferred was in demand
and sold at 10, an advance Of IL upon the morning
price, and after the call there transaction at 1875
the common stock selling at the time at H. There
were no sales OF government gold bearng stocks which
showed declining tendency on the street, but seven
thirty notes OF the second series were Is higher third
series K.
Al the open board at hafpas three the market was
steady Erie sold at sls Hudson River 1851, Michi-
gan Southern .63s Cleveland and Pitsburg 93T,
Rock Island ~ Northwestern 3s, preferred 0oh;
rerre Haute and Alton 46, New York Guano 10.
Afterwards. on the street, the market was steady.
Cleveland and Pttsburg quoted TAT five p. NJ at
1884, Michigan Southern 76'5, Fort Wayne l04ss y.
The latter company received last 81 100 485 49, for
$3.50 747 miles of passenger and freight trains run
showing earnings AZ the rate OF 81 80 per me-and the
company report 81 10 per mile for running expenses.
Such roads as the Rock Island and Chicago and Alton
and Il Louis report the other hand, 50 93 mile
earnings and 81 50 expenses. Most Of the expenses
omitted the Fort Wayne report for repairs Of
aud loconotyes and should the company report their
whole expenses the scale reported by Rock Island
and Chicago and Alton and st. Louis roads their report
Of net earnings would be somewhat follows:-Mcs
run $3.50 s47 receipts per mile 81 90; expenses per
mile 81 Genet gain 80 cents per mile 1850, TAT
miles Sl,O14 a23. Interest $12 900 Of debt,
$685. $50 Tho whole shows surplus Of $lss, 233. The
Fort Wayne report is deficient in charges for repairs of
and locomotives although it is notorious to all
travellers tina. the Fort Wayne road is in order
any Of the roads alluded to- and consequently the
wear aud Of and locomotives must have been
greater lle stockhoders VIII fnd the company selling
their and bonds so long dividends de-
ciarcd
Money has hoen easy to-day at seven per cent with
few gan-uctions The prospect Of twenty eight
millions tadpoics '-namey, and two years five
per cent notesraaturng the LIST of December, and
The Remaining portion OF S32 90l the lst of March,
April and May next respectively, gives assurance Of
easy money market and therefore tends stimulate
speculation for Il The Secretary Of the Treasury
has no option whatever in the redemption of these
notes They payable principal! and interest," at the
date of their maturity legal tender notes prcsenta
ton. and they DO redeemed in compound interest
notes and plain e.ccnbacks out Of the Treasury. To
attempt the experiment Of merely paying the in
tcrcsl and after stamping, returning them 10 their
wouid be breach of faith highly danag-
ing 10 the public credit also would be any
effort induce the holders TO accept payment
certificates Of temporary deposit other nonlegal
iendcf security More than thousand millions Of pub
lie secnrics including seven-thrty notes will
this dgrin; the three years and order
prevent the holders OF the whole OF these demanding
payment in legal tender notes aud 10 encourage the fund
ing Of them ivetwenties must be kept above par,
less The accrued Interest, and they cannot be kept
the absence Of easy money market, if then
Every step il The process Of rcdceming the unfundcd
debt during tic three years will involve practical
Imitation Ant far as the redemption of the interest
bearing currency is concerned It will be the
Of The Trassy viii probably talk of contraction in
rs iorsC9c u report bu. IL will only be talk
Il win have moral effect in preventing people running
wild peculaons for advance of prices but to carry
into effect world he to bankrupt the Treasury and pros
trade IL refore 1t is 10 be avoided, except to
iho extent II neurazing the fresh issues OF national
bank ruircucy which are adding nearly four millions
week 70 the voGmo Of paper money ailoat. The con-
traction Of the currency must not be forced but left to
time and ,c operation of natural To unduly
hasten woGid &c to invite the disasters which 1t
intended TO rri.
Gold continues extremely dull The sales by the Sub
Treasury temporarily steady the Market and there is
inducement held ont to spectators operate Loans
have Teen i.dc today chiefly at per cent interest in
favor The borrower The sales OF the sub-Trcasury
have recently averaged between sjooDOo and 5000 900
per day, aud these have been made with special
reference to providing for the redemption Of
the iyc per cent legal tenders due the LIST
proNnno. Tie gold sold by the government is not
ally paid II tho SubTrcasury, certificates being
ssicd ius;rd. md hence the rnpd nominal increase of
.oin dcposis IL tho Sub.Trcasury II IL estimated that
II upwards OF three millions OF certificates issued not
than million represented deposits Of coin by
pubic Tins, while the total receipts at the Sub
Iic,aary yesterday 50 6o95 $50, the receipts
a. duties and temporary loan were only
si,'blon. The opening price IN tue goia room was
49,, followed by decline Of Il and advance TO
1857, NJ which the market closed.
Foreign cScAsl. g firm. with strengthening ten
dency. Bankers sixty day bills were quoted at 10s7s
100; short sight 1905 llotS There were not many
Southern bankers Or commercial bills Offering
Petroleum stocss dun At the first board Pthole
Greek closed &C. higher than at the same time ycster
day, Bennchu' Run &c. Excelsior l2c, Oil Creek 25c.
New York and Newark was &c. lower The rest OF the
list steady.
The business at the sub-rressury to-day was fol-
lows
Total receipts 81, 6972
Payments. NEUTRALITY-SUSPICIOUS.. 170o, 12i
B,auce. 81 ss4 600
Tor customs. ACKNOWLEDGEMENTS. 255 600
On account OF government loan. .......... 565 600
Gold certificates. 6l5 400
stock Exchange.
TI.ra Nnr ol-1n A