The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-11-18

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FRIDAY Nov. 17-6P NJ
The stock market opened without recovery rom sne
depression Of last evening" and at the carry session Ing
omen hoard New York Central sold at s6h, Erie slH,
Hudson River lOsk Reading ll4z, Michigan southern
75k Cleveland and Pitsburg s2's, hock isiand NO.
Northwestern ssk, preferred os1 Fort wayne ioSh'
schuyikir Coal Company 9A, hariposa 1914. Az tne
rst regular board the market was duh but steady New
York Central closed II lower than at the second
board Yesterday Erie 1, Michigan Southern
" Cleveland and Pittsburg u, Northwest
ern preferred u, Fort Wayne " Prairie du Chen
4 Canton X. Rock Island was unchanged; North
western higher Government securities continued to
improved Coupon nvetwenes Of the third issue were
higher The first issue and coupon SKIES OF 1881 were
steady thirty notes Of the first series advanced
u, third series Y.
After the call the market was stronger and at the open
board at one O'Clock It rm At the second regular
board 1t was strong but rather inactive Erie closed
higher than at the first board Michigan Southern u,
Cleveland and Ptsburg y, Northwestern preferred y,
common X; Fort Wayne y, Prairie du Chen u, Cum
bertrand u, Canton A Rock Island was 4 lower. Long
Island Railroad sold at II 76x Government securities
were strong Coupon nvetwenties Of 1854 higher
third issue scventhiry notes Of the third series r.
Atthe open board Ut three O'Clock the market
heavy. New York Central closed at 9ox Erie IN
Reading 1ll1, Michigan Southern eSK, Cleveland and
Pittsburg s2X, Rock Island l01K, Northwestern 84k,
preferred os; Canton As, Fort Wayne 1885, Cumberland
~, schuylkin Coal Company on Narposa 1ah
Afterwards, ON the street, the market was dun pus
steady.
The money market continues to work with increasing
ease and the supply OF capital available for employ
ment on the Stock Exchange is in excess Of the
present limited demand. The effect is seen moro
IN the advancing tendency Of national securities
than in the railway speculation: but It cannot be
overlooked that an abundant supply Of money ID cacu
lat cd to stimulate operations for rise In all active
stocks The number Of outside operators in the street s
Just now small but the cliques are within certain
margin strong and disposed for activity whenever
prospect OF gain presents itself The bears knowing that
il lies in the power OF the latter to advance prices sud
denly are reluctant to sell sbort and hence the mar
het is rendered more inactive than otherwise would be-
30 long, therefore, as money remains easy-and all the
present indications in favor of increasing easethe
bull clques will be likely to prevent any material de-
cline stocks, and their most strenuous efforts to
promote a rise The outside public, in view Of this
temper of the market will probably assist to extent
the bull speculation by buyingfor the bear interest
always from the Stock Exchange ITSELF not from
outside operators the Prairie du Chen corner has
exposed the danger Of selling ''short' to even the
shrewdest and oldest members Of the stock board At
the time II must be remembered that the absence
Of largo 'short' interest, while it may temporarily
favor the bulls operates against very considerable rise
stocks and further that the apprehensons excited by
the approaching meeting Of Congress and financial egs
ation also possible future relations with Mexico
and France, deter many both in and out Of the street.
from extending their contracts On the whole however,
it Is generally considered safer to be the 'bu" than
the bear side Of the market under the existing cond
ton OF affairs While the conservative element in Wall
street is neutral the bull clement is the alert and the
element the defensive than the aggressive
There is change in the discount line. The
volume of transactions at the banks Is limited,
but the demand is active. Much Of the COM
merci paper offered to the latter Ia declined, and has
submit shave OF is 20 per cent among the note
brokers First class paper is quoted at per cent,
and the second grade at 10 . h.
The gold market steady, tho opening and closing
price being 147 and the only deviation X downward.
Foreign exchange firm, but not active. Bankcrs'
bills at sixty days quoted at 1854 100, short
sight 1907 110z Tho transactions in the former
generally at 1857.
The deposits In exchange for certificates at the Sub
Treasury to-day amounted TO SOFA total OF
about ST. 900 tho books opened Wednesday
Petroleum stocks heavy at the 1rst board Pit
hole Crock closed 81 90 higher than at the same time
yesterday Oceanic &C. Central &c., New York and New
&c., Bcnnehon Run 2oc United States 81 49, Tho rest Of
the list was steady. At the second board there
better feeling Pthole Creek soc higher selling at
$le e5; United States 81 05 selling at SIS 25 Fee
Simple &C., selling at 26c Central was 5oc lower, selling
at s2e Bradley sold 9oc., Excelsior &C., First Ma
tional &c. Ham McClintock ST. Oil Creek 81 20, Web
ster 81 &C.
The Comptroller Of the Currency has proposed the fol-
lowing rules for the redemption Of national bank
notes.
First-Thc notes are be redeemed by the banks by
which they respectively issued, and should not be
returned to this office In less than five hundred
dollars or even multipies OF that amount
.Seond-Mutiated notes which have been torn or de-
faced win be received when presented by the bank that
issued them provided all the fragments arc returned
and tho engraving or signatures are not SO far
that connot be determined by what bank the notes
issued.
TAird-Fragments should be redeemed by banks in
full when accompanied by affidavit stating the cause
and OF mutation, and that the missing part Of
the note totally destroyed The good character OF the
AFFIDAVIT should also be fully vouched for by the officer
before whom the affidavit Is taken
Tho Comptroller Of the Currency will IL is understood
recommend In his next report the removal Of the Cur.
rency Bureau TO this city, and expected that az Mr.
McCuloch made the same recommendation last year
when Comptroller he will endorse IL in his forthcoming
report TO Congress.
The following reference to the State debt OF Indiana
made by Morton at the opening Of extra
session Of the Legislature on tho 14th inst -
The OF the public debt Of the State consisting
Of two and half and Ave per CENT registered stocks IL
e74se6o co. or this amount the sum Of g. $40 500 Ia
Ave per cent and the sum OF s2o7ol60 so is two and
half per cent stock that is stocks upon which interest
IL paid at these rates After a lengthy review OF the
condition, resources and liabilities Of the State In
view Of the debt, the Governor concludes that
while the State Is not bound 10 pay the prin-
cipai OF this debt on the 10th day OF January 1885,
or DO considered in default, yet that Il In not at
liberty TO postpone the payment Of II indefinitely that
70 do 30 would be 10 violate the fair construction or tho
certificate itself and the explicit understanding that ex-
listed In the Legislatures Of 1s46 and ls47 and in the
Convention OF 1880 a. shown by their several enact.
mens and debates but that she Is bound 10 make pro.
vision TO pay the debt within such reasonable time after
the twenty years may comport with tho original un.
dersandng Of the parties, the ability and condition Of
9s State left by the war the faithful performance
good name. The message continues, that II the trust
funds Of the State could be invested In her own stocks