The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-11-29
FINANCIAL AND COMMERCIAL.


The stock market has experienced quick ai'hougn
but partial recovery to-day from the depression OF last
evening Al the early session OF the open BOARD Ere
sold at ok (sales 70o Hudson River iosh michigan
Southern rs x Cleveland and Pittsburg ales I00 81
Northwestern saies $500 S5Ss y, preferred 65b;
Fort Wayne l04H At the first regular board the market
was active and business well dstrbued but there
was no material change in prices. New York Central
closed >, lower than at the second board yesterday,
Erie 4, Michigan Southern 4, Reading u, North
western " Rock Island a Mariposa common, al Can
ton u. Ohio and Mississippi certificates " Hudson,
Cleveland and Pittsburg and Northwestern preferred
,rere steady. Government securities continued weak.
oupon aye-twenties OF the third issue were x lower,
selling az os thirty notes OF the second series
" The FIRST series were higher and the rest OF the
dist steady. #IHr tsA
Az the omen board At one o'clock the market firm,
Tlevaapd and Pntsburg being the strongest and most
active stock on the list with sales OF 200 sharea Attn
socona regular board there further Improvement
New York Central closed higher than at the first board
Erie X Michigan Southern y. Cleveland and PittsbaEg
~. Northwestern ~ preferred vi Rock Island ~ Fort
WAYNE " Ohio and Mississippi certificates y, Canton ~
Cumberland u, Quicksilver u, Mariposa l. The latter
has advertised that the past due coupons OF It's
Arst mortgage bonds viii DO paid upon presentation
There are only about four thousand dollars OF these
outstanding. the balance having been funded into
preferred stock while OF the next January coupons
all mt eleven thousand dollars have been similarly con-
vertcd The suit Of the company against the Receiver
has lust been decided in favor Of the former the re-
Ownership being vacated upon the company paying the
costs Of the proceedings. Government securities were
frmer Coupon fve-twenes Of the old issue advanced
u thirty notes of the second lseries u. Five
twentics OF the second issue u lower, selling
at esI
At the open board at hafpast three prices yielded
fraction on portion Of the list Eric closed on the call
at o2h Hudson River 109 New York Central ID. 81 s6X,
Michigan southern 1871 Cleveland and Pttsburg o2k,
Rock Island 10S, Northwestern 35x, preferred o5H
Mariposs 14, preferred 20 Quicksilver 46, Ohio and
Mississippi certificates 2sa, Canton ASK, schuylki
Coal H. Afterwards, the street, the market was dull
and barely steady.
The supply Of money little more abundant In
proportion to the demand than yesterday, and although
the general rate for call loans was seven per
cent exceptions at six were not uncommon
This, considered in connection with the unusually
large balance OF $40, ,963 In the Sub-Trea-
sury, is highly favorable to prolonged monetary
ease at this centre The redemption OF the FIVE per cent
notes on and Friday will add not far from
twenty millions TO the active currency, and the West
and South being largely indebted TO New York the drain
OF currency thence towards this point likely TO continue
for considerable time longer Exchange on this city,
both at New Orleans and Chicago is scarce and firm, the
buying rates being at or above par Under this condition
of the money Market tn therefore, strong inducements
viii be presented operators for rise the Stock Ex
change oven the face of any recommendations which
Mr. McCuloch may make in his report in favor OF con-
traction with view the ultimate resumption OF specie
payments; for he as practical man, must know that
specie payments for eight OF ten years TO
como cannot be resumed however DESTROYS
he end all OF Us may be 70 achieve such result He
may and probably WILL advocate contraction, but be
will do SO seeing the other hand tho inistion
produced by the daily issues Of the national banks.
and the prospect OF q considerable amount in excess
Of the original three hundred millions being author
lied by Congress for distribution in the South.
Z For tho next three years, at least, the hands
OF the Secretary of the Treasury will be virtually tied BY
the necess ty which he is under OF meeting than
thousand millions Of maturing obligations in currency
unless unforeseen event should the price Of
per cent bonds above par induce which
is very improbable.
The discount line Is Arm, and the supply OF CONNER
cal paper increasing. The best grade continues to bt
quoted ut a and the second 10 Is per cent Lend
ers arc critical Of signatures and only prime names are
In favor
Gold has been in the ascendant Tho market opened
At l47 and advanced to 14sk after which, at the close
OF business it relapsed to 14s There sale inside at
the second stock board OF $40 l4 seller 30 days
Tho SubTrcasury supplied the market during the early
part Of tho day. with view mainly Of increasing It's sup
ply OF currency preparation for the redemption OF the
'tadpole notes. but without excrting any apparent in
1aence upon the premium.
fs European advccs received to day roassuring
avetwentcs being quoted at esf 3d. Erie 81, and Iii
nois Central 81 siK in London and the bullion in the
hank Of England having increased f37i 600 The ad
Of flo per in copper will doubtless influence
She market for II here