The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-11-12
FINANCIAL AND CONNER GAL.

SUNDAY, NOV III, 1865.
The stock market active but irregular during the
past week. Its general tendency was upward but on
saturday raid was made upon Erie and the North
western shares which reversed the previous course
orces and the former, which had sold at time an
Aish "A say, was hammered TO s2k. Previous to the
rise however had been depressed Sly The decline
In question with which the rest Of the railway list par
taly sympahlzed, was to all appearances owing 10 q
speculative manouvrs distinguished from substantial
cause, and IL will not improbably be followed by
another sharp upward movement for which the
fresh short Interest has prepared the market The
ply OF money is abundant and the number Of outside
operators large that with the value Of railway pro.
pcrsy steadily improving, IL il m0e than herculean
task 10 resist the tide Of speculation for rise, and all
efforts towards that end can be attended with only very
temporary success until tho movement exhausts itself,
which yet Il IL evidently far from having DONE Inc
bears made sharp attack upon the market early IN the
week. but II reacted Immediately afterwards, involving
them In loss instead Of bringing profit and the same
experience will probably ,bs repeated io-monow
and afterwards No apprehension Of monetary ssrin-
genoy this under present circumstances can
exist in tho mind OF any sound thinker There 10 alb
solutely active currency In circulation now than
shere ever was before in this country, while
sequence OF decline Of gold there is lar less employ
mont for it. At the time the net earnings Of the
leading railways larger proportion the gross
cepts they been since the currency imitation
commenced and the gradual reduction OF the interest
bearing portion OF the national debt releases
from employment proportionate amount OF
paper money thus Indirectly initiating the currency
and increasing the plethora Of funds the financial
centres The dulness OF trade too, compared with the
previous activity, dsengages in the aggregate consid
cradle of capital, contributes thereby TO the
activity of speculation the Stock Exchange, towards
call loans miscellaneous colateras made
freely at five per cent and governments at four,
while the exceptions at six trihng TO afford
any indication of the of the market There
slight observable the quantity Of commercial
paper offered for discount, aud the rate tor the best
grade advanced to 5 6, the majority of transactions
being at six, although few at long date were reported
The fact that the banks OF this city allow all
but half million of their twenty-five millions Of tenn
porary deposits represented by Clearing House certf
idle in the SubTreasury shows that they
at present unable lend all their available surplus
The Western money markets easy as is usual at
this season of the year, and the return flow from the
West will set in very soon. The South is we'll sup
piled with currency it's necessities Call for, and the
of this years cotton crop will call for
currency than is already there, although SPECIE
10 limited extent will probably be required. Some
persons foolish enough TO say that are on the
verge Of financial and commercial revuson, and they
have been talking in the same STRAIN since the war
ended, but rredeemable paper money basis there
be such revuison IN the absence OF efforts TO
bring forced resumption OF specie payments OF
which there is no probability
The stock market closed steady after feversh nuctua
tons half past Ave Saturday the subjoned quo
tstlons: Erie s21S u y, New York Central ll7k x,
Michigan Southern 9lS a u, Northwestern So ts-pre-
fered Tsh a y, Fort Wayne 1905 u, Ohio and Mis-
sssppi certificates s44 a. The miscellaneous stocks
quiet except Pacific Mall which advanced TO 245
Government securities were dull but firm and there Is
little speculative interest in hem the speculative
mind being absorbed in the contemplation Of may
shares upon which the present speculation In Wall
street entirely centred
The gold market heavy, and as the week drew to
CLOSE tho bears largely oversoId it. The price gralu
ally declined from l4sX. the highest price Mondy,
TO 14k, the closing price in the Gold Room IN
Saturday; after which the street and Up
town there were transactions . low la
At this price, however, gold may be considered
cheap comparison with what will probably sell At
in the future. The demand for customs duties at this
port during the week aggregated $2osl Oo0 which was
moro than onset by tho payment OF g. 600 In coin
interest on the public debt.
The foreign exchange market firm at the opening
but gradually yielded under tho limited demand for bills
AZ the OF business Saturday bankers bills
England at sixty days quoted At 100 Kat three
days l0eJS no. commercial bills los 1854 francs At
SIXTY days 5.l7h bl5-at three days $40; bills on
Berlin 72 72k on Bremen 7sX 7ox Frankfort
81 AS, ON Amsterdam 4ox II, on Hamburg 56i4
3os<, Antwerp 51sX a5.1e
ar session Of the Exchange each Saturday Of the
Isst four weeks were an follows