The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-11-08
FINANCIAL AND CONNER IAL.


~ S0Psnng ana the clonng tfansActions - los
Asr ms Adjournment Of the board the quotation de-
lined 70 1851 1859, but soon afterwards there was
: recovery 70 Issk 1854 There was an active Dor
rowing demand for coin from the bsars and loans
made without interest," and a I. 2 and per cent
PER annum respectively for carrying The volume Of
business continues large, and the gross clearings
Amounted 70 $7s ass 000 the gold balances ATS
and the currency balances 10 $2,370,s7A The pre-
ponderance Of speculative strength Is still the bear
side, and the pacific aspect OF European affairs
courages the extension OF the .short' line. At the
same me the operators make use the fact that the
volume Of United States further contracted TO
the full extent authorized BY Congress last month
~ IN argument In their favor, although it by
no follows that such Is the case for undue
traction tends 10 embarass trade reduce the Of
the government retard the resumption Of specie pay
msnts and force gold TO higher premium than 1t would
have otherwise sold The present rate Of contraction
entirely too rapid for the welfare OF the country
iarge the development Of national resources and
the interests Of the government ITSELF which, as the
largest debtor would ultimately be the greatest sufferer
by the commercial and financial panic and prostration
which perseverance in excessive curtament Of the
legal tender issues would finally lead to. Hence we
trust that Congress- whom it meets. will take into con-
sideration this important question Of the cur.
rency, and withdraw all power from the Secretary
Of the Treasury to curta its volume in the future and
we do not isnterpre the signs Of the times the ten
dency OF its legislation will be IN favor Of imitation.
The amount of coin the Treasury the LIST inst
SILL SIT, against which $I4 54 200 OF gold certih
Of deposit had been issued leaving s97 GIT
the property Of the government From this must be
deducted about twenty millions for the November
interest. The remaining ssventytwo millions not
very large reserve when take into consideration the
payment of twenty three millions coin interest in
January seven millions and odd IN the redemption Of the
principal Of bonds maturing at the time and like
sum for purchase of that territorial luxury, Wal
russia
Money in good demand from the Stock Exch ange
but the supply fully adequate per cent
and in not few instances loans made first class
houses at six per cent, the lower being general
where government securities the collaera Dis
counts OF FIRST class commercial paper continue to be
made with great caution by the banks seeen per cent
but on the street 1t has to submit to 10 per
cent while for inferior grades there is little or no
iket. except at much higher shares among the note
brokers Trade continues depressed, and the decline in
gold has tendency to forco further decline in foreign
goods, which tells severely against the importing
munty, whose losses have already been very heavy.
On the Stock Exchange however, there signs Of q
brsker speculative movement apparent, and towards
the close of business this afternoon rather buoyant
feeng prevailed, attended Dy sharp ADVANCE III rail-
way shares, Erie leading the way.
There much activity in government securities
at the counters of the leading Dealers and the close
the market steady at the following quota atoms
Registered, 1881, lllss 111T; coupon, 1881. liz q
1l2k 520s registered 1852, 104zS 1857 do coupon
1862, 10sh 10S3s do coupon, 1854 1864 1861; do
coupon, 1865 l06h 1861; do. coupon, January and
July, Io7a 107X; do. coupon, 1867, 10711 10755'
10 4o's, registered 1oo1s lOoal; DO coupon 1918
1917; June z.30's, 1851 l05H; July do, 1861
1o5K; December compounds, 1854, 119S 11o2s; May
do, ll7,s 1l7x; August do, 1855 116A september
do, 1l6 l16k; October do, ll5A 49,
There report current effect that the Secre-
tary Of the Treasury proposes to sell the unssued
portion Of the two hundred millions Of the tenforty
loan Of March, 1854, TO tho foreign demand tor
them which said to exist in certain quarters owing
their bearing specific pledge their face well in
the act authorizing them Of the payment of principal
and interest in coin. The amount unssued IL supposed
to be about twenty eight millions and half but owing
the imperfect way in which the periodical statements
Of the public debt made the latter fail to specify
the Of the ten-fortes outstanding all the i've per
cent bonds being included In the one sum-
Al the commencement of business the railway share
market steady At the closing prices Of last evening"
and the early session Of the open board Erie sold at
nk; Reading, 95k; Rock Island OAK OAK; Cleveland
fsrred, e2k; Fort Wayne. 95k; Ohio and Mississippi
certificates, 23h 23%; American Express, 81; United
States 6sX
At the first regular board the market stronger,
and che greatest Improvement In Michigan South.
eru Erie and New York Central Northwestern pre-
fered was active and advanced from 62h to So on the
call Pacific Mail quiet. The express shares were
heavy and Adams ~ lower and Merchants Union
X The State stocks were firm, and Tennessee SKIES
showed an advance Of X, sue " Missouri skies y.
New York Central closed Il higher than at the same
time yesterday, Erie ss, Michigan Southern Ia, Rock
Island n, Quicksilver ~ Western Union telegraph u.
Reading was u lower. Cleveland and Pittsburg y,
Northwestern X, do. preferred y, Fort Wayne u, MIL
waukee and ST. Paul ~ do. preferred u, Ohio and Mis-
sissippi certificates u. Pacific Mail l. Government
securities were dull but firm. Coupon Eve twenties OF
1854 closed u higher, coupon ten-forties u, seven
thirties third SERIES Il. Coupon ve-twenties Of 1866
were u lower.
At the open board at one o'clock the market was in
active but scndy, and New York Central sold at 11o
Erle Tx; Michigan Southern, 7sX 7Sz Cleveland
and Ptsburg, sljs; Rock Island, 94K Northwestern
4s7< Al; do preferred, 62H 62A; Fort Wayne, %.
At the second regular board there was further i'm
provement the temper Of the market. Milwaukee and
ST. Paul preferred Erie being The strongest OF the
railway shares Erie closed x higher than at the first
regular board, Northwestern y, do. preferred u,
Milwaukee, and 81. Paul Y, do preferred Ia, Ohio
and Mississippi certificates ~ Canton " Western Union
Telegraph 4. Pacific NAL was u lower, Quicksilver
]. Government securities inactive and steady.
Coupon nve-twen,ies OF 1865 " lower, while new
bonds OF 1885 were q higher The State stocks were
seady. Old rennessees u higher and new y
lower A@t
At the open board at hafpast thrce the market
tnued to gain strength and New York Central sold at
lIlx a. 81; Erie 7i5s; Michigan Southern 7sk; Ceve-
land and ptsburg SIX H. 81; Rock ISLAND o55s s51
Northwestern, AIN do. preferred, 63tz a63h; Fort
wayne e6I g. 81; Western Union Telegraph, 81 United
States Express es; Quicksilver, 1s4; Milwaukee and
81 Paul 39x 40; do. preferred. e1H 81.
During the rest OF the afternoon the market was
strong and excited especially for Erie and at the close
at SIX O'Clock the following quotations wsre CURRENT: