The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-11-07
FINANCIAL AND COMM ERCIAL.
WEDNESDAY, Nov. e-sP. u

tcrs 10 discount speedy restoration the Southern
States involving reduced expenditures and Increased
revenues Il never rains but It pours in Wall street.
however, and the who the loudest sbearns''
the premium wall be the loudsst In 'buling'' it
after the tide turns and when, having their
'short" contracts they have gone '.lons " The ten
dency Of political conservatism undoubtedly highly
favorable to that unity OF the North and South which
has been practically wanting since the nrsi
gun fred Fort s1mier, and the
reconstruction 10 accomplished isc'
she better win DO for the country at large and repuo
hcanism throughout the world But reconstruction
Itself much less tho prospect OF It's being has
tened by result OF yesterdays elections wi" not DC
Sufficient TO cause sudden and permanent decline OF
magnitude 10 the gold premium Practical reconsruc-
Non will streng confidence in the ability OF the gov
eminent 20 pay its Obligations in gold and to hasten
the resumption Of specie payments; but the Willingness
or tho people 10 by means 10 be taken for
granted and i've hundred millions OF our national
securities held the question Of paying the princ
nal o. the public debt in coin paper money
becomes one or much greater importance than il
would be II this foreign Indebtedness did not
exist So long, IL fact the future financial
policy OF the country is undetermined and liable to
change whether under the influence Of popular caprice
or otherwise long will gold command premium
commensurate with the risks Of the situation AT pre-
sent the eIharaton OF the democrats and the opinions
OF tnOSe tneit cue from luem, ID
premium down, and II the decline to be permanent
should be glad to 1t fall to par; but further
decline Is Improbable and the decline that has already
taken place may be with safety regarded the precur-
OF fresh rise, and the professional Spectators
are the only gamers by these violent fluctuations.
One OF the greatest evils OF existing currency
system 10 be found In the uctuating value OF the
paper dollar and therefore the stable value and
tho seadier the gold premium the better The defeat
,h.IJ. ooJ, 81
Abe mterminable Roman question have les the bulls
tAe gold room, nguatively speaking, without les to
stand upon for the time being, far foreign affairs
concerned and therefore their number has greatly
diminished during the last few days, and thus foreign
and domestic causes have combined to produce the
shear" market for gold which witness added
70 which must allow something TO artificial depres-
sion for party effect but be remembered that the
result proclaimed yesterday BY the ballot box is
much q democratic victory protest
against radical repubhoansm, including negro equality
and prohibitory legislation IL is assertion OF the
white mans determination not to BIO yoked with the
negro the slave OF a modern code Of Blue laws
The opening transactions the gold 1851,
following which there a decline 1883, and a
sequent recovery to l39A. The closing price PRIOR TO
the adjournment of the board 1885, and afterv ards
on the street the quotation 1927 1872 The ag-
gegae of business large and the gross clearngs
amounted to S9s ooo the gold balances to 81 95444
and the currency balances So, 1856 304. Loans
made without interest and at per cent for carrying
Money easier than yesterday, and the majority OF
loans call made at per cent, although
was generally asked The demand for currency
the cotton crop is about equal the return flow OF
currency from tho West both being yet light. The
applications for discounts at the banks
ind In many urgent but the latter show great
caution in their selection OF Names they confre
their transactions almost exclusively TO the best grade
Of their customers paper, which passes at per
cent Merchanle paper coming from outside is
in favor, and first class signatures have to
submit to 10 per cent among the brokers The
monetary facilities At the disposal Of the Stock Ex-
snange to have effect in stimulating specula-
Sion FOR rise, and the railway share market has
sally unsettled and dropping 1t yesterday.
The market Is however, in transition state, and de-
cdod change for the betor the worse seems to be
Imminent
Government securities Inactive but steady at the
counters OF tho leading dealers during the morning
the afternoon they became firm under the report Of
the advance OF Ave wenties to II in London owing
the decline In gold, however, their Improvement wss
neutralizcd and there material change In quota.
tons which suboinad the close lstered
1ssl. IFS. a1l1I; coupon. 1881 ll2 1l2A 6-2os,
registered 1852, ll4& ue4; 52os coupon, 1862,
1851 1oS5s 5-20s coupon 1854, 1855. 1855; 5-2Os
coupon, 1865 1867 1857 DO do, January and July
7e7H 1918; Sos COUPON 1857 1917 1918;
o40s registered 10os 1907; lo-4os coupon. 1905
alOi; gold, 1855 lss; June 1905, 1861 1856;
July Y SOS, 1857 1883 December compounds, 1854
Ii9h 1895: May do 1865, ll7ts 1i5ss; August de-,
HOY 1I0h; September do, lilo ll64; october do.
I5x 1l6.
At tho commencement or business the stock market
dull but steady the closing prices OF last
ing. and at the early of the open board New
York Central sold at me-: Ere ~ a7iss; Reading.
oe1; Michigan southern, 77k 7T3s; Illinois Central.
I25; Cleveland and Pi,sourg, slts Cleveland and To-
ledo, 1927; Rock Island sss 10 81; Northwestern,
Az a47ls; do preferred, 63H esA; Fort Wayne
psH e6I; Western Union Telegraph, sos 3lx; IA
ciac Mail, 1875 I43
At the first regular board there enlarged and
well distributed volume OF business transacted New
York Central and Emo quiet and lower Pacific
Nail drm At the advance Of last evening under q
demand from investors, who LOOK forward con-
Gdently 70 change in tho management OF
iAe company ct the next annual election,
20 take place on the 2Ist OF the prssent
month. According to the bylaws OF the company, the
transfer books TO DO kept open until within days
Of the day OF election; but Official notice OF tho
Cor closing the books yet gwen by the coxnpa
ny's officers. Western Unon Telegraph pressed for
sale, aud under large It declined 70 3o It
being generally that the company will pass its
next dividend. Adams Express shares we're active and
sold AZ high ca. closing the call al 6Sk Niwau-
kec and 81. Paul more largely dealt in than usual
and sold at So co. while Northwestern preferred was
steady Al 62< o. Both these stocks have declined,
owing TO tho purchase OF tns wiroua are ST Peters
Railway by the Northwestern company and threat
sned competition and litigation between them
growing out OF the transaction. New York Central
closed x lower than at the time yesterday, Erie
n. Cleveland and Toledo y, Rock Island u. North
western preferred z, Fort Wayne X, Toledo, Wabash
AID western II, Western union Telegraph ~. Mch.
gan Southern was y higher. Northwestern Z, NIL
wsukss aud 81 Pa1l X Pacific Mail ~, oucksiver
H. Government securities steady. sxes q 1851
coupon, closed x higher, with which exception thors
were charges from the prices crrront yesterday