The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-11-13
FINANCIAL AND COMMERCIAL.

the sold market has been nrm, bu, very dull today.
@s extreme range hayiag been from iSs 1924 with
Che closing gsacgons 1924 which price after
wards bid There was an active borrowing demand Tor
celia, but loans made Of from two 10 six and half
par cent for carrying and without interest The gross
essRxings amounted 10 only SCI, ESQ 900, tho gold
balances to 81, 1877 and tho currency balances 10
9l,e90ss6. The tone Of the foreign construed
o. favorable TO hrmness 80 far 1t had any influence
whatever upon the premium; and as the meeting OF
Congress approaches there Ia disposition shown 10
buy than to sell gold, in view Of the agitation OF DIS
SURFING causes relating the question
g:nd the finances II Is understood that early
Nm session measures will be in both Houses
against the further contraction OF tho currency aud
favorable imitation, and is TO be presumed from the
present temper OF public mind that the anconuac-
sonsts w be successful al least TO the extent repeal
sug the bill authorizing the Secretary Of tho Treasury
contract United States notes AT the rate Of four millions
month. Popular sentiment Is more strongly opposed
60 contraction al the present time than has been
Before because Its effects visible on all sides in
chs depression in trade which prevails all over the
country, and It requires very vivid imagination 10
picture worse results II such contraction IL persevcred
In The South Is recovering very slowly from the pros
Grating influences OF the war, and an abundant
currency Ii needed to assist in the work OF
open to legal tend Or note and nauonl bank circuia
on, whereas during the struggle iAe South closed
against currency. Practically, therefore, the
opening OF the Southern States resulted IN currency
contraction North East and West. because IL withdrew
In thsaggregate . large amount from tho channels n
which had before been employed This imporant fact
should have received consideration than II did
Congress when the question Of Contracting the le aI
discussed but II vet too late avert
the worst disasters which overlook Britain in Its eff
forts to return to specie payments BY contraction or the
volume Of Bank Of England notes between 1916 and
ASA and the lesson taught by tho financial history Of
England during that memorable period shouid not be
lost upon ourselves We inflated the currency rap
IDLY for . healthy fiscal y s,em and be
sarsal not repeat the bunder by contrAc
zion.
The stock market continues duh, although Il
ehads Armer to-day than yesterday, aud the bears
foeger shsw boldness In attacking it The bulls for
The time being merely trying 10 keen 1t steady in antici
Daoa Of enlarged demand for speculative
erom outside after Congress meets; but thev
ypsxk very confidently rise OF considerable magn-
suds before the year exsres and II Wall street
- buy stocks Temporarily prices up, whether
phs outside public assist the movement not Quota
Mons azs at present moderately high. but not high
Enough, with one two exceptions. to tempt
siculsry the large earnings Of leading railways
give the market for their stocks lrm undertone. Il
= Of very little consequence to the genera public
whether prices rise fall the Stock Exchange but
p certainly mot 70 the interest Of the pubic to have
nvidesd paying securities unduy depressed BY spscuia
sivs influences for ths pecunary benefit OF professional
spectators who happen TO be ''short' Of them.
Neither y otherwise than demorai zng for . non.
dividend paying stock Of very doubtful salus IKE
Northwestern common 70 BE- selling A. while ten per
cent stocks are below par.
The demand for money from the stock houses was
moderately brisk per cent mixed co!lasrAs
but the supply was more than equal 10 H. and st as
houses enabled borrow in some instances At
count se continues ngent, owing 10 the dstrusi OF
credits which prevails and the consequent nnwilngness
q banks 70 take any but the best grade OF con-
nsrcial PAPER This IL rated n per cent, but on
Abe It has generally 10 submit 70 10 per cent
the low Of currency southwark continues bat the
peipts from other arc s pesent about equal 70
b. and there ID no expectation among bank Officers OF
enstasy disturbance arising from the movemsntof the
cotton crop
There was very little activity IN government securi
dies q the counters Of shs leading dealers, and the
market Vas steady, except for tsn-ortiss which
arong the price having advanced to lo2K under pur.
shasss saA 10 DO foreign account, the bonds being
how quoted on the London Stock Exchange At the
Dioss the market was steady ~ The following
ouotaaous - Registered, 1851. lllX ll2k; coupon,
1881 1l2K ll2x; 52O'a registered 1862, 1o4A
1os; d. COUPON ls62, loSk losx; do coupon. 1884,
SO5k . lO5k; do coupon, ls6j. 1867 1868, do
January and july lo7x 10TH; do coupon, 1867,
Yo7K 1o7x: lo-4o's. rgistsred, 1904 lol; DO
coupon lo2 l02x; June sos 1881 1861: July
do, l0Sk . 1o5K; December compounds, 1884, lieH;
May DO, ise5 ll7K NIX; August do, IieT allok;
September do, lie hex; October do, il5'< a1le
Al the commencement u business the styos marks,
~u duh but steady ana early session OF toe open
,ard New York Central sold NJ iix; Erie, 7iX Read
esx; Michigan southern, 7ss 7g1i; Cieseand and
49,. arg six; Rock Island, 0sss; Northwestern pre-
s' esH d. 81; Fsrt Wayne. sok; Western Union
CSsu.oM aA.
=. -. a. regular board the railway share mnke,
~, -. - ere was renewed sc,isiiy in Pacific Mali,
r.,..sa ing $500 shares Sellers options
~, 800. "a the stock sold a. low o. l3l. seller
a, a.. ana ,aa = '33 seller thiry The orcisi an
q. 80, ,h., ~. N nth American Steamship CON-
ha,r has decided to VIZ draw Us ssamars from the
Nc rsrua to the Panama rc ha o'en Inc mnn cause
81 II. heavy pressure to sell "0' yes'e'uAs UT ny
n Y will esabsh q direct or. No'Aoa " 'he faclnc
Ma Company. 1t may be. hcwsA'' 'nA' 'a's onAnss
has seen made mainly to damsgs IN p'ospe.' " '"e
Opps-ition Pacific Mail ticket ana 70
OPP in the stock, and that befcreons 'ne Sorsn
An lire Of steamers uin resume tn od route
n ~ rate such occarrng At thu 'uncfuss
= cvsa to suspicion The North American Coz npany
Swr. even stsamers-nsmely, tho Moses Taylor. a CD
Ncssr, In the California trads the American, Old
tvxe formerly called the coatzacoacos the 0regonas
md ,as Nevada, both boss; the Santiago dc CUBA
and The San Trancsco. formerly ussd ~ government
hrau ports, and the Nebraska new vessel. The four
nrst mentioned are the pAc.ao coast. and
,nAe three iaa the Atlantic coast Erie
siossx v higher at the hrst regular board shaa q
6As same time yesterday. Northwestern preferred "
Rsading ~ Michigas Central u. Michigan Southern v.
bsst wayne Y. Milwaukee and St Paul preferred Y,
Rssns Mail n. Government securities we're moderately
ssssv. fcrron Tar. soys,ss vac Y higher Ftvetveu.