The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-11-14


Tho maximum of currency imitation was reached in
August 1885, and tho amount OF legal tender notes
Guiding compounds andng the lat OF September
was S6s4 lbs oS9. On the ls of tho present month
amount had reduced 10 $429 039 1884, but TO this
must be added $li 500 coo OF three per certificates
sucd in redemption legal tender and counted by
the banks portion of their legal tender II
deduct these two from the sum first mentioned
nnd that tho legal tender contracted in
she interval, OF twsnty-six months less than
e2l3 e.o75, at average OF 60 se6 ss7 per
month. Tho national bank circulation vas increased
during the period the Of sleL 4ea Os1-
namely, from sl37, T72 7O5 10th OF June 1885,
% s29s 25 7e6 the I'd OF the present month and
We Offset this imitation against the legal tender
note contraction It follows that contraction the
currency only ss2 o.5 9s4 during twenty
Oh months II, the other hand, conlne
70 the past year, have TO face the fact that
legal tender notes contracted 500 COS. OIL
between November l. 1855, and November l. 1867,
tho amount outstanding at tho former date
having been s53s 7o7,o25, and at the latter date
$42s o3o 1884, and meanwhile only S. o42 OF national
bark notes issued-tne OF these in crcu-
hion the LIST Of November, 1896, having been
$293 25s, S54 and the ID instant s299 2a5, 7se.
therefore appears that the net contraction Of
rsncy during the year sos, 1871, c99, sum which
cannot but be considered excessive 10 view OF all the
circumstances OF tho financial situation, and do
m.slHterprci tho sns Of the times Congress will
reflect public sentiment this subject session by
stopping the contraction altogether At timo
efforts viii doubtless be made favor further
imitation, while probably will advocate contraction
u rapid than has already boon experisuced
or " they do Will onlw be to be laughed At IN both
houses The warning which Is conveyed tho financial
history OF England FOR ea following tho termna
too OF tho Napoleouc should bs los, upon as
AT the commencement OF business the railway share
market du but steady, and At the early session Of
tho open board New York Central sold ll2;s Erie,
12ss; Michigan Southern, 7e.; Cleveland and Toledo
1o2 Rock Island, s5X Northwestern, IS; Fort Wayne,
Nx; Western Unon Telegraph, 49,
Al the nrst regular board .he mako: became more
sosive and armcr especially for New York Centr al
which advanced from li21< 49,. the calls under
krxe TRANSACTIONS Pacilc Nail aru, although the
bulls s piled with sellers options OF from three
10 sky days. Tho 81. cks sold In tho regular way
137 1915, and Of ia 1c5 seller sixty Ere closed
i higher than at the time yesterday, Reading u,
Michigan Southern =, Cleveland and Pitisburg =,
Rock Island Z, Norshwossern Il. DO. preferred y,
rort Wayne u, Pacific aai 2, Atlantic Mail \, Western
Union Telegraph = Government securities strong
Bikes Of 1851 closed y higher coupon nve.twsn,cs
sf 1861 a. Issue Of 1861 Z. issue 1865 Il, issue OF
lss5 Y. issue OF 1857 Z. coupon tcn.rorties y.
Evsa thrtes third series. ~ The shares
strong. Adams showed advance OF Ia American
IN and Wells Fargol. Tennessee sxes new, advanced
Il. Missouri skies =.
At tho O'Clock open board the markc, was nrm at
mo advance and prices were wthou, material change.
At the second regular board the was firm and
moderately active AMI with the exception Of Pacific
NAL, which declined i3sk, quotations improved q
fraction New YORK Central closed i higher than al
+. fhs 1rs, regular board. Ere X, Michigan Southern
A. Cleveland and Toledo j, Rock Islaud Z. North
vcs.srn x, do. preferred y, Tcledo, Wabash and
western X, Western Uaon Telegraph x. Pacific
Mail vas 2sf lower. Governments securities arm;
sizes OF 1881 closed Z higher, Issue OF 1sc4 r. ne~
Issue Of 1855 4. Coupos ten.fcrties werc y lower.
Express stocks continued advance. and United States
81 higher. American 1tS, Adams IL. and her.
chants rnion l.
At q pen board a,.hsif-pasi three the market was
steady, sad New York Central sold at 1874 ll3's;
Ere 72X; Michigan southern. 1914; Illinois Central,
a2oh: Cleveland and Ohio. lo9sl; Rock Island, oeh
BOX; Northwestern. 4sk 4sl; do. preferred "a
e4x; Fort Wayne o7i4; Reading o6Js: Western Union
Telegraph, 31H: Pacific Mail, 1857 l35x. During
tho res, OF the afternoon The quiet and closed
strone Al saaaStsr TO the subj 1nsi quotations
New York Ceutta, 1i3h fl3x, Erie TAX 72x; Hud-
son River, la: Ecsding, ooa oe5.; Michigan South
srn, so 500; Cleveland aud pittseurr. say; Rock
Island, a6s sSh Nsrthsssiern ias. 4ok; do pre-
fsrred, % sclk; pscIsS Mali, ls4k Ass; Ohio and
Mississippi certificates, 2i-l; western Union Telegraph
AK a2; cznton, 49, "a; Atlantic Mail, lis ZIG;
Cumberland, %; Qsiexsaver 15s 10
H.sre was az ensrged volume o. business transacted
In government securities the counters Of the Leading
dealsrr and the marx Of clcsei strong a. an improve
inert Df Aak the quotations iviss as under s-Regis
tsrei, 1881, ii2X sil3.x; coup9s lSsl. li2Is1 la;
s-2o., registered. 1861 ios5. 1915; s-aoa coupon,
1867, Ioss los 1, 5-2o's, coupon. 1854, 1855
foaK' 800. conpoo, 1906, 1857 1888; DO
asss. January AID July. io7A 1919; 90. 1891