The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-11-19
FINANCIAL AND COMMERCE.
MONDAY. Wy. ls-sP. M


The gold market has been somewhat irregular to-day.
the extreme range haviog been from 1921 to 1aoA.
with tie opening Transactions 1ssS and tho closing
At 1879. TIE sshor" interest was considerably
increased ~ the cad a last week ana in consequence
there mas an Improved borrowing demand for coin,
ionns having hsen mads without interest and at
por cent for carrying. Tho volume Of business was
rather large and the gross clearings amounted to
$40 COO the gold balances to ST. 275 057 and the
currency balances to go The undsrtoue Of the
market urn n view OF the meeting OF Congress and
the AGITATION Of the financial and reconstruct
ton QUESTION: With respect to the currency
ana the probable legislation with respect to opinions
differ widely. but the majority favor imitation, while
conservative minority are merely anti-contracionsts
We agree with the latter and advocate suspension Of
al further con,rac.ion bat the imitation which the Pen
dctonians advocate Is to be guarded against Congress-
for would practically result reputation and repet
on Of the history OF the French assgnats and the old
Continental money. On the other hand in
contraction will bankrupt the country including the
government ITSELF and Il will DO the duty or Congress
whom meets TO repeal the act authorizing the curta
rnent Of the volume OF legal tender notes. and 70 provide
for the substitution Of plain legal tenders for interest
bearing legal tenders fast latter mature. Nore
over legal tender notes should be mnde TO take the
place OF national hank notes soon as possible by
the priv ilege OF circulation from national banks It
that many OF tho country banks would 10 forced
out Of existence in consequence but improved legal
tender currency based directly upon the faith OF the
government, would DO secured TO the nation and the
interest now pait upon the bonds deposited by tho
national banks 1t Washington a. basis of circulation
would be saved.
Tho stock market reacted this afternoon from tho
recent advance, and money which easy during the
morning. became very active at seven per cent an
hour or two before tho close OF bank hours The
uvity in money evidently artificial and designed 70
depress railway shares and the opinion is that
the bull cliques authors or tho movement in
order to buy back iowor prices the which they
sold out last week. This Is. Of course, blow aimed
the street, and many such may DO looked for dur
Ing the progress OF tho rise which they are
engineering. One OF the principal members Of
tho Eric pool was large seller OF sspots''
this morning 70 for per and thirty days. and
prominent bear speculsior bought OF these ten
thousand shares II 10 generally expected tha. prices
win be allowed to sink little lowor before the cliqnes
Will rally the market BY buying, but thor o,jsc: is
clearly to bleed tho the bull side and not the
bear side, and consequently quick recovery from
present depression IL TO be expected The market Is
trcAcherous one however and those who arc ont OF It
will do wei to remain OF IT. but IL Is idle say this
to the Thousands OF brokers and other professional spec
ua.ors who daily crowd the Stock Exchange and who
encourage fluctuations In order that they may
profit by them. The market Is controlled by
ciques 10 extent which makes It Independent Of
side support aud tho earnings OF all tho leading rail-
larger than they ct this time year.
which important consideration in estimating the
future course Of prices Those ,horefore who look for
anything more than temporary reactions 10 the upward
movement for timo TO will be likely TO ind
vn<olvo
the market for commercial paper The bes, grade Is
taken at per cent By tho hunks AMI at a . the
street, but inferior signatures OF favor.
the statement Of the associated banks for tho week
ending on SATURDAY. differs in respect from tho
egures already given. devia,!oas from that or lie
previous week being o. $72o, 6S9 In loans.
s9l79so In specie and s8i.4s3 circulation. and de-
crease Of sloo956 in net deposits aud ss In legal
tender notes. The details Of the present and preceding
foil +