The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-11-08
FINANCIAL AND COMMERCIAL.


celled-a distinction without di1erence-provided
the amount does not exceed $500 100000. On Friday
despatch OF an exactly opposite character, emanat
1nq from the same source, was telegraphed, and Mr.
McCuuoch according to thar, had no authority to
issue any more greenbacks for any purpose what
soever while he wholly powerless relieve the
prevailing monetary stringency. Mark the change
wrought within twentyfour hours and let the public
draw its own inference. Mr.. McCulloch was ap-
peaIed to by various persons last week on the sub
ject Of anordng relief to the money Market and to
these his invariable reply was that he had no
power to give any, directly Indirectly, and
fhae the Treasury was not responsible for
the sTingency, while he considered that the
banks were, BY lending largely on stocks
as to be no longer able to make loans. The de-
spatch In question has been used as a bugbear In
Wall street in order to frghten the 'shorts" into
fcovering their contracts and enabling the bulls
TO unload without loss and this new form Of Trea-
sury bull movement has not been unsuccessful.
owing to Its being surprise, Mr.. McCulloch up to
yesterday having appeared as a contractionist,
whereas he now appears in the character OF an
snnationist, probably for this time only, as
che play bills say. The despatch from WASH
tngton was backed by a letter from him to Mr. Van
Oyck In which he states that II the interests Of the
government demand it he will use whatever powers
are conferred upon him by Congress In preference to
selling gold or bonds in order to meet the demands
upon the department Wall street construed the
washington despatch to mean a reissue OF forty-four
millions OF greenbacks, and those short both OF
governments and railway shares became wild
In their rush to buy in their stocks. That
the monstrous proposition to initiate the greenback
currency to the extent OF forty -four millions,
or to any extent Mt all. will not be carried into
effect, Is certain; but meanwhile 1t has served its
purpose OF buling the market, and the Treasury
ring have doubtless made money by the operation.
That Mr.. McCuoch should have gone back upon all
his former professions to serve a party Of stock
jobbers is source Of amazement, and VIII give him
a reputation Tor inconsistency which he has not
hitherto had. That the proposed action Of the de-
partment in any case Is measure Of eXpediency not
justified by sound policy cannot be disputed and there
Is no probability whatever that dollar Of currency
viii be reissued, the act of Congress suspending
sraction having also forbidden imitation.
Government securities and railway and miscela-
neous shares were excited and buoyant during the
day, mainly under purchases to cover "shorts and
now that the " short y interest is closed up to q
great extent the market will lose the support which
1t previously afforded and prices will relapse
as quickly as they have advanced. The inila-
ton OF speculative stocks here and the
boarding of breadstuffs in the West have
been the chief causes Of the present strngency;
and for the Secretary OF the Treasury to the
relief Of few spectators in these commodities
would be stretch OF Official authority never antic-
pated BY Congress. The money market was easier
than at any time during the week. and loans were
made at seven per cent In gold, and afterwards,
IN some instances, at the same rate in cur
rency, . small commission being added where
the amount was small or the borrowers or
coaterals not first class; but this is indication Of
any material change in the condition OF the money
at no uko hov iu hoUy, 10
che South and Southwest. The bank statement for
the week shows decrease Of 81 423 TAI in legal
Gers s. SOL $40 in deposits and S. in loans
while In the specie there is an increase Of
and In the circulation increase OF 500 427. These
figures indicate contraction of the resources OF the
banks, and therefore calculated to AFFORD liz
Gle encouragement to those who are looking for an
easy money market.
The gold market sympathized with the general re-
action, and the fluctuations prior to the adjourn
ment Of the board at three O'Clock were from 1884
TO 1341 with the closing transactions at 134. Fol-
lowing this there was an advance to 1861 q 1851,
and the latest sales on the street were at 135k.
There was considerable pressure to loan coin, and
loans made at rates varying from three to
per cent per annum, and at 1-6i lilo and 5-64 per
cent until Monday for carrying, and In q few in
stances 'f1at." This advance OF two per cent In
gold and the consequent advance in the grain and
,stockjobbing despatch referred TO in disturbing
values for the benefit Of the Treasury ring.
AT the ten O'Clock open board the stock market
was strong and New York Central sold at 1901
1907; Erie 39,k 3ol; Hudson River, ia; Reading,
=95t4 e5h; Michigan Southern, S23s s27<; Cleve-
land and Pittsburg, s37S 81; Cleveland and Toledo
49, 9sis; Rock Island, 1887 1881; Northwestern,
COX 500; do. preferred, s2k S4jS; Fort Wayne,
1917 1915; Milwaukee and st. Paul, "a 65A; do.
preferred, rs q 70; ohio and Mississippi, % 20h;
Pacific MAIL III HIS Marposa preferred 20 o
2oH; Adams Express. 46K; Quicksilver, 2l1; Ten
ncssee skies, new ISSUE 661l. At the first regular
board prices continued to rise, and on the call New
York Central closed higher than at the same time
yesterday, Erie / u, Reading 81, Michigan Southern
az, Cleveland and Pittsburg AZ, Cleveland and To-
Iedo 2H, Rock Island az, Northwestern 81, do. pre-
ferred So, Fort Wayne So Milwaukee preferred 2,
OHIO and Mississippi y, Pacific Mail 3is, Quicksilver
III western Union Telegraph ~, Tennessee skies,
new issue, AZ. North Carolina sxcs ~, new Issue
Al, aud Missouri skies S; while Milwaukee and
st. Paul was 1 lower. Government securities were
~ az per cent higher and greatly excited.
At the open board at one O'Clock. the market
continued strong. New York Central sold at 1904
1905; Erie, soa ssk; Hudson River, 1875; Reading,
rpal e5K: Michigan Southern, s2l4; Pittsburg "a
SAL; Rock Island, 1884 1o4h; Northwestern,
SIX s1sS; do. preferred, s3S san; Fort wayne,
loss; Pacific Mail, 1l7h; Western Union 351s; Ohio
and Mississippi, 2sH q 2eL; Mariposa preferred,
III Quicksilver, 2lk; wels-Fargo Express, ga q
27H; Merchants Union Express, II.
There was later session OF either the regular or
che open board, but business was continued with
much activity IN the lower hall and afterwards on
the street up to half-past i've, when the following
quotations were current. these In the meantime
having further advanced in some instances, owing
IN rua IN tho mart Of the bears TO cover their con-
tracts:-Paclnc Mall 1lsL; Western Union, 35x
10; New York Central, 123 12s&; Erie, 40 a 4ok;
Reading, eos; Michigan Southern, SO ASK; Pitts
burg. SAL; Rock Island, lo3K o 1884, Northwestern,
saal; Northwestern preferred, San; Fort Wayne,
aoSl2 100.
The closing quotations for government securities
soon after i've O'Clock were as NEUTRALITY-SUSPICIOUS.