The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-11-25
FINANCIAL AND COMMERCIAL.
WEDNESDAY, Nov. 24-oP. M

WEDNESDAY NOV. 24-oP N.
The speculative movement in the stock market
was again centred to-day upon the Northwest
shares. but was rather confined to the immediate
part;sans thereof than shared In generally by the
street, The street Is at loss to comprehend the
relative positions Of the chief operators who are the
parties TO the present contest, and in the fear OF
sudden reversal OF their tactics not disposed to buy
or sell the stock. The common stock was forced as
nigh TAX and the preferred to $685. but both I'M
derwent sharp decline IRON these prices, and for
. time 1t seemed Us II the movement had eliminated.
On the one hand, such decline may have
been the result OF the sale OF stock held since Its
price was down at 90 to 66, just after the panic the
present price being temporary opportunity to dis
pose OF IL. On the otner hand, 1t may be that the
cilques purposely weakened the market In order to
evoke now line OF short sales. There Is no doubt
that the sudden advance from 80 to "a was not at
tended by many snort sales. On the contrary,
many OF the 'bears'' frightened into covering,
while others were waiting the "turn Of The market"
TO begin selling. Ii the decline in the middle OF the
day was check to their operations coming
from some unknown source, 1t was only temporary.
The price was eventually put back to 74as at which
1t closed firm. The rest Of the market did not SYM
patize strongly with the movement in North
western. Its general character was duh and heavy.
The Vanderbilt shares were neglected and lower.
crease In earnings for the third week of November.
Erie toward the cose was excited and rose to 80 on
the report that the road had been suddenly captured
In the courts and thrown into bankruptcy Mr. Groes
beck being appointed receiver. The news was not
made known until late In the afternoon,
and was without further verifcailon than street
rumor. Delaware ana Lackawanna was feverish
on small transactions, rising suddenly to HOY, and
thence declining to los. Pacific Mail was strong
fba MOTH nf TIM
directors who reported to be in consultation on
the subject OF the quarterly dividend. Tomorrow
there will be an important and perhaps stormy
meeting OF the stockholders of Wells-Fargo Elk.
press the occasion being the discussion Of pr0po-
sition to issue S6oo0,o0o additional stock to pur-
chase the Pacific Express, which has contract for
ten years over the line OF the Pacific Railway and
which party oil The stockholders wish to absorb.
This movement meets with decided opposition from
Others, who are averSe to the proposed increase.
The money market was active in the earlier hours
OF business and seven per cent was freely paid by
borrowers The BANKS continue TO ship currency,
but have not as yet failed to meet both the local and
outside demand. After two O'Clock the activity
ceased and before the close OF banking hours stock
houses were Offering balances at SIX per cent while
the governments dealers had been accommodated all
day at five to six. There was a fair business done
by the note brokers In commercial paper at nine to
nfteen per cent discount.
There was further decline In foreign exchange,
the effects OF which were felt in the gold market.
The foreign bankers have kept their rates at points
which have diverted remitters to the export OF pro-
duce and government bonds, and the breaking OF
the exchange market at this time Is only the result
OF the large and increasing line OF our national
exports. The shipments last week were nearly
$1OOOo0o aud for the expired portion Of the year
$4,000 900 in excess OF period In 1868. The
effect OF this recuperaton in the exporting business is
at length beginning to tell upon the exchanges
In the gold market it overcome all approximations
OF political trouble arising out OF the Spanish gun.
boat seizure and effected decline In the price OF
gold to 1s59l, although the yielding OF the latter vas
assisted by the impression that th government Will
sell an additional amount OF gold to Offset the add
tional purchases OF bonds made to-day. The gold
market was quite animated after the regular hour
Of business, and the volume OF business was prob
able as large this interval as during the whole
time OF the formal session. The range Of the gold
market Is shown in the table,