The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-11-20
FINANCIAL AND COMMERCIAL.
FRIDAY, Nov. 1o-oP. !

ences or the semiofical announcement that the
administration Is committed to policy which con-
templates an immediate resumption OF specie pay
ments. IL IL true the indications Of this fact are
contained only In the letter Of Attorney General
Hoar; but the authority was suf1cient TO cause
heavier feeling In the tendency Of the gold market
II IL evident from the events Of the past month In
Wall street that Q strong movement II ON foot for
che accomplishment or this very dangerous purpose.
The prominent holders OF government bonds have
placed themselves on the "bear' side OF the market.
and, being now possessed Of greenbacks In ex-
change for the bonds which they SOLD. they
are, very naturally DESTROYS Of seeing the
greenbacks appreciate in value. The ION TO
specie" payments policy will doubtless come
In for spirited and profound consideration at
the ensuing session OF Congress; but 1t Ia TO be
hoped that the financial wisdom OF that body will
DO nothing further than prepare some plan by which
the national debt may be funded at lower rate Of
interest. Those who are now seeking resumption
are, fortunately for themselves in position not to
lose by the success Of such measure. We ore sup
posing OF course, that legal enactment can bring
about resumption, despite the great laws which
govern the subject They care not for the great
OF the people who are IN business and who would be
bankrupted BY resumption. They only the benent
and profit which would result to Themselves There
no question OF 30 vital importance that Will claim
the attention OF Congress, and the maxim Of 'the
greatest good Of the greatest number" should
underlie every step which shall be taken in the
matter. There Is certainly no necessity for any
undue haste The decline in the price OF gold since
the war has been or q character to guarantee thes
expectation that resumption viii como Of ITSELF
from natural causes In the first reaction the price
IN 1885 touched l26 In 1865 1t touched 1872 and in
1857 1927. Up to this time in 1859 1t has gone as
win decline to 1875 before the end OF the year, and
our merchants are prepared to see II 60 there.
Reports from the South indicate that the cotton
crop this year Will be three millions of bales
Here Ii another strong influence at work to
produce decline. The importers, through fear
OF the future, have been very conservative In their
business and will add little to the ordinary innu
oEces which have buoyed the gold premium. The
prospect is, therefore, sufficiently encouraging with
out tho assistance OF any dollhouse legislation Dy
Congress. 1t Is certain that II the country were
within the next year brought the verge OF specie
payments 1t would recoil all the violently for
the forcing process and produce wide fluctuations
In values and lead to panic and bankruptcy. mas
much as the movement which IL now on fooohas
assumed powerful proportions 1t is well to take
warning In time. The greenback owners are
determined to enrich themselves whatever the cost
90 the legitimate interests of the country. The effect
to-day In the Gold Room was witnessed in o decline
TO 1261s, although the range OF the price was from
shat figure to 126A. The impression that gold Is
destined to lower price was reflected in the Euro.
pean market to-day, where there was sharp rise
about q half per cent-in American securities. The
recent reports from Washington, anticipating q re-
ductlon Of ten millions in the public debt statement
for the current MONTH following 80 close upon what
has already been done in the same direction. en-
Hence the foreign bankers in this city
were largo buyers to-day, and gave the
government market activity and strength.
despite the weakness In gold. The e7's sold
IA high as 11oh. The general money market was
easy and stock houses were plentfully supplied at
Six per cent. To the government dealers the rate
was i've to six. The abundance was directly attr-
buaDle to the disbursements OF the Treasury the
three millions OF bonds bought on Wednesday, but
payment for which was not made until this morn
Ing. To Offset this outcome from the Treasury
there was sale to-day OF only one million OF gold.
The bids for total OF less than three millions.
at prices ranging from 1850 to 1864 In the dis
count market there was better feeling and strictly
prime bankers sixty days accepances were quoted
eight to nine per cent? strictly prime business paper,
short and long dates, ten to twelve per cent and
prime paper twelve fifteen per cent. The inferior
grades were nominal at from to two per cent per
month. Foreign exchange was steady and dull at
100 1927 for prime sixty day and 1923 1924 for
sight sterling bills The stock market listless
after the Thanksgiving holiday and speculation tame
until late In the day, when "bush" feeling reused
its dormancy and made 1t comparatively active. The
ease In money and the prospect that there can be
little or no stringency this winter seemed
TO inspire more buying, and the signs,
though faint, were indicative OF o movement
1dd MuCh nj dnpr
heretofore has been due TO the light receipts Of the
Western railways and fear that the decline In
grain would prevent an increase II 1t did not pro.
duce q decrease In earnings. Curiously enough,
however, the returns for the past week Of the sew
eral speculative roads coincide in the exhibit OF
large increased earnings-a state Of AFFAIRS which
has probably challenged the attention OF stock ope-
rators In the Vanderbilt securities there was con.
siderable animation and the price thereon nuctuated
rather feverishy. Thus the range or the new con-
solldated stock was as low as 9lA, under sud.
den change OF sentiment as regards the
value Of the new stock and the new scrip.
In the morning the disparity between these
two commodities was IS much as fourteen per cent.
In the afternoon spectators seemed to think they
had moderated the scrip and overrated the stock;
30 that there was an approach IN value which left
difference Of less than eight per cent. Hence, while
the stock went down from 90 to 91sl the scrip went
mp from 80 to 81 What one lost the other gained,
and hence there was more stability than might have
been expected the price OF the original stocks Of
New YORK Central and OF Hudson River. In the
express stocks there was a drmer feeling and some
activity In the miscellaneous shares Pacific Mail
took downward turn early in the day. and sold
~ low as SO, but recovered TO 54h bid before the
Termination OF business. Western Union seemed to
rake new lease OF activity and rapidly rose to 36
The following were the closing street prices for the
government list:-Unltcd States currency sixes,
z071s los; do. SKIES 1881, registered, 1ls 1lsz;
do. coupon, 1is 11sh; do. nve-twenties, regis
tered, May and November, 49,. 113n; do. 1862.
coupon, do, 115A 116; DO. 1894, coupon, do,