The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-11-23
FINANCIAL AND COMMERCIAL.
MONDAY, Nov. 22-e p. M.

There was a sudden revival OF speculation IN the
stock market to-day, and the week opened upon
rather animated state OF affairs IN That department.
OF business The advent or return OF several prom
inent operators was visible Iii the upward move
ment winch prices took to-day, ana those who we're
on Ehe opposite tack OF speculation were Induced 10
cover their contracts and take sides with them.
The consequence was an active market and a
rather sharp advance most OF the railways
particularly the Western roads, meeting OF
the directors OF Chicago aud Northwestern
being construed the preliminary step to
the dee,ar alton OF a five per cent dividend
on both The common and preferred shares Wnlie
win reference 20 ST. PAU it was rumorea tnat the
directors intended TO declare seven per cent cash on
the preferred and ten per cent scrip on the common.
The meeting OF the Northwestern directors aid not
result in the declaration OF any dividend although
the question Is hardly u proper one uhth Tue nha
monthly meeting OF the ear. which taxes place. Tue
frst Friday In December. Whatever Is Intended IN
the way OF dividends the oulsh feeling was strong
In both stocks and occasioned an advance OF
one 10 two per cent Lake shore, Rock
Island and Reading also prominently parti
cipated IN the rise, which extenued to all the
railways save the Vanderbilt securities. These
latter ieverish anu IN the main, heavy. the
chief exception TO the buoyancy OF the market was
Pacific Mail, which, upon rumors that the directors
mad passed the dividend, broke 10 ol, but eventu-
ang recovered to SO wnen the reports could not be
authenticated. The other and less prominent eN-
eepton was Western Union, which, feeling The COM
petition OF The reduced tariffs on the two rival INES
aeelncd to $50. The change IN the current OF
speculation was, perhaps, the more remarkable iFom
the TACT that the money market showed more activity
under drafts upon the BANKS from the West ana
Southwest particularly from The direction OF New Or
leans, where exchange on New York Is hall per cent
premium according TO the news advice, and still
higher according to private dispatches, All de-
mands were easily met al seven per cent and many
transactions stocks took place at SIX. The gov
ernmeaI dealers were accommodated ut hve 10 SIX
per cent In commercial paper there was more cur
rency the prime grades, winch passed at nine 10
fourteen per cent these rates including both long
and short dates. Some OF The stock houses were
offered four months loans the rate of twelve per
cent per annum. The Treasury movements OF the
week are averse to easy money, the purchases
OF bonds million less than the sales OF gold;
but the market VIII not feel 1t before Saturday,
while the difference viii not be rejected
In the bank statement Of that day, but viii be
carried over TO next week. The foreign exchanges
were nominally the same at the counters of the
prime bankers but on the street sterling was an
eighth per cent lower than last week, owing TO sales
OF bills out of second hands who parted with them TO
the government market there was a steady upward
movement on light TRANSACTIONS IN sympathy with
the general buoyancy of the Stock Exchange, which
eyercame the effects OF The neavness IN gold The
London quotations Tor American securities came
nrm. In Southern bonds there was some
activity in new Tennessees In response to
the Introduction OF bin in the State
Legislature requiring all foreign insurance
companies havl & agencies IN the State to deposit
collateral security OF Tennessee bonds with the State
Comptroller similar law. IL VIII be remembered
Is operative in Alabama and Louisiana. It's effect
viii pe TO make market for the bonds of the state
and reduce the amount anoat in speculative hands.
The rest OF the list without important feature
During the session OF the god board all the sales
took place at 1888 and 1861. Afterwards there was
decline 10 l25 4. but the transactions at this ngule
we've few During tue day over ten millions OF
gold was bought and sold "under the rule" to
adjust settlements Of failures connected with the
speculation Of september "A. The transactions
purely formal and no gold changed hands, although
toe board until after three O'Clock IN order get
through with them The reopenng OF the Clearing
House has begotten very little speculation, the total
cledrances to-day beng six millions against sx-
yfour millions which was the average Tor 1868, and
rs against over five hundred millions on the memo
rable day when the gold "corner'' eliminated. The
agitation OF the question OF specie pa yments was
less intimidatlng In its influence upon the minds
OF holders OF gold, but served TO keep the
''bullsr quiet. Hence the dulness which
prevailed despite the outlet that was given
TO speculation by the renewal OF Clearing House
operations With eight hundred millions OF paper
money in circulation it is diflcult TO convince the
shrewder class OF Spectators that 1t be speedily
brought to par with gold by any other process than
violent contraction. The recent discussion Of this
topic produced tendency TO lower prices at the
Stock Exchange. Was the reaction therelrom and
the elasticity OF so immense volume OF payer
the secret OF the new lease Of speculation which the
"bulls" took to-day In the stock market?
The following were the closing street prices OF
stocks the last session OF the Stock Exchange:-
Canton, 52% $50; Cumberland. 25s1 27a; West
ern Union, 3e's S6S; Quicksilver, 1874 IA; Mari
posa, aS5z; do. preferred, les 1917; Pacific Mall,
B2z q 528; Adams Express So a 5s16; Wells
Fargo Express, 1874 1917; American Express,
83h So United States Express, 81 u bid; New York
Central, 1885, q 1882; New YORK Central consoii.
dated stock, PA e2h; do, scrip, s2I SO;
Hudson River, 1924 a 1885 Harlem, I345s bid;
Erie, 2sX a 2s7s; do, preferred IS; Reading, 9sh
9s@; Michigan Central 1903 121; Lake Shore,
500 90; Illinois Central, Iss I3s; Cleveland
and Pttsburg, s2H s36; Chicago and North
western, 72H 721; do preferred ss5S 81;
Cleveland, Columbus and Cincinnati "A bid; Rock
Island, l04 l04%; Milwaukee and st. Paul, e9A
cS5s do. preferred, s4l< s47s; Toledo and Wabash
$50 80; Fort wayne s52l So; Alton and Terra
Baute, 80; ohio and Mississippi, 2e}4 2s9.; Della
ware and Lackawanna, 1861 bid; New Jersey Cen
tral 90 o2Al Chicago and Alton 14sH 15O do pre-
ferred 1881 bid; Morris and Essex. s7H SO; Han
niba aud st. Joseph. 1857 10; do, preferred 1885
bid; Columbus, Chicago and Indiana central. 2474 a
rs. The highest and lowest prices OF tha leading
stocks were as iolows.-
Highest. Lot1est.
New York Central. 1881 1s2lS
Hudson River 1898. lGgt.