The New York herald., 1869-11-12
FINANCIAL AND COMMERCIAL:


THURSDAY. Nov. 11-eP.M
Business has seldom been 80 duh in Wall street as
during the past few days. To day the "orders"
were few ana far between and brokers are loud In
their complaints OF the prevailing stagnation. In
the money market there was some irregularity In
rates, owing to the fact that In the forenoon bor
rowers seemed to manifest q desire to make their
enga0ements In good time, and hence seven per
cent was very freely paid for loans with pledge OF
stock collaterals. AS the day wore on the supply
proved greater than the demand, and toward the
close Of banking hours money was plen-
tfully offered at five per cent on stocks,
while the government dealers were accommo-
dated all day OF four and avc, with some
exceptions at six. The banks report better demand
from the western cities, but they are unable to
respond as the inquiry Is the smaller denominh
tions, which are scarce. The preference for the
small notes Will be easily understood In such cities
as Cincinnati and Louisville, where the porkTack-
lng business s In full operation at this season. there
Is necessity for small notes in order TO pay the
workmen and laborers. II will also be remembered
that the United States Treasurer last summer called
IN notes below hundred dollars denomination,
with the view Of eliminating some dangerous
counterreits from circulation. These with
drawals have been only partially replaced,
and the balance come put slowly There is thus an
obstacle to the usual prompt shipments OF currency
TO the interior, but the banks by sitting their de-
p0sitS are enabled to accommodate the demand to
great extent The low price OF grain at the West
and the check to new enterprises In that section,
founded upon the fear That gold is slowly gravi-
tating to par, have made the fa!l demand upon the
N0anks this year an unusually tight one, and hence
he accumulation OF funds at this centre. The low
.ate OF interest on eau seems to have impeled the
Voanks to enlarge their dealings in paper. ana
was
Itceabe on tho street to-day and yesterday.
Rates, however, are maintained at high figures,
&tnd prime donbe name acceptances having sixty
lays to run arc easily purchasabie at ten per cent
u'0G" For less choice notes the range is as h!pl
fifteen per cent, while inferior grades are net cur
Tent below one ard half per cent per month.
lone OF the merchants, rather than meet their
ENGAGEMENTS by selling new paper ct these extrava-
Vant figures, are Offering discount OF eight 10 ten
Ter cent for immediate cash settlements OF their
Iastomcrs' accounts. Many commission houses,
b0, show disposition 10 protect their business and
Preserve the patronage Of manufacturers by buying
b their own acceptances. The ease in money
the open market has been so proracted that
nders are beginning TO apprehenl its continuance
throughout the season, ana hence show more dispo-
uon to make time loans for fifteen, thirty and sixty
vsys at the full legal Of interest plus consid-
Patton OF q quarter 10 one per cent Foreign ex-
uange was Arm on the basis OF os7S 100 for prime
Ntnkers' sixty day sterling bills. Sight exchange
LAS fve-eghths higher than this quotation The gold
varket was dull and the price exhibited an incli.
vton to decline, the yielding being from
II to 1269z. although the market rallied
bon this latter figure and closed rather
N'ong at 1868. Bonds came higher from
hndOn, upon which fact and the government sale
Ee decline was based a few or the German bankers
lying some small lots OF governments for shipment
id selling the gold against them the strength of
Hchange allowing iar margin OF profit. The
Id Exchange has had under consideration q
\ opposition to restore the clearances to the Gold
Enk, and win doubtless accept 1t. The govern
n mt sold million OF gold to-day. The particulars
n the transaction are given below. The amount bid
n was nearly thrce millions.
The stock market was exceedingly dull, although
ces 1uctuated quite actively, the small amount OF
,iness enabling the few operators who entered the
rket to move the quotations up ana down the
10. The bullish feeling seemed predomnent, and
the general result Of the day effected rise OF a
10 one per cent in the leading speculative favor
4. In the Vanderbilt stocks Central was strong
Il higher, while Hudson River was inactive, a re-
" circulating that conversion OF the old so per
1t scrip was on the programme. This procedure
be taken any time IL suits the directors,
special law passed last winter authorizes
Tho remaining II per cent OF the
tral scrip and tue whole SIS OF the Hudson River
p will require legislation before conversion into
II. Tho Western stocks were strong in North
t. which rose to II. and 81. raul, which sold at
steady IN Lake Shore, and active In Rock
nd, which advanced to 1885, ST. Paul shows an
ease OF $780, 3SS IN earnings during last week as
pared with 1903. Late in the day Erie despite
complications with the Atlantic and Great West
road and the inslnuation that the recent issue
onvertlble bonds was to meet the payment OF
q debts to that road, took sudden upward
and sold at 28H in the sidewalk
Ings after the closing of the Stock Exchange.
following prices prevailed aE the last session Of
,tock Doard:-Canton, 5lA bid; Cumberland, 27 a
Western Union s54 o52S; quicksilver, 1915
Marposa, 75S bid; do preferred 155s 1855;
no Mail, COS G1; Boston Water Power, i25a q
Adams Express, 55 a 55l4; Wels-Fargo Ex.
!, 1sxa 1s5l; American Express, 3s5s bid; United
- Express, 81 q So; Erie, 27i4 2s do. preferred,
q 4s; New York Central 1915 a 1924; Hudson
r, 15s q 15o; Harlem, 1881 BID; do preferred i35
Reading, o7t4 o73s; Michigan Central, 110 bid;
!, Shore. so4 a s9S; Illinois Central 1S7 a 1873;
bland and Plttsburg 81 Sc; Chicago and North
ern, 7OX q 7o2S; do. preferred, s64 Sc;
bland, Columbus and Cincinnati, rs II; Rock
d, 103k LOAF Milwaukee and st. Paul, 60
DO. preferred, sStl S35s; Toledo and
ash, 81; Fort Wayne, s5ti s5]6 Alton and
Haute, 20; Ohio and Mississippi, 265s o 255S;
ware and Lackawanna, l05H lo01s; New
Central, 90 a 93M; Chicago and Alton, 14o75
do. preferred, 14s1s q 149; Morris and Essex.
s8 Hannibal and ST. Joseph, preferred, 107
Columbus, Chicago and Indiana Central, 2516
rhs Following table exhibits the highest and
Is prices OF the leading speculative atocks:-
Highest. Lo,cest.
York Central. .............. 1875 1917
............................. 49, 27h
ACKNOWLEDGEMENTS 1s4js 1888
IN River or.............. l6g 1873