The New York herald., 1869-11-04
FINANCIAL AND coMMERc ciAL.
"WEDNESDAY, Nov. AskM

WEDNESDAY, Nov. t-6 u
II viii DO gratifying TO every commcrc'si sno
financial interest to learn that the movements OF the
Western crops, which has been 10 long delayed ny
the speculative interference OF the wheat gamblers
has al length began and that the prospect OF iuh
resumption OF the business in she great staples OF
nour and grain is no iiusive one, Some mtimation
OF the fact was given yesterday in the better demand
for money, although ut tue time 1t was supposed
shat the demands OF the City Treasury for funds to
meet the payment OF certain bonds falling due No
yember l. was tue Zeal Of lhe activity. little
reflection ought to nave shown however, that the re-
op,remcnts OF only few millions could not
have been the full ano Sufficient cause thereof Tue
Slight activity thus produced was aggravated
BY the demand for funds for remittance westward
The SUSPENSION In the shipments OF the crops WAS
originally based upon the lower price OF god, tne
holders looking for more favorable market 10 sell
upon ana being disappointed by tie sharp down.
ward turn which gold has taken within The past
week. In letting the wheat 80 at last they have re-
peated the example often set Tor them III AL CON-
modtles which are the subject OF speculation. When
gold was up ana wheat was high, as compared with
present prices they would not sell. Like the great
majority OF spectators tney sell only when the mar
ket has had great decline Whatever the cause or
reason il is the source OF great satisfaction that the
consists OF general system Of circulation Of COM
moditles. A deadlock In any branch tends 10 clog
the whole stream The general trade OF the country
has been suffering from the stagn8on In the gram
lDarkst. The movement OF the crops means general
activity oil around the better collection OF Western
debts, a new Stimulus to Eastern enterprise and
bolder and more con1dent feeling on the
part Of the capitalists and money lenders whose
funds are the foundation or commerce. Tne money
market was active ut seven per cent untii to"a'u
the close of banking hours, when balances were
very freely offering, lshowing mat the activity,
although Increased Is not sutficiept to engage the
capital at the disposal of the street. IN fact 1t re-
mains to be seen whether with the decreased ya'na-
ton Of the crops and with the strong resources OF our
banks their surplus last week being over so eooooo
tive drain to move the grain can be saffieiens
TO create more than seven per cent money market.
TO the government dealers to-day the rate was quite
irregular, and some loans were quoted as low as
Ave per cent Commercial paper was htsie more
current, but rates remained unchanged. Foreign
exchange was steady and dun at los3a 10 100, for
prime bankers sixty day and 1854 q 100 for sight
sterling. The changed aspect OF affairs produced by
the release OF the crops and their move
ment TO on eastern market was visible
In nearly all tue departments OF business.
thus, as soon as the facts were made known IN the
Gold Room, and in anticipation OF the effects OF
revived produce shipments TO Europe, gold dropped
10 l267s. The market was already heavy ana sus-
ceptible OF decline, owing 10 the steady dsbusc-
meat Of coin interest from the Treasury IN payment
Of the November coupons and the prospective gov
ernment sales during the month. The abundance OF
gold upon the market was further reflected in the
carrying rates to-day which ranged from five per
cent 10 seven per cent the latter figure
Hv. tnsta hahn ali
equivalent to nine and half per cent.
The decline in gold was less operative upon the gov
ernment market than might have been expected,
but the steadier feeling In the latter due 10 free
purchases TO speculative sales the lower price
01b0nds allowing pronablc margin 10 buyers for
delivery. The government Spectators are content
with a small difference as compared with stock
Hpeculatorp, the amount involved being proportion
aiely great, however. and rendering operations Just
as remuneratve. The 6T's sold very freely at 1151s
but at the close this fgnrs was actively bid IN IA
steady market III Southern securities there was
sharp decline in the Tennessees, owing 10
the decision Of the United States supreme
Court, that the State ia bound to redeem the notes
OF the old state Bank OF Tennessee. To meet the
claims thus arising II viii be necessary 10 issue
additional bonds for the funding OF the notes this
manner OF redemption being permissible. On tue
other hand the special tax bonds were active aud
higher, and sold al a. upon speculative move
ment, which has for IT'S nucleus q ''ring" In the
State ocias. who publish their intention OF forcing
the payment OF the Interest on these bonds, what
ever Ine fate OF the previous issues.
The eject or the Intelligence that the crop move
ment had commenced was more particularly visible
upon the Western railways AZ the Stock Exchange.
The feature was advance in Northwest to 7o!s Tor
the common and 81 for the preferred. ~. Paul wa
also active and touched os y, while Lake Shore
rose TO 00,s and Rock Island 10 103'i. 1t should he
remembered that the heaviness which attended the
Western list alier the panic was due TO the heavy
falling on in freghts owing 10 the rstent lou of grain
1t the West. Now, however, that the movement
has begun the prospect is fair for de-
eided contest between the rival operators OF the
stock market, the ''oulis" buying Tor advance
predeated upon increased esrnngs, and the ''beais
selling for decline ~ tho consequence OF an ex-
pected tight money market following the crop move
Menf The sharp upward turn in Northwest to-day
caused great many OF the Shorts 10 cover, While
several purchases OF the stock were made "undeY
the ruler for account OF those who were unable 10
MAKE their deliveries The directors Of the North
western road held tlslr monthly meeting to-day. A
strong feeling was shown In favor OF making a
three and half poe cent dividend on the
common and nve per cent on tue preferred pay able
In December next al the usual iime about The 9Th
OF the month, but opposition being made on the
around that the Increasing receipts leave room for
the hope that five per cent can be declared both
classes OF stock the subject Compromised BY lis
refer ence TO special committee who are TO report
at the next monthly meeting, which occurs Decem-
ber 3. Meantino presentation do of the
earnings AS follows
Fourth week in October 1895 .............$ $b0e a.
Fourth week In October, 1862. $50 23a