The New York herald., 1873-11-13
PIIIS''AL N and COMMERCIAL
A LIVELY STOCK MARKET.
Advance in Prices and
Large Transactions.
MONEY STILL EASY.
The Banks Now Hold $26, 200, 900
of Legal Tenders.
GOLD STE ADY.
Railroad and Government
Bonds Firmcr.
A Cheerful Condition for the
Moment.
GOLD STEADY.
RaiIroad and GOvernme ent
Bonds Firmer.
A Cheerful Condition for the
Moment.
WALL STREET.
WEDNESDAY, Nov. 12-6 p. NJ.

WEDNESDAY, Nov l2-6 Z. NJ.
There is nothing in the financial situation which
makes it necessary to add to or subtract from the
comments OF yesterday. The stock market was
strong; no rumors disturbed the board and the
bulls had the day practically to themselves Prices
seem to have been advanced for the purpose OF
selling, and the unloading process has already
begun. Speculation was chiefly confined TO West
ern Union, New York Central and Lake Shore, and
a good investment trade was generally distributed.
1t remains to be seen whether the market has
any holding power. II this be demonstrated
1t will be more significant Of the Improvement for
which all have been praying than any event that
has yet occurred II, on the other hand, sharp
recession take place, especially without external
pressure, it win only prove that half dozen bold
operators have combined for the purpose OF manu-
featuring prices to the end that they may comfort
ably escape from losses suffered when these prices
were on the descending scale. 1t will not indicate
the real substantial strength that is desirable
and the presence Of the capital necessary to main
tain the same.
THE PRINCIPAL STOCKS
ranged as follows wv estern Union opened at 54,
sold down to 5314 from which point it steadily ad
yanced to 55a. New York Central opened at s3a<,
declined X and improved to s6l4. Lake Shore sold
at 6424 CAS- 65 651S 65 64i4 65 &c 65]4
66I; Northwest common at S71S S74 a 373a a
S7A; preferred at 57s a 5sA; Pacific Mail at so a
29z q 301s a303S a 304 Harlem at los 109 a 109h
a 109Z ITO; Ohio and Mississippi at 24ls 237S
243S 24A; Rock Island at s61s 81 a S71s a s7I
81; Delaware and Lackawanna at s7sS s7zs
$50 Union Pacific at l715 175s IL 179s 171a
17I; c., c. and i. c. at 1ss@ 10 1S7s; st. Paul
common at 25l5 20 26i5 a 20 u 26S; preferred
at 40; Wabash at 3s 3s1s 3s14 3s7s Sel4 Han
nbal and ST. Joseph at 1919 1e. The remainder OF
the quotations will be found else where.
THE MONEY MARKET
was again easy to-day, and accommodations were
freely extended. Cali loans were negotiated
on the basis Off, 8 and per cent. Business in
discounts was active, the best names selling at
from IL to Is per cent The banks gained 81, 900
IN legal tenders to-day, making the total now held
$2o 2Oo, 900. The loan certificates are being liqu
dated gradually. Foreign exchange is frmer for
Eixty days. sterling the rate having advanced to
'106z 1861, with actual business at this price.
Sight sterling is quoted at 1osa nominally, with
business at u less.
Additional failures are reported In Pittspurg,
and some banks are reported weak.
NEW BASIS OF STERLING EXCHANGE.
1t will be remembered that Congress last winter
in determining anew and fixing at 81 s6.6s the
value OF the pound sterling, decreed that on and
after January !, 1874 next New Years Day., the
par OF sterling exchange should be 100 instead OF
the 1905, so long in vogue among cambists. BY
the following despatch it will be seen that the
London Stock Exchange has courteousy decided
to make a corresponding alteration Of the British
system of calculating American values, the effect
OF which will be to raise the quotations OF our
securities to their real par, thus doing away with
the system by which our government bonds, for in
stance, when at par were quoted at9l, apparently
at a discount OF per cent. The despatch is as
iolows:-
LONDON, Nov. IL, 1873.
The Committee OF the Stock Exchange have
adopted resolution that As tBritishl per dollar
LAmencanl shall be the rate OF exchange alter the
Sd OF December.
The total exports OF produce from this port for
the week ending yesterday amounted to s7,22a,773,
mixed values, which Is an increase over last week
OF $1,277,3SS. The exports for the corresponding
period OF last year were $5227 ,6l7; and for 1871,
$5,564 262 The total exports OF produce since JAM
nary this year s257 247, against $780, 7O1
last year, and s2o4, ,s47, 1927 in 1871.
THE GOLD MARKET.
Gold was firm to-day, opening at 1925, declining
to 107 and closing at 1873 1o7k. The carrying
rates we're 8, 4, 8, 7. and per cent. The lnal
rate was per cent.
Tho fnIla bav haan tba prfncipal tiono