The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-10-23

A comparison Of prices cunsnt yesterday, with
those ruling the close Of the previous week. exhibits
an advance in Norwich and Worcester of - per cent;
Erie Railroad, new, Il; Farmers Loan, q; and de-
cline in Kentucky 6's of n per cent Reading Rail-
road, 4; Harlem u; Long Island, Il; Canton Co., Al
Morris Canal, a. The decline in Erie Railroad, both
old and new stock during the week, about Three
per cent but the closing prices only vary fraction
of one per cent
There has not been much activity Ia stocks during
the past week, and the market closed heavy yes
terday Prices for several weeks past have been ex
ceedingly uniform, and the brokers have had the
operations IN the fances almost entirely to them
selves There has been no speculation Of any conse
auence in any security and quotations now current
have been reached under more adverse influences
than have been brought to bear upon the market at
any time within the previous ten years. The eoncu-
sion, therefore, is that prices have touched bottom
that of all kinds have been pressed as low as 1t Is
possible to get them but 1t is difficult to tell whatthe
lowest point is in Wall street Prices in that vicinity
have little to do with values When we see such
a stock as Erie Railroad bond, new, full stock vary
three and four per cent in one day and Erie
Railroad per cent bonds selling at seven per
cent below par, with three and q half per cent in
terest nearly due on them, what criterion Is Wal,
street quotation Of the actual value of any security
but they unfortu nately draw in many outsiders
those who can afford to hold, but who alarmed at
the daily depre rotation in prices, and sell out 1t Is
this class that the bears depend upon and 1t is this
class that suffers such imme losses by the
operations of Wall street spectators There
other stocks used extensively for speculative pur-
poses which ra pge much above much below their
actual value and the Efforts daily made by the bulls
and bears to initiate depress them, are of the most
curious and extraordinary character. Holders OF
stocks at a distance are governed too much by the
daily quotations at the Board Of Brokers In this city
and are frequently governed in their operations
without thoroughly understanding the influences
brought to bear upon the market price.
The money market Is slowly softenipg. First rate
short business paper is not plenty and the rate Of
interest ranges from eight to ten per cent Loans are
easily made on government securities at per cent
and the banks liberal in their discounts The
cerpgs at the banks for discount have however bee
so large We do not look for much improvement in
financial affairs for many months neither do anti
cipae much greater stringency in the market Much
depe upon the result of the Preside nal election
but as business this is about over very 1T
tie can be expected before another opens. In the
meantime our political adairs will become settled and
we trust those Of Europe will be established upon
more favorable basis.
The returns Of the banks of New Orleans, for the
month of September, compared with those for July and
| August, presen the annexed statement -