The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-11-17
FINANCIAL AND COMMERCIAL.


THURSDAY, Nov. 1872 N.
ne .toch market opened this morning pretty Arm and
steady but before the close Of the first board panic
appears have seized upon Of the leading opera
TORS and prices rapidly down Illinois Central
Bonds fell of 4 per cent; Nicaragua Transit x; New
York Central Railroad, 1; Reading Railroad, N harlem,
4; Erie Railroad Ia; Cleveland and Toledo Railroad
1x Northern Indiana Construction Stock g. The sellers
comprise class OF spectators in the street Of very
kttle intelligence Judgment and not of sufficient
foresight to trace the natural from TO Of
Se In the absence Of fact they fancy all sorts OF
favorable influences, and their fears completely
upset what little reason they may possess, While
1Ae tendency Of some stocks from the opening
TO the close downward others advanced
and firmly maintained Michigan Central
Railroad improved u per cent, and Chicago ana
Rock Island Railroad a. AT the second board the mar
bet was more bouyant Canton Company went up y per
cent; Nicaragua NJ Reading Railroad ~ Erie Railroad
a.; Harlem y. Virginia 6's fell OF 4 per cent. This
Improvement was caused principally by purchases
the part of the bears for delivery, and partially by
natural reaction after such rapid decline The
counts continually coming in from the West relative TO
bank suspensions and the heavy shipment Of specie from
ths port yesterday acted unfavorably upon those who
take superficial view Of things, and created blind
sepseless panic among holders of fancy stocks. The
most prominent sellers of Erie Railroad stock
per cent upon the advance from 2eys a 80 per
tion in stocks with the great bulk Of operators
red in the dark II is haphazari slap-dash busi-
from end to the other, and il is only the few
who exercise judgment and foresight IN the matter
who win at either end of the market The bears have
lately had prices all in their favor and have probably
made up the losses realized about sixty days since bat
they will without doubt lose il all again Stock specpa
a
oscrs These who make it business are up one day
and down the next and in the end kept down. II
only those who confne themselves strictly to broker
age commission business, who buy and sell and let
others take the risk and profits If there any who
able 70 maintain themselves in Wall street The bulls and
bears all share the fate The fluctuations Ia prices
for fancy stocks meet both extremes and at all times
there be losers well winners There is time to
buy aud time SELL but all the experience Of the old
est and sxewdest operators has not proved cent to
tell them when the proper time is There is probably
less intelligence among stock spectators than among
any other class Of the standing in the community
II is true that prices for fancy stocks influenced by
many foolish and trins that it is difficult to
tell what they viii take in the twenty four
hours and hence the many mistakes made but there IS
mot in the street than half dozen operators who
really take sensible comprehensive and extended view
Of things, and exercise judgment at all sound in their
daily transactions Therest go it blind and burst up
every twelve months.
The large shipment OF specie from this port yesterday,
by the steamship Arabia the result Of several i'm
portant The most direct the fact that
Ahere will be steamer from this port until Saturday
The 25th inst and that will be of the Collins line
not avorite line for shippers of specie We canno
therefore, expect any shipment of until the
.ext Cunard steamer from this port, the I'd of De-
eember. Before that time we shall have two, and per-
haps three steamers in with treasure from California
with about three Million in the aggregate 1t is the OPT
MON Of those pretty well posted up the movements Of
specie that the next weekly returns OF the banks viii
show upwards Of eleven millions in hand The current
Of specie here both to and from the West but great
deal than goes. About forty thousand dol
hrs sen, of to Ohio to-day supposed to be on
count OF small forced sale OF Ohio skies at great de-
probation. Several small failures among dry goods
houses reported to-day, and more will probably
follow. This is expected and therefore creates
citcment in the public mind. Everything tends to
condensation and accumulation. Liquidation and
fraction progressing with great rapidty, and
viii soon be operating upon money markets Great
ing and abundance similar to those which Lave al
ready been realized in London and throughout Great
Britain. The absence of demand for commercial par
poses must reduce the value OF money, and give
grsater supply OF capital.
After the adjournment OF the board the following sales
Of bonds and stocks were made at auction by A. II.
Ncclay-
q 600 Missouri State s's interest added .... S3t,
n 900 do. do. do................. $50
1000 do Racine City rs, do............... s6ls
1000 N Y. aud Harlem RR LIST mortgage, do. SIS
IA 600 Junction RR., I'd mortgage, do. ....... 6in
1000 Chicago and Mississippi RR., I'd mort, 80. SO
5000 Cleveland and Toledo RR incomes, do.... 72tk
10 shares Rensselaer, and Saratoga kR.. 50R
10 do Bank of North America ............... s51s
1bo do Empire City Bank Observation-Disclosures. soN
% do letter Cooper lire Insurance Co. -
10 do Reliance Mutual Insurance Co......... ON
il do Hamilton Fire Insurance Co............ A
10 do Clntcr Fire Insurance Co .............. rs
- do Anersan Express Co..................l0O
Simeon iraper's regular semiweckty sale Of stocks