The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-10-30
FINANCIAL AND COMMERCIAL.


MONEY MARK EFT.
WEDNESDAY Oct. 29-0 Up N.
There was q very large business transacted a. the
Stock Exchange this morning. The excitement among
ope' aiors was most Intense. sas the nearest ap
proach 10 Wild panic that have hal this year. All
The combinations made for carrying large lots OF the lead
ing railroad stocks have exploded and they have been
obliged TO sell at current prices and OF great losses the
growing gency 10 the money market compelled the
to osgorge and the stocks have upon the streets
in large lots It win be long time before they can be
got together again. At the first board today
Illinois Central bonds fell OF x per cent Illinois
Central Railroad stock, x, GaeDa and Chicago,
"a; Erie, Il Readiog, 81 Michigan Southern, x;
Panama, q; Cleveland and Toledo TX; Chicago
and Rock Island ~ The decline from the eniug to the
close, today WAS neaxlv equal 70 the differences
In prices The market opened toeraby steady but the
avalanche Of stocks pressing for sale was too much and
holders were glad to sell at any price. The principa
object now TO realize, and those who get dst will
be the most fortunate. In sucn times as Y In
the midst Of form Idea Of the probable extent
OF the decline prices. rs the general opinion that
there Is mNeA for fall OF from three five per cent in
all the leading railroad stocks. The public has become
edectray alarmed this point and all others where
credit ID concerned and the OF prices must be
downward There large transactions at the board
all the leading stocks Erie sold to the extent Of about six
thousand shares Readr four thousand Michigan South
ern three thousand Cleveland and Toledo Ave thoWaut.
Atprvae sale there large operations and thousands
Of shares Of stocks pass from hand 70 hand that
reported. The break down in Erie Railroad stock %
about - clear illustration as could be found Of
the folly Of . party Of spectators combining 70
keep prices by purchasing many thousands Of
more than they carry without extensive hypotheca-
tons. The movement can only bo successful 50 lori
money continues abundant and under the most favor
able circumstances does not follow that PROFITS
realized even when they appear paper. According
70 the predictions of the Erie clique, to
that stock again below sixty per cent and that il
likely to 60 up 10 seventy per ceat bsfor the fire.
Of November than down 10 sixty in the same time. I'M
result only shows that the best laid plans q stock specu
lators IAN gang aglee."
When SEQ the stock Of any railroad company piled
up large lots In the hands Of any clique OF specuasof
of mon who buy only to sell again as soon as hey car
make small proht-n may DO taken for granted TIA
later and at very distant day either. there
will be collapse in prices -one that will not only
III usauds of shares Of stock suddenly upon the make
but collapse in the pockets Of Of the operator
which will throw the losses upon those
dreamed Of such misfortune Erie is IT the only stoc
the list that is suffering from such cauies just nov
Western Iailrosd stocks pre- either very goo
very bad Those OF most recent constru :
ton are the bes, for many reasons-n T.
first place. because they have been more oconomio,i
constructed, better managed better located and hs
avoided ali those which have proved so faa' .
the older companies 1t requires the cosest scru'n
and the most psert Investigation to make proper d.
elimination in such Investments. There Is certic
Western railroad stock In this market which Is eve
now, with the recent decline In current value, selling
q.
concerning generally known, the stock would
command anything Ike present rates. so far as tho of
c'al reports 20, all Is sunshine The earnings oah gros
and net reported large, and the annual dividend
paid equal to these Of aoy stock in this marie
with one exception. II 10 the absence or nfornslo
In regard TO most or our railroad siocs
thai enables cques Of spectators to keep them aia
in make value and always up to points far In aavaos
Of their real bona fe value. u.s. no eoubt the op,na,
Of many that ~ithin the past three weeks thsr
tas been an important decline In prices but when
compare presen, prices with what might be consider,
the real value Of these securities there has been no
cline at all The actual value s far below what the
feIlug 1T iha. would ruin Of tho speculative
| holders 10 have such margin wiped out. SO long
sucn blocks Of stocks piled up Wall street. 50 lou
will there be a fictitious value Gxed upon them
~ the second board TO day Tho market was a ihado
two better, with pretty active business. Cumoerisit
Coal advance "a per cent; Cleyelald and Toiedo q
Erie. Il; Michigan Southern, = from tho lowest prce
current This morning Reading Ralrosd fell OF pa
cent, CLOSING heavy Al res per cent wo notice gres
difference between cash proc and the price time
buyer 80 days, for nearly all leading stocks
1be steamship Persia from This port for Liverpool
day carried 81 1872 50 10 specie the E,os sor
Saturday lst carried out s.oi ooo-maklpg asre
gate hlpment Of io9l7 1872 50 snce the last weekh
salk statement made up This entirely N,
California remittance, tha. tho banks arc row jas
where they Saturday last. We do not look 10
any charge IN the specie reserve in tho next week
statement but IN the ser thcro DO decrease
Il the expectation ecs,Iues, for 40 hlyo supples
| calculate upon.
The San Francisco rrioe Curroa. gives tho anpexe
| s,atemen; 81 gold shipments from that pori for tn
hrd quarter Of the present year. and for Tao year NJ
October /, compared with corresponding perois la,
year. For the lsst quarter they wore a. follows
Gotp SnrNTrs IRON 5sY rRAscuOo.
10 seE lofk xppbsTlJ "
England. ...........s... 3377 71i ~
Pansme ACKNOWLEDGEMENTS. % 49, ..
Peru. ..4............. 1900
Chile ....... Observation-Disclosures. atO a.
Sandwich HANDS ...............t.. $1,000 N
Society lsi,Dds .................. 5000 q
Bi tsh Last Indies Observation-Disclosures. 3bn0 "
rIensh iAst Indies ..sssssss# " oW ~
"ne... 81 3nJ "
AUSTRALIA. northumberland. 4S0i5 a.
Tosl shipment for third quarter OF 1886 sis $50 30 Il
Askr k.tF N