The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-10-18

port Of 81 100000 from California, and an export Of
sssS 234 70 Europe, leaving balance in favor Of the
banks Of about S4l40O Whether they win show as
much or more depends upon the movements Of specie in
the interior. They began the week with apparent re-
Of $40 lT0 200 but in reality probable that
they held SIS 900 600 the internal exchanges OF
specie during the week balanced each other, the actual
amount in bank to-day must be about what the banks
showed last Monday The snbtreasury holds $40 1913 $751;
having lost during the week about 5000 600 There is no
change the price Of money report Ions sti
made three per cent government and State secar
ties 1--WE hear Of no loans below that rate); at four
on railroad securities and in the purchase Of first
class short dated paper Loans for sixty ninety
days stocks and paper three TO six months second
class short paper range from five eight per cent FIX
change on Europe has not been quite strong this week
as II was last There very few sales of sterling
over ITO, and good many between 1929 and no. francs
done at 5.l2k l3K. Mercantile bills have been
scarce throughout the week.
The stock speculation impulse we noticed week ago
partial revival in this market-has cont nuei TO prevail
throughout the past week Nor is the fact unnatural In
every great commercial there is at this moment
fever speculation raging The which the funds
in London and the Paris rcntes moving is al
most unexampled for time of peace. plethora
Of money, and want Of legitimate channels n
employ IL in, TO have driven into tho
took markets there. is but natural that the samo
should produce the like effects here; but there IS
his difference between the stock markets of Europe and
that of New York Their experience has taught rich
that IL will not pay speculate for the rise in securities
which do not possess intrinsic value; and conse
quenty though OF there bubbles in Europe as
well here, they OF secondary Importance on the
Stock Exchange and the article in which speculate is
usually the public funds some equally reliable security
Here the rule is reversed permanent, intrinsic value is
considered the only question debated by specuia
tors is whether, after they have purchased greater fools
will from outside and relieve them OF their stocks ut
an advance No specuator in the New York marketevr
thinks Of holding his stocks over few weeks lie bays
when he speculates, railway stocks which many we'll al
ysed persons consider absolutely worthless he never
hardly ever touches the reliable securities of the day
United States securities, State stocks, unqaestoned
bonds This difference between stock speculation in
Europe and the thing here must be borne in mind
by all who propose TO draw analogies between the two
The speculation in stock market during the past
week has been almost exclusively confined to such specu
lative railroad stocks Reading, New York Central
Michigan Central and Southern, Cleveland and Toledo and
Pacific Mail We presume that not in his
with the experience of the past two years would want to
buy share Of any Of those b. bound to hold for
twelve months from the day oth purchase Tbepeope who
buy them do in the hope that when they put them four
five per cent higher and circulate stories of VIC great
speculation stocks through the newspapers the public
meaning simple, credulous people, with money to lose
Will in, and they may be able to sell their stocks
profit; then-as they did in March as,-they will turn
round and hammer the market down W5'darc say they
will succeed
The Of the stock market for the past week has