The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1858-11-04
FINANCIAL M4rrxas N NEW FORK.

From the Herald Tuesday evening, Nov. q
The stock market to-day njuriously affected by
yesterdays bank statement and by the idle conversation
Of some bank officers who desire TO create panic in
der To raise the price of money Many persons allowed
themselves to be influenced by these causes, and sold
stocks ia apprehension of tight money market liz Is
not very likely that the future will justify their appre
tensions The shipment of specie from New York to the
South for the purchase of cheap bills ON England has
never paid profit and there to believe that
it will now Before the specie reaches its destination the
exchanges the North will have rsen and the gold
will find its way back here practically at the cost of the
original shipper. SO far the money market here is
concerned, it is very easy to that the question will
not affect it in the least If send gold TO the South
for bills, ship gold TO England when New
York exchange falls in New Orleans sterling exchange
falls here. Before gold began to flow southwark serl
ing exchange held here firm at no. and francs at
III 49, ut which rates the shipment Of specie paid
small profit Since have begun to send specie to the
South the European exchanges have declined quote
sterling to-day 1893 1, and francs at Sis IL lat
which rates no specie can go tight money market,
moreover only be caused by active demand for
money from commerce The demand which the most nc
tive stock speculation may make the banks trng
and Insignificant in comparison with the requirements of
the trade of great commercial erpa like this in time
of commercial activity. And until trade revives and
there is real genuine demand for money to pay for
chandise, there need be thought fear of tight
market Whether send four five millions more TO
the South, or the exchanges turn before our shippers
have opportunity to repeat the adventure the public
may rest perfectly assured that until the great staple
trades Of the country recover and the business
nifty exhibit something Of the old activity Of 1885, and
the spring of 1851 money in Wall street will continue to
be lent in any at three and four per per
annum.
The business done at the Stock Exchange to-day
large New York Central which has been freely bought
by outside parties for the dividend thrown the
market in large lots in anticipation of higher rates for
money and panic in stock Early this morning 1t sold
at concession of per cent from yesterdays prices
but recovered after 1000 900 shares had been
got rid of by impatient holders, and was in demand this
afternoon advance of half the lowest rates
of the morning Michigan Southern guaranteed sharply
attacked by the bears and hammered down to 523,
covering afterwards to 53l The decline Galena
at time to-day equal to II per cent compared with
Yesterdays prices, and on Rock Island to but both
rallied a per cent. this afternoon. Mssouris declined
to-day it appears that the State undertook to supply
the market with all the stock it would take so
Tennessees also /, and virginas lower. The BUSH
in railroad bonds and bank stocks was limited but
at full rates The closing prices Of the day Mis-
sours, 8sia SO; Pacific MAIL 1864 loo New York
Central sls SlA Erie, l6l l6i Hudson, 80 al "a;
Reading 52t 52i Michigan Central, 56t 564 ;
Southern preferred, So 53l Panama. lisa ll9 !;
Illinois Central 841 $50 Galena, 7s4 7sa Toledo
333 $50 Rock Island SCI 66s The market was
unsettled at the close.