The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1861-11-01
Stewards Circular a Bomb among the
Bulls and Bears of Wall Street.

The circular OF Mr.. Secretary Seward,
calling upon the Governors of Maryland,
Delaware, Pennsylvania, New Jersey, New
York, Connecticut, Massachusetts, New
Hampshire, Maine, Vermont, Ohio, Mich.
gan, Illinois, Wisconsin and Minnesota to
take immediate measures for the fortifca-
ton of their sea and lake coast and harbors,
fell like an exploding bomb among the bulls
and bears of Wall street. There was i'm.
medately stampede among the holders Of
government stocks to sell, and the decline
on some of the leading shares reached four
per cent. We quote from the money arti-
Giles OF the evening papers:
From the Journal of Commerce.
The letter of Secretary Seward to the sever.
al State Governors has produced a profound
sensation in Wall street, and many were dis.
posed at first to regard it as a forgery, so i'm
polite did its tone and purpOrt appear to gen.
tlemen occupying leading position in finan.
cial circles. 1t is possible that much of the
objection to it would be obviated if our citizens
knew OF the occasion for it, or the crcumstan-
ces under which it was produced; but thus far
these are entirely hidden from our eyes. There
is universal feeling of regret at it's appear.
ance, but all candid persons are disposed to
walt for further explanations before condemn
ing the production. The stock market was
seriously affected and prices materially de.
clined.
From the Post.
Stocks took heavy downward surge to-day
with large sales. The letter of the State De-
partment to the Governors of the loyal States,
in reference to the coast defences of the coun-
try, had very depressing effect. Government
Skies of 1881 lost about laa2 per cent. of the
recent large advance. The Coupon issue sold
at 924a94, the Registered 9l3a92, against 94aa
IS and 933a94, respectively. The old Skies of
1867 and '6S are firm. The Coupon Elves Of
1876 sold at s44, against S42aS5 yesterday. Mr..
Stewards letter is the topic of the market and
nearly all the securities of the list are adverse
ly affected. The decline in some of the leading
shares is equal to per cent. Governments
gave way two per cent. under small sales, and
considerable uneasiness is still observable.
From the Commercial Advertiser.
There was a complete breakdown in the
stock market this morning. The letter of MIR.
Seward which appeared this morning, no doubt
had its effect in bringing about the reaction.
The Commercial advertiser, in leading
article, severely criticises the circular, which
it pronounces a little too metaphorlcal for
State document on so practical ques-
tion," and dwells upon the incongruity be-
tween the recommendation so earnestly and
deliberately made, and the distinct assur
ance that the danger of any disturbance of
our friendly relations with foreign powers
is now less serious than it has been at any
previous period during the course of the in.
surrection." 1t says:
Either the danger of disturbance to our pre-
sent peaceful relations with foreign powers,
instead of being diminished, is really more
serious than it has been at any previous pc.
rOd during the course of the Instruction, \" or
that gentleman has written an untimely and
lnJudicious circular.
The Commercial advertiser returns to the
subject and comments on the decline in the
stock market, stating that bona fde capi-
talists and the largest holders of govern
ment stocks are greatly alarmed, and sug-
gests that "a deputation ce appointed to
wait upon the President in order to ascer-
tain what is the meaning of the circular,
and whether any real cause for alarm exists
elsewhere than in the mind of the Secretary
of State"
The Post regards the circular as d.
plomatic puzzle" and treats it briefly and
mildly, remarking in the outset that the
accomplished Secretary OF State has got the
diplomatic habit so thoroughly that he is
as mysterious as the nod of Lord Bur.
leigh"