The New York herald., 1862-10-11
FINANCIAL AND COMMERCIAL L.
FarpAY, Oct. Ie-6 p. NJ.


This has been very exciting day in Wall street.
At sn early hour this morning the large lenders
proceeded to call in their loans on stocks, and
many Of them refused to lend even st such rates IS
5a6 per cent. The consequence was that quite
large quantity OF stock slaughtered Al the first
board, and q decline OFF, a 5 per cent ensued
simultaneously the speculation in gold burst forth
afresh with great yigor. After closing yesterday
at 1881. il opened this morning at l27, rose to
I29, fell back to 1889 rallied TO 1919 n, and
finally closed at l279s bid. The anomaly of gold
rising while stocks fell was thus again presented.
As soon as the weak men had been sold ont at the
first board the market began to rally and
between the boards reaction Of l1l a per cent
was realized on tie more active shares. AT the
second board the rally maintained till towards
the close, when some spectators who bought this
pc-aing sold out, and thus the lest appearance of
the market was heavy.
The heaviest decline Of the morning was in Pa
cific Mail which, after selling at 1873 three days
ago, and at l27 yesterday afternoon tumbled this
morning to ILL., it sold in the afternoon at rs, and
closed at 124 bid The Eries, which are very
largely held by spectators, of course felt the con-
vulsion OF the day severely. Eric old, which
touched GO q few days since, soli this morning at
81, rallied to 56 between the boards sold at 55M
in the afternoon and closed 81 bid. Erie preferred
was done as low so. and as high 81 z, closing
Sls6 bid. Illinois Central, which toached S5 the
other day, sold dowr 20 10 this morning. rallied to
S0ss, and closed 7sI bid. Michigan Central,
which sold at Ss few days sace, was done at
$50 this morning, at siL in the afternoon, and
closed Sd bid. This was tie history OF all the ac-
tive speculative shares. Weak holders We're
slaughtered at the first board. The market, thus
relieved rallied instantly. reaction in the mar
ket has been expected for some days. by many
Loading operators, simply On the grourd that the
advance has been too rapid. 1t was precpitated
this morning by the action Of the money lenders and
the result has been that not few small specula-
tors have lost their previous gains, or seen
their margins exhausted. The large holders
OF stocks-the men who operate great financial
principles, and who take care that their line shall
never be SO large as to embarrass them on occa-
sioDs like the prosent-do not seem disnayed by
the decline, and are not disposed to part with
their stocks. They act on the belief that the
causes which produced the advance are still in
full operation; that the steady rise in gold renders
o corresponding advance. in dividend paying secu.
rites mathematlcally certain, later, and
that, 80 long as Mr.. Chase's issues of paper cur
rcncy have no other limit than tie capacity of
printing presses to print bank notes. The course OF
prices cannot by any possibility be other
wise than upward Reactions, sometimes
slight and sometimes sharp, are of the
nature of a rising market. ard all expert
ence shows that each backward slip increases
the violence of the succeeding forward surge and
the number of persons interested in the move
ment. Governments were but slightly affected by
sthe decline to-day the 7.3O notes fell Off "a per
cent. Bonds were variable. The issues o. the
Pttsburg and Fort Wayne, which are very cheap,
in comparison with other corresponding secur
ties, advanced H per cent; the Northwestern
issues were about per cent lower. State stocks
were lower. Missouris fell to SC; they sod few
days ago at 5s. In the afternoon they were done
at SAX. At the second board there were as
many new buyers as sellers, anl the advance which
took place between the boards was maintained till
the close. when further decline in Erie and one
or two other stocks ensueI. The following were
the ouotations at the close of fhc market