The New York herald., 1862-10-16
FINANCIAL AND CONNER clAL.
wErSssnAY, Oct. l5-e p. M


WErSEsnAY, Oct. l5-e p. M
There was fair supply OF money in " all street
to-day at per cent; but still persons Who have
idle balances at bank can place them in the street
on call with ample security at or about these rates
There is no change in certificates ofindebtednsss.
Gold and exchange took further start upward
this morning. Gold sold at the first board at ls5,
against 1885 at the close last evening; rose to
1869 1877 between the boards: sold at 1879 in
the afternoon, aud closed, AT halfpast three at
1867 bid afterwards it fell TO 1885, 1851 and 1885,:
il sold later in the day at 1867. For long time
this morning bankers were unwilling to name q rate
for exchange: but at length few houses agreed
to draw al l5l and some business was subsequently
done at l5l a l52. Bankers and others express
great alarm at the advance in gold and exchange,
and some OF them, with helpless instincts turn to
MIR. Chase for relief. as though the government
conid help the matter. They may rest assured
that u Is beyond human power to prevent or check
Tue present speculation; that ii is the natural con-
sequence OF obvious causes, and that nothing will
arrest II but such victories as shall satisfy every
ono tnaf the rebellion is crushed. Then the specu.
iasive bubble will collapse, and gold will return to
is od value Meanwhile any attempt, either by
government or by the banks, TO arrest the specua-
tive movement which is now in progress will only
aggravate the mischief. 1t is proposed for in
stance, that the government shall come into
the market to negotiate loan in or
der to afford the banks an opportuni
V of calling in their loans on stocks |
and gold, and investing their means in |
United States securities. We should have sun |
posed that tie banks already hold as large an |
amount OF public stocks as their capital war. |
rants. Whether they would facilitate the disposal
10 tbe public Of such government securities as |
sney now hold or may purchase hereafter, by |
creahng panic in the stock market they can |
readily decide. Whether Mr. Chase is likely to |,
ki ms conversion scheme, which will succeed |
when we have victories, is also easily decided |
BANKERS should remember that financial excite
ments and currency depreciation are natural Incl
dents OF wars of great magnitude; that they are
inevitable and that it is simply idle to try to pre
vent Iheir occurrence. The part of wisdom is to
expect and prepare for them: to bow to the
storm while it RACES, in the firm confidence that it
cannot last long, and must inevitably be followed
py reaction as thorough as the original out. |
burst.
Ihe stock market al the morning board was ar .
tive and firm Prices generally rose from c-half
to one per cent. The advance in Panama was ~
in Illinois |, in Erie preferred L. in Pacific Mail
In New York Central q, in Erie old y, in Hudson
a. In Michigan Central "a, in Reading q, in South.
,rn Old Il. The only exception to the market was |
sock Island which declined l per cent Bonds >
we're hrm and moderately active. Fort Wayne
nirds rose Il per cent. In governments there h
vas not much change. The coupon sjyes of 1881 | Il
ose u per cent. At the close of the first losrd o
umor was circulated to the effect that the govern nr
aent was coming into the market for large loan $.
no with the aid of this story some sriar. opera -
ors hammered Erie old stock down to - o.
nd caused decline in other descr;n -
ons. The moment, however, that the spcula TX
'rs tried TO reap the benefit of the mannuyre &.
ID buy at the decline prices rose and before Co
le second board met So was bid fo- Erie. am. -
'her stocks were quite up to the s,st board 10
rices. At the second board. on the call. prices OF
ere well sustained. But Immediately afterwards me-
ere was breakdown of about per cent IN BIB
I'D, md this caused sympathetic decline in ny
ices. One OF the -stsongest stocks on the liz. q
is aftern,>on was New York Central, which ~. av
uched lO7K. Many people seem to be bayiag
ntra as an iuye tment, in view of the unccr- 1r H.
mites of the futurs> At the close the market ats
Is unsettled, the following being the quota Ila M
MS efn