The New York herald., 1864-09-29


Georga6S. go Louisiana o's .......... 65
Tho gold market was irregular and excited to-day as
Che rapid variations from hour hour clearly indicated
The opening price 204 followed bya decline Of one
per cert and an advance 10 2041, at which 1t at
twenty minutes past eleven A. N. rumor was then
put 10 circulation to the that Petersburg was bong
evacuated, which, assisted by report that of the
heavy "short" sellers option he'd given notice
Of delivery tomorrow, coatribuled 10 weaken tho
MARKET and by forty minutes past P. u the price
had declined to 1885, fcm which, ever, there was
nearly steady 205 which tho quotation at ton
minutes 20 hve p The stock market
on the Produce Exchange sypathized with both the
and fall of gold each experiencing decided improvement
upon yesterdays quotations in the morning. which was
partially host Afterwards.
In both the gold and stock markets large short
interest outstanding and this will expose them to spas
modc action for some days outside
spectators fer RISE well bears" cover Shorts
were buyers on the Stock Exchange yesterday and
day, and these gave baoyarcy 70 the time,
but such an active sympathy has been established
tween gold and stocks since The heavy an the
set In that the latter dependent 70 . great OK.
tent upon the course Of the other. The market for
general merchandise, too, glad 10 nnd s still
stagnant and dropping. The sales OF coal by
auction to-day showed fall since July Of
three dollars ton, and lower prices arc certain to
tho inyarabls ruIe, retail dealers will bs the last
give tho people the benefit Of the cheapsning
OF this necessary article. The public, nevsrthe-
less, have the remedy, TO some extent, IN their
own hands, BY abstainins from purchasesl a. long
as they eau, and, when necessity compeh them tobuy,
by buyn only just SUFFICIENT their Temporary
wants The rule applies 10 al other commodi.
ties and suggestion IN this particular 10.
stau0s applies 70 everything else 70 BE- bought
with mousy. Foreign dry goods have submitted
10 . heavy decline in the importers' hands;
domestic ootons wooleps have declined stl more,
and thcrs item in the catalogue Of commerce that
has not felt the naturh effect OF she appreciation 10 value
OF the paper dollar II is high time, therefore, that
retailers should conform TO the wholesale standard and
direct imposition upon the public ther part 10
attempt TO do Otherwise.
After the "shorA" in gold out have "covered,n
the premium must experience q considerable further
decline, and corresponding reduction OF prices for
chandise will be Inevitable.
We have called upon the administration this fall
10 gold by prompt relating the currency
the probability rs that the bupders OF Mr. Chase win be
persevered 10 by his incompetent successor and that
nothing efecua viii be done countersct the existing
evil I'll after the meeting OF Congress
The ramor OF new loan was revived day BY Ger.
tain parties the nmsy basis Of . Treasury ofhcil
Passing through this city q pleasure trip. II 10
almost needless 10 that the money market 10 70.
condition 20 respond to new loan at present, and,
from all We can learn, thero is no immediate prOspec'
OF one being offered.
We have remind Mr. Fessepden that We are drawing
the LIST OF october, when the monthly statement
OF the national debt which has been indirectly promised,
viii be due. II tnis forthcoming considerable mis-
trust will be created 10 the financial mind and the
ported large additions 70 the floating and funded debt
will be mAgniaed by doubt and consequent the
suppres,on facts Publication is therefore, the
best policy
The speculation In oil st cks s outrunnisg the bounds
Of moderation and therefore the public 10 be warned
egains. the numerous companies which making
fbe appearance, particularly In this market and that
Of Philadelphia These are greatly In excess Of the
oumber legistey IN keeping with the extent OF tract
Of country bored, the close proximity many OF the
wells viii after short time contribute thek mutual
unprecedented not exhaustion. This will lead 70 the
amalgamaon OF companies for purposes OF self prsser
vatton and instead n the dividends which 70.
troeum stockholders led TO expect, the returus
wh probably instances 20 be very moder.
ate already notorious that most OF the
oil companef have been organized FOR speculation
chan production No efs than millions OF capital
representing the stock Of hundred and afteen
psuies II now floating on the PHILADELPHIA market and
when we consider tha, the of all The railroads OF
Pennsylvania does not exceed t~o millions and o
haH 10 value we form opinion Of the comparative
extent of the oil speculation. OIL which Is pow worth
twelve dollars per barrel the wells -a two years
ago worth only dollar per barrel aud this advance
price has stimulated speculation " petroleum shares,
and their market value 10 based upon Continuation
u the present high price. But thm al me best 40
Unreliable foundation, ard n fall 10 the price Of oil
should occur the shares IN all these compsnies wouic
declne with We observe that some Of the petroleum
companies advertising monthly dvidends; but tbs
mersly for eject, and most OF the stockhelders
present and future, VIII be likely 70 nbt
Sh'ir temporary dividends snare. Experfenos hs'
demonstrated that the yed the wells does not vary
mucb from year 70 year tii they are exhausted, and
consequently buyers of Oh stock speculate against
. known ouspiiiy; but many o. them do po
pppss 70 oomprehsod this, and act a. 70 ,hcy
were purchssios Ia evsry share TIE pcsenssslity
q iocc6aas wealth. The exports Of petroleum from
&C 80