The New York herald., 1864-09-25
FINANCIAL AND COMMERCIAL.

SATURDAY, sept 1l-e r..
The stock market abored undsr increased depressiou
., the opening this morning. and very unsettled feeling
FrerSaed AS compared with tbe siosns sales at the
second board yesterday Erie doclined al the st board
" New York Central h, Hudson River u, Chicago and
Northwestern l&, preferred N, Reading z, Michigan
Southern Illinois central ~ Chicago and Rock Island
az, Fort wayre ~. Cleveland and Pntsburg, under
tie efforts 0, the clique in It. advanced So. In the mis-
celaneous list Cumberland Coal declined after selling
advance, ard OHIO ard Mississippi certificates az
Governments securities heavy and frac.
tien lover Coupon hve.tweniies declined a
coupon skies OF 1851 u. One year certificates
we're without variation. United States dyes oi
1871 sod st 10ah. sevaa aud three tsuths Treasury
notes at lCs +. state stocks were quiet. Mis-.
souri os sod Al esh &C. California rs las The fol
lowing bids mede:-Tennessee e's So virginia e's
e., North Carolina 6's GO, the HAM ibal and S.
Jchr issce (AissourD IS. Railroad boz ds and
bank shares were neglected. After the call thu
market was siili further weakened by continued
heavy "short' sales, and q feeling OF panic,
which bad been threatening FOR the past hrce days.
In and accelerated the fall Great excitement prevailed
on ts street ard at the open board at one O'Clock. The
sales re as compared with those the regular board
showed further heavy decline all round-name,y,
In Erie per cent, Hudson River 3x, Reading
~, Michigan Southern N, Illinois Central "a,
Chicago ard Rock Island IN Chicago and Northwest
err -. Fort Wayue ~ Ohio and Mississippi oeriia
Gates X, Cumberland Coal Ia, Quicksilver I5S, Mari
posa l. Cleveland and Pittsburg also submitted to de-
cline OF 2 After the call as the open board rally took
place. which was afterwards lost and the closing
actions In the street were made at about the O'Clock
prices the market then being weak and unsettled ind
eating the probability 0! lower prices Monday
Tho panic in gold ecpsed In ts fury call
by no milder term-the panic IN st and from the
opening until the close OF business b was not untn
fye r M tie dark and ul-ventiated which the
ns.ket is he'd was denseiy crowded with excited
multitude, in the utmost state Of physical agtaiion
shouting wildly at each other until the building
With their little ess than frantic cries. which bepdsd
loud confusion, whc, With uplifted and flashing
eyes, theyhe bulls and bears OF William s.rcc-fought
the battle or gold and struggled hard
promacy. Bcdlam let loose would have been, in
ths language Of the classics "nnabie to held
candle" the which attended the tail 0, gold
to 200 today. And after tho crowd
driven from the room by the gong, 'whose dreadful
roar deafened the shouting Of the cobatans the
game OF buying and selling continued with renewed
vieor, as long daylight permitted, the open street,
The nrst quotation o. The morning 2I2, from which
l: declined almost steadily to 20lx which ss
ing price at twenty minutes TO Immediately after
this, and the mds Of the greatest confusion ex
citenent sale was mado short option At 300 Tho
price INN edately reacted and eight minutes after
O'Clock the quotation 2o4 At Ave past three
II was 206 at half past tnee il had recedcd TO 204 "a,
and az forty minutes past four stood a; 2o2h 2o3
TIE number of anxious visitors to the gold
vicinity far of the average, end showed
anxiety OF the community outside OF Wall operations
to learn how gold was going; for upon It less
hung fortunes OF many or them all large hoders Of
goods purchased 1t the late high prices being of course
heavy Icscrs by tho fall is this deangement values
whichrs unseing the public mind and influencing the
decline or stocks, among other things very rapid
appreciation OF tho value OF paper moDey, after
heavy depreciation, as In our case Just now Is liable TO
feeling OF something like panic among q large
portion OF the mercantile community Interested for the
time being in gold being high premium, and this in
Its effects would be likely TO aggravats consequences and
produce shock instead OF gradual i'd
justuient OF prices In relation to the value OF the
currency. p.nic may be originated st the best Of
sirss and when trade conducted entirely specie
basis, II persons enough DO found sacrifice their
property BY throwing on the market at any price.
This would OF course 30 absurd without absolute
necessity or good reason for y; but pancs
ofteu cRuseless and owing 10 the
fears Of than anything substantial There
merchants in this city who stand In fear and
trembling OF the consequences themselves Of this fall
GOLD and would require very little aSgravason OF their
apparent to force them 70 sacrifices which
would have the eject OF depressing the market unnaur
ally the danger Of . commercial pano The
umd therefore TO be warned, for their own sakes
give way to their fears BY any unnecessary sacr
fcs await the subsistence Of the present excitement
with that calm watcnfuiuess which every in bus-
need Of they act otherwise the people
viii reap the benefit and they will be the ooly for
the AFFAIRS the country entirely buoyant be
preudiciay Affected BY any number Of failures that
piby take place and the utter collapse Of the
laiive combinations which have been contributing the
recen, imitation would be public advantage.
The decline In produce heavy to day; but Il
would have been Tar the combined enorts
Of Western the market by holding back
supplies Tse extent Of this apparen, enough from the
following statement OF bresdstuys in Chicago
the nth instant and al the same timc last year
1894 1s03