The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-01-20
FINANCIAL AND coMMERC IAL.


THURSDAY, Jan 19-6P
The stock market has been of semi panic TO-
day and entire list has undergone further large de-
cline The inherent weakness Of the market, TO which
we have frequently called attention, Is now rendered
painfully apparent 10 many Who with more faith than
Judgment continued to hold stocks on speculation,
despite the obvious tendency of prices and our repeated
warnings
The bull party has never recovered from the
shock Of the panic OF spring The old operators
were too much weakened TO be able TO engineer
= fresh rise OF magnitude successfully, and the
outside public too dstrustful and too much alb
sorbed with government securities and petroleum
10 recruit their broken ranks, the market has
languished while for time past, the course OF
the war has indicated earlier termination than was
generally expected fresh strength has been given to the
in view of the probable resumption Of specie pay
ments within no long period afterward.
The has at the time increased the dis
trust of capitalists and spectators generally and unset
tied confidence in all values. The peace rumors and the
prevailing belief in the possibility Of the coming to
sudden termination, sustained by military events, have,
by depressing the price of gold naturally affected every
thing else to be bought with paper money The tendency
OF gold has been all the rapidly downward In conse
Quence of an impression which is fast gaining
ground that the outstanding currency, at tho END
or the war, will not BE- allowed to stand In the way
Of the speedy return to specie basis but that It will
Be provided FOR funding into coin bonds at It's current
valuation The present money paper obstacle having
been thus brushed aside there would be nothing TO inter-
rupt the progress Of the revulson
At the board stocks pressed for SALE and not
being freely taken the market broke The closing
sales showed . decline from those of yes
terday's second board follows:-Erie 23s, New
York Central g. Hudson River TX, Reading 2h Michigan
az, Cleveland and Pttsburg TX, Chicago and North
western *, Chicago and Northwestern preferred 27s
Chicago and Rock Island So, Fort Wayne 2H, Alton and
Terre Haute 3, Cumberland Coal ~, Mariposa a. Ohio
and Mississippi certificates steady.
Government securities heavy at yesterdays after
noon quotations.
At the open board at one O'Clock, the market was a
fraction lower part Of the list, and steady
or . fraction higher the rest At the
second regular board the of prices was
further downward the buyers being chiefly 'shorts :"
New York Central closed u lower than at the first board
Erie ~, Hudson River -, Michigan Central |, Michigan
Southern e, Illinois Cenral4, Cleveland and Ptsburg
Y, Northwestern " preferred 4, Rock Island a. Fort
Wayne "a, Ohio and Mississippi certificates u. Cumber-
land Coal improved u, Mariposa Y, Quicksilver and
Reading steady.
Government securities depressed Coupon skies
Of 1881 declined 4 ~ Gve-twentes " issue u,
tenfores a. AT the second open board at half past
three the market irregular Coupon lve-twenties
new issue, declined ~ New York Central u, Michigan
Southern Y. Hudson River and Illinois Central
steady. Erie advanced ~ Cleveland and Pittsburgh 2a
Rock Island ", Fort Wayne Il, Northwestern Il.
The bears having notified buyers sellers options,
numerous deliveries made to-day, and the demand
for money became active Margins also disturbed
by the recession Of prices and there canng in
Of loans The rate is strictly per cent and con
siderable differences have been paid for carrying stocks
Weak holders of the forty and other govern
mont bonds have been sold out by Of the national
banks and other dealers in national securities and specu
iators for stocks and gold have been similarly
dealt with in many cases by their brokers.
The continued decline Of gold is adding to the distrus
OF lenders aud commercial paper regarded with extreme
caution That OF the first class is still quoted at
10 per cent however
The course Of the gold market was almost steadily
lr.t....