The New York herald., 1865-03-24
FINANCIAL AND COMMERCIAL
THURSDAY. March 2s-oP. N

THURSDAY March 23-oP.M
The stock market nearly = y the street TINS
morning the first session Of the board 1t gave way
under pressure SELL both by outside parties who wore
compelled to realize and the "bears, who pronted oy
the general depression.
Reading, ct the close Of the call, was ~ lower
than at yesterdays second board, New York Central ,
Hudson River sx, Michigan Southern 8, Cleveland ana
Pittsburg sx Michigan Central 2, Illinois Central 3,
Northwestern u, Rock Island IL, Fort Wayne r. Ohio
and Mississippi certificates 3h Cumberland X Erie i'm
proved X Government securities active and higher
Five-twentes advanced lH Q, new issue III a Ia,
ten-fortles IL.
After the call and at the open board at one O'Clock
there further pressure SELL and the market was in
panic The 'bears" encouraged the decline far as
possible and the second board the downfall pre-
cipitated New York Central 5,s lower than at the
morning board, Erie 6A Hudson River Al Reading 2,
Michigan Central e4, Northwestern l. Michigan South
az, Illinois Central "a Cleveland and Pittsburg 4,
Cleveland and Toledo r. Rock Island IN Fort
Wayne 2, Cumberland az, Quicksilver "a
Ohio and Mississippi certificates 2k. Govern
ment securities declined in sympathy with the
general market Five twentes ~ lower, tcn-for-
ties skies Of 1881 At tho open board at half past
three there recovery OF " per cent in the rail
way list.
The short interest Is large the Stock Exchange,
alike with the gold Market that 1t is likely TO defeat
itself Tho stock Of the leading railroads is unusually
the street. and sellers unable to buy OF
borrow it, and we know Of one prominent house that
hunted for hour for single hundred shares OF Illinois
Central without being able to get it.
The panic In stocks led to revival Of the panic in gold
holders of specie being induced by the decline in railway
securities TO sell their gold But this would not have
exerod much influence upon the market had the bears
in gold not manufactured variety OF reports cacu
lated to lower tho premium Most conspicuous among
these denotng the departure OF President Lin
coin for Fortress Monroe to confer with commits
soners from Richmond and another to the effect that
Richmond had been evacuated 1t reflects very little
credit upon average Of the gold spectators
that every idle story circulated by interested parties
should gain sufficient credit TO mpart influence up
ward downward to the course OF speculation. The
sbears" hammered tho market vigorously, and they
might possibly have been still successful than they
had not tho govcrnmenIbeen actively represented
in the II is understood that tie purchase Of five
millions OF gold and hundred millions of bonds is
authorized for the purpose OF stemming the downward
tide. Those who think that the government should fac
tate rather than oppose the fall not awake to the i'm
porancc OF the present emergency There is no reason
in panic and its consequences instead of being bene
fetal to tho government and the community are at q
time like this raught only with danger and disaster If
the war had ended, and estimates with regard 10 the
future could be formed any solid basis correspond
ing fall in gold would be Of common rejoicing
As 1t is the men who ondeavoring to push gold
down will be equally interested in putting
It up again, and consequently 1t will rise;
while still intent upon proltng by fluctuations
in it. they will continue 10 labor for fall after evety
rise, the extent Of each being measured by the
profits Gold has been sold down by spectators during
the last fortnight nstead of having declined naturally,
and therefore it will be all the liable to sharp
reaction in the future; and all extremes bad sud
den fluctuations should Of be avoided The quo