The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-10-22
FINANCIAL AND COMMERCIAL.
SATURDAY, Oct 21-6P. NJ

The feeling OF distrust which prevails with regard to
money market operates in favor Of the bears the
Stock Exchanges view Of the present high rate OF
interest large amount Of capital must be already max
ing way towards this point while the active dsburse
ments OF the Treasury contribute materially to
place the banks in easy position The disbursements
ON account of tho temporary loan to-day aggregated
ST. 36s 600. Of which 1886, 600 was In redemption Of
Clearing House certificates making total OF $40 5S5 900
since and inclusive Of the 9Th The last news from
England has made bidders somewhat apprehensive OF an
unfavorable turn In financial and commercial affairs
which would upon the markets here but there Is
nothing in the conservative action OF the Bank Of
England TO such fears Moreover, the further
advance OF the bank rate would naturally tend,
it exerted any material influence whatever upon the
money market here, TO release funds employed in
tho cotton produce speculatons by lowering prices
and stimulating exports in degree But the proba
bities are opposed to any further the bank
rate or to any impor,ants effect upon prices resulting
from the advance which has already taken place. The
bears the Stock Exchange responsible for much
OF tho monetary disturbance and fall OF prices in wall
street They have left effort untred TO create srn-
gency, disturb confidence and compel sacrifices The
banks renghenng their position by refusing ac
ties 20 all but rs class borrowers upon wide marquis
and private houses and individuals are doing likewise IN
view OF possible contingencies This results in the
Withdrawn from active use and held In the
form of reserves The uext European news,
which is the bugbear Of the moment, will likely
exert some influence restoring confidence and conso-
quenty saving the money Market for there money
enough here to meet the wants OF borrowers II the
holders OF It were willing TO lend whore it Is wanted
The has generally reported easier than yes
teray at seven per cent and tho disbursements Of the
SubTreasury week ought to make the supply equal
to the demand at the legal rate Of interest
AT the open board the stock market was dull but
steady and at the regular board it declined fraction.
New York Central closed 4 lower than at the second
board yesterday Erie r. Reading x, Michigan Southern
IL Illinois Central l, Northwestern u, preferred u,
Fort Wayne 81 Prairie du Chien /, Ohio and Mississippi
certificates " Hudson River was ~ higher, Cleve
land and Pittsburg y, Cumberland r. Rock Island was
unchanged. Government securities were heavy. Cou
pom Avewenties declined III seven-thirty notes, first
series, v.
At tho open board at one O'Clock the market was
6rmer, and general improvement in quotations took
place. New York Central closed the call at 95 Erie
s8I s5A, Reading 1884, Michigan Southern 6sH, ILL
nois Central 1soh Cleveland and Pttsburg 73%, Cevc-
land and Toledo 100z Rock Island 1906 Northwestern
29N preferred 62x Fort Wayne &c. Prairie du Chen 3d.
Cumberland Al, Canton 80, Quicksilver 49,
Afterwards on the street, the market was nrm New
York Central and Cleveland and Pttsburg being the
strongest stocks on the list. AT five P. NJ New York
Central quoted at 96,s " Erie $50 u, North
western 2911 y, Reading 1884 Ak.
Petroleum moderately active. but irregular, at the
first board Ptholc Creek closed zoe lower than at the
same yesterday selling at SO 35 Monongahela and
Kan &c., selling at 81 so; Rynd Farm &c., selling at
s5c Benhchor Run 81 80 higher selling at sl4 So
Bradley &c. selling 81 O5; United States Csc, selling
$2s 60 Webster closed 97c, Buchanan Farm 79c,
Excelsior 74c., Germania &c., Heydrick Bros. 81 o.;
Mckinley So TO- First National 6lc., Oil Creek 81 49,
The gold market opened firm at 1894 and remained at
that point till noon, when II suddenly declined under
supposed government sale 145x, after which quickly
rebounded to its former figure, at which stood at the
close business The export Of specie for the day
$3.50 SO0 which the Bremen took $780, TOO the Louis
ana $40 900 and tho City Of London s133, 100.
The fluctuations in the prices Of securities the New
York Stock Exchange during and since the late war have
unexampcd in the history OF stockobbing. These
have been owing to tho mutations Of opinion conse
quent upon important changes In the political financial
aspect OF affairs much 10 the spirit OF gambling
which may be said TO be innate in the human mind and
which has attained high state Of development In Wall
street. The ridiculous enthusiasm with which stocks
run up week. and the equally ridiculous manner in
which they rushed down the next calculated to
make Tho world regard Stock Exchange the light
Of collection Of hmberggers cheats and consprators
cmanating that quarter The fact is that although
q good deal OF legitimate business is done on the
Stock Exchange, by far the larger portion par
takes or the character Of the worst form of
gambling Brokers form combinations to put the mar
up down. entirely regardless Of real values and
they frame their plans in the they consider best cal
cuatcd to cntrap the unwary outsiders and fleece the
brokers the opposite side There no more cause
for the late in stocks than there for the present
rapid Decline and the arguments used both sides were
almost equally falacious II true that monetary strn
gency acted in degree upon prices but this strin
gency was aggravated by fictitious influences influential
bears having withdrawn much currency as possible
from the in order to cmbarrass the bulls Then
the BEARS Of whom previously bulls, pitched
upon the market recklcssly, and argued just
as fervcntly favor Of fall they when bulls had
argued in favor Of rise. This unprncplcd
extravaganza OF speculation In Wall street is a public
nuisance and Injury, and Is the duty Of every public
journal oppose tho violent fluctuations which are
rodicay engineered by spocuators and which, to
sxten affect all the holders OF securities throughout tho
country and to contribute TO the overthrow OF every
powerful bull bear combination that makes It's appear
ance market Many Of the promoters Of the pre-
sent fall in stocks will after 'bouom Is touched turn
about and operate rise; but would be good thing
IL tho outside public len the market severely alone when
ever spectators relied upon
their assistance As Is they generally fall ready dupes
70 the wIcs and Of the INSCRIPTIONS cormorans
who throw dscred upon the reputation of Wall street.
and the old story is likely to be repeated adj innfu
But the duty Of the newspapers oppose the whole
sale pilage peperaed BY speculative combinations and
10 use It's influence against every excessive fall
In fact against every disturbance OF tho equilibrium Of
che market
Tho mporsa,ions Of DIP goods this port during the
week ending October 10 compare follows with those
Of the previous week.
oct - Oct H.
Consumption. Pkga Value. Pkgx Value.
Manufactures or wool 272a 81 1oI o5o 2oA ssas AGO
Manufactures OF cotton. 7ss S35 25s ls66 6ls,0is
Manufactures Of sik.... 632 000,o35 $50 53T 6s4
Manufactures OF FAX sol 361 200 LIS AL l5I
Miscellaneous. ......... $50 1885, 80 $50 Ia $50