The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-01-24

The money market continues moderately active Of
soven per cent and the disposition OF lenders to keep
thor capital within easy reach Is decidedly mai.
tested Commercial paper is therefore, not In demand,
and 10 II per paid for first class names although
the minimum rate is s. Tho statement Of the associated
banks FOR the week reflects the consequent
on the define q the gold premium Tho loans have do
creased s2G26 iGi tn deposits sG2 944 the specie
ST., 14e o39 and the circulation $o4, ITS
Foreign exchange is dull at former rates-1o9,z a
1925 for bankers sterling at sixty days. and 1l0N
1loT at three. Merchants bills vary from los to
100 Currency quotations out Of vogue owing to the
constant fluctuations in tho gold premium.
The course of the stock and gold markets during tho
past week has added so much to the strength OF the
bears the Stock Exchange that they confident Of a
considerable further Decline and notwithstanding tho
already rgc outstanding sshor interest securities
pressed for sale with avid highly stimulated past
IL is needless, however say that beyond
certain limit this effort TO dcpress stocks purely spccu
lative Railway and miscellaneous shares much
too high last spring as they promise to
be too low Both tho rise and tho fall have been,
great extent, unhealthy and fictitious Tho Stock Ex-
change Is practically avengng itself upon the
side public for not coming into the market to buy and
initiate securities The brokers had been left prey
upon each other long that they found the process
mutually cxhaustng and gave up trying to sustain the
market any longer The chief losers by the continued
and heavy decline that has taken place the holders
o. securities outside of tho market who held
Erie at 1875 New York Central at 1874 Hudson River at
100, Reading at 1856, Michigan Central at 1885, Michi-
gan Southern at lis, and other stocks in pro-
portion, when gold selling at 185 last
April find themselves, with gold at 200
and their stocks worth in cases, than forty
per cent less than they them without allowing for
the depreciation of the currency thus the
10 hold ~
very extensively dused among capitalists small and
larso-has melted very rapidly away Many of them
have assisted the decline by selling out their stocks
sacrifice, and many likely TO do likewise. The
stocks bought in the majority Of instances high prices
bsns sold at low prices and Wall rcaps the
bsneat
Tho heavy fall will prove profitable to many Of the
speculative brokers as the great rise did; and when
"hard pan" has been touched tho same men
who arc prcciptating the downfall OF sccurI-
ties VIII do their best to raise them up
again. The more, however stocks thus sub
serve the interests Of tho stock board and the gang Of
prof onai stock obbers the dstrustful the bic
ere Seiy 10 become Of their permanent value, and the
the Stock Exchange will be left to SPECTATORS
Railway shares at present prices would be good invest
II they only free from pcrnicious and dishon
speculative Influences and the public Ind confidence
in them neither Of these conditions being fulfilled
fhe market lett al the hungry
take delight in sacrificing tho property Of many to enrich
themselves.
Meanwhile not few OF those who formerly eonsti-
sucd countcrpoise the bear interest," swindlng
being swindcd under the of petroleum 1t is safe
20 say the great majority Of petroleum compa
mics whose stock for sale in this and other mar
kets are deliberately concocted attempts at fraud and
we sorry that they receive countenance from
no small portion Of the press and that men, otherwise
respectable are with their management while
knowing them either be worthless at tho best utter
uncertainties There prominent men here, as clse
whore who do not scruple 10 lend their names pres
dents and directors for consideration, 10 any
ching OF the kind that has the least approach
90 q plausible appearance, and the public are
thereby guIled into buying many blanks under the
name OF petroleum shares The that people leave
new petroleum companies OF doubtful connection and the
Stock Exchange alone, and confnc themselves to cgti
mate business the richer they win find themselves in
she end for speculation Is ut the best demoalzing and
professional knaves generally succeed In getting the bust
Of tho bargain.
The subscriptions to the seventhrty loan received at
ths First National Bank day amounted TO s347 600
The Treasury drafts werc for $4,000.
Mr. Morris Ketchum having resigned the presidency
and dictatorship OF the Fourth National Bank, Mr. Cal
noun has been appointed in his stead
The following figures compare the last weekly state
nent OF the Now York Banks with the returns
of the previous week. and with the correspond week
I'm 1884 -
-1s6t- -1S65.
,,sa a rs ya II 80 1900 $50 81 $50
f,p Gle - 2IOT75l3 81 1910 20 2l1 500