The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-11-18
FINANCIAL AND COMMERCIAL.


man, ~ bus,nes. ON the Stock Exchange this morning.
and the bears resumed their work OF hammcrng the
market the leading bulls meanwhile offering open
resistance to the decline. Brokers became tmid and
either sold their customers stocks "shor" their
own account sold them out where the margins
had run low, while the remainder in most
cases notified those OF their customers who we're
long" OF stocks TO pay up additional margin
30 as to keep ten per cent good, brokers being,
above all other In Wall street, tho most easily
sarmed-pretfy much like doctors when taken sick
Tho latter have faith in medicine and brokers have
faith in an adverse market turning until does
turn Then, like flock Of sheep, they turn with
che tide; and at tho best they are but
wsathercocks, ready TO turn with every change
Of the popular current II is surprising that such
nsn should DO the victims Of calmer holder and more
sagacious minds who ruin In tho face to-day
and reap fortune TO morrow. for it Is upon the fears Of
she majority that the minority In Wall street ania's
wealth. As Jacob Little said TO an intend
ing customer who asked h,s opinion about the
AdYIsabiiity Of specuatinS In stocks "No man
shdd speculate stocks and expect success unless he
stands prepared lose all that no has" Tho longest
heads than the longest purses win In Wall
street. and those who afraid 70 incur large risks
should speculate the moral Of which is OF course
that spectators should never venture beyond their
Depth but that they should DO stubbornly unyeldng
TO the end after once embarking.
As the day advanced the ,imd brokers with "bull'
inclinstions became cmboldened to point at which
hey actually bought, while the tmid brokers with
"bearn inclinatons became sufficiently terrified to
attempt 10 their ''shorts." although they had
confidently predicted in the morning that there
bottom TO the awful pit into which stocks we're falling
The amusing enough to repay attention TO the
manifestations or human nature under perpexng cir
oums,ances
The holder 'beasp," with INSCRIPTIONS pertnacity,
continued TO circulate falso reports relative To
the intentions OF the Secretary OF the Urea.
sury and the condition OF the money market,
4 but withou, effect upon well informed and
prejudced minds. Money easy throughout the
day at five per cent with exceptions among the bear"
banks six, and supply of capital 10 OF
tho demand, although some OF the lending ins
tutions showed o certain amount Of timidity
By o closer dissemination than usual Of names
and securities there is doubt that strong
efforts have been made by the bears to promote an
artificial scarcity OF money, but that Is already well
understood They have boarded legal tenders and
thoy have borrowed upon them from certain
banks whose cashiers have lent themselves to
bear operation, much TO their discredt An
apparently unfavorable bank statement is there
fore looked for. because II has been moro than dis
counted. But those look for any other than
will and themselves mistaken and the fcw first months
OF the ensuing year win witness \ return TOW OF cur
rsncy from the South aud tho interior generally thus
increasing rather than diminishing the prevailing CAS-
At the early session u the open boad at ten o'clock
there strong pressure 10 soil ana Fro sold 76ss
(sales 400 snares, Northwestern salss 900 ~
y, ditto preferred saies Z 100, 7o 7ls4, Michigan
Southern (saes $1,000 sah Z A. tho first
regular board there further hanmering
Of tho speculative shares, and M enormous
volume OF business was transacted at declining
prices, a. will be seen by reference 10 the list
New York Central closed 2sS than At the
ums yesterday, Erie 81. Hudson 2 Reading ass, Mic-
gan Southern 81, Illinois Central az, Cleveland and
Pittsburg az Cleveland and Toledo 81 Rock Island "a,
Northwestern I<-prcfered s. Fort Wayne Ia,
Chicago and Alton k-preterred 81, Alton and Terre
Hsute B. Ohio and Mississippi certificates 2 On cksver
~. Atlantic Mail was II. higher Government ssruri-
ties heavy. Coupon Gve-twentos OF 1862 showed
decline OF IN, issue Of 1854, II issue Of 1865. ~;
ssvsn-thirty notes OF tho second series y. North
Carolina skies IL lower After the call
there was further hammering In tho lower hall OF
the Stock Exchange building and Erie touched
It's lowest po.nt--7S The bulls then came
into tbs market az buyers, and steady Improvement
ct In large Of Ene and North bong bid
for u advancing prices by strong parties Al the open
board Ut o'clock the market firm and the bust.
ness large the closing prices being under Now York
Csasssl losk, Erie 7ss, Reading ii2i. Michigan so,th
esn sax, Cleveland and Pttsburg SAX, Cleveland and
Toledo max, Rock Island los1s. Northwestern sos
preferred Tlk, Fort Wayne 1861. Ohio and Mississippi
certificates 2sK, Canton 81. Western Union Telegraph
1sX, Illinois Central. lie. Compound interest notes
quoted thus by the dealers: 1884, ll5x
Ilo; July. ll5x vi August la. IFS; October ll3k
ia December 113,l ia; May, 1895, Xix lily.
subsequently tie improve continued 10 progress
steadily, the demand FOR Erie, Michigan southern and
the Northwestern shares being especially heavy Tho
earnings Of tue Ede road officially reported 70 be
largely on the increase, those for last month having
boon $4,000 In those for tho corresponding
month last year AT six clock the market closed with
strong upward tendency at the following quotations.
Erie 70 y, Michigan southern 49,. 4, North western
SIX x-prefcred 72ss y, Fort Wayne LOG
y, Ohio and Mississippi certificates 2sx 4, Read.
ing 1l3 y; Western Union Telegraph teak
The gold market was weak and the ''shor,n intsres,
largely increased during the day. The opening price
was lt2E, followed by decline to Isl. and subse.
susns rally to 1917. II afterwards declined however
10 14i, and closed steady at isl1a y. Luans we're
made at 132 lea In favor OF the lender, and .sat
The specie shirmsn, today and prev ,ously during tho
week has amounted 70 s52aass Tho daily rsngs Of the
market for the week Is thus shown
Hyaea Lo,o,f
Monday ............,........,,.... .lIs 1s3H
tuesday. .......................-.l4 IAx
wednesday ........................l4 sx 14x
Inursony. .....s..s.......s+...lb3ez 1l3h
ssue.y..... ..-.....''........ -iss.s Azts
Sssunusy. ..isZb hf
The foreign exchange market dun and rather
heavy Bankers bills on England Of sixty days were
quoted At the close a Ios at three days. 10Y 10,
commercial lcsxa i0a Francs al sixty days, g. 2H