The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-11-23
FINANCIAL AND COMMERCIAL

(, THURSDAY, MOI.
| There has been grand crash Ia Wall stree. :.
J though 1t has not resulted any failures The ras
e was continuous during the morning hours heavy
sacrifices yere made by both brokers and operators
The former found tn banks unwilling TO lend them
tho usual margins and we're IL Consequence compelled
throw over board their own or their customers stock
while tho lattor either chose Or were forced
TO sell protect themselves o. Their brokers. The
banks In two instances summariIs gold conde-
De AMOUNTS Of stock, the margins upon which not
kept good and remorseless spirit shown by some
OF their numbern exacting tho pound OF flesh, after
the manner Of Shylock. The bears were meanwhile
hammsring the market with = sort Of re-
vengeful fury, which knew hounds. The
wtoie structure Of the railway share market seemed TO
crumbo into ruins under their almost magical touch
and the devouring element eat its way equally into
modest and pretenous margins and spread consterna
ton among the bulls Of Ill classes The beazs werc
meanwhile jubisnt, and 4hey acted upon the pro.
verb Of SNAKE hay while the sun Shines" BY
covering their ''shorts." Some OF the bro.
kers. who we're unable TO sell their customers
stocks safely without due notice. went shor Of them
as precautionary measure, and others sold them out
relentessy after notification. There was general
shaking the knees and trembling = the joints among
the bull operators and brokers' Failures were rumored
which facts contradcted and the further decline Of gold
used TO assist tho depression. Yet money was
throughout easy at per cont on wide margins,
although tho banks exercised close discrimination
against weak houses Tho market surgod upward and
downward rather wildly during tho afternoon, and all
arguments against the unreasonabeness Of the panic
were lost upon the excited multitude. Their DISPOSE.
ton alternately to sell and TO buy and 10 the In
tcrvaIs stocks had nuctuaicd widely. Tho banks
ceved currency from tho interior generally, and the
West particularly, this morning. yet they exhibited
great reluctance TO lend during the day 10
all but favored borrowers, disposition their part or
rather that OF their Managers which interpreted
favorable the "bcar interest the Stock Exchange
Z en- the bears late in the day, by covering their
shorts" largely, manifested anxiety TO save the
goose that lays ne golden egg, and not few Of the
prominent brokers the "Dear' side expressed the
opinion before the close OF business that bot
tom had been touched Al the time IL
was reported that the secretory OF the Treasury
had despatch to Mr. Van Dyck the Sub Treasurer
here saying that twenyn millions OF the authorized
reserve Of nfty millions of plain legal tenders at
his disposal for tho redemption Of Clearing House certi
fca'es whenever presented but this not officially
confirmed. There is no doubt that the govern
ment Is DESTROYS Of keeping the money
market easy, and that IL making
exceptional Efforts TO do so, but II appears that Mr. Nc
Cuiloch for days atterly secretly engaged In
selling gold nearly the extent Of the daily receipts for
duties In this city This he has suspended but
he had previously rendered considerable assistance by
doing to the bears In both stocks and gold Tho belief
which general that the bulls could control the
stock market whenever they saw ut TO assert their
power dssipated by tho evident signs OF their
inability tn cope with the rush 10 sell which thoy have
Enthusiastically and previously. The fall Of prices
has hnwe bcan hat iha decliue haen
IL not altogether exhausted ITSELF and il would be
loss to turn to the bear side nj this juncturc.
The leading bulls never made q greater mistake
than they did yielding to tho suggestion
OF certa parties To bear the market with tho view Of
increasing the sshort" interest and then twisting this
''shorta" By 80 doing they sowed the storm from
which they have reapsd the whirwind. From the day
they suffered the market to fall under the manipulation
Of the bears their prestige declined. until the late
bull mo, emeni Is little than splendid ruln-~
floating wreck. Tts fragments will undoubtedly DO
reunited, and II viii soon be reconstructed, but It's
will bs through troubled waters before regains
the position II has lost in the haven of public conf
dsnce.
II IL noteworthy that while money generally &C
tive por cent few first class borrowers wore
ablo 70 borrow all they required at six per cont showing
that dtruss OF credits than scarcity Of
money among the banks The discount line Ia active
and primo paper passes al z par cent after close
scrutiny.
Al the O'Clock board there strong pressure
SOIL but quotations better than before the cali
Erie sold al 7aaak Michigan Southern soksk North
western 81 .a<o Al the first regular board there
immcnso pressure To sell NJ declining prices
and . very psuic-ike state Of feeling pre-
vailed, the sales almost entirely involving . acrl.
ice, while tho purchases 20 shorts. "
New York Central closed ~ lower than al the
time yesterday; Emo 81. Reading az, Michigan Cen.
tra ~, Michigan Southern 81, Cleveland and Toledo
az. Rock Island A.. Northwestern O. do preferred T.
Fort Wayne 5H, Toledo Wabash and Western az, Ohio
aud Mississippi certificates az faclnc Mail O. Quick.
SILVER az Western Union Telegraph 27. Government
securities were heavy. Ten .fores closed n lower;
thirty notes Of tbs first y, second series
North Carolina SKIES ~ lower; Ohio sizes IL.
After the call stocks thrown overheard In the
lower hall Of the Stock Exchange without regard to
price, and panic prevailed, Erie touching 7os AZ the
O'Clock session there hruier feeling and prices
Improved. AZ the half rsst two board tho market
weaker Erie closed 2. lower than at the rs, regular
board Reading ~ Michigan southern u, Cleveland and
Pittsburg \, Northwestern do. preferred =. Mich
gan Central y higher Illinois Central u. Cleveland
and Toledo ~, Rock Island u, Fort Wayne ~ Toledo,
Wabash and Western Ia, Canton ", Cumberland =,
Western Onion Telegraph r. Governments we're ne
elected At the hafpss, three open board the market
stronger, bot fcversh New YORK Central
10Tk q 1854, Erie 721 70, Reading HOS
. lliH, Michigan Southern 7e1 y, Cleveland and
Pittsburg sax 81 Northwestern ss. t3% Cleveland
and Toledo my, Rock Island iois loiH, Northwest
ern prefered 70 Tox. Fort Wayne io2 Western Union
Telegraph IS go. Afterwards the market f1csuated
spasmodcay. and O'Clock closed a, the following
quotations; Tx u. New York Central losb,
Reading liih Michigan southern is5.. Northwestern
AZ, ditto preferred 10
The extent Of decline railway shares since this day
week Is thus shown
NoremJer It, Noe nfl<r ~ Losc>-,