The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-11-19

FINANCIAL AND CONNER GAL.
sa@ ~ 'is.a SUNDAY. Nov. Is, 1853
There was an excited and declining market for rail-
way shares week. and Saturday morning the OK
6ns point OF depression was reached when Erie sold
al u.s. The bulls then reversed the course Of prices by
buying heavily and brisk advance OF ga per cent
took place before nightfa Erie and the Northwestern
shares being me most active and buoyant Tho closing
quotations were Is under:-Ero 7sH v. North
western 62X . s.. ditto preferred TAX X
Michigan Southern 631, Fort Wayne l06 . y,
Rock Island 1o6K Y, Reading lla ~ Mi
NOS Central l19x, New York Central 109k q
u Ohio and Mississippi certificates 2ox, Western
Union Telegraph b0 the advance In the mentioned
being mainly due 70 Q report that dividend had been
declared upon the STOCK Tho decline in railway shares
entirely due artificial causes and originated with
the leading bulls who took advantage OF evident dis
position the part Of the bears make raid upon the
market The bulls thus acted In ooncert with the bears
by selling enough OF their stock 70 create IN uneasy
feeling and induce weak holders and other outside spec
uatos the bull side 70 sell out thus producing fur
ther depression and enabling the leading bulls % buy
back the stocks they had sold 1t prcnt IN proportion 70
the decline. mn .fi sa1Hs
The furious manner in which the bsars hammered the
market whom they saw yielding under them. sxceeded
all their former Efforts since last January and the result
Is that an unusually heavy shor interest has accumu
lated which places the market In stronger condition
for . fresh and rapid nss thaa Il has bssn In for
many month";, and there 10 every indication
that 10 leading bulls win mako COED use Of the oppcr
tunity they have created Il noticeable that they
heavy buyers up the closs Of business Satur
day. and than probable that the speculative
railway shares will the decline, and this
week will be the witness Of rampant speculation. The
movement OF the past week was merely unexpected
diversion on bull market The bears will, OF course,
contest the advance much q possible while their
sshorts'' uncovered. but the more they sell the
higher the market will rise. and nnally most Of them
will DO forced or frightened into covering At
loss proportioned to their temerty. The manner In
which they endcavored TO get up panic last week was
highly dscredabe. They rcsorted to all the tricks
and fnbrcaons that within the range OF their In
telgence They not only boarded legal tender notes TO
the extent Of ther capacity but they borrowed upon
them through friendly bank ocera They warned other
brokers TO take OF their margins and prepare for
crash, and they employed persons whose contracts
would not be taken because OF their known irespons
billy to offer stocks down the lower hall Of the Stock
Exchange with the view Of influencing the rest Of the
markst. Thsy Ukexjss invented sigriSl respecting
what the Secretary 81 the freGsury Would Gay In
his forthcoming report concerning contraction but 10
Wow OF his having already talked good deal
about contraction without doing anything 70 prove
his theories these had little effect Their efforts 10
produce the impression that money would be active this
week sufficiently exaggerated to defeat their puf
pose, ana although the bank statement will show fur
thor decrease Ia legal tender notes, It will DO by no
means a. unavosbs a. they tried 70 make believe, aud
a they furthermore tried 70 mako IT, The bank state
men can exert but slender influence any in the
face Of tho practical Of tho money market loans
having been made freely nrst class houses on satur
day at ave per cent although few Of the 'bear banks
have advanced their rate 70 six and would
have doSs It to sixteen II possible The transac-
tons .. six were, however, hardly - numerous
a those 1t i've. 1hsrc Il no probability
OF money being other than abundant 81 this centre dur
ing tho remainder OF the year. and tho next three
months will witness active return dow from the West
and South and the interior generally. The banks Of
this city have cashsd about seven millions Of their
Clearing House certncasss and tho Treasury has an
ample reserve OF legal tenders n Washington 70 meet the
demand for the remainder. The Treasury Department
10 tho time anxious 70 preserve monetary ease
and viii do nothing 70 endanger IT,
Public confidence in tho intrinsic value OF railway
stocks has boon considerable time past steadily
the increase owing 70 the large earnings OF all the rail-
WAYS throughout the countFy, and there will come .
time whom the stocks Of such roads the Eric viii sell
for double their par value; but before doing - Wall
street must lose Of thsm and shsv must cease 70
be Tho puppets and shueoocks with which spscustors
play That the speculative price Of stock Affords no
criterion Of ~ real value the nsctuassoas o. The Stock
Exchange abundansy prove rhus Cor instance. = the
following table win SHOW prices were from twenty 70
ny.hrss per cent higher In March. 1884, than they
were a the regular board yesterday. although the earn
ags OF railroads very much less then than they arc
nov and the volume Of currency wns Tar smaller