The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-11-16
FINANCIAL AND CONNER GAL.

THURSDAY Nov. 16-0 =. n.
The stock market continued unsettled today till after
noon when confident feeling began TO manifest
ITSELF owing the large operators who hare been oear
tngi since Last Friday reversing their tactics They
are ssw buyers and express the opinion that prices
have puched their lowest point, and that brisk rally
Gill Immediately follow the forced depression This
win pbbably prove to be tho case but the decline has
aireadt worked soma mischief among tho Of out
sde oSertors Tho recupeatve power OF Wall street In
specuuivs times H. however, SO great that tho
or ono week are forgotten the next and the bulls have
Ind SUN long Of good fortune that they afford
% bear loss Whether tho last movement OF the in
tending bulls win turn out successful they
pectsd ssomswhat uncertain. The market before the
bull ciqse turned round and attacked IL buoyant
and would have continued In the ascendant for long
time ONE The origin Of this diversion is not unlike
~ associated with the recent return from Europe or
two prominent Spectators. These gentlemen finding
prices higher than when they left tho country deter
mined 4 shear" tho market before they ''bucd" IL,
and doubtless their decision was not without influence
upon theheavy holders Of the speculative railway shares
who agreed to sell out q sufficient amount Of their
stocks e create uneasy feeling with the view Of
buyng item back ut lower figures In preference TO op
posing en- bear movement, which thcy could easily and
successfully have DONE Without the cooperation OF
che bull cliqucs the bears could have done nothing
Now however, the bull combinations are stronger than
they wore bcore but by their recent course they have
ened extent outside buyers, In proportion
90 which HE effective strength Of the market Is dinin
isAeA Tie natural conditions applicable TO tho railway
share market 80 favorable that Notwithstanding II
bids far !. become rs buoyant before artificial
means wee employed to depress IT, The earnings Of
the loading railways arc still ON the increase,
md NJ
minor Hnaacal centres is in Of the demand and
promises u remain so for months to como. There was
come distpbance Of loans to-day, owing TO the decline
having into margins; but on tho whole there was
icss dsrua visible In monetary circles than might have
been expeccd under the circumstances. The general
rate i've per cent, with few exceptions to weak
houses at six. The leading dealers in government 80
cufitSes were, at the tme able 10 supply their
wants at four per cent The discount line moderately
active butthe best grade Of commercial paper passes
freely 81 OK per cent There is no change from
the late eas Of the Eastern money Market the Boston
Journals reporting plethora OF capital in that city.
There Is material change in monetary affairs at tho
West, and within fortnight return flow from that
section or tho country will be likely to set in II tho ex-
porience or former years is to be relied upon. The
Chicago Repub,ican Of Tuesday remarked" Business
in financial circles To day generally dull and nearly
all the bankers report easier money market"
Tho bears on the Stock Exchange, as distinguished
from the bears who have become bulls since the fall,
striving TO apprehensons with regard TO the
forthcoming report OF the Secretary Of the Treasury to
Congress- bu. without good reason There Is no pros
pcct that Mt. McCuloch will be unwisc and suicidal
enough urge upon Congress measures Of contraction
which tells him are at once impracticablc
and adverse TO the interests OF tho country
at large; but II he does may be sure that Con-
l,l. oh
xhsy should prove the most INSCRIPTIONS Of the
bears Try TO make believe would prove him TO be either
denoisnt in power 70 comprehend the financial condition
or the nation or Avoaby disposed towards those inter-
-estsd In promoting speculative decline in gold and
other commodities as we'll securities tho Stock
Exchange To assume the latter would perhaps be I'M
sus and In any case, uncharitable. Tho bears, how
ever, are protesting much knowledge Of what the
6ecrctArys report Is TO contain that we deem II ad-
visabe At the outset TO tho pnblic not 70
e over crcduous in accepting what they say and tce
graph as true, while cali Mr.. McCuloch's attention
60 the wide difference which has thus far distinguished
mis- expressed theories from his ofcial acts. He has
been little better than financial mountebank since be
at In the Treasury chair He Is charatan In hnsnce,
and because he managed the Affairs Of the State Bank OF
Indians 70 advantage he ssssms himself capable Of
directing the finances OF this great nation with equal
facility and credit 10 himself, pretty much after the
manner Of the country shoolmastsr Who because be
was mssssr Of his boys, thought himself master Of
oil creation and failed 10 nnd out his mistake
ell he eams % the city Tue nation Is prosperous and
Hhers NJ no reason Why We should wish for anything
botter than we have reconstruction apart. Le we'll
enough alone" good motto restoration OF specie
psymeass bsfors such il brought about in natural
manner would Be simple ruin 70 all the material Interests
which - being promoted By the policy Of non
Interference Congress has fortunately, ssnss enough
90 perceive this ths legislation Of last sesnon suf
ncisnty proved and for Mr. NccuIloc TO 90 contrary
% the sentiments and interests Of the country At time
when there exists neither prctsncs NOR excuse for 70
DOING ID TO mako total wreck Of reputation which u
rsquirss but Intls more 70 sntksiy shatter.
The stock market was steady At the opening but there
was no general avowa Of bullish feeling among the
barge opsas fsr shs simple rsason that most Of thcm
were buying u the dscinA Erie ssld Il 7sK n,
Southwestern saw 6iX-prcferod TAX 7sK. New
York Central liz Xix, Michigan Southern NHaT.
At the nrss regular board there well distributed
busness In the speculative raiway shares but mate
.sial change In pncsA New York Central closed 1k
sowsr than the ms time Yesterday; Ere TX, Read
ins " Michigan southsrn !, Illinois Central Y, Clsve
Hand and Pittsburg 4, Cleveland and Toledo 81 Rock
island u, Northwestern preferred Y, Fort Wayne III
Ohio and Mississippi certificates x, Atlantic Mail q
Quicksilver y, Cumberland J. Western Uniea TELEGRAPH
H. Government securities were firm. Coupon sixcs OF
1851 nvcswenses Of 1897 and fortes higher
while The osher stocks on the list were steady
Tennessee sizes Y higher, and those OF the new
issue were 4 lower After tho call tho market was
vigorously hammered and Il became extremely weak,
Ere declining SIN. At the one O'Clock sessions. how
ever there rally. and At the haipast two board
further Improvement observable the temper Of the
market having undergone pcrcepble change In favor
OF the bull SIDE Erie being the strongest Of the railway
shares New York Central closed higher than at the
frst regular board, Erie y. For Wayne y, Quicksilver
n, Michigan Central was Y lower, Michigan ssutheru