The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-11-26
FINANCIAL AND COMMERCIAL.

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we're entirely successful driving tho bulls before them
like nock OF sheep whereas. had the latter only been
resoute In ime they could have held full control OF the
market The movement was assisted at the outset,
about fortnight ago, by the leading bulls with view
OF increasing the short" interest and buying back
OF the stock they had sold at lower figures but they
suffered the bears raid the market long their
efforts to rally 1t proved unsuccessful and from
bad 10 worse until Wednesday evening, when
Il fell into panic which carried prices TO their lowest
point on friday morning. One two orths bull houses
by the exhibition Of fright they made and the reckless
manner In which they sold their own aud their Gus
toners stocks, did much 10 produce afterwards
courage the panic. BY setting bad example OF
cowardice, which tended 10 the democrat cation OF
the bull forces they added fuel to the Are which
the bears we're tanning and damaged alike their
credit and their pockets. Tm,d men who 60
about tho street wish faces rs long as ladder and
pale with fear questioning everybody they meet In trem-
bling accents 70 what they think OF the market show
such utter absence OF that they physically
and mentally unfit 70 speculate aud should never ven
ture upon anything rash and dangerous. man who
ia unable 10 take his losses cooly and phosophcaly
should hazard throw OF dice in Wall street, but
in any no should show his losses In
his countenance. One frightened bull can do
moro harm assisting the fall OF prices
on Q panicky market than dozen bears
bu. 70 do more than smile at such would be little
b'lter than cruelty to animals. The guiding rue OF
action with stock spectators should be to keep still
upper lip aud cool head however their accounts stand
On Friday afternoon and Saturday, the fall having
spen, force marked change for the better
in the speculative temper and prices improved,
although, as natural ccnseq ience of tho Sc
rty Of the previous shock tho progress OF the
recovery nat very rapid At six o'clock on
Saturday .ng the market closed steady
the following qnotationsErie 7i7s r. Reading 1l3s
q x. Northwestern AK u, Northwestern preferred
IN y, Ono and Mississippi certificates 2SM 20,
Michigan Southern slh X, Illinois Central ll9h a y,
Cleveland ana Piisburg Sfas 4, Rock Island 1857
l0s Fort Wayne l04x H. The miscellaneous list was
0rmsr Throughout than the railway share market, but
government securities sympa,hised aith both the la
and the improvement the latter the business
acted in them being limited.
In combination with the efforts OF the bears the
Stock Exchsnge and in the goid room the
other Influences at work calculated to
depress both MARKERS In the first place II
has been ascefta'ned that the sub-Treas ~
sold gold secrotly limited amount for the ostensibe
purpose Of inceeny it's paper money balance to enah,
IT, u required, any demands which might be mais
Il for tho mption OF Clearing House cerfcafe
end this gave exaggerated reports TO how ch
gold the sui.1rrssory sellitg intended TO sai
never havc besr nade in the secret in wuch
they j. hc next place the Treasury lad been
drawing upon country depostares for the sake q
transferring the funds 70 the Sub Treasury here for no
purpose that go,d sold for. This led he Int
banks concerned 10 draw upon their balances A tns
city, and inovement OF currency from tre
city banks .sto the Sub Treasury immed ats'y
followed Thu consequence correspond
reduction Of the amount OF money at the disposal
OF the banks which caused advance in the rat for
call loans to cent; but this Of itself wond not
hive been s4fcen to produce disturbance on the sfoa
Exchange the supply OF money still remaining Nth
tho banks excess Of the wants Of speculation and
visible return ncw irora the interior, including he
West, had Id, although only a moderate yeut
But the bear went to work and boarded all the legal
tenders they oo1 and induced friendly bank Officer
do likewise ~ psyna interest large candi.
ton that theY eaurid not be loaned. They were, ln
other words, plnrsd under sealing The bar' Lei
ther,seigs- IN such "short' ~
stocks, nra bod common purpose to scrse
with the near specnlators. They called in tSsr
loans SUMMARY md made the shoe pinch wherever
hey could by exciting dstrust other mind they
lent themsclyes 10 bear operation and filled Their
pockeA The previous decrease which had taken piece
IN the OF legal tenders held BY the assoeaei
banks, amounting 10 twenty I've millions between hs
1s or septrn and the 18th Of November, while
deposits Increased In . nearly equal ratio dur,us he
same period placed them, II IL true, In . weaker post
ton than tley we're previously; but during tfege
months there always . reduction Of tho reserve
ing to the annual drsin westward and southwark q
moye the cops The full extent OF this has been
siready felt, the flow from the West AID
Interior gcnerav will result the accumulation *
volume of ereacv q this centre which viii place
the money beyond the influence OF tho boar -
ths Stock E-cutngs
so soon / Hei stree, becomes assured rs IN mary
quarters il already il, 81 sasy supply OF money
below the crtI rate Of In the future ths r..
bound IN re ocS market from the recs1t der. eeion
will be very arcid d and he decline will probably
fully rcco,cyeh from before the year closes The r.I.
way share rnarsct II admitted bv all TO be a healthier
condition ~ rse than before the pane Tor
the simple that In proportion to the extent ~
,he fall whca hss taken place. there IL Tor
fresh rise. socss have fallen into strong hands and,
although many aave been crippled by the sacrifices they
have been csprc led 70 make bull element Ia s In
the agrrsryis arour, and new buycrs have
bscn ind ,eei 70 enter tho market at the
present ptces rhc general dulness trade Il at the
time tvorDbe 70 private capitalists and business
men tufnlrg ther attention TO Wall street Judci,g
by tho ssgs earnings OF the leading raiiwavs their
stocks appe be selling rather than above their
real value n those stocks which, like Erie have fallen
tho most WI probably experience the greatest and
quickest reou~ery
II is generally expected that Tomorrow bank state.
meat viii b. MIA orble; and estimate made yes.
terday loos decrease in deposits Of s. 800 COO in
Legal tenders II So 600 o0o in Of g. 900 600 and
In specie - $4,000 This, however, IL likely 10
prove exaggerated, but In any event unfsvorahie
statement hss been than discounted, and hence.
forward the statements will gradually show in.
rroyement TIE bears may hammer the market
ii,,ls ~aea tho return Is made known, but ii
must soon cscapc Lsom their control
Tne gold market under strong bear influences All
thu work, aud tho price steadily declined fron iafs1
% 1917 - Thursday, the closing price SATURDAY
beas 1884, The decline has been excessive thsrc
fore oanno b. permanent; for although tho natural
tendency o tao premium - downward In the absence