The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-12-01
SNANci1l AND coMs,eac'AL.



FRIDAY, Nov so-SPH
rhers has besn visible Improvement In the tone Of
sssng on the Stock Exchange to-day and the expecta-
Zion 4 general that next week will witness stronger
market for tho speculative railway shares The number
or operators among the outside public, both In the city
and throughout the country very large and with
STc9SIicns those arc all buyers The bears already
Show great tmdty about increasing their contracts and
Tho aggregate shor interest is probably greater than
Il has been at any time since last spring. There is
rsN asai Of latent strength among the bulls who with
tood the recsnt shock and held their stocks but those
wbo Joined In the panic and sold at heavy sacrifice
whom the lowest prices were touched crippled and
AFFORD very little real support TO the speculation for
rise It was essentially bu panic and to some extent
grand scoop game Oh tbs part or the brokers to pocket
shs margins Of their customers IT. IN other words, the
balls had stood firm, there would have been no panic
but not few Of the bull houses produced 1t BY giving
way 70 thor fears and selling reckessy In anticI
8aaon OF lower prices. broker has, like cat, nine
pves whore outside operators have oneY and therefore
the latter are tho chief to suffer whenever squal
passes over the market It Is this knowledge which has
given birth TO many stock houses Wall street
within tho last four years. and which constantly adding
70 their number II broker FALLS he, roughly speaking,
owes everybody and generally pays nobody but an out
side operator who is unsuccessful almost always loses
advantage Il tho brokcr the customer, tho In
most instances receiving In commissions than the
other does In pronta There arc many honorable OK
captions among brokers' but In still moro numerous In
stances they arc not to be trusted We write
this q warning TO that portion OF the public which
seeks sudden wealth by taking "a flyer" IN
Wall street, and who walk unexpectedly
into brokers' parlor the fly at the invitation of the
spider referred to In tho vol known nursery legend
Stock Exchange with exceptions at five government
securities The discount line is inactive at per
cent Currency ia slowly returning from the West
At the early Of the open board the market
steady at about tho closing prices OF Wednesday At tho
nrs regular board It without material change, and
the volume OF business was moderately large and we'll
distributed New York Central closed u lower than at
tho same time Wednesday, Erie y, Reading u,
Michigan Southern l. Illinois Central ~ Cleveland and
Toledo u Northwestern preferred \, Quicksilver x,
Western Union Telegraph Y, Michigan Central was u
higher Ohio and Mississippi certificates Pacific Mail
sold l70x IT, Government securities were steady
and dull Coupon fvetwenties Of 1852 were q lower.
thirty Of the second series ~ Tennessee and
Missouri State SKIES were lower At the one O'Clock
sessions the market developed a tendency towards in
eroasing frmness At tho halfpast two board 1t was
otrong and confidence was shown by buyers for
rise than has been observable since the panic, North
western being the buoyant Of the railway shares
Erie closed higher than at the first regular board
Michigan Central V, Michigan Southern Y, Cleveland
and Toledo u, Rock Island ~ Northwestern l, do. pro-
ssrred TX, Fort Wayne r. Government securities were
neglected and nvo Of 1865 closed at advance
ofh.
Al the open board at half past three the market
dull but steady, Erie sold at Tx New York Central
l13H, Michigan Southern 81 Y, Reading 112k, Glove
land and Pittsburg s5A Northwestern Az 65X,
Cleveland and Toledo l13A, Rock Island 1o4k,
Northwestern preferred TAX q 70, Fort Wayne
yoSK Afterwards under the duIness OF business
prices declined y u per cont, but the ~nnarket
was steady at the close at the following quota
tionp New York Central lis, Eric Tx y, Reading
liz . 1l21 Michigan Southern sl,s u, Northwestern
Max do preferred OAK ", Ohio and Mississippi GER
tincstes 29h . u, Western UnionlTeegraph 4oa< Al
Compound interest notes quoted husJune, 1904,
4le July, l15h; August 1l6; October ia; December,
113; May 1895, NIX; August, ITO; September, no;
October. 109X.
experienced . fractional advance. Bankers bills on
England sixty days quoted at the close at 100 Y
1925 at three days 10 llok commercial bills 1osK
sloo,s, francs at sixty days ol3k. anl2, at three
days iof, bills on Berlin u TAX, on Bremen 7sk
Ssh, on Frankfort 41H AK. Amsterdam Al II u,
on Hamburg seA 3e1. on Antwerp SILK a61S
Gold is nrm partly in sympathy with exchange. The
opening price l4oX. followed by decline to i4ok,
and subsequent advance to 14la tho closing quota
Sion. tho price Of exchange Is close upon the
shipping point that exports Of specie looked forward
o. Tho following tabular statement shows the OF
exchange 81 monthly intervals since May ], $685. to-
Gshcr with the highest and lowest prices Of gold during
aama montha-