The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-11-24
FINANCIAL AND COMMERCIAL

FINANCIAL AND CONNER GAL.
FnIpAY. Mo-. 23-6P
The stock markat ecaocd weak and a. 'settled this
morning and renewal OF the panic Of yes efaay iol-
lowed Some OF the brokers who had UNABLE. to sell
their customers stocks yesterday found opp rta-
nifty to do 30 In the st decline and they availed then
selves OF IT, BY this thsy enabled TO buy
their own account and they generally took their custom
stock thus forced sale 70 cover their shora"
sort Of, sevsngefui fury was shown by them
in making heavy sacrifices tho loss did not fall
upon themselves and tho lower prices went the
they were the prospect before them few Of
shem 1t IL true forced to make heavy sacrifices
sheir customers' account well their own but this
applied almost entirely 70 weak speculative very
extended That the bulls had great deal TO loss
the fact that not single failure has taken
place sbusdantly shows although Il Is certain that the
speculative bull houses heavy holders Of stocks
ahelr account all through the Decline and Of
the banks were especially hard on these few bank
officers having beou largely "short Of the most active
railway shares before the decline commenced In order
20 forward their speculative Interests they refused
60 lend money, although they bad plenty 70 lend,
and they nkswise In some instances refused 70
certify cheeks for the sake Of embarrassing brokers
the bull side than Of assuring their own safety
Perhaps the government Itself has been more TO blame
shan the banks the bears II producing this panic ON
she stock Exchange. It drew upon tho country banks
which were indebted H. regardless Of consequences,
with the ossensbls object Of increasing the reserve
IN the Sab Treasury In this CITY, and these
their turn drew upon thor balances In the regular and
private banks Of this city extent which caused
she latter materially curta their loans while in some
cases they forced 10 make heavy losses TO meet
sheir obligations The banks were more willing to lend
than yesterday although the rate for call loans was
generally Arm 1t per cent First class houses never
thsless supplied themselves at without difficulty The
demand for discounts active at per cent and
che bank officers only disposed to accommodate
their friends preferrIng loan money to private bank
eB who would buy and carry stocks for them at the
present decline TO employing II in discounts Money s
souing In from the Interior both East and West and
very the supply likely TO be superintendent at six
per cent, the return now from the West having
already set N. Tho Sub Treasury here is taking
In with orders from Washington compound
interest notes. allowing the accumulated interest, as
legal tenders from the banks indebted to the govern
nen and this inspires confidence both by giving mate
rial assistance to the banks concerned aud by inspiring
confidence the disposition u tho Treasury 10 impart
and preserve ease to money market Lenders have
the conclusion that the panic has exhausted
itself aud the "baaru banks, whose officers
have been specializing upon the fall on tho
at0ck Exchange feel that they have done their worst
and are therefore disposed to 'let up on their
customers There doubt that they have severely
pressed those brokers who In their power, and
shess had deal severely b. their customers In conse
qusnce injury their business but very properly
sley considered II better sacrifice the latter than
themselves self representation being the FIRST law
~ nature. Some prominent brokers, known TO
"long OF stocks undoubtedly refused accom-
modation uness very wide margins yesterday. and
hsnco they had alternative but 10 sacrifice their
own stocks and slaughter their customers ndiscrmI-
natey, . general trembling OF the knees accompa-
nying the process on their part brokers in dim
sultiss being the most sepseless and cowardly
beings In tho whole range Of anlmsted nature
The decline has however, at last expended its force
and these painting bulls may take long BREATH
aAd with the remaining portion Of their financial
forces buy for fresh rise Of ave, ten or tweny per
cent as tho may be. Tho bears are meanwhile
sriumphan. They have covered their sshorts" at
largo pront, whereas had tho leading bulls pursued
Q proper policy. instead Of trying attract
"short Interest whom they did they would have
tossed Thorn TO destruction A is Misrepresentation in
value Of the active railway securities quoted in this
mxks 81 the lowest prices current this morning.
equal twenty-five millions compared With the sell.
ting prices three weeks ago Tho leading bulls dug their
own grave whom they yielded 70 the suggestions Of cor
tain parties recently returned from Europe, but like the
Phoenix from IL ashes thoy Will rise again. All tho
material conditions affecting the market In their
svor Tho panic has been ssnssissa Tho earnings Of
the railways steadily increasing The money market
q really easy although arncaiy active and tho market
viii rebound under legitimate impulss from It's unnat
depression Ip anticipation Of this many OF the most
bears vo their shorts and toe bears
Of yesterday. who are bears STALL after such heavy de-
,ine arc At candidates for iunatic asylum Al CON-
pared ~ith the highest prces 1854 the closing prices
nj this mornings regular board showed decline as fol