New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1866-11-15
ppfcrs oy LFAnTyq SHOCKS.

These figures show that speculation based upon bank
expansion and cheap money used with great adroness ~
powerful cqnes has been quite as successful as Similar
enterprises were in 1863 and 1884, under the stimulus OF
enormous issues legal tenders and other representatives
of National debt forced into by the necessities OF foe
the convenience of the Treasury is noticeable IN this
list that those shares which have least intrinsic value have
risen most Gold has fallen 81 per cent and the Es-
tona credit ra5 shown upon the sos and 7SOs, baa
improved 2l94i per cent while such utter trash &C
Erie, Cumberland, and North. Western Common has
risen 1921 2 $2 SO per share This sort Of properly,
which is as near dividends and no nearer.
than hundreds of petroleum and gold companies which
are now only remembered with by creduous spec
Iators. may be put still higher; but the indications
are tho other way all remember that Congress is
close at hand and that in the absence Of further increase
of currency by that body now steadily at worn
will force contraction under which prices must reoede'
not only the figures of June but 70 the still lower pons
to which under q contracting currency, they may DO
forced The fst decided movement toward specie pay
mens will prick tho bubble Of speculation in All depart
ments OF business. and discover as many weak
spots in financial circles were shown in
London few months since. Bank officials railway presi
dents and their boards with cergymen school teachers,
merchants and mechanics seek the crowd scrambng for
fortunes each and all operating for turn only, and
the great mass Of gamblers in its general results.
Just now there is Suspicion among spectators that
new parties ready to take their purchases of their hands
at profit not plenty, and unloading has COM
menced with what effect is glance in the official
reports Of sales.
Government stocks steady with moderate trsnsac-
tons In railway bonds State stocks and bank shares
the sales small at former quotations. The general
speculative share list continues excited and wide huctua
tons reported during the day As compared with the
regular call yesterday morning. the following changes we're
shown; Adams Express fell l Canton, p; Cumberland.
.; Wilksbarre /; Western Union Il NewYork Central,
81 Erie, l. Reading, /; Michigan Central Ii Michigan
Southern, 81 Cleveland and Pittsburgh, ga
North Western, 1; Cleveland aud Toledo, iT
Rock Island, 9; Toledo and Wabash, q Fort
Wayne, Il, and Indianapolis and Cincinnati, 4.
After the call the market lower, Erie selling at 7S
and Michigan Southern s3i. From these prices there
was rally, but prices were not firm, were brokers
inclined to make new engagements except for clients Of
known responsibility The market closed unsettled az the
following quotations: New-York Central, ll20ll2ii
Enc, 79i 079i; Reading mana; Michigan Southern,
$50 asst Cleveland and Pittsburgh, SsI as9i Rock
Island, 1914 0lO7I; North Western, 2l9j2i North
Western Preferred, 75Ia7ji; Fort Wayne l074 Sl07IJ
Ohio and Mississippi Certificates 32S52i Canton 52i
ass
Money on call is s6 per cent, and fairly active. In
commercial paper there is little doing Rates are firm 80
6a6l for best with for good names.
Rumors from Washington in regard 20 Secretary No
Culochs forthcoming report TO the effect that 10
will for authority retire than four millions Of
legal tenders per month The short currency clerk OF the
Treasury is st last in position where he able 10
substantial amount Of retiring legal tenders,
and be is reported in favor Of destroying fast pos
sbe this leading element Of expansion values to
be hoped that the Secretary viii enforce the necessity Of
specie payments BY his report and by the management %
his Department.
Bills at 60 days on London are quoted at lOS SlOs S9
commercial lO9 sIO9 for bankers do at short sight 90
1904 Clio; Paris at so days 5.lsf65l5 do. at sbors
sight 5l585I2li Antwerp 5lsiaj.l64 Swiss 5.lsis
5l6i; Hamburg, 36id36i Amsterdam, Aol 04li Frank
fort, Al 9ili Bremen, 7eS7eli Prusssn thalers, 10
a72l.
Freehts are very dull but in rates have no change
TO note.
The business Of the Sub Treasury vasi Receipts 81
l572I7 40; for Customs, $4,000 Payments, $685.
COS ~ Balance SEQ 255 $40 81; Gold notes, $4,000.
"In mercantile circles" says The CAieoso Tribune.
business has active this week than for month
past and our wholesale merchants are reducing their i'm
msnse stocks Of goods quite rapidly. The merchants in
the interior having recovered from their fright regarding
the cholera, busy laying in their Winter stocks.
andthe trade which ought to have had month agon
now very sctiye."
The following shows the exports exclusive OF specie
from NewYork to foreign ports for the week ending Nov
10, and since the beginning Of the year;
ro, n. x.., =, 1 sssas ,S Rssf;s s lssss
Previously reported lsSi0GiIs lel
Since January l.. sis7 s6o3Ol slSSgz12 teAalzsss
soafa