The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1867-07-22
New York Business Gossip.
From Independent 1Sth.l

The speculative excitement in the pur-
lleus of the Stock Exchange has continued
unabated during the past week, and the
greater virulence after pretty severe con-
test between the bulls and the bears to-
ward the close. The bulls, however, are
to suppose that this interesting and highly
exciting &C mbat between the two great
powers in Broad Street is coafined alto
gether to brokers and professional opera
tors; for outsiders, as they are called, are
rushing in with perfect fearleSsness where
a gels would certainly " fear to tread
Happily for the bear interest, two heavy
failures occurred in the dry goods trade.
which had slight tendency TO create a
feeling of caution; and this tendency was
for a few hours il creased into almost a
panic on Friday, by viAainous report to
had fai ed In consequence of losses incurred
by the suspension of the dry goods
firms. The report was soon ascertained to
be wholly groundless, but the effect did not
Immediately wear off, The tone of the
market soon recovered >elf, and Sat
urday afternoon the upward tendency
was fully estored. The favorable condi-
ton of the banks, which show large in
crease on their currency reserve and
their deposits. are in the highest degree
favorable to the continued ease of the
money market, and encouraging to spec
The large shipments of gold to Europe.
last week, which, with currency based
on specie. would have produced a semi
panic, had no effect whatever. except to
run up the price of gold about one per
cent 1t is getting to be pretty generally
understood that hundred millions of
idle gold in our bank vaults, beyond the
requirements of trade is rather an injury
than benefit to us.
Government bonds of all classes have
been very active, and run up to their max
imum price. 1t is conceded that a pros
porous railroad which pays ten per cent
dividend, is a cheaper investment at par
than Government bonds. which pay but
eight per cent. at a premium of 100.
There have been two or three SIN III fail
regular Board of Brokers, which have not
disturbed the upward tendency of prices
The interest is too large for any individual
losses to have perceptible influence on
The old Expires stocks have experienced
sigh revival, and Adams Company has
advanced two or three per cent. The COLI
test between the old companies and the
Merchants Union continues very vigor-
ously, TO the great benefit of the business
community. The Merchants Union gives
no sign of collapse.
1t is repeating a thrice-toId tale to recur
again to the extraordinarily favorable
harvest reports; but it is to these causes
hat we must look chiefly for the great ex-
element which has prevailed thus far
through the hot weather in speculative
stocks. Last year was very dismal one
for the agricultural interests of the coun-
try. From the commencement of the sea-
son to- the close. there was scarcely cheer
ing report in relation to our great staple
crops from any section OF the country.
Everywhere There was gloo ~, disa ppoint-
ment, and despondence. A diminished
wheat crop, scant hay harvest, blfghted
cotton, a short corn crop. fruits cut Off the
South in a starving condition, and our ma
tional finances all at SKIES and sevens and
every body trembling with anxiety lest Mr.
MeCulioch should take it into his head TO
curtali the currency and attempt to force
us into specie payments Yet, under all
these diScouragements, q very active
speculative movement took place, which
carried pr,ces up much higher than
they have reached yet. II is only
necessary to look back TO the sales
OF last summer to see what p wide
margin is still left for rise. Now the en-
tire condition of affairs is changed. The
crops of all kinds in every part are larger
and better than they were ever known to
be before; fruits OF all kinds are H. album
dance, and the farmers are all prosperous.
We haVr. besides. something ike an IS
tabl1shed financial policy; money Is album
dant, and no one now anticipates any diff
hculty from Mr.. McCullochS attempts To
force us into specie payments. The sub
ject is not even discussed by IFS cd friends
and long period of quiet il looked tor.