The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-09-20
FINANCIAL AND COMMERCIAL.


winch caused loans 10 be made at per cent for car
rying The opening price was l45h from which tbe
decline was gradual to IA and the closing transactions
I'm the room at li4H It's generally believed that
the Treasury sold much larger than usual but
upon inquiry at tho sub-Treasury we were assured
that the days sales wero less than million Even ad.
uniting this to be the case however the OF gov
eminent being seller at all at such jupcture in the
money make, exposes 20 the suspicion desire TO
aggavete the monetary panic which the bears the
Stock Exchange have succeeded in engineering
Moreover, 1t increased Its currency balance Ia
tho sub-rreasury In this city TO the extent
Of FIVE millions last week, and II has clearly
neither cause excuse for boarding green
backs to the extent IS dong at time when The
country requires the full benefit OF Tho circulating
medium. II is not supposed that the Treasury is
aiding and abeng stock spectators Intentionally, but
that it has been doing SO Indirectly since
the present sbearn movement commenced is
obvious from IFS con tinu!ug 10 sell gold and hoard the
legal tenders which are received in exchange, and
other circumstances which we forbear for the time
being 10 MENTION The distrust OF the community in
the administration of the finances may well be grow
ing when such a lack of ordinary bust.
ness intelligence is spiayed in matter OF
this kind. The gross clearings amounted to
tSs o96 ooo the gold balances 10 So 265 tho our.
rency balances to s3,S9a,749. The steamer Hermann
took out Sc 600 in specie.
The railway share market may be said to have been
In a state of panic since three o'clock yesterday
afternoon and it is still a wbr Of exc tement.
Tho bears making hay fast but they say
tho harvest has not begun DO rcaped yet.
TIE decline Ia TO go forever. and there Is be
resurrection in the years to come Greenbacks be
% mex, week that they be sought after
purosities, like Confederate money. Not single bull
In the street win survive their terrible onslaught
OF
With them and the still greater power OF
the Treasury itself. All The Jacks in Office
arc 'short OF stocks, and nothing but death itself
prevent their squeezing every dollar of every
'ioug'' of stocks Their has been unrivalled
already, but it rains but pours they talk
Of whirwnd following the STORM which viii sweep
srythng into their eapacous pockets Erie and Backs
County Lead TO DO quoted at the same figure
N the future, and New York Central will fail SO far
below par that it viii require maynryiny glass 10 see
H. Seriously speaking, however, desperate efforts are
being made by the bears TO create widespread panic
through the agency OF tho money market, and to
induce every holder OF stocks to sell We therefore,
advise the public refuse their property sa rced
by them, and hold resolutely to whatever securities
they possess The only object tho bears
their shorts" advantages and buy tho decline
for fresh rise and accomplish this end they are
willing to do and say anything which falls short of
penitentary offence They will draw money out Of the
banks ostsns.by for the West but reality to lock
up their Offices and they will all manner
OF misrepresentation and snrewd iuuendo imagined
OF Wall MoueY n brisk demand al seven per
cent mixed colaterals six or government sac,-
rites, while drst class commercial paper quoted al
seven per cent. senseless and causecss panic
however, wa never known the stock Exchange,
tho it IS arrested the better II will be for tho
reputation which Wall street should enjoy for common
sense The present fall viii ia all probability be rapidly
succeeded by than corresponding RISE then
many Of those who arc the laudest in favor of
. decline now will bo strongly in favor OF
riso The market Is immensely overso'd
and niue-tenhs Of all spectators tho street
bears The rebound therefore certain and although
the bulls m ay DO dead sag to tho bears beware
There is still balm in G!ead aud public money In the
United States.
At tho early session OF the open board the panc-lkc
excitement OF yesterday was renewed In the railway
share market, and further decline OF prices took place
Erie sold at 65 65ts; New York Central 107 a 1905:
Michigan Southern, 1914 al sS Cleveland and Pitts
burg, SAX; Northwestern, az sni preferred, 667i At
the frs, regular board there considerable pressure
sell and toe decline continued to make progress Erie
being weakest. and New York Genital Michigan
Southern and Rock Island tho hrncst of the rail
way shares Now fork Cenrni closed lower than at
the same tlme yesterday, Erie Az, Michigan South
em %. Cleveland and rtisburs Az, Rock Island
1L, Northwestern %, do preferred 2k Fort Wayne
tx, Ohio and Mississippi certificates ~ Pacific Nail ~
Western Union Telegraph y, milwaukee and st. Paul
preferred "a. Government securities wore weak
Coupon hvo twenties or 1862 declined a. and tho issue
OF 1854 and 1865 =. The express shares quiet
Adams declined liS. selling 65H.
After the call there increased pressure to sell and
prices yielding AT tho open board a, O'Clock
the market weak and unsettled, but Cleveland and
Pitisburg and Michgau Sogther1 slightly higher
New York Central sold at l03; Enc, OK 63s Road
ing, 1913 l0I's; Michigan Southern, 7sS a7ssi;
Cleveland and Piitsburg, s2H 5SH Rock Island
1olx Northwestern. 4I5s ass do preferred, eo'I
es}s; Fort Wayne, 1O2; Pacific Nail, l4lA; Western
Union Telegraph, 4l7+ A.
the second regular board the mako, stsadler
IN aad prices experienced bi,ls Improvement
which partially lost however, the call advanced
New York Central closed q higher chan the tlrst
regular board, Reading ~ Michigan Southern =, Cleve
land and Pttsbnrg y, Cleveland and Toledo y, Rock
Island =, Fort Wayne u, Milwaukee and ST. ParI l,
do. preferred =. Western Union Telegraph =. Erie
lower, Northwestern =, DO preferred ~ Pacific
Naik Government securities were steady. Coupon
nvevcuties Of 1884 advanced and thirty notes
OF ,he second ser e. declined a.
~ the half past three board the market was
fraction lover and L-ie sold GO IS: New York Gen.
trEi 1907. l03I Nciscn River, 12S: ReadGg, 1919
a15lA; Nichigan southern, 7o Cleveland asd Toledo.
l2s1l; Rock Island, 10. sloi's; Northwestern 403S
afoN; do. rreferrel, 6jii ao5s; Fort Wayne. lol
1oik. Following th' cali there a fresh raid made
the marke, and Eric declined to S2iS bot towards
thc cosc there s,r slight tal aud n o'oocg he
following quojst0ss cVrTent-Nos York Central,
less io6 Erie e3s; HUDSON RIVER l25s 12t; |
Reading lOl x 1918; Michigan Southern. zsS a7sG;
Cleveland and fii,sburg, So s.: Rock fllspd lOl
1oiH; Fort wayne ioiG; Northwestern, teif &Ox; |
40. prsserred o5H GsG; Paciss Mai, lie Ala; |
Ohio and Mississippi corllsa,ea, 25K 25I Milwaukee
and ST. Paul preferred c3H; Western Union Telegraph,
HH.
There vor7 little done IN government securities ut
The counters Of the leading dealers, aaG The tendency
OF prices downward owing TO the sans