The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-11-02

n The stock market was Influenced less by the pre-
Ealing stringency than might have been expected,
but If the pressure continues-as from all appear
ences II villa general decline in prices may be
Garded ~ inevitable and these are SO highly inflated
that there is wider margin than usual for fall in
Them. Money lenders foreseo this danger, and the
banks are prudently declining to extend their loans
on speculative stocks while they beginning to sift
kheir coaterals, and Erie Is invariably thrown out.
During the early part OF the week very unsettled
feeling bordering at intervals panic, prevailed on
Che Stock Exchange, and prices declined from
Sour to ten per cent at one time, the Chicago
and Northwestern and Milwaukee and St. Paul
shares and Pacific Mail having suffered the
heaviest fall after Erie, which sold at 35X.
The market was rapidly becoming demoraized
And in danger Of falling into panic, when combina
lion OF the lending bulls was formed to rally 1t for
The purpose Of enabling them to sell at the advance
and on Friday and Saturday they frightened the
bears into covering their contracts and supplied
them freely. The cliques having partially unloaded
bn the street, and the "short interest having been
greatly reduced the market is now weaker than 1t
Eas before the rally took place. and prices closed on
Saturday evening more than two per cent lower than
ht the opening. New York Central, Erie and Read
ing being particularly dropping Erie is regarded
with particular distrust, owing to the recent
Issue of five millions Of new stock and the
official intimation that another five millions Is
liable TO be Issued at any time, exclusive OF
what may be required to lay the third rail,
tue cest OF which Is estimated at three millions
There is already fifty millions OF the common stock
of the Erie Company aioat and people are naturally
npprehensive OF the effect offurther unlimited issues,
which. however much they may contribute to the
ultimate Improvement OF the road, are certainly very
Damaging to the value Of the stock. and there Is q
-
suddenly break heavily and involve the rest OF the
Enarket, 70 some extent In its fail. But for the artd
Eal support given by the bull cliqucs to railway
Shares they would fall faster than they have done at
Any time since the spring OF 1864, prices being far
above real values, and 1t Is well that the public
houd be made aware OF this. This does not apply
TO government securities, however, nor to some
Of the state stocks, and the probability Is
chat these win tend upward In the future, after the
return OF monetary ease at least. United States
blocks were heavy early In the week, but afterwards
they improved, and on Saturday up O'Clock they
were very strong, the nvetwenties OF 1867 advance
Ing to NIX; but when It became apparent that the
hopes Of an easier money market, which had been
previously entertained, were faacious pressure to
teu set in which carried prices down u " per
tent the bonds referred to closing at 11o5s 110I
while the whole market was weak. Among the
State stocks Tennessee skies, new, were ex-
ceptionally strong and sold a. 72. The
general market closed weak and democrat
yzed at half-past five O'Clock at the following
ouotations:-Pacidc Mall 1247s 1885, Western Union,
s6x 36S4; New York Central 1851 q 125,.; Eric, 20
A4oJ<; Heading, 9s,i esS; Michigan Southern s5tl
b s5k; pittsburg, s7i4 s79s: Rock Island, 1861 q
lo5&; Northwestern, oo,< eoh; do. preferred 81 q
elAs; Fort Wayne lis q 1884; Marlposa preferred,
81 a22ss.
Il The gold market was barely steady during the
Week, the fluctuations having been from 133sf to
ASA, with the closing transactions at 1881; and
Although the bear interest continues 10 prcponderae
IN the room and the borrowing demand for coin was
In consequence active, the rates for loans steadily
sended favor OF the borrower, owing to the Sub.
Treasury having anticipated the payment OF the No
vember interest TO the extent of ss,463,ooo. The
customs receipts at the port aggregated s2,0sioo7
and the shipments OF specie Sl,0s2.405. The
Treasury sold si,5oo,ooo in coin from Tues.
day 10 Saturday Inclusive, TO the highest
Bidders under seal; but this plan involves de-
lay and inconvenience, while 1t fails TO secure the
full market price for the gold sold, and In future all
such sales should be made by auction, a Treasury
clerk acting "a the auctioneer
The foreign exchange market vas frm but quiet
during the early part of the week, and the leading
drawers advanced their rate for sterling at sixty
days to 40, bit subsequently, under an improved
anply al cotton bills, rates declined on eighth per
cent The prospect, however, OF an increased de.
Nand icr bills, growing out OF the disbursement Of
che November interest on the public debt and the
remittance or that portion drawn on European
account. makes bllaolders and drawers indisposed
to press sales az o concession. At the close the
market was dun at tho subjolncd quotations.
bankcrs' bills on England at sixty days,looai 1926;
at three days. 1lot 100. commercial bills, 100 q
1919. Bankers' bills on Paris ~ sixty days, S.l5 0
ei34.
The October report OF the agricultural Department
at washington shows that TIC Increase IN the wheat