The New York herald., 1868-11-07
FINANCIAL AND CONNER GAL.
rR1pAy. Nov. o-eP. M,

knd st. Paul sold down to 645s, decline OF N1s per
nent since yesterday morning. while Northwestern
Showed decline Of IL per cent, sales having been
made at tax. In the afternoon there was rally,
assisted by reports OF an increased supply OF money
ana loans were made for speculative effect, In
Nome instances at about three o'clock, at seven per
cont La currency although previously q commission
fanging from an eighth to threc-eighths per cent
WAS PAID In addition TO the legal rate In currency
The Improvement proved very transient, however
ana towards the close the market fell into state Of
panic all the railway and miscellaneous shares de-
elining sharply, New York Central selling at III,
Rock Island at l0lX, Erie at 3sX ana other
stocks in about tho same proportion ana
the indications are that prices win con.
finue to fail until they are much nearer
t0e standard OF real values than at present. The
pun chques are demoralzed, and the banks and
money lenders generally are naturally disposed to
ca II their loans on the inflated speculative stocks
IN view OF the enormous fluctuations to which they
Rre Liable, Milwaukee and St. raul, as a case In
point having declined moro than ilfty per cent from
she highest point it touched within month past
namely, i1oA; and the heavy break in the stock this
morning involved the failure Of reputable stock
house in Broad street and forced The largest holder
wen-known capitalist who had sold 'putsn large
V-to confess his inability to receive the stock rep
Fescnted by these puts" Other failures were ru
plored and di5trnst is rife on all sides.
0oVefnnent securities opened weak, the fve-
Pwenues OF 1867 selling down 10 107; but in the
afternoon brisk bull movement was made which
carried them up to l0e4, from which point there was
rapid cecline late IN the afternoon to i07A, and
Sns ailso with the general stock Baraet is deoral-
&eo. The fact that the Treasury sold more than
peven millions OF ilvetwenty bonds secretly dur
ing the month OF October has naturally exerted
depressing effect upon prices, and to the pres
sure rom this source, well as to the sales
@ade on government account on Wednesday by auc-
Son much Of the present decline in the United States
Stocks is DUE Moreover 1t is believed that the Trea-
Sury proposes selling ten millions more OF Ithese
ponds Immediately, and that IL has been selling them
Utmost daily since the beginning Of the present
nonth In order to relieve its urgent necessities.
1n this way five. .twenties are depressed
Ind currency is taken from the banks, thus
adding to the prevailing stringency, one
great cause OF which has been the presentation
knd redemption Of fifteen millions OF three per cent
Certificates since the 1st OF October, and as these
we're previously held by the banks part Of their
Segal tender reserve their redemption Is equivalent
% 30 much contraction Of the currency. Yesterday
knd on Wednesday more than million Of these
Fere redeemed; but their presentation viii probably
Aease now that the Assistant Treasurer prepared
Do stamp twenty millions Of them payable in green
packs for Clearing House purposes, and some Of these
ere likely to be used In making the clearings TO-
morrow. The Treasury Is, doubtless In very
needy condition, and Is therefore forced to sell gold
ana bonds In order to redeem its loating oblga-
ons when presented; but the system OF secret sales
y 70 be condemned, and Congress should require
publicity TO be given 10 all sucn. The banks report
vhat they are remittlng very largely to the South
Ind Southwest and that their Western correspond
hnts are also beginning to draw upon them
bgan; and 1t is needless to say that there
La
Existing strngency, except by a decline
IN prices For several months past we have been
Farning the public against such crisis as we are
pow beginning to experience, and the end Is not yet.
brokers are refusing to buy stocks for their ust0m
prs on margins because Of the difficulty and cost Of
HArrytng them, and Wall street was never In more
Hanger Of violent ash like that OF 1867 than u
bowl but 1t Is to bo hoped that the threatened dis
kSter viii be averted although 30 far as the
speculative railway stocks are concerned general
breakdown in them would exert salutary effect,
lnd few besides stockholders would be the losers.
fhese Stocks however, will have to decline under
kny circumstances, and those who continue to hold
1hem win reap plentiful crop Of losses.
The gold market was heavy and tho fluctuations
Drior to the adjournment Of the board at three
Sciock were from 1s25 to 133X, with the closing
transactions at 1926 against 1872. at the
Opening. Following this, however, the price
succeeded, and the latest quotation on tho street
kas 1879 1873. There was considerable pressure to
lend coir, and loans were made at rates varying
4rom two to ten per cent per annum aud at 3-o4
aS2 per cent per diem for carrying as well as slat.n
Tne gross clearings amounted to $los,s2o the gold
balances 20 63s and tho currency balances to
ts05oool. The amount OF coin held by the Treasury
On the lst inst was s103 1885, OF which $le ie,s4o
WAS represented by certificates Of deposit bearing
.tsa, ,sol, ,1a5, the properly Of the government.
Il Tho stock market opened very weak and Of tho
early session Of the open board there was heavy
bressurs to SELL the transactions being enormous at
dcclining prices especially for the Chicago and North
western and Milwaukee and St. Paul stocks At the
arst regular board prices were stl lower In some in
stances and New York Central closed az lower than
1t the same time yesterday, Hudson River 8, Michigan
8outheru TX Cleveland and Pittsburg 1,s, Cleveland
and Toledo Ia, Rock Island ], Northwestern 1oK,
do. preferred 0, Fort Wayne 4, Milwaukee and st.
Paul lC 40. preferred 107s. Ohio and Mississippi 1s
western Union Telegraph I, Tennessee skies. new
assue o; North Carolina skies S,l do, new issue, 3,
,end Missouri skies 6X, while Erie was X higher,
Reading 1X and Pacific Mail Y. Governments were
* u lower At the one O'Clock open board prices
were without material change but at the second
Tegular board there was sharp rally In the
pntire market, assisted by report OF easy money,
and on the call New York Central closed 1zS higher
han ct the first regular poard Erie 1, Hudson River
hK, Reading 1x, Michigan Southern ~, Cleveland
AND Pittsburg az, Cleveland and Toledo az, Rock
ISLAND ]. Northwestern o, do. preferred So Fort
Wayne az. Milwaukee and st. Paul preferred 2, Pa
hinc Mail 2, Western Union Telegraph ~ Tennessee
skies, new issue, ~; North Carolina skies 2, new
1ssue l. and Missouri skies 2, while Milwaukee
and st. Paul was 3H lower. Government securities
were ~ TX higher. At the open board at half-past
,Ahree prices began to react downward, and after
wards tho market relapsed into state Of panic.
Whic prices declined sharply. At the close at six
O'Clock the following quotations were current,
ono tendency at the time being still downward:-
Pacific Mail, 115 1l5js; Western Union, BAN 34k;
New York Central 11sk; Erie, sos; Reading. o.