The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-11-14
FINANCIAL AND COMMERCIAL.


SAAA01 W lax, lower point than it mas toucneu
snoe the panic OF last sprag, while Erie declined 70
oo~ under heavy sales by the German bankers on
English account influenced by the downward
tendency OF the stock In London, the price
shere at the close OF business to-day hav-
Ing been 2ax. The fresh decline OF four
Per cent In New York Central was owing 70
large sales by operators identified with the Wander
bit interest," ana the readiness with which II yielded
favored the superstition that the decline was en-
! c0uraged by Mr.. Vanderbilt himself. although some
OF his satellites argued 70 the contrary. Pacific
Maui sold down to ll2 the decline being assisted by
Apubshed report that Mr.. Vanderbilt had purchased
two ocean steamers at Boston with the intention OF
funning them on the Pacific His name carries 30
much prestige with 1t that whatever he does
IN AFFAIRS which have any bearing, directly
or indirectly, on Wall street exerts remarkable In
uuence. Thus the purchase OF these steamers was
construed Into possible revival Of opposition to tho
Pacinc Mail Company and the belief that ne had sold
out his New York Central stock induced others to sell
out THEIRS 1t Is the misfortune OF MI. Vanderbilt,
Ike all very successful men. however. to have too
many friends. and he may well say, as Huskisson
Said. "Save me from my friends" It Ia sup
posed that more than 100000 shares Of
Erie are held In England or on English
account, and the decline in the price
abroad has created very uneasy feeling among
well Is among holders OF the stock generally. The
r0ttenness OF the clique system In Wall street and
ITS danger to the public are becoming more apparent
every DAY, and the warnings which have given to
Ine pubic from time TO time to guard against the
snares and pitfalls Of the stock Exchange
were not uncalled Tor. 1t is needless TO say
that every clique has Tor It's prime object
the swindng OF the street and the general
public In order to I'LL its own pockets, and SO far,
morally speaking, IL Is u conspiracy to defraud the
bull cQues are just now In terrible state OF rage
and agitation because people selling their stocks
instead Of buying them, and they consider 1t deadly
En on the part OF the newspapers not to come to
their aid ana tell the public to buy stocks In order
that they may be saved from failure and be the bet
ter enabled to continue their swlndling operations
In the future. That the cliques are the pests
Of Wall street every honest broker win admit
whether they are operating for rise or fall In
stocks or gold, for ether they play with
loaded dice and have the advantage over all out
giders. When cliques up st0cEs VI questionable
value fifty per cent IN u few months and
say they are worth all they are selling for
they decoy innocent persons into buying them,
and the morality or the proceeding b no better
than that OF the man who sells plated watches for
the genuine gold. The prevailing dlstrust OF stock
values is not confined 10 Wall street, but extends
over the entire country, and the chief anxiety OF
holders Of stocks Is To sell then the only support Of
the market being the ciiqles, and among these de-
moralization Ii rapidly spreading.
Money was In moderate supply at seven per cent
in currency, with exceptional transactions at this
rate In gold, although early IN the day appre-
tensions Of stringency were expressed In
consequence OF the Bank Of the Commonwealth
having been creditor at the Clearing House to the
amount Of $l,7o0,ooo, in addition to 100000,
yesterday, and this was regarded as an
indication OF the beginning Of fresh
lookup movement The demand for discounts
il very moderate and the osst grade Of commercial
paper Is quoted at Ia q per cent and the second
grade at 10 q IL per cent The Western money mar
kets continue IN o semi-stringent condition, and
business In that section Is restricted In con-
sequence. The subject OF certifying bank checks
continues to attract serious attention. 1t has
Just been decided by Massachusetts, State Court In
Boston that banks have no legal right under the
National Currency act to certify checks except the
funds to meet them are actually on deposit OF the
time OF certincation and this Is good law. The GER
tifying OF stockbrokers' checks by the Wall street
banks has degenerated into abuse of the banking
privilege, and as II Is fraught with great
danger to the banks themselves. and therefore
to .depostors, ought to be restricted as
much O. possible within safe limits whereas
IL IL now practtsed on q scale which would cripple
hall the banks In Wall street In the event Of panic
on the Stock Exchange. causing large number OF
failures among stock houses; and for all this risk tho
banks receive no equivalent.
: The gold market shows considerable nrmncss and
the fluctuations during the day were from 1891 TO
1851, with the closing transactions prior
to the adjournment OF the board at three
O'Clock at 1881, following which the quo
fation advanced 70 1884 . 1A under .
brisk demand on speculation for rise as well as to
cover short" contracts, the indications being that
the market has temporarily touched bottom and
that combination Is preparing to make capital out
OF the oversold condition Of the market. There was
Q brisk borrowing demand for coin, and loans were
made ct rates varying from TO four per cent per
annum for carrying and at l-64 per cent per diem
for borrowing, az well AZ "natn The gross
cearings amounted to $75 ooo the gold balances
TO slss3s4 and the currency balances to g. All.
The ub-Trcasury dlsbursed S362, O37 in coin during
the day in payment OF interest on the public debt.
The prospect OF the scheme for taxing United States
bonds and paying the principal In currency being
revived In Congress at the ensuing session Is induc-
tng purchases Of gold by far-sghted men, as the
atrugge between the bondholders and the bond.
holding class OF the people Is certain TO be both
bitter and prolonged, and the sentiment or the
people very properly against any class privileges
1t is poor rule that win not work both ways, and
what sauce for the goose is sauce for the gander
At the commencement OF business the stock mar
ket weak and unsettled, and at the early session
of the open board prices were lower than at the
close last evening. At the FIRST regular board the
market was weak, and on the call New York Central
closed az lower than at the same time yesterday
Erie IL, Hudson River so, Reading ~, Michigan
Southern IN, Cleveland and Pittsburg TX, Cieve.
land and Toledo 1, Rock Island e. Northwestern "
do preferred u, Fort Wayne ~, Milwaukee and St
Paul az, do. preferred Ia, Ohio and Mississippi u
Tennessee skies, ex coupon l; new issue ~, and
North Carolina SKIES, new ISSUE q. Government
securities were dull and heavy at decline Of pei
cent In the principal stocks. At the open board OF
one O'Clock prices considerably lower and the
market presented very unsettled appearance New