The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-11-13
FINANCIAL AND coMMERc iAL'
THURSDAY, Nov. is-sP.h


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THURSDAY, Nov. l3-sf.A
There vas An abundant supply OF money sfsm -
seven per cent per annum on s'ooA
Aay. but Notwithstanding tins there Wa no sos'e
,nent OF that distrust when mas ooen s"e mus
marked feature OF business IN Al 49, uu'ns -.
-, sor,n,cnt and on the stock Exchange further
.n.,aarohs decline in prices took place, although
80 a. the forenoon railway shares ex-
-.,.n..a 4 rally from the depression OF last
sro,,ny New York Central was particularly yield
,nc under heavy Sales Influenced by belief that
me President OF the company has sold out his stock
Win view to taking IL back ct lower figures, and
me price was low l7k at one time In the AFTER
noon. Erie declined to 37A, Rock Island to lolH.
and the remainder OF the list receded In about the
name proportion including Reading. which IL being
sustalned by . clique, apparently for the purpose
or making q market to sell on, ana the public
should guard against II, as they ought to have
done against Milwaukee and st. Paul, before 1t
declined fifty per cent within few days.
The bull cques inflated the prices Of railway
shares to such an extent that corresponding reac-
zion was Inevitable, and the clique system 10 one OF
tne great evils OF the day in Wall street, for thereby
Stocks are up to 1ctitiousy high prices and the
public are lurc1 into buying by the artificial
strength which Is temporarily impaired to them.
The banks continue to report that they are sending
large amounts OF currency TO the South and South
west to pay for cotton. and they are wholly
unable to extend their loans either on
stocks or otherwise. Fortunately the local
mercantile demand for discounts is light but the APP
plicaaons for accommodation from the Western
banks are urgent. First class commercial paper is
quoted at q 8 per cent.
No further Treasury stockjobbing dispatches have
been received from Washington, and 1t is now re-
rafded certain that the Treasury will make no at
m Win Iota lav apd pnhl hv
sng either three per cent certificates greenbacks
but The feeling OF public Indignation with which the
recent course Of Mr.. McCullocn Is regarded has by
means subsidized. He Is the head Of the Treasury
ring and In that capacity Is supposed to be making
ell he can before his term Of office expires. Until
lately he had hopes that he might be continued In
his present position under General Grant, but this
expectation no longer exists, and hence 1t Is said
that Mr.. McCul!och's chief anxiety Is to make
el.aoo,ooo, or less, before he leaves the
department which he has 80 long mismanaged.
The Treasury letters and kilograms for some time
past are therefore to be regarded part Of stock
Jobbng scheme for alternately churning the mar
sets in Wan street up and down, and they have
brought much scandal upon the government.
The practice OF certifying brokers' checks by the
hanks engrosses serious attention among bank on
GERS ana bank stockholders, and as it is beyond
question illegal when the bank has not tho funds
certified for in hand It becomes necessary that the
evil should be checked. Moreover, as It IL
frnught with great danger to the banks themselves
oAe Comptroller OF the Currency should notify the
latter under hs supervision OF Its legality and call
attention to the recent decision Of Boston court to
Shat effect. At present the failure Of stock houses
y liable TO involve the failure Of banks and thus
create widespread ruin and panic The banks Of this
aay are ut present in no condition to stand heavy
ksses. and they 1t to their dcpositors to exer
else more than ordinary care. They have been for
long time past lending speculative stocks
exceeding their real valIe and now that the signs
q the times are In favor OF increased monetary ac-
evity through natural causes their resources will be
sal further curiacd. No confidence Is felt in
ssntnuance Of the ease experienced during the last
lew DAYS, and IL is not improbable that change
whl bc felt before the week is out.
she gold market opened Mt 1341S and advanced to
tsss, following which 1t declined to l33M and the
sosng transactions prior to the adjournment OF the
board at three O'Clock were at this price. After
wards the pressure to sell continued and q further
secine took place. the latest quotation the street
having been 1891 l23h. There was an active bor-
scwiDg demand for coin and loans were made at
rates varying from two to per cent for carry
@g aud at two and three per cent per annum and
lSi per cent per diem for borrowing, well with
oat interest 70 either lender. The gross
clearngs amounted to s7s 900, the gold balances
,5o3,yso and the currency balances to So ,5s5.
The sub Treasury discussed s56s, ols in coin pay.
snca % interest the public debt The steamer for
Bremen took out only sl2, 900 IN specie.
AT The commencement OF business the stock mar
set dun. but rmer than at the close last evening
and at the early OF the open board New York
Central advanced 10 1921 At the first regular board
t1e volume OF business was light and prices had q
dropping tendency. ON the call New York Central
esosed Ia higher than at the same time yesterday,
Hudson River ~, Reading, u, Michigan Southern
~, Cleveland and Plttsbury Z, Cleveland and To-
lido :, Rock Island u, Northwestern IL, pre-
ferred ~. Fort Wayne "a Milwaukee and st.
Pau 2. preferred Ia, Ohio and Mississippi y,
Senncssce skies, ex-coupon Ia new issue u and
<orth Carolina SKIES. new issue, 4. Government
securities were ~ u higher. At the open board ut
one O'Clock tie market weak and Erie
declined 10 1875 and New York Central to
AS. At the second regular board an un-
settlci feeling prevailed, and the call
New YORK Central closed Ia lower than at the irsi
regular board, Hudson River az, Reading Y. Michi-
gan southern Il Cleveland aud Pittsburg a, Glove.
Lna and Toledo <, Rock island a. Fort Wayne "a
Milwaukee and 81 Paul y. Ohio and Mississippi VI
AM tennessee skies, new Issue, u. Government
seclfi'ie- were heavy at a decline OF Lak. Az the
epcn h0ari NJ halfpast three O'Clock market wa.
very weak aud new York Central declined on IN;
cai 20 lisG. Erie sTA. Reading e5ss, Rock Island
49, aud Iacihc Mail 1iJ-s. subsequently there
49, further decline 10 I1sA4 in New York Central
ana ne whole markct presented very de
r.oniizea appearance. At the close at SIX
sco'k u was heavy ut the following quota
teur. ana tnarc were Indications OF an
hnp'nang break In Reading and some OF the West
srn So ks:--l nc.nc Mail. IiSA iiaZ; Mariposn
psei'1rci, - ADA; New YORK Central, 1l7K 1175.
Bro, 81 e454 - Reading ss's ec7.; Milwaukee and
-. fanl o. = %; do. preferred, sos 81; Fort
Nsshe, io6'. ig6's; QUO ana Mississippi, 2el. a
80 Michigan southern, 81 a s2l; Cleveland and
rsti-burg. -. sat- Rock island, IolZ 1919;
AcItawes,cgn, 80. sla, do preferred So. s2,1.
me markst for government eccurit,es was weax ~