The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-11-27
FINANCIAL AND COMMERCIAL


THURSDAY, NOV. &c 1858.
The stock market during the portion OF the week
which has elapsed rejected the ease In money and
he feeling OF relief produced ~ the cessation OF the
xrn speculation The clique who brought about
che mn monetary crisis In the beginning OF the
month. TO Accomplish their own designs upon the
stock market, have seme TO gref at last In making
the famous ..cornar' they purchAsen nearly oil the
stock OF the company, old and new, anu out 1t away
an thar safe The street took the alarm just At this
moment and suddenly refused to touch Erie. The
consequence has that the immense pile Of Ger.
sincstss remains upon the hands OF the swiudlers,
without any immediate hopes OF disposal The
price declined TO ssA yesterday but was ..washed'
up to 1885, later in the day. afterwards falling TO SIX
IS. Erie Ii . financial boomerang which has re-
turned with fatal effect to those who made use of 1t
for evh purposes II the clique at the head OF the
institution are so unprincipled, corrupt and dis.
nonest what is TO prevent wholesale robbery
throughout the line Of the railway Ticket agents.
freight agents, conductors and all who are In minor
positions where money 10 received win not scruple
10 do "a they please with the funds which come into
their possession, when the example Of their
supcri0rs teaches no better morality. The
prospect is therefore very refreshing for the
immediate future Of this great railway. Things are
public Will leave Lie to its fate. The swindlers
themselves viii be the only losers by the continued
de prec.ation OF the STOCK In the end they will be
compelled to disgorge the funds which they OBJ
tained by the oyerssues and invested In real estate
speculattons or resort 10 step fraught with danger
TO their personal Liberty. The stock at present il
lust where 1t can 90 east harm, and no dealer in
Wall street should be tempted By any consideration
20 buy or sell q sing share OF 1t.
Stocks on Wednesday were strong with buoyant
tendency in tls afternoon. in sympathy with the ad-
vance in gold. There but one session Of the
gular board and two OF the open board. At four
O'Clock the Long Room adjourned over Thanksgiving
but business continued on the sidewalk until I'VE
O'Clock, when the following quotations were cur
rent:-Canton, so@; Pacific Mail us asked; New
York Central, la51 l2o's; Erie, 377s IS; Reading,
saH bid; Milwaukee and st. Paul, GO; OHIO and Mis-
sissippi, 317S SIX; Michigan Southern s9S asked;
Pittsburg, S71 S71a; Toledo, 99} 100; Northwest
eru S.; do preferred, s65s 861.
Gold touched 1855 on Wednesday--a rise Of one
per cent from the closing price OF the day before.
The excessive speculation In governments, the firm
OF and demand FOR exchange created by the or
ders TO reship bonds from Europe and ''bulln
movement were tie c0nspiring causes OF this ad-
vance.
There is o fend on the subject Of governments
between the rival banking houses which Is likely to
result In protracteu and very interesting contest
The bulls are pushing bonds with all their strength
and are getting no "coiner'' on the .'shorts" who
are undcrsellng and ordering bonds from Europe
where the price from one to one and hall per
cent below home rates. The ''shorts" won decided
advantage yesterday morning and made the market
weak. The "bulis' then went into the Gold Room
aud forced up the proc, that at nghtfall the
pect OF the battle rather in their favor. The
closing street quotations were:-Jnited States sxes
1881, registered us lI5,@; do. coupon, $751; 115h
ilb,S; 5-2o's, registered 1O71S 107x: do coupon,
1862, lib 1884 do. do 1864, 1915 1903; do. do,
1865. 10S3s 1885,; do do. new 1865, 1101 1l07s;
do. do, 1867 ll0zs Ill; do d. 1868, III nix;
lo40's registered, lo4i4 104h; do. coupon 1868
1868.
The situation Is thus described in the circular OF
prominent banking lrm who are reported to be q
party TO the contest Its comments and ad vice
should be regarded correspondlngly:-
BUSINESS has been very light and particularly dull
III the board, which, adjourned after the noon call
until Friday mornlng UP TO the quarter past twelve
board the market steady ut q signt decline
from yesterdays highest rates, but IN the afternoon
dropped under continued dulness. Sixty Wives, Old.
offerings declined oneiaf per cent; 62s, after sell
ing at 1871, sold down 10 1874 anu at this DOar re-
man steady Offered AZ that o7's sold ut first board
st Il1K, aud at . quarter past twelve at III buyer
three days. Tie corneriny party are quiet to-day,
manifeatg no disposition 10 do anything, seemingly
inclined 10 see the eject OF macti0n, and perhaps
preparing for another attack on their bearish
Opponents. 1t is di.cut to into the future of this
market, a. parties WAC are bulng are capital
ists and the repuei bears are also long IN purse.
no it Is quite probable tae end - not YET Both sides
are inclined TO nang on hopeful OF success. AS We
stated yesterday we Llink the snort interest," over
estimated, in wnlcl cAss the market loses an ee-
ment Of strength. All sorts OF rumor5 are aloat,
some OF them contradictory that 1t Il the safest
plan 70 be Of the market entirely, and thus avoid
chances OF being wrong.
Money wa6 easy. The rate ranged from four per
cent in exceptional transactions call loans to FIVE
on governments and six ON the ordinary or mixed
col,aterals Tue banks maintained the figure al
seven but few lending at six through brokers'
The Foreign Exchange closed firm ut the rates.
sterling sixty days, commercial. 1851 l095s bank
ers, 100sS 1914 short sight, ITO 1ioA; Paris,
sixty days. 5.20 a 5lGjx; short sight, 5.l44 5.l2
Antwerp. $50 5.l8,4; Switzerland, 5.2o 6.l61;
Hamburg, ASK s9s; Amsterdam, 4o;s Al; Frank.
.ort 4Os. Al; Bremen 7sX 7sA; Pruss!an thalers,
I1;t ara.
The exports (excnisve OF specie) from New York
20 foreign ports ior tue week ending November n
and since the commencement o. tho year compare as
follows with those OF ls5d and 1907
1865. 1881. 1858.
FOR the week. sS4Ss.6l1 $4,4s4Os3 S3,26l, 1884
Prev. rep0rld los 4jji2j 166,60a,630 145,3s0, Ia
since Jan. I.Sl71. U30s7 $17l,O33613 $l4s0O Isl
rhe last three Boston bank statements compare a