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


TUESDAY Nov 100 p. NJ.
Tpere have h.en M fresh stockjoobing Treasury
aespatcnes received from Washington To-Day and
money ,sas in abundant supply at seven per cent in
currency from the opening 20 the close OF business
INIT Notwithstanding the stock market showed re-
newed signs OF decentralization and prices decined
sharply, especially late IN the AFTERNOON,
,yhs, a very unsettled feeling, bordering on
manic. prevailed, and the pressure to realize,
especially on New York Central and the Western
stocks was very great. Some OF the Western banks
are known TO be very large holders OF the inflated
western railway shares dealt In here. and the an.
,ouncemenG OF the failure OF the Wisconsin state
Bank, with heavy liabilities, yesterday, and Of run
on the Milwaukee Bank excited apprehensions Cor
the safety OF similar institutions elsewhere In that
section, not few Of which are, there Ia to
believe, in critical condition owing to the specu.
htions in stocks in which they have become involved
both by making excessive loans ON the same and
otherwise. This afternoon it was reported that
there was run on all the Milwaukee banks and
also to some extent upon those Of Chicago while an
important failure in the grocery trade took place in
Cincinnati simultaneously with the suspension OF
the Commercial Bank OF New Brunswick at ST. John,
B. The fact that stocks declined rapidly in the
face OF an easy money market indicates the deep |
seated distrust of values which prevails The chief
anxiety Of those holding stocks Is not TO be |
able to hold them, but to ind market on
which they can sell them; for at last most
Of them begin to perceive that prices
far above real values that they are liable to
sudden and heavy break at any time, and the fall OF
nifty per cent within few days in Milwaukee and
Ct Paul admonshes them OF the danger at hand.
The country is entering upon period like that which
England passed through after the termination Of the
Napoeonic wars, preparatory to the resumption of
specie payments, and those familiar with It's nnan
cia history are aware that 1t was one OF great
depression and violent revulsions We therefore
caution the banks against making loans on specu-
latve stocks at prices from two TO four times their
real value, as measured by their present and pros
pective dividend paying capacity ana we direct the
attention Of the Comptroller Of the Currency to their
present expanded condition in this respect.
The feeling Of Indignation towards Mr.. McCulloch
for the part he has recently played In completely
with Wall street stockholders and gold gamblers Is
very great and the general opinion is that the recent
semoficial dispatches from Washington relating to
the reissue Of three per cent certificates and
greenbacks were designed to influence the markets
for speculative purposes. That the Treasury ring
operated largely upon these to their own profit in
governments gold and stocks Ia well known, and
much scandal has been brought upon the department
In consequence, the condemnatory expressions
almost universally employed with regard to Mr..
TO reproduce but that they wen deserved we see
no reason to doubt 1t Is needless to say that the
Treasury has taken no steps towards ressuing either
certificates or greenbacks and there Is probability
Of either being done in violation OF law and public
sentiment. 1t is, however, said that although
he has given no instructions on the subject he con-
ders he has discretion to reissue the ST. 900 Of
three per cent certificates which have been redeemed
N the event Of the necessity arising. We observe that
an haaifun ~uit,n hon
been unanimous In their condemnation Of these pro-
posed reissues and Mr.. McCuloch's stockjobbing
and inconsistent kilograms and either him OF
corrupt motives or insinuate that he is innu
enced by them The banks. it is true, are by
NO means strong, and their loanable resources
very SMALL but it is the business Of the Trea
sury to resort to expediens for either contracting OK
mnating the currency and making all pleasant for
the Treasury ring at the expense Of spectators on
the opposite side. The department s not called upon
70 dabble either in stocks the money market, or
TO bull bear stocks gold government securities,
and Is high time that the President should enghten
Mr.. McCulloch upon this view Of the subject Those
who followed in the wake Of the Treasury ring find
that they have been deceived by false promises and
have arrived at the conclusion that there will be
innation and that the ring have already accom-.
pshed their object by selling out their stocks, gold
and governments on the recent rise. The banks are
eendlng c0nSlueraDlc amounts OF currency 10 TIC.
South and Southwest and the drain in this direction
viii quicken with the movement OF the cotton CROP
The gold market opened at 1855 and sold up to
l35X, following which 1t declined 10 134K, the clos
ing transactions prior 10 the adjournment Of the
board at three O'Clock having been at this price, fol-
lowing which there further decline, the latest
quotation on the street having been 1874 . 1S4)..
Loans were made At rates varying from two to six
per cent per annum for carrying, and In a few ex-
eeptonal instances "nat.n The Sub-Treasury dis
bursed s52 in coin in payment Of interest on the
public debt during the day. The market varied at
intervals as foows:-
10 A. M............ 1852 1881 p. M.......... 134%
nl0 A. M.......... 1861 $3.50 n. M.... .14 1s4s
The market for government securities opened nrm,
and the fve-twepties OF 1867, which continue to be
she favore stock, sold mp TO Ilo llo,s the other
tissues sympathizng with this Improvement but at
the quarter-past two call and subsequently prices
were about a,han per cent below the highest point
OF the day, and during the remainder Of the after
noon there considerable pressure to realize. at
tended by further decline, the nvetwenties OF 1867
having sold at 1o9h. At the close ut nve
O'Clock the market was weak at the suboined
quotations:--Rcgistered, 1884, 1l21 113A; cou
pom, 1881, 1l3x lls's; 5-20's, registered, 1862,
1861 106k; 5-20's, coupon, 1902, 1854 1oe; do.
1864 106I. I06A; do, 1885, 1885, 1oeJS do, 1885,
January and July, 1oe7S q 10ok do, 1867, 1925 .
1885, do, 1868, 11o1 1lo,: 1o4os registered, 1857
a1osA; do, coupon, 1o4a< los.
At the commencement OF business the stock market
was barely steady and at the early session Of the
open board New York Central sold at l22 and North
western preferred at s4. At the first regular board
the volume OF business not large, the speculative
feeling beng tame while prices declined throughout
the list and on the call New York Central closed 4
higher than az the same time yesterday, Reading ~
Rock Island u, Northwestern preJcrred u. Fort