The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-11-15
THE WEEK IN WALL STREET.


Many circumstances combine TO lend moro than
ordinary interest to the history Of Wall street for the
week which has just closed. Its predecessor was
marked by panic OF the most alarming proportions,
and as serious in its results as the one which dis
turbed finances last spring. The week opened IN
gloom and distrust after the sad havoc made In the
values of stocks by sudden and heavy drop" en-
gineered by the combination who took advantage OF
the period to make money stringent by the locking
up OF greenbacks Monday was the last day OF this
stringency.
The means by which the loosening OF money was
accomplished will serve as good precedent for our
nnancers whenever In future an INSCRIPTIONS COM
binatlon is made to impede the legitimate course OF
business. The banks, with commendaDle prompt
ness, decided to make use of their certificates in
the settlement OF daily balances. II was a long
standing custom to require the creditor banks
TO make up these balances with legal tenders, and
these legal tenders they were required to procure at
the Sublreasury by the disposal OF equal amount
OF three per cent certificates When the certificates
would serve just well for the settlement of the
balances 1t was time honored CUSTOM repete with
inconvenience that could easily be dispensed WITH
so the banks by large majority decided to use
them. This step did away with the necessity de-
volying upon each institution Of carrying around
daily pile OF greenbacks to make the exchanges ut
ton directed the making of loans and the tide Of
business turned exchange III favor OF the metropolis
as against the Southern and Western cities. The
country banks deposited in the New York banks and
the drain OF currency was not only arrested but
diverted this way. The weekly statement
made last night shows the result. There Is
an Increase in legal tenders OF over four
millions and decrease In loans OF over seven mil-
hons, which state OF things shows the banks to be
richer by nearly twelve miIlions-about the amount
pf ppf-
backs TOOK from circulation. There Is an operation
IN surgery known IA resection where the pieces OF
fractured linD are extracted, the ends OF the bone
sawed OIL and nature left to perform her function Of
making the connection by the formation OF new
osseous tissue. The great ''bear' combination which
made all this conmoiion in Wall street effected a
similar resection In the currency; but good hnancicr
ing, backed up oy healthy condition OF general
business, brdged over the gap and prevented the
panic from extending to the legitimate circles of
trade and commerce.. On Tuesday money became
plenty, 1t might be said abundant, and, with the OK
ceptlon OF but one brief period of few hours on
Thursday last, remained SO for the rest of the week.
Cold IL one OF the commodities which Wall street
delights TO speculate with. In the beginning OF the
week advantage was taken OF certain Washington
rumors about proposed imitation OF the currency TO
send up the price, and great CONSERVATION was
created among the shorts when that end was
attained. The price did 60 up, but came down again
remained quite steady until Friday night aud yester-
day when the cable dispatches, announcing the dis
covery of u conspiracy against Napoleon and de-
hcIency OF specie in the London and Paris banks,
were made the occasion OF another rise. So up went
te price again, ana gold closed yesterday very firm.
This advance has result which goes to make II
popular If not eAcusabe, for the time being. During
decline IN gold our foreign exports are cogged at
cur ports through an unwilngness on the part
OF holders TO ship when the premium IL low. The
difference to them in the value of their cargoes IL OF
great Importance hence, with each rise in gold our
vast stores OF produce grain, hops ana the like are
suddenly shipped OH and European money trans
ferTed TO this country.
Government bonds luctuatinU I'm the earlier
portion oil the week, but steadily improved NJ the
close.
fyf,..
characterized by extreme caution, which produced
unusual duness for the first three or four DAYS,
The panic Oh the week before ruined many u specu-
lator and drove him from the street. The margins
and capital OF others who had more plethO,ic
pocketbooks were seriously impaired. Caution
| was therefore the rule. The great "bcar com
| bination began 10 grow desperate and resorted
| 20 further threats OF locking up grecnbacxs
while secretly they were drawing out the currency
The appearance OF locking up was made by an iT-
| genous manipulation OF checks and deposits, and u
| blue day was the result Friday This was the
| eventful day of all. 1t marks The period or the
greatest depression OF the crisis. Stocks touched
| their lowest particularly the objective one Erie on
which hinged the success OF the whole scheme. Erie
went down TO thirty-nyc and One-f0nrth. At this
pD nt W. .1 1ad was ,s on ana u assembled last
cent Doubtless the rise was taken advantage OF To
make as much money the other way. From the state
OF the market last night II IL evident that the bears'
thems elves turned "Duso and joined In the general
upward movement. The week closed with jollidca-
ton all around. Money easy and the stock market
so buoyant were cause enough To gladden. everybody
particularly after The gloomy feeling with which the
SIN were uSnereu IN
Whether this c0ute de rose condition OF things IL
to be permitted to last not the lesson OF the period
just passed s an instructive one. The evil OF reckless
speculation met check which is likely To lead 10 more
sober operations at the Stock Exchange. No; the
least gratifying feature Of the market Yesterday was
the general abandonment Of the treacncfous and In
trlnsically vaiueess Stocks whose fall was the rum
OF so many. Speculation IL not OF itself an evil IL
stimulates enterprise and business when conducted
upon sound principles. The STOCK list shows better
judgment in the renewed campaign. While the
shares which represent the capital OF great ciyzing
enterprises have advanced, the others, which are
purely speculative or devoid OF value, remain behind
helpless, IN the abyss 10 which they fell