The New York herald., 1869-11-19
FINANCIAL AND CONNER ciAL.

and business completely suspended. The Stock !
Exchange and the Gold Board adjourned from |
Wednesday afternoon to FRIDAY morning.
1t isa noteworthy feature OF the times that the |
history OF Wall street has seldom shown so curious
. condition OF the money market as is tnere |
presented just now. We are now, in the |
middle Of November, In the height OF |
what heretofore has been the most active |
and most stringent season. Taking the near
est illustration. the same season in 1868 money |
on call was worth all sorts OF extravagant |
sates, while the banks were SO Impoverished that |
they exhibited but ten millions above the legal re-
serve when their liabilities were in the vicinity OF |
two hundred millions OF dollars. We have nad Of |
course, recurrence OF these high rates since. In
the week or two succeeding the September panic |
there was even greater aggravation to borrowers;
but the reason this time was not the scarcity |
of funds so much as the fears OF lend |
ers, many Of whom, rather than FISK their !
money at such a tme kept 1t unemployed. |
The panic, however. has gone BY and much Of its !
worst features have been buried In that oblivion
TO which Wall street consigns everything The
time has come around again for active money. The |
lenders who have been waiting all summer and fall |
for eighth quarter per cent per day have been
grievously disappointed. Six weeks Of the active
season have gone by and 1t is impossible 10 obtain
more than the legal rate OF interest The
Wall street always discounts events long
beforehand. The capitalists who formerly
were content to employ their money In various en-
terprises-buiiding contracts bonds and mortgages
and the like--have been tempted by the prospect OF
earning big rates OF interest without any trouble or
vexatlon simply by lending II at a wide margin on
eoiaterals. Hundreds have done this thing, and
the consequence Is the spectators OF Wall street
have at their disposal every day millions OF idle CAPT
mia hans Nuli Inn for Ia
shing to turn up. 1t is too late now to draw out
their money and go back to their old work.
Winter is at hand, ana with 1t check to
operations. Hence it is that the movements in Wall
street toward activity are only spasmodjc. One day
In week the "bearsn create little activity, but
there IL ends. As money in the interest rate
there Is a shower OF it ready to be lent The banks
now hold over twenty-three millions In excess OF the
legal reserve; the demand from the West, even II the
crop movement should take steady and decided
character, cannot require but a limited amount as
the valuation OF the crops is generally reduced by
the decline gold; the purchase by the government
of over seventy millions OF bonds has free
eighty millions OF capital invested in them; the
South will be less urgent this winter, for the reason
that the Southern merchants are beginning to ship
direct from Southern ports while the reduced price
Of the staple will not require much money for its
movement, not TO speak OF the fact that the South
has already grown quite rich and can handle large
proporti n Of the crop without our assistance. The
Indications are, therefore, that the Shyoeks VIII
miss their usual pecuIary festival this winter It
certain that artificial influences only can render
Che money market stringent. II some OF our
present abundance OF money could be Impaired
to neighborng money marts IL would In the long
rum rebound to the benefit and profit OF city, for
then there would be activity IN legitimate bus
ness AS 1t is the money Is all concentrated In Wall
street. where 1t s lent on stock and bond colateras
The merchants feel the disproportlOnate distribution
very keeny. Their paper is subjected to all sorts OF
high rates. to pay which takes away the profits Of
legitimate business. The mania TO lend money on
call will eventually cnre ITSELF when In md-winter
the interest rate gravltates to two and three per
cent 1t would not be surprising II merchants paper
which now passes with difficulty ut twelve, should
then he sought for at six per cent.
As an illustration OF the decension OF speculation,
may be stated that the transactions, at the Stock
Exchange for october, aggregated IN stocks only
ai7el against 2,362 OPT shares at hoh boards
in October, 1858, and IN government bonds only
slosos 500 against ga ,4o7.l6o lnOcoher last year.
The total at the Stock Exchange and open hoard
transactions from January to November compare
as follows with the combined business Of the open
boards for the same period OF 1885,
Shares Of Stocks.
1s6S. OBSERVATION-DISCLOSURES. 045
Decrease IiUZt,Io9
The stock market was dull IN the transactions OF
wednesday, and many OF the chief operators were
absent. The only feature OF interest was comprised
In the division OF the Vanderbilt securities into four
separate Kinds, vz:-New York Central stock,
Hudson River stock, New York Central ana
HUDSON River stock, and New York Central
and Hudson River scrip, all or which will
be dealt In til December, when the two original
stocks win cease to- be called The following were
the final street prices at the close or business:-
Canton, 51H a SO; Cumberland Coal, 90 a IS: West
crn Union. 35ss ass; quicksilver, 10 1914; MARI
posa, n So; Mariposa preferred, 15ss 16; Pacific
Mail, 53x 53zS; Boston Water Power, 1874 10;
Adams Express. 5SyS So; WellsFargo Express, is
q 20; American Express 80 a 80; United States Ex-
press, So 53s: Merchants Union Express. eH IL;
Erie 27ss 27M; New York Central 1s3I 1874;
Hudson River, 1897 1e4; New Central and Hudson
River (consoldated), 94 s5; New York Central and
Hudson River Consolidated Scrip, SO s3; Reading
964 a g6zs; Lake Shore ana Michigan Southern, ss
ssH: Pttsbnrg, sl5s So; Northwestern, 7ot4 7oh;
Northwestern preferred, s5S SOY; Rock Island
l02i 1925; St. Paul, 6s 6ss; ST. Paul preferred,
1914 q S31s; Toledo and Wabash, 6oh 6i; Fort
Wayne, s5ss SO; Alton and Terra iIaute, 27 a 20;
Alton and Terra iaute preferred. So 57k; Ohio and
Mississippi 20 26j4; Chicago and Alton, $50 152;
Chicago and Alton preferred, 149 al5l.
The following were the final street prices for
government bonds:-United States currency skies,
pa los; do sxes, 1881, registered, ll76 1174;
do. coupon Ii7ss li7zs; do. avetwenties. regis
tered, Nay and November, 113 1l3l4; do. 1862
coupon, DO, 1I5ss a ll5ai; do 1854, coupon. do,
1l3S 1874; do. 1865, coupon, do. 1l3a. ia; do
registered January and July, 116% Il57S DO.
1895. coupon, do, 1l5st q 1151s; do. 1867 coupon
do, 1l5b a lld; 40. 1885, coupon, do. 1l5A q
40; do. ten-forties registered, 1074 o 1071S; do
coupon, 1913 107H.
TREASURY P0LiCF-THE MSTiKE.