The New York herald., 1869-10-11
FINANCIAL AND COMMERCIAL.


SUNDAY. october 10, 1s6o
The week in Wall street was duh one, the sppre-
tensions aroused by the late panic not having been
entirely dssipated. 1t remains to be how long
the caution and distrust which nave been inspired
by the headlong decline In stocks will continue to
check speculation. While the general disposition is
20 wait and learn more OF the full effects thereof,
there Disgusting The fact that the boder opera
tors have already fah0mcd the depth OF the decline,
and, taking time by tho forelock are laying their
plans for the future. The confusion created by the
suspension Of the Gold Exchange Bank was perhaps
fortunate after oil, for 1t embraced creditors and
debtors alike, and forced cessation OF hosties all
around. by which the panic was arrested and those
VINO the verge Of ruin enabled to recuperate.
Had the full extent OF the danger been known, the
panic would have involved three fourths OF the
houses doing business In Wall street. AS 1t Is, less
than ten firms have been forced to suspend. Those
who are In the habit Of deriving good from evil
congratulate the public upon the check which has
been given TO the speculative mania. The stock
ana gold gambling fever had taken in a wide range
OF the public and q good lesson has been
taught by the events OF the past few weeks.
Tho opening fall trade had been arrested
by the general diversion OF attention to
Wall street. Now that TIE danger OF ventures there
10 30 evident there has been new stimulus given
to more legitimate business, and the trade Of the
city feels the beneficial effects II we examine the
career OF stocks during the past twelvemOnths we
shall ind that IN 1858 the great and overwhelming
riso In prices disastrous TO the bear side OF the
street. In the elimination OF prices ut the Stock
Exchange Just previous 10 the panic there was q
general slaughter OF the "bulls.n Hence the story
OF the year shows the danger Of espousing
either side The would-be speculator may
htNk hla tfS htn1r m
range himself; but the regular and legitimate
course OF values Is no longer precedent for opera
tiOns In the great rise In 1865 the 'bears rallied
IN great force for the expected reaction; but the
famous scrip dividend on New York Central not only
prevented decline, but started the market upward
from the high point it had already attained. The
slow and sure enhancement OF prices gradually
bankrupted them or forced them 10 change OF
tactics. In the recent decline they were the bull
side. The singular feature OF the panic the WIDE
spread extent Of Its losses. fhe bear cliques,
who wcro heavy gathers on the remarkable
Friday when gold went over 100, were equally
heavy losers the succeeding week. The
market had reversed Its precedents or belled
them. 1t was consistent only IN repeating the
perience OF last year. In 1858 the bulls unoaded at
what they considered the top OF the market and
went .short." They fell into the trap prepared by
the New York Central clique, who raised the market
still higher aud forced them ut great loss
The bears midway OF the late decline, covered and
went "l0ng,n thinking the market had touched
bottom. We now know how greatly mistaken
were their expectations. They only divided
the losses OF the bulls and shared III the
general shrinkage Of values which the panic
produced. The question now arises which direction
will speculation take for 1t will not he long before
the street Will forget the recent remarkable period.
Wall street Is impatient OF quiet and dulness. The
present hcsitancy and caution will give way ere
many weeks, perhaps ere many days, and we shall
the old ierment In the stock market. On the one
hand we have very easy money market. The far
mers at the West and the buyers at the East canno.
reconcile their views OF tho price OF corn. The
former have their ideas governed by the old-time
price In paper. The latter regard the ques-
tion from the foreign standpoint and estimate
the figure IN gold. With the decline In gold
TO l3o az touched 1884 during the week and may 90
back there the buyer at the East Is unprepared 10
give tue farmer at The West many greenbacks as
he did formerly for bushel or wheat The farmer
would sell at q concession. The eastern Iactor has
no margin for profit; hence deadlock in the move.
mcnt OF currency and produce, which keeps the one
In the East and the other in the West The abund.
ance OF capital al present In our city witnessed
during the past week In the decline OF the rate OF
interest TO three and even two per cent on call
government bonds. The presence OF so much
money would ordinarily stimulate very decided
hull movement on the Stock Exchange. bat Just
now such au undertaking Is met by the unfavorable
prospect which the railways show IN the matter or
dividends and earnl,.gs. One OF these roads has
Ieduced us diVluehos from 10 10 per cent, not
without suspicion, tt must be acknowledged that
the contraction was for speculative motives. Still
the earnings Of the Western roaas have fallen OF
the operators Tor rise. The table OF earnings Tor
the principal Western railways whose stocks are
on the active list shows decrease OF over $500 600
during last MONTH 1t Is pleaded that the crops are
bsntndhand; but the bulls fear tu discount the
future Tor the that the decline IN breadstufs
still affords iurther cause for apprehension The
question therefore Is, Will the SPECTATORS for rise
take advantage of cheap money 10 buy stocks and
advance the market In the face oI the unuatterlng
prospects, OF railway business, or viii they attempt
to force down stlll lower which already
undergone very great fall In the latter effort they
would have plenty OF assistance, Tor the street is
largely short OF stocks, the tendency OF human
nature being to sell when prices down. and buy
when prices are up. The following were the clos :
Ing prices OF stocks on Saturday night:-Canton,
81 81; Cumberland, 20 rs; western Union, 36,s q
35ys; Quicksilver, 13s l3&; Mariposa, 0 a 10;
do. preferred l6A 111S; Pacific Mail, 66s4
. o7J4; Adams Express 5ila So; Wells-Fargo
Express. 20 26ls; American Express, 34a4 q 35S;
United States Express, "a u oo; Merchants Union
Express, 0h bid; New York Central, l76a 176,. /;
Hudson River, 1853 l59; Harlem. l32 bid; Erie
82k 90; do. preferred, So, a 60; Reading, 95a
. 90; Michigan Central, III l22; Lake Shore
S4H s4x; illinois Central, l3l 1853; Cleveland and
Pittsburg. 100 lol; Chicago and Northwestern,
Tx nix; do. preferred, s3js si1s; Rock Island
lex dlyIdendl LOG a 1Q6Ix. Milwaukee, and ~ PAM
90 6s4; do. preferred, 50 s2Il; Fort Wayne, s54
. SO; Ohio and Mississippi, 2s1..
The weekly statement OF the associated tanks is
quite favorable to monetary ease In our LEGAL mar
ket although 1t continues 70 refect the deadlock in
the movement Of the crops. Thus athoupn the