The New York herald., 1869-02-20
FINANCIAL AND COMMERCIAL.


FRIDAY, Feb. lo-6P.H
Wall street during the last few days has shown
certain symptoms which In the present Importance
OF the financial question should not be lost sight OF
The markets have been very Illogical in their course,
contrary to all the precedents which Wall street
wtseacres have laid down as rules for the fuctua-
lions OF stocks Taus gold has suddenly declined.
and, according to the theory OF the street. stocks
should have followed In Its wake But the very 70
verse has been the case to-day. While gold was
going down stocks going up. to the great con-
sternaton Of the "bears," WHO created such hurry
the other day BY inssting taat the fate OF
all Wall street aud the country hinged upon the
future OF gold which. then supported br clique to
the uttermost OF their strength was exhibiting the
dropping signs which were prophetic Of the truth.
In the government market, too there was some
thing Of this inconsistency for late In the afternoon
when gold was at Its lowest bonds were at the high
est point Of the day These facts make u proper 10
conslder whether the appreciation OF stocks and OF
the railway property which they represent h not,
after all founded upon more than the in1ative ef-
forts Of parties interested the fluctuations Of the
Exchange. The gradual improvement OF our credit
abroad is no simple burst OF enthusiasm In favor OF
Americans or American enterprises. European capt.
taiists are cool headed and long headed Their in
vessment In our property Is the result Of very de-
00okAbo luvoStxutAous Iuey nave Cdlcuiutc0 anu
probed the fusure, and satisfied that the United
States Is entering upon career Of great prosperity
Their action affords US some clue to the inconsis-
tency above referred to- It seems startling to sug
gest such question, but Is General Butler has said
that America should originate financial system OF
her own, 90 It may be that the course
Of our financial affairs u equally novel, Do
not the facts referred to appear to intimate
that gold s falling to par without that shrnkage OF
values and that crash In business which were the
promised resultss Stocks remain nrm and buoyant
in the face Of declining gold Is IT unreasonable 10
surmise that our currency Is undergoing . process
OF gradual solldincation which will carry rs to re-
sumption without the dangerous interference Of
legislative expedientsf Hands on, gentlemen In
Congress Let the good work 60 onl Our financial
sick man IL convaescent and NO longer needs your
Aostrums.
lowed the decline In gold, especially as the quota
lions In London were steady. The operators for the
fall which succeeded the recent advance are dis
posed to change their tactics and encourage rise,
for accomplishing which object they were instru-
mental In producing an easier condition OF the
money market BY freely lending the currency which
they withdrew In the recent "bear" movement.
Bonds have been rendered scarce BY the recent ship
menta The issues or '62 and 65 are hardly to be
mad and '67's, which were exchanged for the old
sevcn-thires absorbed BY private investors aud
are exceedingly scarce for delivery, although very
few have been exported It Is lamentable that the
matter OF our national credit should be made Q
means Of speculation between Wall street cliques
and Congressional rings. The Treasury ring have
been constantly manipulating the resources at their
command for the purpose OF enriching themselves
and their friends, but the decentralization has gone
Ss,w41
In league with prominent Wall street operators for
the purpose Of alternately "bulIing and sbearing''
United States bonos Our financial condition is In
deed very healthy one when it withstands the
enect OF this corruption ct the fountain head. The
market was better late in the afternoon In response
TO the ease In money and prices closed a. follows
As nve O'Clock this evening:-United States skies,
1881, registered, 1l2H 1125s; do, coupon, ll3x
alSx; do, 62o's, registered, 1lox 1l0k; do, cou-
pom, 1862. 1147< a1l4k; do, 1854 Ill 1l1H; do.
1885, ll2k 112ss; do, new, 1885, 110A 110h;
do, 1851, llok 1lok; do, 1858, l1o7 1lo%; do,
1oAos. registered, 1881 loaK; do, coupon, lo9h
alosk; currency bonds. lolA q lolk.
The decline In gold was the feature In Wall street
to-day, and tho "Dears quite jubilant over the
SUCCESS OF their long and persistent attack The ap-
probation OF our bonds In London was the occasion
OF contributing ut least $40 900 Ia gold TO the
market, SO that while the 'bear" side the more
popular one In the late struggle admiration Is felt
for the pluck and determination OF the "bullsn in
sustaining the price under these dIsadvantageous
II not disastrous circumstances. The evident ten
dency OF the premium II downward. 1t Ii gold
gambling which has Kept IL up 30 long. The gross
cleartngs to-day were $50 ooo the gold balances
- 80, 500 and the currency balances $s,soa,so5.
Cash gold was In good supply up to Clearing House
time, loans being made at from five to nine per cent
for carrying. Afterwards It was IN better demand
the shorts 'coverngr extensively. and the lending
rate ranged from "1at" for borrowing to per cent
for carrying. The range In price was as follows:-