The New York herald., 1869-09-20

SUNDAY. Sept. 10. 1859,


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SUNDAY. Sept. 10. 1859.
The signs which the stock market at the opening
of the week evinced Of Q decided movement one
way or the other were verified by sweeping "bear'
speculation, which so carried down prices that
the market seemed several times on the verge OF
panic. The decline from the previous week had
been already large one. and hence large numbers
OF purchases were induced on the belief that
natural reaction would follow. and from feeling
that the ciQues had been only bearing the market
In order to give 1t stronger upward turn. But In
this the street was doomed to sorry disappointment
for the lull ar the beginning of the week was only
part Of the "bearn programme. and the attack
came with all the more vigor for the
delay. In some Of the lss the fall was
TO prices which were the lowest since the culmina-
ton OF the .'bul' speculation last winter. Indeed
the idea that the history OF stocks was to repeat
itself assisted the "bears In putting out their new
limo of sales, tho public feeling confident that the
elimination this year was not near attainment and
that large margin of profit was yet loft before the
fall activity In money should work Its influence
against nigh prices. The seeds Of the decline, how
ever had been sown In the quarrels Of the leading
parties who were man9uvrlng for colossal rail-
road consultations. Primarily the death Of
Mr.. Keep led TO o quarrel on the subject
OF the presidency Of the Northwestern Railway.
and the disappointed SIDE cast overheard their
stocks ana in revenge inangurated q "bear'' move
Ment against the very roads Of which they had been
80 long the supporters In another quarter serious
quarrel arose between the parties 70 the original
plan OF q consolidation OF the New York Central and
Lake Shore llnes The party controlling the latter
road. believing they possessed the power Of dc
tating IN the matter sought to bring the other side
to terms by q threatened combination with Erie the
rival OF New York Central Their triumph was
shortlived. The veteran Commodore Indignantly
tossed all his Lake Shore stock on the market
and brought about break IN the stock which
threatened the credit Of his enemies and certainly
entaled great losses upon them. Such are the lead
ing features Of the movement OF the week. That the
Central party have compelled change OF tactics on
the part Of their opponents seems the inference OF
circumstances which transpired on Saturday. The
Lake Shore party thoroughly frightened by the
decimasion Of their investments, and rumor has 1t
that treaty Of peace was proposed on Saturday
morning. The effect was cessation OF "bear''
sales and general covering Of the short interest,
under which prices recovered largely upon the
lowest prices Of the decline. Indeed, the change
after meridian on Saturday was to one OF great
puoyancy and activity. What the immediate future
OF the week contains It ia diflcult to oreshad0w.
The cQues have so often patched up and repaired
broken market and given 1t smiling and hopeful
aspect, as a preliminary to another "break," that
their operations ever to be viewed with dlstrust
II the upward turn Of Saturday Is genuine one.
shen the cliques are satisfied that they have induced
sufficient "short" interest to guarantee their sue
cess in twistng'' the "bears by putting up prices.
It should not be forgotten that much Of their late
triumph was due to the large decrease in the earn
fngs OF the Western railways incident to backward
ness Of the crops. The crops are now said to be
ready for market, and hence they will have the aid
OF increased earnings, the receipts being all the
larger for the delay and the accumulation OF freghs
On this theory the change IN the market is not
straegem for another decline, but the beginning Of
a real "bur' movement II the negotiations Of the
lately hostile cliques result In a compromise the up
ward tendency VIII have all the more force. The
following were Saturday nights closing prlces:-
Cumberland, 20 80; Adams Express, So 81; Wells
Fargo Express, 1S1 q 10; American Merchants Union
Express, 35i 35X; United States Express 69H 81;
Merchants Union Express l1H; Quicksilver, 1879;
Canton. 5sk 90; Pacific Mail, 72i< 721s Maripo'a
oX q 10&; do. preferred, 18H Is; Western Union
Telegraph, 36H 81; New York Central 2o2X 2o3;
Erie. 39s 39X; do preferred, 6s 70; Hudson
River 1873 a 1874; Reading, 95}l 957s; Milwaukee
and st. Paul. 7a1 73,l; DO. preferred s3's ss's;
Toledo aud Wabash, 72 bid; 40. preferred soA bid;
On.o ana Mississippi. slss 80; Lake Shore and
Michigan Southern, so% o 81; Illinois Central. 1S7
13o; Cleveland and Pittsburg, 1905 q 10s; Rock
Island, ll0 q 1lUX; Northwestern. 7S'I 7S5s; do.
preferred, S81 s6K.
The course OF the money market was entirely at
variance with that Of stocks. Despite tile uniayor.
able bank statement last week money was abun-
dant at seven per cent, and II was not until the last
day that any noteworthy activity was manifested.
Then 1t was due to o general changing Of loans
arising out OF the demands Of stock houses upon
their customers for margins, preparatory to the
emergencies Of the ensuing week. The vast specu-
Iatons OF the week also entailed general transfer
or securities and Of their money equivalent. On
Saturday afternoon gold interest was freely paid.
The bank statement is favorable, but the im.
proyement Is Just beyond the dividing line.
The deposits have fallen Off about three and half
millions aud the banks could therefore afford to lose
about eight hundred thousand dollars In reserve. The
actual loss In reserve is about six hundred thousand
dollars made up Of the decrease In specie and legal
tenders. The gain in surplus reserve is conse-
quently about two hundred thousand dollars. This
Ia a comparatively small figure, but it is encouraging
that at this season the banks gain anything In
their surplus. It fortlies them for the ensuing
week, especially as they have also contracted their
loans over two and quarter millions There
II again discrepancy In the specie item, which is
sought to be accounted for by the locking up Of eold
The small decrease will be found to be due to the
large importation Of gold last week, which came
this way In the double transaction OF sellng DondS
In London and the gold for them In the market here
two weeks ago, when gold was In the vicinity of
137H The small decrease In legal tenders Is attri
buted to the release Of greenbacSs originally with
drawn to aid the speculative stock movements OF
the week. The following tho two last statements
in CONTRAST
Sept IL. Sept. 1s.
Loans. 864, ,533 $266, ,496, ,04
Specie. I4,oil 056 Ii, $685. 103
Circulation. ............. 33954, 1876 33,972.159
Deposits. ............ 1S5, S23, S24 1S5, $780, 130
Legal tenders. 6l,457,s61 5l, ,259, 1917
The changes from last week are as follows--