The New York herald., 1872-11-18
The "BearS" Believe "the Boston
Panic" Is Yet TO Come.
SATURDAYS BANK STATEMENT.
The Surplus Reserve Down
to $2,290,825.
Movement of North Carolina Bondholders
for Compromise Of Their Claims and
Resumption of Interest Pay
ments bv the State.
WALL STREET,

WALL STREET
SUNDAY, Nov. II, 1872.
week ago tonight the community were
Lhrilled with the news OF the great connagraton
pt Boston, ana thousands OF throbbing brains
Hwaited anxiously the morrow and the issue upon
the Stock Exchange, the gold and money markets
9nd the trade and prosperity OF the country. Like
every expected calamity the result proved dispro-
p0rtionate to the fears entertained. The shock
WAS lighter than the coolest fancied 1t could prove
And now that the week has gone by the great sea
;of Wall street Is as calm and quiet as though its
waters had not been so lately ard so violently agi-
tated. Indeed, the 'Boston panicn was all over
before noon on Monday, while
THE CHICAGO PANIC
dragged it's desolating existence over period OF
good portion OF week. The experience of the
s'break" on Monday came at happy time for the
host OF Wall street spectators who had been seek
ing to impart animation to the stock market and
enlist popular interest. The comparative strength
OF prices in such adverse circumstances embold-
ened the many cliques and combinations operating
for rise and has given fair show of pausibility
ito their several arguments. On the other hand,
AN INGENIOUS THEORY
mas been advanced by the operators for O decline
to the effect that 'the Boston panic" is vet to
come; that the interval Of Sunday gave everybody
interested IN stocks a chance to brace up against
idisaster, and hence the briefness of "the breakn
Monday morning. With all the logic of the posi-
tion held by the ''bullsn and the seeming weight
OF arguments on their side, there is surprisingly
wide feeling that the market is about to decline
and the "bears" are so many that they must almost
equal the "bulsn In number. This is good Tor both
Sides The "bulls, always profess their liking
for
BIG SHORT INTEREST,
pnd the "bears want somebody TO sell them stocks
when tumble IN prices runs away with margins.
The reaction from the sudden decline in the first
few hours OF business Monday led to rise rang
Ing from to per cent, the profits of which to
those who had bought for quick turn induced
good deal OF realizing in the middle OF the week
and fresh encouragement OF the hopes Of the
operators for a fall BY Saturday second upward
movement ensued, attended by new
SPECULATION IN ERIE
which Is said to have its ramcations in the foreign
market, and the closing hours Of the week wit
messed o strong market, especially as the bank
statement proved much more favorable than was
anticipated. The frmer tendency at the close was
also helped by the gradual relaxation Of the money
market, which from y per cent on Monday fell of
to 4per cent by three O'Clock Saturday. This latter
rate was, OF course, exceptional, for money earlier
In the day on Saturday had been worth as much as
1-1e but
THE ARGUMENT
Is fair that II the rate could decline to per cent
at three O'Clock the other rate was too high at
two O'Clock. While the Boston fire has really
served the immediate monetary interests of many
OF our dry goods houses mercantile paper has been
slow Of sale and only at heavy rates OF discount,
prime names having passed at one per cent per
month. Foreign exchange was weaker under the
drawing at first OF bills, to prepare for the quda-
tion of English insurance losses at Boston, and
later Of bills against exports Of our f1ve-twenty
bonds, which have been in fresh request in the
foreign market and in Germany more particularly.
Furthermore the
- BANK OF ENGLAND.
did not advance the discount rate on Thursday, so
that gold fell Off from 1144 to 113; but later in the
week, under clique manipulation and fear OF
squeeze Of cash gold, advanced to 1885 113s[,
which was the closing quotation Saturday evening.
The suspensions occasoned by the fire panic were
mine In number, most OF them or small brokers.
The larger firms resumed In o day or two, paying
all claims In full with interest," and Mr. s. v. White,
the largest OF them, on Saturday, the return Of
which gentleman to the Board was made the occa-
sion Of quite handshaking festival among the
members.
GOVERNMENT BONDS
The government list declined on Monday about
XaH per cent for the fve-twenties and about
per cent for the currency issues, but during the
course Of the week more than recovered the fall In
the gold bonds and portion ofthe decline In the cur
rency bonds, the market closing strong as folows:-
United States currency skies, 11311 113s do. do,
1881, registered, 115h 1l6; do. do coupon, 1167s
iii; do. fve-twenties, registered. May and No
yember, 112K 1l2X do. do, 1852. coupon, do,
112h 112; do. do 1854, do do, 11211 112s4 do.
do, 1885, do do, 112s 113h; do. do, 1867, regis
tered January and July, 1854 1151z; do. do,
1896. coupon, 114H a 115h; do. do, 1867, do. do,
115,< 1l51; do. do, 1888, do. do, 1l514 115H;
do. ten-forties, registered, 1857 1885, do. do,
coupon, 10S3S losh; do hves OF 1881, registered,
109h Ito; do. do, coupon, 1o9a l10.
SOUTHERN SECURITIES.
The Southern list was less affected by the excite
ment at the Stock Exchange than might have
been believed. The dealings were confined to the
Tennessees, virginias and North and South Caro-.
linas. The North Carolinas rose to s5h on Satur.
day In anticipation Of favorable financial measures
during the session Of the Legislature which begins
tomorrow. The North Carolina bondholders in
Baltimore held meeting Friday night which will
be found reported further on. The following were
the closing quotations inclusive OF prices ior the
leading Southern
RAILWAY AND MUNICIPAL BONDS
Tennessee, ex coupon, 74A 7ss; do, new,
TAN TAI; Virginia, ex coupon, As 4s; do, re-
gistered stock, old, 30 a Az do, skies, consol-
idated bonds, o. IS; do sixes, deferred scrip,
loN ioj ueoTgla slxes 10 50; 10. sevens,
81 90; North Carolina, ex coupon, 85 35f; do.
70 North Carolina Railroad, 40 a As; do, funding,
1866, 81 So do. do, 1858, 25 81 do new, q %
do. special tax, Is 10; Missouri SKIES, % 9sn
do, Hannibal and st. Joseph, o1 a 92; Louisiana
sixes 81 So; do, new, so a So; do evee sxes so
IS; do do. eghts, 20 so do. do. eights, 1875, 70
so; Alabama nves, IS go; do. eights, 50 a s5 |;
South Carolina sixes so So; do, new, January
and July, "a q 24k; do do, August and October,
Il q %: Arkansas Gixes, funded. 45 o 60: Mobile