The New York herald., 1872-11-29
WALL STREET,
THURSDAY, Nov. 2S. 1872.

WALL STREET
THURSDAY. Nov. 2S, 1872.
The Thanksgiving holiday has been boon to the
street, after the turmoil and ex ctement that at.
tended the great "corncr" in Chicago and North.
wcstcrn-a speculation that goes down into his.
tory alongside the most famous corners or Wall
street. The losses or the sshorts'' were on a
scale Of great magnitude, and we're equal in many
instances, to the last dollar each man could pay.
The great acquisition or money To the sbull''
clique. who engineered the "c0rner." is likely to
give them
UNUSUAL PRESTIGE
IN controlling and directing the future course OF
the market, and hence we find within day or
two OF the elimination OF the 'cornero lively al
version in Lake Shore, Pacific Mail and other
stocks more or less the fvoritcs OF this party In
speculative operations. Indeed the success or the
clique Is likely to drive them into reckless under
takngs and intoxlcatc them with belief in their
infallibility as
sPEoULAToRs,
with the result OF inspiring general reckless
speculation on the part OF the host OF outsiders to
whom the Northwestern "cornern has been q de-
moralizlng influence. The question OF regulating
corners after the fashion OF the London Stock
Exchange ought to be considered by the governors
OF our New York Board ana similar or other meas.
urc adopted to prevent the extravagant severity
II the members OF the Board are dcsirous OF In
creased business they Will find that object more
accessible through such
REGULATION OF SPECULATION
as proposed. The recurrence Of these dangerous
corners interferes seriously with the regular
business OF the street and Is deprecated by every
good broker. For the one commission that the
brokers' get from clique they lose ten from the
public at large. The mass OF persons throughout
the country who buy and sell stocks as part OF
their occupation In addition TO ordinary business
or as an occupation OF ITSELF which their means
allow them the luxury OF, are legion as compared
with the professionals blacklegs, to speak
OF Wall street. There is an honest and intelligent
trading In
THE RISE AND FALL
OF stocks which Is every bit es reputable as the
business OF half our commission" merchants and
merchandise 'brokers." The patronage of the
dealers of this class Is worth more to Wall street
than the transient, spasmodic and always risky
ana dangerous "orders" Of the professionals and
cliques.
The action Of the Bank OF England Directors to-
day Is looked for with much interest OH account OF
the indications 1t will afford OF the condition OF the
money market abroad. Whatever the result,
which we expect with our usual dispatches hy
CABLE we shall publish it with our usual cable tele-
desirous OF Information on the point is directed.
THE FINANCIAL QUESTION
will in view OF what has already transpircd in the
proposed official departmental messages, prove
special topic with the Congress to meet
on Monday next. although, In view of the
lack OF fully harmonious relations between
that body and the administration, there may
be deferment OF definite action until the
session OF the Congress just elected. The con-
tinued scarcity Of money in the mercantile inter-
est, no matter how easy the market may he to
other classes Of borrowers, will doubtless lead
TO an
AGITATION
for freer system of banking and the certain de-
feat OF every measure contemplating the contracs
ton Of the existing banking facilities OF the Eastern
and Middle States. The matter Of banking fac-
ties seems to be one which regulates ITSELF and II
the system Of banking were rigidly based on the
present foundation of deposits at Washington of
bonds to secure the noteholders against loss II is
hard to conceive where danger could arise in MAX
ng such system free and general. Banks would
be organized when and where needed and then
and there only.
TIE NOTES
being secured by collateral government bonds
would be an acceptable currency, and enter into
circulation in places where there Is now a def
CieHCy vi suCH CuTIeuCyy WIile INC Ol
grcenbacks thus 0ccasiOned would bring the
country gradually and almost insensiby TO specie
payments.
GOVERNMENT BONDS
were strong on Wednesday, and prices advanced
quite suddenly. The streets anticipating further
call of nve-twenties for redemption, although
Mr. Boutwell, may wait in this matter until Con-
gress convenes. The following were the latest
prices:-United States currency sixes, 1iaN
a ia; do. do, 1881, registered, 1i6 1861
do. do. coupon, 116al q l17 do. fye-twenties,
registered, May and November, l12H 1Isls;
do. do., 1862, coupon, do, 1125s 1885,; do.
do, 1864, do. do, 1929 1885,; do do, 1865,
do. do, 113,s 1f3t4; do. do, 1887, regis
tered, January and july, 1855 115sS; do. do,
1865, coupon, do, 1157s 1853; do. do, 1861, do
do, 1157l 116; do do, 1885, do. do, 115l 1l5A
do, ten-fortes, registered, 1Os1 lOsh; do. do,
coupon, 1854 1885; do. fves Of 1881 registered
10sR 11o; do. do. do, coupon. 109lS n 10.
STOCKS ON WEDNESDAY.
The following table shows the highest and lowest
prices Of the principal stocks during the day.
Highest. Lo,1est.
New York Central. ................ 95 q4A
Eri sy