The New York herald., 1873-10-15
FINANCIAL and COMMERCIAL
GLOON AMONG THE STOCKS.
Further Decline in Prices
and Large Sales.
SEVERAL FAILURES REPORTED.
Wall Street Again Excited and
the Bears at Work.
NO REAL CAUSE FOR ALARM.
NO REAL CAUSE FOR ALARM
The General Condition Of the Country
Improving-The Trouble
Of Local Origin.
GOLD STRONGER.
Advance in the Rate Of the Bank Of England
from 5 to 6 Per Cent
MONEY, BONDS, sc.
WALL STREET.


WALL STREET,
TUESDAY, Oct. l4-6 +. M.
The situation In Wall street to-day was not en-
couraging to those who have hoped for a calm,
substantial market-a market that would neither
provoke unhealthy speculation nor present features
OF danger Prices continued their decline even
from the low figures or yesterday, until the aspect
became disheartening and the most direful
pr0gnostications filed the air. Stocks were thrown
overheard without regard 30 cost. The 'sbears"
revelled in an opportunity to sell "short." The
stunning point" seemed to be nowhere in sight
The street dealings during the close of the Stock
Exchange, In the midst OF panic, offered an in
nnitey surer anchorage. In all this the consider
ate and conservative observer viii recognize the
sudden development Of condition OF
affairs that may prove full OF the elements
OF disaster, for even Wall street cannot be ex-
pected to safely Withstand two such successive
shocks to the values in which it deals as marked d
the Goth OF September and is shaking the
neighborhood to-day. 1t was subject Of earnest
hope and Of equally earnest expression in the
HERALD that the reopening Of the Stock Exchange
would be followed by
A STEADY THOUGH FIRM MARKET,
which should show no sharp decline and no strongly
speculative advance-in other words, that me-
dum line would be observed until the settled conot-
tion OF the rest Of the country justified return TO
the old routine. Prices OF stocks were already CON-
paratively low; some Of the suspended firms were
resuming business; confidence was returning and
1t was an eminently advantageous opportunity for
those who possessed money to purchase pay for
and carry away their shares. The events Of the
last three days. however, seem to show the exist
ence OF an element who are disposed to press the
market to the wall and, by the employment of
every means that can create doubt or weakness-a
failure, a lawsuit or the most improbable Of
rumors-carry prices down among depths such as
have not been touched for many years. Measur-
ably they have succeeded, as will be demonstrated
In many instances by reference TO chart OF stock
quotations for the last ten years. 1t is difficult
believe, however, that such an unprecedented
COMBINATION OF CIRCUMSTANCES
can exist for many days. With country full OF
currency and only tight money market to con-
tend with; with grain hurrying forward to Europe
and gold coming from London by millions; with
our banking institutions thus far confident in their
strength and banking facilities being wisely dis
tributed among the various representatives Of COM
merce; with greenbacks at premium OF u and u
per cent, as against Ia per cent less than week
ago; surely under such array OF favOring condi-
tions there is nothing in the aspect OF AFFAIRS pre-
Stock Exchange tnat need excite alarm. Wall
street. indeed, at the present juncture represents
nothing but itself, is creature Of only local i'm
port, moves responsive to influences that exist
only within its own organism, and hence ought not
to reflect beyond Its own confines the strength or
weakness by which it may be excited Just now
1t is
UNDERGOING A sPAsM,
convulslon too powerful to last long, yet thor
Oughly facilitating as regards its effect. AS we
have said before, recuperation must logically fol-
low, for the patien. is not one that can
die. 1t is announced that the dividend on
the New York Central stock will be paid
tomorrow, at the banking house Of
Duncan, Sherman Co., and the dividend
on the scrip certificates still outstanding hereto
paid at the once Of Duncan, Sherman Co. II
this should prove true, it will deprive many
croakers Of the capital on which they have worked
for the last three or four days to depress the
market and possibly 1t may give brighter aspect
to anairs. Three or four failures were announced
ut the Board, the particulars OF which will be found
elsewhere They were not Of character however,
to add to the general Generalization. The direct
CAUSES FOR THE DEPRESSION
to-day are doubtless to be found, among other
things, in the calling in OF loans ON stocks by
foreign bankers, who in view OF the advance in
the Bank OF England rate, preferred to put their
currency in gold. This naturally forced sales over
loaded the market, carried down prices and aided
che bears in bringing about what some persons
would call "a panic.n The extremes OF the decline
range IRON / to Q per cent; but the course OF the
market can only be fully understood by consulting
the oI1cia quotations published in the following
columns. The total dealings amounted to 10000
shares and, as before stated the prices were In
many instances lower than those touched In the
original panic. The greatest decline was in West
ern Union which broke from 57h to 5l5S, rallied to
g. dropped to 4sh and closed at As. Lake Shore
rose from "a to 66a< receded to e3<, recovered to
65, declined to 59h and left Off at CO. New York
Central fell Off from ssh to s2s, and rallied near
the close to ss. These were the principal features
but sharp decline took place in some of the other
shares
THE MONEY MARKET.
Money to-day, so far as its uses by stock brokers
u concerned was not In free circulation, and its
rates were notably lnterfered with by the sudden
fluctuations OF the market. The bulk OF business
however was done on the basis OF 1-1e Y per cent
per diem, loans being effected only on first class
securities. Greenbacks, in the early part OF the
day, commanded o premium OF y q per cent over
certified checks, but subsequently advanced to >.
q N per cent. In commercial circles less dif,icutv
was experienced. and we note larger accommoda-
tions by banks and discount brokers, facilities
depending entirely on the class of paper offered.
Foreign exchange was nrmer in the morning, and
the bankers advanced their rates to lo7 and los,
but there was no business over 1907 and 1o7 u,
while at the close prime bills could be bought ut
1851 and lo7h.
THE GOLD MARKET
was somewhat more active to-day. The price ad-
vanced, probably In sympathy with the rise in the
rate OF the Bank OF England to per cent, which
led to q covering OF the short interest that had
been put out The action OF the English Bank
however. was not Unexpected because It was q