The New York herald., 1873-10-09
FINANCIAL And COMMERCIAL
The Stock Market Fluctuating
and Unnatural
=. LOWER PRICES DEMANDED.
The Advance Not in Accord with
the Existing Condition.
RECEIPTS OF GOLD.
The Cold Market Weak in
Consequence.
GOVERNMENT BONDS STEADY.
Railroad Securities in Good
Demand.
GOVERNMENT BONDS STEADY.
Railroad Securities in Good
Demand.
MONEY VERY FIR M
WALL STREET,

market Is III laFOraOle COpultlOn LOT nrSt CLASS
slaughter. The price OF almost every fancy stock
that can be named accords unnaturally with the
actual condition OF commerce, is above its intrin-
sic value as measured by the pending exigency,
and possesses few symptoms OF stability that can
invite permanent Investment. In BRIEF Wall
street Is at the present moment under the control
OF ring that Is making prices for two or three
stocks 10 suit itself. which prices, through SYM
pathy that has ever been inexpucable, give cer-
tain tone to the remainder OF the market, and
AN APPEARANCE OF STRENGTH.
1--we had recovered from the crisis; il the banks
were able to afford all instead OF part of the
accommodations required OF them; II there were
no merchants in our midst pleading for relief and
no representative men from the West and South
thronglng the metropolis as the financial centre OF
America, to urge with vain endeavor that some
thing shall be done to move the great staples OF
the country; II factories were not running on half
time, and mines pouring out but fraction OF their
wealth; II business had not been checked; cur
rency were not worth per cent premium and
the whole machinery OF trade was not clogged, out
OF order, and dependent accidents that may oc-
cur from day to day, the present con.
dtion Of the stock market might be
natural, be deemed strong, and replete with
ATTRACTIVE FEATURES.
But what sane man can take his morning paper
In one hand, with its records OF rottenness cover
ing every portion Of the country, It's stories de-
falcaton and monetary weakness. its Official state
ments from local banks and National Treasury,
and, with the other, pour thousands OF doVars into
Wall street maestrom that is made to whirl
simply at the bidding OF fewf There is no use
in Disgusting facts, and it Is not the province OF
this department to do so; and when we see men
from hour to hour and day to day losing their little
all because they think they have points, and
this stock or that is full OF strength, when 1t is
only
A SYNONYM FOR WEAKNESS,
it is but just to utter word OF warning. Hence,
we reiterae. this is time for the outside public
to speculate. Prices have not touched bottom.
The broker on the door OF the Stock Exchange
may make his one or two per cent in the sudden
fluctuations OF an hour, but this very feature OF
instability is that which should deter the use OF
capital by any but a gambler willing TO stake his
money on the throw OF dice. By and by the mar
ket will be adjusted. True values will find legiti-
mate level. But for the present, according TO the
logic OF events, they must recede, for the outside
condition Is against them. Here and there wave
may reach further up the beach than It's neghbors,
but at the last 1t must succumb and settle down
obedient to the inevitable law OF tide.
THE MONEY MARKET.
Changing the theme, it is agreeable to announce
resulting from the increased facilities which are
being extended by the banks. The latter, how
ever, still suffer from 'lock upn in private hands
OF millions OF currency and the arrangement incl
dent to premium OF one per cent or more on e-
gal tenders. 1t is estimated that from ten to hf-
teen millions OF dollars held by the savings
banks OF the city-an amount which, turned into
the usual channels OF trade, would largely aid in
bringing the monetary stringency TO focus. How
get 1t there with profit all is question that
has not yet been decided. 1t is also noteworthy
that the banks have somewhat restricted their
business with brokers and more inclined 10
deal generously with legitimate trade-a policy
which may eventually force the stock brokers to
establish clearing house OF their own. The latter
subject is now under consideration, and It is oy
means improbable that the question viii be de-
cided in favor OF Independent action. The early
transactions in money to-day were at the rate OF
per cent currency and god. Later, however, it
hardened and the closing rate was lie i per
diem.
FOREIGN EXCHANGE
was lower to-day in consequence OF the unusual
expectations OF produce, the nominal prices being
107 los, with actual dealings at 1861 for prime
bankers go days. sterling and lO7 for sight The
exports for the week amounted to ss,375,130, the
largest that have been recorded for several years
date are $223 a5s against SILL 333 last year.
and SITS, ,24s, 24s in 1871.
THE GOLD MARKET
was weak and without feature, declining from
l10k to 1923. The closing rate was l09a<. The
rates paid for carrying to-day were a. 3, s. g.
I32 and per cent The final rate was c per cent
The operations OF the Gold Exchange Bank
were as follows:-
Goid balances ......''.............. sl,225l l32
Currency balances. s..................... 400 eO6
Gross clealances. 1853 700
The foreign specie received at the Assay ONCE
to-day amounted to f4loo 600, making, with slOl. 900
on Monday, total OF E5ll ,o00 More is expected
to-day, and none afterward until saturday.
GOVERNMENT BONDS.
The market In this department was active
with prices tribe lower in consequence
OF the weakness OF gold. We quote -
United States skies. 1881, registered ll5A;
United states SKIES, 1884, coupon, ll5ys; United
States fve-twenties, 1852, coupon, lOss; United
States '1ve-twenties, 1854, coupon. 1904 !;
United States nve.twenties, 1865, coupon, Ill !;
United States nvetwenties 1865, new, coupon
ila; United States nve-twenties, 1867, coupon,
ll4h; United states nve-twenties, 1868, coupon
ia; United States ten.iorties, registered, Io7 a
10Sx; Unted States ten.forties, coupon, 1os 1o9k
six per cent bonds Pacific Railroad, 112 ll2,s ;
United states nves 1854, coupon, 107H a los.
GHE UNITED STATES TREASURY.
The following were the Treasury balances at the
close OF business to-day ;-Currency, s3ssl, e31 !;
special deposits OF legal tenders for the redemption
OF certificates Of deposit 4ll,soo, 600; coin,
$s2,476,1s2 including ss4 l23.4 400 in coin certin
Gates; outstanding legal tenders, ssss, see, ,4ss.
The Assistant Treasurer to-day paid out ss7 600 on
account OF interest and s4l 200 In redemption OF
nve-twenty bonds. The receipts from customs
were $3ls,o0o. The receipts from internal revenue
were sis7.Sss. The customs receipts for the week