The New York herald., 1873-10-08
THE FOLLY OF INITIATION
More Gold Coming to America
from Europe.
THE MONEY MARKET STEADY.
Government Bonds Strong in
Europe and at Home.
WALL STREET, /
TUESDAY. Oct. I'd Il. NJ. I

TUESDAY Oct. 10 Pm
That the stock market has recently been IN an
artificial condition; that its values entirely out
OF proportion to those existing elsewhere; that IL
is a species OF balloon which has been inflated at
will for the benefit OF few that 1t means disaster
TO the dupes OF rising prices was fairly illustrated
to-day. Its course was downward from the be-
ginning Figures fell Of their own dead weight,
and the influences employed to create them stood
forth disrobed and skeleton-liSe confessing false
hood and deceit. 1t requires ne peculiar gift in
one who scans the present or forecasts the future
to discover that the commercial situation is not at
rest. All over the country signs are being ex-
hibited which show how deep rooted the financial
crisis has been and how tardy is
THE PROCESS OF RECOVERY.
Laborers are discharged from workshop and
field, enterprise is halted, checks have taken the
place OF money, private currency circuates in the
place OF public currency banks confess their weak
ness, the government confesses its inability TO
aordrelief and the best paper OF the best firms in
the metropolis meanwhile goes a begging al a dis
count OF twenty-four per cent per annum. Yet, in
the face OF all these things Wall street submits to
and INDUCES in another innaton. Stocfs that are
buried in debt, whose dividends are like the wealth
OF uneXpiored regions, written all over with i'm
possibilities and yielding nothing, are brought out
and the public, with kind of effrontery, are in
vited once more speculate. false market Is
created. The large holders OF the "fancies" sell,
then snap their fingers at the victims. Twelve
hours afterwards prices recede five per cent
THE BUBBLE BURSTS,
add in the depression which follows men look
around and wonder at the folly which has led them
astray. This Is the late history OF Wall street
There has been no real cause for the recent ad
vance. 1t was stimulated, not natural; it had no
foundation, and was a fraud on the people.
Finally, 1t has done harm, and it Will be only
natural result II, tomorrow and thereafter until
the rest OF the country becomes financially settled
there shan be STEADY decline OF prices until the
intrinsic values oi the stock market shall accord
somewhat at least with the generally distressed
condition. great mart like this cannot afford to
make experiments for the benefit OF a lew while
the multitude are struggling to avoid disaster be-
cause in so doing evil is only complicated end
misfortune made more difficult TO conquer.
Hence we want Wall street to keep quiet; for
imitation there means a recurrence OF the very
dangers through which we are successfully emerg-
ing. We want it also to keep quiet, that ir may
confidently invite the large amount Of capital that
is doubtless awaiting an opportunity for invest
mens whenever the stock market shall have be-
come settled. and which Will surely flow in, 20 the
advantage Of the broker fraternity and the com.
munity at large.
THE MONEY MAREET.
Money is quoted to-day among stock brokers at
lie 3-32 \ per diem with closing rates at per
cent. The rregularity of money rates in all circles
is largely dependent on the character OF the bor-
rover The strlngcncy, while greatly diminished
here, is still strongly felt in the West and south
though somewhat aileviated in the latter section
by the issue OF species OF due bills by railroad
corporations, which are received in payment OF
travel and freight. Foreign exchange was dull
We quote at the close 1o7 for 60 days prime ster.
ling and los for sight. Commercial bills OF which
there is scarcity, at IO6 1o7 Legal tenders and
per cent The legal tender circulation to-day is
$3l6, coo larger than yesterday.
THE FOREIGN MARKET.
Cable adyices report the market firm in United
States bonds and weak in Erie. The following are
the pnces:-C0nsols 6r money, 929I 92is; do. for
account, 82T: ffve-twenty bonds of 1865 (old) 95Z
q 90; do do. Of 1S05, 95H 60; tenforty bonds. a1k
90; new fves e1x 92; Erie Railway shares Al;
new French loan, * per cent premium; Illinois
Central. 81; New York Central 70. The rate OF
discount in the open market for three months
bills is AZ per cent, or = per cent below \
the Bank q England rate The demand for |
discount In the open market is heavy, and at the
Bank OF England moderate. Paris dispatches |
quote rentes at 5sf 25c. The amount OF bullion |
withdrawn from the Bank OF England on balance
to-day is f11n,Q0 In Frankfort United states i've
twenties, 81 for the issue or 1852. In Amsterdam
the following quotations are current:-Union Pa
cine nrst mortgage bonds, s8k; do, do, stock,
isA; northwestern preferred, 65k st. Paul pre-
lerred, 55h; Erie shares, Az Illinois Central
shares, elh. The following are the rates OF dis.
count in Europe;-