The New York herald., 1873-11-15
HOW PRICES ARE MADE
Forgers Of FabricatiOnS--- Stock Exchange
Committee on Their Track.
MONEY HARDER TO OBTAIN
Gold Firmer-The influence Of
Cuban News.
OTHER SECURITIES STRONG.
WALL STREET,


FRIDAY, Nov. 14-6 p. M.
The rumor.mongers to-day attempted TO make
something out OF the death OF Commodore Van
'derbilt, but failed. There was scarcely prom
4Lnent banker or broker who did not receive de-
.epatch which read as follows:-
NEW YORK HOTEL.
Father dead. Come soon. See Turnbnll and
Father dead Do something for me. {. ", Jr.
Father dead. william and George, come up;
Father dead. Don't communicate to street.
Father dead. Do the best you can for me.
Father dead. Come to washington place,
These dispatches reached the street when
stocks were in the balance. Similar dispatches
came rom Saratoga last year. In both instances
they arrived at an hour and time when sharp
reaction was sure to follow denial OF the report
and the sbulln side OF the market was sure to
gain from the fnal result The experience OF last
year was repeated to-day.
THE MARKET
had dropped Of Its own dead weight There was
nothing to uphold It, Something was necessary
70 create an upward movement. 1t was found In
the ingenious invention OF "a stranger" who,
going to the various telegraph ofices and report
ing the above sad fact, obeyed his instructions to
send the foregoing bogus dispatches, knowing
that In less than an hour afterwards the
srefutatlon would produce a reaction. The lesson
involved is significant, Here are body OF gentle
men called the Stock Exchange OF America. They
represent In their yearly transactions hundreds OF
millions OF wealth. England and the Continent arc
watching our every action by telegraph, making
prices there to correspond with quotations here
and basing judgment upon the good sense that
may be manifested In our daily work. Yet we are
yielding to q species Of findvduality-a
"cAEsARIsM IN FINANCE"
that has held the nursing bottle while the public
have sucked. In Short the life or death of an old
man whose life hangs by thread has become an
object OF speculation and long before his obituary
notice is inscribed fortunes will have changed
hands on the event. and perhaps an entirely new
phase be given to speculation This is Wall street.
1t is but just to say that the Executive Committee
Of the Stock Exchange have taken prompt steps.
through their detectives to ascertain who sent out
these reports, arrest the forger, and they will
probably make an example Of the criminal.
THE DEPRESSING EFFECT
upon the market was but temporary, the fraud and
its purpose having been quickly discovered Prices
tomorrow, therefore, are likely TO continue their
normal course. 1t is only necessary TO add con-
cerning the condition OF stocks that they are
only speculatively strong; answer only TO tempo
rary influences; are not attractive to permanent
investors inherently do not correspond with the
rest OF the situation, and are liable TO
a sudden break whenever any event oc-
ours that shakes the confidence OF the
holder While real values are contracting 1t
is contrary to q law OF trade and nature that
fictitious values shall augment. Yet this is what Is
going on in the stock market, in the face OF de-
cline in trade, freight travel, produce, wayside
lands and every other species Of property that at
taches to a railroad. There Is no in deceiving
the public simply to bolster the interests Of two
or three hundred men on Wall street, anxious to
make or lose percentage on stock speculations.
Our great interests move together, and the
strength OF one is the wealth OF the other.
THE MONEY MARKET
to-day was stronger than recently quoted. 1t was
active until the close at per cent currency and
gold and not unfrequently with interest at 1872 on
call loans The tendency was decidedly hardening.
Foreign exchange closed up heavy at 1861 for
prime bankers 60 days sterling and 1oS1s for sight
Commercial bills sold at 1854 to 105Z.
The banks show gain OF $635,00O in greenbacks.
The case OF G. B. Grnnell was up befo re Register
Allen this morning, VINO decided that unsecured
creditors only were entitled to vote for assignee.
The secured creditors entered protest. The un-
secured creditors voted to postpone the election
OF assignee until December 5.
The following are the Continental rates OF dis
F. count as per latest mail ad vices:-
S'>''-' ~ ~ Bank Open Market