The New York herald., 1873-10-30
Is This n Tidal Wave
from America
The Stock Market Quiet and Trifle Lower
Operators Waiting on Events.
THE MONEY MARKET STEADY
Railroad Bonds, Government and
State Securities.
G OLD r IR M
WALL STREET.

WEDNESDAY. Oct. 29-B p. NJ.
II reports from Europe were not 80 dscouraging
We might fairly expect a more settled and sub
stantial market here. We cannot, however, ignore
commercial disturbances abroad and the tender
ness shown by money in all the great financial
centres. There has been decline OF American
securities at London, Amsterdam and Frankfort
that is II we may believe the cable-and panic is
now raging in Vienna SO grave that the govern
ment is represented to have interfered for the pur
pose Of efecting settlement. In the absence OF
details 1t Is scarcely worth while to comment on
probabilities, yet we may recall the statements
made In the HERALD weeks ago with reference to
the condition in Austria, and the certainty that,
sooner or later, the
TREMENDOUS INITIATION
there existing must eventually find its level in
liquidation and further disruption OF the arti-
ncfal arrangements on which settlements had been
for the moment effected. Possibly, the decline Of
American securities has had something to do with
the weakness Of the situation there, but as yet
we have no evidence of the fact; yet 1t is never
theess evident the various teegraphc reports be
true, that American securities must suffer. The
same rule which has been applied here will be
applied there. Our government bonds and our
old railroad bonds will doubtless be able to
STEM THE TIDE
OF depression; but as soon as 1t becomes known
that In ordinary speculation we have cut down
values from ten to forty per cent reduced watered
stock to something like its real WORTH sent probes
into the heart Of all our great corporations, and
ascertained the difference between air and blood,
there is not foreign investor who will not begin
to feel as suspicious as his American brother, and
apply the same rule OF contraction. 1t is q natural
result. 1t might have been expected before.
Vienna leads Oh, and Vienna with her bank com.
plications may affect every Bourse in Europe.
Whatever American security is substantial will
stand the test. Whatever is false, inflated or un-
naturally sustained, must retire from the front and
take
BACK SEAT.
The Bank of England may advance Its rate to.
morrow. II so 1t will be because Of signs from the
Continent, not from America. There is not enough
OF detail by telegraph to indicate what is the exist
ing situation abroad, but it is not difficult to under
stand that the same rule which applies to the
depreciation OF every foreign bond, by whatever
name 1t may be known, will embrace our securi-
ties and po sibly, because OF the travail through
which we are passing, compel even a greater fall
than would otherwise occur. The situation is
assuming new gravity. When Europe thus
responds to America, and the mere locking up OF
paper currency produces effects that are felt
throughout financial Christendom, and we suffer
additional losses in gold values abroad-a shrink
age that touches the very soul of corporation
we may, as people, well pause and contemplate
our folly and our shame.
sPRAGUE & co.
Many reports have been in circulation during the
day concerning the Rhode Island firm known by
the above name. Their connections are large and
their failure would be calamity. At q bank meet
ing this afternoon in Providence 1t was stated
that "the Joint assets OF Hoyt Sprague l. Co.. and
the A. d w. Sprague Manufacturing Company were
two dollars OF assets for every dollar VI liabilities
and the fact was confirmed from the bOoks of the
concern On the other hand, private telegram
states "the firm have arranged for tomorrow, but
are still in precarlous condition. with little
more hope Of gong through"
THE MONEY MARKET.
The rate which prevailed to-day ranged from
per cent to 1872 and closed at the lesser rate.
For long sterling, foreign exchange has been
weak, but was nrmer for sight. We quote actual
business at 1861 1867 for prime bankers 60 day
sterling and los 1881 for sight,
THE UNITED STATES TREASURY.
We learn from Washington that s11,Ooo,ooo OF
called bonds now past due remain oustand-
ing. The Sub-Treasurer paid out $4,000
70 day on account OF November interest,
making the total paid to date, $1,799,0Oo. The
internal revenue receipts to-day were $23l,3ls.
The amount OF specie received at the Assay
ONCE to-day was 100000, making q total since
October OF 81, 100000. The balances in the
Treasury Department at the close OF business to-
day at Washington were as foIlows:-Curren.
cy, $2,500,000; coin, $S1, 900; certificates
ST. o0o outstanding legal tenders, $780, 600
an increase OF $2ss, 900 since yesterday.
is said that the debt statement for October will
not show considerable reduction.
THE GOLD MARKET.
The gold market presented no novel features,
opening at 10ssS, declining to 1854, advancing at
later hour to 1oSX, and closing at 10sH The
rates paid for carrying to-day were T. g. 1-a2 s.e4
116 and per cent, gold, the final rate being a.e4
per cent.
THE FOREIGN MARKET
Late cablegrams state that the rate for money
at the London Stock Exchange is per ceRt on
government securities which is the same as the
Bank OF England rate. Hence 1t Is expected that
the directors OF the bank will advance the rate OF
discount at an early day. One hundred and
twenty-five thousand dollars in specie was
shipped from Liverpool for New York yester-
day by the steamship Calabria. The following are
late quotations: :-Consols for money, 024 a o2ls !;
uo. ior account, 926 a s2% (; hve-twenty bonds OF
1860 told) 90 931s; do. OF 1867 o6yS o61s; ten
lorty bonds, e1 Oh; new dves, 90% q sOsl Erie
hah"ay shares, 39k a 391 New York Central
1oh -. Paris dispatches quote rentes at
o7I o'c. In Frankfort United States fve-
fWentles, OF 1862, are 97H. In Amsterdam securl
tes are quoted Union Pacific first mortcape
bonds, o3I, Union Pacific stock. 1s,.: Northwest
preferred, t7s; ST. Paul preferred. 4s: Erie
Railway shares, AZ.
RAILROAD BONDS.
4 u were not for outside Influences there ia M
class OF securities which would more ouickIv re
spond 60 the encouraging phases OF the ananc,a,
situation than railroad bonds. They do preserve
strength, however, that demands the most
consderate attention. Capital seeks that which
Ia substantial, and in tho strength exhibited
throughout our past crisis by the old railroad
ponds q confidence has been established which in
vites Investment. Hence the comparatively active
business that is recorded from day to day The
a'est bids for railroad securities are annexed