The New York herald., 1873-11-26
The Strength of the Market lSnd
Whence IL Comes.
HINTS FOR THE UNINITIATED.
ThesAetion of the Banks To-Day
Discussion Postponed.
GOLD WAITING ON WAR.
Money Staady at 7 Per --GOvrrnmeni and
Railroad Bonds Firm.
WALL STREET,

WALL STREET,
TUESDAY, Nov 25-o r. NJ
The new Wall street bubble continues TO expand
and be prismatic with promises The merchant
manufacturer and mechanic may confess them
selves in the dust-one class selling goods below
cost and the other begging bread for days sup
pOrt-but what matters that when watered stock
is gathering in its Victims Why not join the hue
ana cry and say that the market to-day was bright
and hopeful because OF its very contrast TO the
outside situation9 The banks gained greenbacks,
though we have not yet seen their influence on
trade or the redemption OF their loan certificates
The Clearing House Association deferred its action
nntl q more convenient season. The Messrs.
Grinnell Co.. although reported as beng prepared
10 "settle in about an hour" were obliged to sub
init to a postponement by Court and so tDe auc-
GoDeefs put
RuMoR UPON RuMoR
for sale, and Knocked stocks down 10 the highest
bidder. There are class OF men on Mall street
whose stock in trade consists cheny OF falsehood,
which play their brief part, are worn thTeadbare
IN an hour and are forgotten. But there are poor
dnpes who believe them, and indulging IN the
brass and gt OF the mock auction, go home at
night completely plucked as If they had been on
3 midnight OF New York. Frankly the
effort made TO advance the price OF certain stocks
during the past week is part OF desperate
game. PROBABLY less than hall dozen persons
are engaged in it, and the moment they take their
teeth out the market will sag and droop. II the
people were paying their debts If the productive
power OF the country had not in ameasure ceased;
if the carrying business had not been checked and
railroads been forced to the wall; II there was a
reasonable prospect for
HONORABLE DIVIDENDS
on watered stocks-honest earnings, not borrow
ings; If the consumer was not everywhere econo-
mi2ing; II factories were not loaded with stocks;
II merchants were not marketing goods at less
than cost; il banks were not stralnng themselves
In extending accommodations; If, in short, there
were not hundreds OF thousands OF checks, drafts,
certificates of deposit and bills of exchange going
through all the channels OF trade from one section
10 the other. and representing thousands OF mil
lions OF dollars-if 1t were not for these strictly
commercial iacts there might be a reason for
the present strength OF the Wall street
market. But who can deny that it is at
ihis moment temporary, artificial, nl-based
and deceptive' These thoughts may not be popu-
Tar among the spectators Of the neishborhood and
tbeir following; but they nevertheless represent
The experience and Judgment of the great masses
Tor whom these lines are written. We desire to
see no honest, permanent investor lose his meney
In a market which bears all the external evidences
OF being washed" The process of recuperation
has undoubtedly commenced. Confidence is slowly
asserting tsel and we are on the ascending scale,
bnt no man can safely trust TO the nuctuating
vicissitudes OF Wall street Tor his facts or find
therein keynote that will keep the same tone for
"A hours.
THE MONEY MARKET
Money was in good del mand at per cent a l-32,
bat it is stated that the brokers OF the clique
engaged in advancing stocks have more difficulty
than others in negotiating their loans. The asso-
ciated banks now hold $34,ss5,o00 legal tenders,
which is an increase of s615,OO0 since yesterday.
At the meeting OF the bank presidents to-day the
committee of nine were discharged from the fur
ther consideration OF the matter now before them,
which is to be referred to a new committee OF
seven, TO be hereafter appointed by the President
Of the Board. Foreign exchange was strong and
higher, the leading bankers having advanced their
rates to 1914 for sixty days sterling and 10sA for
sight Actual business was at 1919 1919. for
long sterling and 10s3s 1857 for sight. CONNER
cial bills were In demand at LOG 1861.
GOVERNMENT BONDS.
Governments were steady on moderate bus-
ness. The demand continues active, with few Offer
ings. The latest quotations are:-United States
sixes, 1851, registered, l14 do do, do, coupon
1l4I do 1862, registered, l0s1s do, 1862 coupon
1881; do 1864, registered, 1857 do, coupon, no;
do, 1866, do, 110h q Ill do, do new registered
1884, 1131s; do, 1865 do, 1l31s 1l34 do, 1867
registered, 1135s ia; do coupon, 1l44 do, 1885,
registered, 113k do, coupon, ia 1141s; do ten
forties, registered, 1os do, do, coupon, los 1881
do. fves 1881, coupon, 1o9 1o91s six per cent
bonds, Pacific Railroad, 1895 11014.
THE GOLD MARKET
remains steady with operators, however, anxiously
awaiting to take advantage of any fact that bears
fsvorably for war. contest with Spain naturally
means advance In the price OF gold, and there
are not a few whe are already taking the chances
Of the action of Congress and Dasing their Judg-
ment on the same. The carrying rates ranged
from 3-64 to per cent. The price opened at 109h,
but strengthened as the day wore on to 1O9L, obe-
dient TO the various rumors OF the street, chief
among which, at a late hour, was one that Gen.
eral Sheridan had been ordered TO report immedi.
ately al Washington The days business at the
Gold Exchange Bank was as follows:-
Gold cleared {4s 2e3 900
l,IO4,llo
'SAOJ saianOts' .........'.....,..... iyZZl,Vfo
CLEARING HOUSE STATEMENT.
currency exchanges. $50, ,62l S25
Currency balances. ..,........-. . 900 63s
S,iI haIaraah' 3,b46l35
"oiu paan0es .....'.............,......... 660572
THE FOREIGN MARKET
Late cable adyices from London report very
quiet and steady market both for consols and
American securities, the prices OF which have not
rim Il thn