The New York herald., 1873-10-14
Chances for Investment and Profit...GOld
En- Route to America.
THE MONEY MARKET.
Premium on Greenbacks Currency Easier
Railroad and Government Bonds.
WALL STREET,

Weeded out and DroEen down SPECTATORS, and,
trembling at patched up ghost, testified its
inherent weakness. as 1t did today from the open
ing to the close OF the stock market. court Of
justice modified recent decision which involved
the sale of lew hundred railway shares that have
been subject OF dispute in the alleged bankruptcy
case OF G. B. Grinnel Co. Forthwith the exchange
showed symptoms OF Generalization The stock Of
q company which, but q few weeks ago, was sell
ing at 95, and the earnings OF which from January
to September &c. 1873, show an increase OF
81, $50, ,O0O with still larger increase likely to
result this fall from the heavy movement of the
Western crops. was tumbled out right and left as II
THE DAY OF JUDGMENT
were at hand, and 1t were q crime to be found In
possession. The price declined from 69A to e5,
rallytng and receding during the progress Of the
nght, but at last settling down to 65H. Other
stocks followed suit with more or less OF similar
results, and the day ended with feeling Of de-
preston that could not have been intensified If
half the firms on the street wore as obituary
sign, "Closed for REPAIRS" To a mere lOoker-on
there was something mournuy suggestive In the
spectacle Of the great mart OF America, that has
moved It's hundreds OF millions without q tremor,
being itself moved by the simple unloading OF few
shares of stock forced on the market for realZa-
tton, while men stood on
THE CURBsToNEs AND STREET CORNERS
predicting disaster and acting as If the bottom had
fallen out OF the universe. There was an exhibi
tion OF neither faith, strength nor dignity. The
pantc.mongers alone held high carnival and
waited with ghoul-like glee to bivouac among the
ruins, hopeful perhaps OF an opportunity to fatten
on the crumbs The philosophy OF the situation Is
In nutshell. Wal. street is poor. The little fishes
without credit have passed through the net which
the banks have drawn, and the big fishes alone re-
main. The money that circulates is confined to a
comparatively few. These, while yielding to mo-
mentary depressions like the present, still follow
signs Of brighter future. To them and their GUS
toners recovery is but work OF time. When
STOCKS DECLINE UNNATURALLY
and obedient to such trining cause as that OF to-
day. they telegraph far and near among their
friends recommending prompt investment; or, act
ing with discretionary power, they take instant
advantage of the market and reap the benefit In
short, they set an example to the rest OF the COM
munity follow, which is to secure profit; and 1t
is without hesitation that any thoughtful observer
cognz OF the facts would declare that OF oil the
opportunities which the year has presented to the
capitalist who can afford to purchase and hold
stocks offers greater promise OF future profit
than those Immediately at hand.
PRICES ARE ABNoRMALLY LOW:
some are nearly at the panic standpoint; and
looking down the vista OF ten years, and comparing
seem improbable that sooner or later marked
improvement will take place. 1t may come within
two or three days, when the pending fright has
passed away; when the weakness or men, who are
throwing stocks overheard to keep from swamping,
has exhausted itself; when, in fact, some Of the
very magnates announced Tor purpose to be on
the point OF failure, reappear as purchasers; and
when the reaction does occur, 1t will only obey o
natural law, II it Is stronger than the decline.
One thing Is certain. Although the tone OF Wall
street has been shaken, 1t IS not shattered. Many
fortune yet waits on prudent speculation, and he
who is shrcwd will do well to watch the hours
now passing. In less than sixty days Congress
win have met considered and, perhaps, settled
various vexed financial questions. Already the
crisis OF our fever has passed. The country is
convalescing The report comes to US to-day from
Cincinnati that the banks OF that city have re-
sumed the payment OF all demands In currency.
Other cities will speedily follow the example
Money Is everywhere becoming cheaper and more
accessible. The Bank OF England sends to America
to-day nearly two more millions OF dollars Thus
good udings pour in from all quarters, showing the
gradual process of frecuperation and the influence
ofreturnlng confidence. Meanwhile magnificent
Wall street Is selling
STOCKS AT A sACRIFICEl
The story Of the market to-day may be told in
to 6S. rallied to 6s and closed at 65S. Western
Union advanced from 81 to 5224, fell OF to 59 re-
covered to 81 4 and closed al 5S. New York Cen.
trail advanced from 90}s to 91, and left Off at sS a.
the lowest price OF the day. Harlem declined from
liz to 100; ST. Paul common, 3l4 to 291; North
west common, AK to 4o1a; Wabash, 44sS to 42a1,
and Pacific Mail, 33iS to 3l4. The remainer OF the
list declined about Il to per cent, the general
market closing at the lowest quotations made.
THE MONEY MARKET
was In better condition to-day. We quote loans at
Lie per cent, with some transactions at 3-la
Greenbacks rate at u Il per cent premium. A
generous supply of currency Is coming In, how.
ever, and the banks are enlarglng facilities to
their customers Discounts are unchanged-to
Wit u and "a per cent The foreign exchange
market was nrmer In feeling and exhibited some
what more activity. Prime 90 days sterling is sold
AZ loeN 1861 and sight at 1914 1918. CONNER.
cial bills are quoted at 1042 1854.
THE FOREIGN MARKET.
Ine amount OF bullion withdrawn from the Bank
OF England on balance Saturday was f49, ,000 in
stead OF f41,0oO, all or which was for shipment to
America. The rate OF discount In the open market
for three months bills Is 3-1e per cent, or 1916
per cent below the Bank OF England rate.
The amount OF bullion withdrawn from the Bank
OF England on balance to-day is 5000. all OF
which Is for shipment TO America. Paris dispatches
quote rentes at 67L b5c. The following are the
latest London quotations :-Consols for money,
e2K 92k; consols for account, o2k 92H; FIVE
twenty. bonds OF 1866 (od), 90 a 96h; nve-twenty
bonds OF 1907, 96t; ten-forty bonds, 912s 9lh;
new nves. ok o 92; Erie Railway shares 39%
39X. Erie opened at 4OA The new loan has de-
clined to ok and the market generally had been
depressed. In Frankfort United states 1ve-twen-
ties were OK for the issue OF 1862.
THE GOLD MARKET
was somewhat stronger to-day, prices advancing
from losk to 1857 and closing at los,s. The rates
paid for carrying today were T. O. and per cent.