The New York herald., 1873-11-22
The War Cloud on Wall Street and
How 1t Affects the Markets.
STRENGTH ON EVERY SIDE.

heed OF them, being mainly Influenced by the Wash
ingtou dispatches respecting the Spansh-Cuban
question which exciting. and in many respects
contradictory, produced feverish feeling through
out the day. This was intensified during the
afternoon by a statement OF the failure OF J.
Edgar Thomson, President Of the Pennsylvania
Railroad, which statement was qualified by tue
accompanying assurance that it was merely por-
sonal failure, and would not affect the great cor
poration with which he was so intimately con-
nected. las
sToCEs WERE HAMMERED,
nevertheless upon the bare hint OF the failure or
SO prominent railroad oilcia, in the then fever
ish state Of the market and prices went OF, clos
ing with slight improvement. IL is only neceS-
sary TO glance at the surrounding circumstances to
perceive that persistent bear pressure Is be-
ing brought to bear upon the stock market which
would be matter Of little consequence
II people did not yet consider 1t as In
some sort an indicator In its rela-
ton to the general monetary situation. That
1t has rarely been so in any considerable degree in
abundantly proven IN its past history, and thattt
is not SO now can be readily proven
THE BANKS CONTINUE TO GAIN
steadily in legal tenders, reporting yesterday an
increase OF f9.5, ,00o making total of $50, 500o.
Money ruled early IN the day at six to seven per,
cent call, with discounts y to Is per cent. To
wards the close OF business In the afternoon l-32 to
1-16 Of one per cent was asked and paid on the
street for the use OF money until tomorrow afford
ing still further evidence OF bear clique IN the
market, practising its old game OF making money
scarce TO e1ect decline In stocks again. Yester-
day brought the intelligence OF the unexpected
CLOSING OF THE CANALS
for the winter. being week earlier than usually
occurs. From $50 to 1,50o boats are reported as
shut in between Syracuse and Troy, with about
100000 bushels OF gram in transit. Of which one
halfls wheat, onethlld corn and the balance, two
boats are SAID 10 be IN the ne,ghbornood OF Utica
but SO Iar from any rairoan tnat ~ Is possible sne
spring. This will, OF course, throw large carry
ing business upon the railroads, as not only WIN
this large amount OF grain thus bockaded have to
be supplemented to meet promised deliveries, but
the balance or what Is now stored IN the granaries
OF the West will have to come forward by rai.
INCREASED EARNINGS
resulting thereirom, OF course mean casn dvi.
dends, and with such dividends In prospect must
come a genuine advance III tue prices OF stocks
1t will readily be seen, therefore, where lies the
purpose oil the recent enort TO bear me STOCK mar
stock has been bought In at the lowest figure TO
which they can be put to- IN simply waiting pa
tiently Tor the natural upward turn tfat usually
commences with the close OF canal navigation. and
selling out at It's flood IN the spring, Just about the
time that, the bulk OF the crop being mark eted,
freights begin to fall on.
THE WAR SITUATION,
with the possibility OF active hostilites, presents
also more reason for strong feeling IN the stock
market to-day than for weakness. Even suppose
it does not bring imitation, when it is well to SEQ
there is possibility OF avoiding it cannot rail- to put
money In circulation, stimulate various Industries,
and in proporton bring further increased earnings
to the railroads from the large amount OF transpOr
tation which the government VIII require In BRING
ing the resources OF the more distant part OF the
Union to Its aid IN an equitable distribution or the
temporary burden which we may have to bear
That
FULL IsDEMNIF1cATIoN FOR SUCH EXPENSES AS WIZ
In conflict OF arms with Spain to redress the out
rage offered to our nag WIN be @ one Of the results Of
pie of Prussia IN It's settlement with France as q
pr cedent Ior such demand. and the German occu-
patton OF Aisace and Lorraine as precedent for
our occupation Of Cuba until such indemnity Is
paid, should we not see lit 10 go the whole length
OF annexation. The plan proposed by Secretary
Richardson to raise money for the expenses OF the
war; by tie issue OF certificates bearing interest at
s.65 per cent per annum, seems to be good one.
and his ready assurance OF his ability to do re-
oeives ready acceptance. This IS doubtless
THE PLAN OF TREASURER SPINNER
concerning the same issue. as basis for banking
with such modification aS the cxlgencles o the stu-
alton may require in postponing the time when such
interest bearing certificates should be made intro
convertible with noninterest bearing notes. In this
case the burden OF "a war would !a but lightly upon
the Industries of the country as without disturb
ing the relation OF the present volume OF currency
to the domestic exchanges we would be preparing
the way for getting that currency INTO an eiastlc
condition. That would save US from many Ills we
have endured in the past notably boarding lock
ing up, the unhealthy stimulation OF doubtful sub
teriuges and an alternate reckless expenditure
ana parsimonlous economy, that each ana all rem
der business unsteady anu cause recurring crises.
THE GOLD MARKET RESPONDED
active connict between the bulls and bears in the
room. VINO, alter the manner OF Rogue Kiaernoods
wanted to "turn an honest penny" Shorty De-
fore two O'Clock the premium was advanced to
1l0ss llo4, the lowest point OF the day leay-
ing OFF at HOY. Foreign exchange was weak ana
lover upon the expectation OF q further reduc-
tion OF the Bank OF England rate, wnch Is expected
on ne xt Thursday, as sequence TO the decline OF
the money rate III the open market 1t IS quite
probable the old Lady oil 1hreadneedle street has
been wipng the dust OIL her spectacies. andseeing
POSSIBLE PURCHASER OF WAR MATERIAL,
wants to make il easy for us. 1t is pity our own
people cannot have as much confidence In them
selves and their financial strength as this shrewd
institution has. Possibly they would, If they were
the them - rom rom day lay to day without artificial intcrier-
ence But so potent has been the influence OF
rings and cllques, speculative combination on one
side or the other, OF the markets, and spaSm0dtc
legislative tinkering that they are not allowed to
do so. The only remeay ior the evil Is IN stern
in the spirit In which the old English law regarded
.forestalling," crime against the community. The
THE CLEARING HOUSE IMBRoGuo
gives indications OF the quiet shelving OF the repors
OF the committee OF Nine IN 80 far as II relates 20
new articles OF association. while the suggestions
therein contained may be brought up at o .a uture
day as amendments to the present coasttutiynm. ~ n,
Congress will, perhaps, cut the Gordian kno' ~ sno
meantime by giving us free banking.
ON 'CHANGE ..~,onoo ~
The markets were all hrmer as az tne uterrnn
the closing OF canal navigation anu tno vr
tlon OF the forwarding movement. buyers uynvments
held oil, mostly waiting lor iur.nei ry u''S'or
have called meeting their creditors sa9Tonoean ior
ber rs in OF the paniors =, onv % foilownv 0uf
m crSdar SpOa
.ne ,,, compromise, although II Is limited -
/ meaning simple iquldatlon r,rvvr
| ,,.o onG M,ssIssippi Railroad have followed
,,a nxomple of the pennsylvania Company and de-
CARED their regular dividend OF three and one,nan
ga. r @ Cent on preferred stock amounting to abous
p9io p9i 100 In scrip, payable March l, 1875, with
nterest at the rae OF seven per cent from Decern-
her l. thus anticipating future increased earnings.
The nlan has little to recommendit
RUN OVER BY STEAM CARS.
About two weeks ago owen Fitzpatrick, young