The New York herald., 1873-11-04
RUMoRs OF THE HOUR.
Stocks Steady-Reform Required
in the Stock Exchange
Real Values Wanted.
GOLD LOW Err.
Money Stringent The Foreign Situation
DoubtfuESigns and Symptoms.
WALL STREET.

gloom and distrust tnan were observable to-day
The prices OF stocks were well maintained and no
attempt was made by either bulls or bears 10 as
turb the quiet or the situation; yet there was
everywhere evident feeling OF depression which
In its power and universally might be almost
digntied by the name OF instinct. Speculation was
limited TO transactions between brokers, and 10
those who have little iaith in the future. Cash
business was done on smaller scale than
usual Men seemed inclined 10 weigh
FACTS AND PROBABILITIES
more than mere rumors, as they usually do. The
foreign situation was a subject OF serious dis
cussion. The advance of Continental rates OF dis
count gave rise to doubts and provoked feverlsh
suggestiveness. A report that the Pennsylvania
Railroad Company, being unable TO draw on Lon
don for more money, had passed its dividend also
added to fears which were not aliayed by the sub
sequent announcement that the corporation had
succeeded in raising money to make their pay
ments on Wednesday. 1t was likewise currently
reported that the committee OF merchants and
bankers who went to Boston on Saturday for the
purpose OF negotiating settlement with
THE CREDITORS OF CLAFLIS 4 CO.,
and to make pool contributory to the relief OF the
the firm had not met with the prompt response
that was anticipated and that the propositions
we're still pending; that financial gloom enshrouded
the athens OF America = and the suspension of
work in the mills and factories adding to the
ENHANCEMENT OF the hour and augmenting strln-
gency. Later In the day IL was announced that
the committee had returned without e1ectlng
their object. and an interview with member OF
the firm, elsewhere published would seem to in
dicate the utmost satisfaction with the result. lt
is reiterated that the firm can "take care OF them
selves and II necessary the New York banks win
help themr We trust that 1t may prove true, yet
II seems
TRIFLE SINGULAR
that .'committeen should have gone TO Boston
10 obtain help and have returned with empty
hands, especially IN the face OF despatch indited
from tie house itself to the effect that-..we are
all right. pool has been formed in Boston, Provi-
dence and New York to put US through to tue
amount of SIS 600, ,0oo.p There are no comments to
be made on such situation that will not come
spontaneously TO the mind Of every reader. But
what the country now demands is truth. Financ-
iers and capitalists, merchants and manufacturers
may indulge In as much dalIance with the pos
sibilitles OF the hour they please but 1t should
not be forgotten that there are other thousands
representing small
MoRsELs OF WEALTH
who are interested in honest statements. The
couatry desires to know some thing OF the strength
OF New York banks, but the information is denied.
We all want a statement OF the dduclary capacity
OF the metropolis, but there seems to be timidty
not in presentable condition. The tester is still
running and the new skin not yet formed. The
eruption Is confined within single bandage ana
Il is not until the Clearing House Association takes
p1 Its couts that the poor depositor Will know the
extent OF the disease from which he has suffered or
may be recovering. II is this secrecy, this close
corporation business, this unwillingness to lace
unfinchingly. like honest men, the broad facts OF
she hour-to let the weak 90 to the wall as they
NlFr f1l.
which hang
RAGS OF FORMER FLESH
and strength. that has caused so much Of pubic
doubt, and not until we have lair and honest
exhibit OF the condition OF banking Institutions
we expect anything like return OF public
confidence. While asking for revelations let
also ask for Information concerning our railway
corporations. The public are tired OF fraud; they
have had enough OF fancy figures, The earnings
Of company are in measure an indication OF the
value OF its property. Heretofore the latter has
been purely speculative, because its president and
directors, living in New York, behind the golden
signs OF Wall street, have done as they pleased
with the property they assumed 10 control Fifty
one weeks IN the year they spend on Change
nipula ting stocks on
AN INFLATED CAPITAL
The other seven days they give TO Chicago. Gin
cinnati or Albany and the wheedlng OF country
stockholders. But there is chance now to
change all this-a chance 10 get rid of autocracy,
tyranny OF cliques and the power OF corporations.
II the Stock Exchange will DO It's duty, law may
be passed during the week that VIII compel every
railroad, steamship. express. mining and telegraph
company on its list TO render a monthly statement
OF earnings for the benefit both OF members OF the
Board and OF the public az large. And In so doing 1t
VIII establish basis for more legitimate speculation
Men viii then know what they are buying. Men
wih know whether revenues have been absorbed by
robbery or fresh stock put out as collateral for loans
10 pay interest. Lake shore and half dozen OF
other stocks might not show such pleasant face !
u TINS RUE were applied, nor would the country be
agitated by the artificial rise or decline OF prices
that Is daily witnessed on wall street as the resuIt
OF ofignorance as 20 real values. The penalty Tor re-
fusing TO make such regular report 10 a comtni,,ea
Of examination should be dismissal and exnung
ing nom the call.
THE MONEY MARKET
was strong to-day, with rates on call loans ranging
from l16 TO Il per cent per diem. The discount I
market was dui ia consequence OF the uncertainty
stili attached 20 the mercantile situation The
foreign exchanges were In demoralized copdi.
lion, with actual business at q iurther decline
Prime bankers sixty days sterling sold loba. Va
Ioo. and sight Io7a 20 1917. Commercial bids are
dun at i04h TO io5 The banks are SAID to have
largely gained on legal tenders.
THE FOREIGN SITUATION
was contemplated with much interest to-day, be-
cause much was expected rom II. The public
news, however, was not disturbing. Yet private
dispatches from Frankfort and Amsterdam indi-
Gated serious complications In the financial world
and the possibility OF stringent condition OF
alairs, resulting from the advance Of Continental
bank rates. The measure may be only precautioD-
ary and responsive to the action OF the Bank or
England. Consos are reported barely steady and
American securities weaker, the quotations, as
compared with Friday last being ;.
per cent lower. The rate OF discount in
the open market on three months bills IL
per cent, or the same rs the Bank OF England
rate. Money at the Stock Exchange on govern
mcnt securities was per cent We make late quo
lnfiona a. GlIlnws for mnner a2Al a n1Ll