The New York herald., 1873-11-07
FINANCIAL and COMMERCIAL
Slight Improvement in Wall
Street Prices.
GOLD DOWN TO 1O6 1-S.
The Money Market Stringent and Foreign
Exchanges Demoralized.
THE ITUATION ANALYZED.
THE SITUATION ANALYZED.
Can We Expect Much Improvement While
There Is 80 Much DiStrust!
HoIsTED BY OUR OWN PsTARD.
Government, Railroad Bonds and his
ceuaneous Securities.
WALL STREET,
TuuRGnAY Nov R-R = NJ


WALL STREET l
THURSDAY, Nov. 6-6 p. M.
The stock market to-day exhibited another of
those sharp reactions from depression which, from
their occasional recurrence, have become almost
part OF the law OF the street. The causes that
induced the advance are not dissimilar to those
with which the speculative community already
familiar. Chief among them was the fact that the
market had been oversold, and there were still
present remnants OF the old full interest-a class
OF gentlemen who-their horoscope having been
dxed on values much higher than those at present
quOted-seem to believe that because
STOCKS ARE LOWER
than they ever anticipated stocks are therefore,
aow purchase. Their reasoning, however, is of
much the same kind as that applied TO the market
last year, when the same parties bought, say,
Pacific Mail at so and 20, because it had previously
sold at 103 On the other hand, there scores OF
"bears" who take q not less unreasonable view OF
the situation and, In selling that which they do
not oWn" court loss and decentralization, and COM
pei just such market as has been seen to-day.
This result is natural product of the efforts made
70
TEAR DOWN CREDIT.
TO make things appear worse than they really are
and to create ruin. The market, being left to ITSELF
has reacted. To morrow Saturday it may
come again within the influence of the opposite
party, and the luctuation will. perhaps, be just as
irregular and painful to the now successful bulls.
These weekly episodes OF Wall street can have but
little influence on the country at large, and it
should be matter OF small concern to the general
reader whether this security or the other is 'up''
or "down." 1t is enough to know that there is
NOTHING IN THE SITUATION
which practically adds to its strength or weakness.
Pasru
The process Of liquidation by various corporations
and individuals Is by no means completed, and not
small array OF fresh facts is awaiting chrsten-
tng. What is needed to lift the vast volume OF
stocks and give them tone is outside money; but
nnce the opening OF the Stock Exchange, such has
been the unhappy experience OF the average
operator in seeing prices recede instead OF ad-
vance. In watching dividend paying stocks practi-
cally asserting no more financial dignity than the
cheapest on the list, in observing what have been
'tCRYsTALLIZED SECURITIES,
suffering like any other football OF the street, that
there is little disposition to trust to mere luck or
to make demonstration the market meant
TO have an existence more than twenty-four hours
long, 1t Is not difficult to analyze the local condi
tion. There are no leaders. There is little money.
Everybody is waiting for lowest prices. What
seemed to be "lowest prices" have heretofore
been followed by decline; and practically, 1t Is
only men who possess cash, courage, patience and
the determination to lie down on their STOCKS and
hold them, come veal or come woe, who In the
end Will secure substantial profit. While
THE GENERAL CONDITION
Of the country remains unsettled, while the tele-
graph brings its daily report from every portion Of
America and Europe descriptive OF extending
distrust OF money locked up, factories closed,
business suspended, laborers out OF employment,
Industries idle and q cessation OF productive
power, it is scarcely reasonable to expect much
permanent change in any phase of speculation.
Nay may we not rather anticipate in all depart
ments Of trade even more OF contraction, and q
general adaptation OF means to possible ends even
though sacrifice may be the immediate result and
. necessary precedent to the maintenance OF
general and individual creditP We have abiding
faith in
THE FUTURE
OF the country 1t Is impossible to ignore its latent
and active wealth, its resources and power; but
what can even a nation do when distrust becomes
the autocrat OF the hour and the entire circulating
representative OF public aith in the shape or cur
rency, notes and open accounts, amounting in the
aggregate to thousands OF millions of dollars
weakens and becomes suspicious?
VARIOUS REPORTS
were in circulation to-day concerning the embar-
rassment of the Pennsylvania Central Railroad,
but on application at headquarters, they were off,
cially denied. No action has been taken with ref
erence to DIVIDEND AMI it is now said that the
directors will meet tomorrow to decide the ques-
tion 1t Is intimafed that the dividend OF s per
cent Will be MADE in scrip. The following quota
tions were current in Philadelphia to-day Penn
sylvania sixes 1O7; Reading Railroad. 49; Phadel-
phia and Erie Railroad, ID; Pennsylvania Rail-
road, AZ.
THE STOCK MARKET
The largest transactions day we're in Western
Union, Lake Shore and New York Central. Erie
shares were exceptionally the common decn-
ing from 39a to 3S24 and the preferred from 63at to
SO. In the afternoon the former rallied to 39a,.
Panama advanced from II 4 to 81, Delaware Lacka
wanna and Western from S1S to S2h, Consolida-
tion Coal from 80 to 4o1a and United States Express
from As to 491. The other fluctuations are given
IN our usual tables. We learn that the Panama
Railroad Company are preparing statement Of
their affairs which is to be submitted to the Stock
Exchange. The statement is said to be emnenty
satisfactory and instructive. II other great cor
poratons will follow the example we shall have
less OF unjust criticism, more OF truth ana more Of
honest speculation.
THE BANKS
The banks Of the city continue 20 show gain in
legal tenders. They now hold $4,000. .o0o--an in
crease OF about $1,O000Oo since yesterday. The
deposits OF the Central National Bank are said to
nave been reduced TO s225o,0Oo and the capital Is
70 DC reduced TO $2,0o0o0O. Ii is also stated that
the BANK was a debtor to the Clearing House to-
day. put presented securities and took out loan
certihcates. AS has been urged before. this is no
time Tor whtewashing, and much as the associated
banks may strive to support those OF their num-
Der who are weak--as they say they wil-the pub.
Ito VIII continue to feel dstxnst until these inst
tutions resume their reports on a revised plan
and tell that public the truth, however Disagree
able 1t may be. We want to know how many more
banks will be compelled to reduce sheir capital by a
million or dollars and meanwhile screen themselves
behind the doors or the clearing House Associa~
tion.
THE MONEY MARKET.
Money still remains stringent and, after loaning