The New York herald., 1873-10-10
Prices Getting Down to Intrinsic Valucs-An
Opportunity for Investment.
A BALLOON BUR ST.
Reports Wanted About ssFancy''
Stocks Generally.
T. AZ COURSE OF THE MARKET
y Gold, Money, Government and
Railroad Bonds.
WALL STREET,


THURSDAY, oct. &c p. NJ.
Obedient TO the logic OF events, stocks to-day
have planted themselves on q base which invites
something like confidence Within the last twenty
l1Our hours there has been an enormous change
Bubbles have been pricked. The representatives
OF artificial prices have been forced to the wall
An opportunity at last offered for outside capital
TO make successful investment. The decline, and
the circumstances attending the same Indicates
condition OF affairs well worthy OF watchul atten-
tion and should permanency be attached to this
condition, 1t may accepted as the beginning OF
mere prosperous future.
THE GREAT BALLOON
which for the last iour months has carried every
thing with it; around which has gathered half
the discussion OF the street; about which more
wagers have been passed than have been paid;
stock that has swayed the market at will, and,
by mere sympathy because OF mere uncertainty,
given tone TO the street and has misled and
deceived hundreds at last has shown its true
colors. We want more OF such revelations. The
solid. honest yeomanry OF the country ask for
other reports concerning ''fancyn stocks, and
when all have been published IN the same honest
way the people win know how to choose in invest.
ing their small capital. Such figures make good
skeletons In consequence of the rapid recess
sion OF prices Wall street has rarely offered greater
opportunity to make money than is now presented.
To a certain extent
THE BANKS HAVE CUT LOOSE
fr0m the brokers. This has had demoraizing
1nfuence. Ships their beam ends that used
70 sail proud and full freighted with rich cargoes
But smaller craft can now navigate successfully in
the same waters. In brief, the situation is simply
this: that the great SPECTATORS have been forced
to succumb TO circumstances which they could not
control; that prices OF stocks have therefore con-
tracted that Intrinsic values have taken tangible
and commercial shape; that every broker on Wall
street can now make money for his customers in a
legitimate line OF business; that no corners ex-
1st TO rghten investors out Of their wits, and that
q steady, upward, reasonably iuctuatlng market
il promised, which viii afford profit to all
who may be engaged in speculation. The
main thing now is a steady market
and, II the history OF finance be true to
ITSELF we shall see for the next thirty days or un-
til money has settled into its natural groove and
moves IN its usual current, a quiet condition OF
anairs, uninterrupted by check and undisturbed
by convulsion.
THE COURSE OF THE MAREET
to-day was irregular. Depression attended the
opening Banks were reported to be forcing lead
ing brokers' and there were rumors OF mercantile
failure, which, though afterwards denied, served
their purpose in the Other rumors concern
ing the intention OF the government found cur
rency 1t was reported that the Union Trust Com.
pany would resume business after the middle OF the
month, and the National Trust Company on Monday
next but we have no authority that verides
either Of these statements At the close there was
slight advance.
THE MONEY MARKET
presents even less favorable aspect than yester-
day, currency being difficult to obtain on call and
the rate advancing to = per cent per diem. Late
dealings were 1-l6 l-32 per diem. Exceptional
loans were made at per cent, gold and currency.
Discounts range from II to "A per cent premium.
Gold loans are x a per cent for carrying Tor the
balance OF the year. Foreign exchange was duh
and lower. We quote closing quotations at 1867
1867 for prime bankers sixty days. sterling and
1o7x l07h for sight Commercial bills, los q LOG.
GOVERNMENT BONDS.
Owing to the Generalization in the rest or the
market 1t Is scarcely to be expected that United
States securities should maintain their strength in
the face oil the general decline. We, therefore,
quote less active market than yester-
day, and prices at the close az :ollows:-
United States SKIES 1851, registered, ia us;
United states slxes 1881, coupon, ia Hay United
States fve-twenties, 1882, coupon 1867 a 1o7L;
United States fve-twenties, 1894 coupon. IO7H a
106k; United States 1ve-twentes 1865, coupon,
1o8x l10; United States hve-twenties, 1885, cou-
pom, new, liz ll2h; United States fve-twenties
twenties. 1885, coupon, 1l3; United States ten
forties, registered 1867 a 1o7; United States ten
1orties, coupon, 1867 1o7ll; United States nves,
1881, coupon, 1867 1915; six per cent bonds
Pacific Railroad, HOY.
SOUTHERN SECURITIES.
There is little or nothing In this department to-
day which requires comment. Missouri skies sold
at 80 ssk; Missouri, Hannibal and ST. Joseph
issue, S6a So; Tennessees, 73A 73; Virginia con-
soils. 4Sh, and South Carolina, January and July.
10x The latest bids were as follows:--Mssouri
stxes, 89a do. skies Hannibal and St. Joseph
issue, 50; Tennessee skies, old, 73k; do SKIES.
new, rs; Virginia skies, old, 35; do skies. consoI
tdated, 4sx; do. SKIES deferred, 10; North Caro.
lima skies, DID, 22 do Funding act, 1866. II: do.
do, 1868, Il; do. new, 15h South Carolina SKIES.
27h; do. SKIES, January and July, 1917; do. Fund
ing act, 1866, l7 Louisiana SKIES, levee, 52h; do
eights, leTee, So; Arkansas sevens, Arkansas Cen.
trai Railroad, is; Texas tens, 1875, rs
RAILROAD BONDS.
We quote these lower in sympathy with the con.
dition OF existing affairs. Central Pacifcs sold at
uk o s1k; Union Pacific, land grants at 81; in
comes at So; Rock Island. sevens at 100; New
York Central skies, OF 1885, at co. and Erie third,
at %. Union Paclnc first, declined from "a TO 70;
Morris and Essex, first, from 1903 to 1O2, ana Fort
q wayne, second, from osts to 9s. The following
v ere the latest bids
y. v York Cen ss 49,. ssk Hama St 10 conv.... y