The New York herald., 1873-11-16
CAUSES AND RESULTS.
l Healthier Basis Wanted What We May
Expect from the Logic Of Events.
INVESTMENT SECURITIES FIRM
Gold Higher and Money Easier Govern
ment and Railroad Bonds Steady.
WALL STREET,

SATURDAY, NOV l5-6 L. Nj.
{ The CONDITION OF the market remains unchanged
Bpeculation was confined almost entirely to the
fbrokers in the board and to such outside parties
as SIT around telegraph tapes and give their orders
trrom hour to hour. Much the same results are
{being now experienced that were shown in the
winter OF 1857-'5S, after the panic OF the former
{year and after the Chicago fire, when, for q time
sudden strength was communicated TO stocks
speculation promised something like permanency.
tend an artificial elasticity was created which led
10 more than usual ACTIVITY. Subsequently, how
Ryer, an equally sudden decline occurred, and it
was not until then that the market began its
REAL RECUPERATIvR WORK.
( A similar process Is going on at the present
ttime. Spectators are loading themselves with
stock at a rate which sooner Later must be
\cheoked from sheer inability on their part to main
}tain themselves. Even now there is much secret
unloading. The shrewdest operators in the coun-
TRY are going "short" OF the market. Actual In
fvestors are lighting shy. The market is not In an
ATTITUDE that invites confidence. Its sustaining
power is purely artificial. Feverishness prevails
and is manifest In a constant expectancy that
something may occur which will compel a decline
teven more rapid than the recent advance. ASK
even the so-caled "bulsn their reasons Tor the
present movement, and they will recite no other
cause than that somebody has led and they are
rhey weaken instantly, as was the case yesterday
fwhen 1t was announced that Commodore Wander
blft had suddenly died. Argue the points of the
Situation and there Is not man in the "streetv
who will not in the end confess that the pending
Strength Is only temporary and out Of all proper
Ni0n to
THE COMMERCIAL FACTS
which daily Illustrate the weakness resulting from
p contraction that is affecting every real value in
fhe country. While earnings on our railroads are
being reduced, while the extensions OF CONNER
Efal paper remain unsettled, while great firms and
6man are struggling to uphold themselves, while
the banks are confessedly weak showing at least
~, ,000 900 Of loan certificates in hand, against,
eay $28 900 OF legal tenders, and holding piles
on piles OF deprecated paper on which they have
given discounts; while there is no actual resiency
IN manufactures, no additional productive power,
no advance, in fact, in my department Of trade,
good sense dictates that mere speculative mar
Eet on the basis OF present Wall street
operations cannot be long sustained, and
docs not justify any man outside OF the
stock Exchange, especially residents beyond the
limits OF New York, in making permanent invest
ments. Decline must obey law that no power
Ean resist When that occurs and prices have
Eeached q point where investment is safe the ad-
ance will then be natural, inviting. and something
pke reason will take the place OF the present fran
Gic feeling with which men dance around each
other In the board, and halloo prices up or down
among themselves according to their credit in
bank.
THE MONEY MARKET
tt0-day was strong at the opening and during the
active business hours Of the day, but towards the
CLOSE declined to a per cent on call loans. Dis
counts were made on the basis OF IL Is per cent.
Foreign exchange is lower and quoted at 1867. for
prime bankers 6o-day sterling Tor sales. The nom
knal rate continues at 107. For sight the rate is
0O8X l08h. The banks continue to gain
Illegal tenders, and now are said to hold
v28 2o5 900, the amount previously held being aug
tnented since yesterday by the sum OF $780, 00O The
clearing House Committee state that $6,7O0 900 OF
hoan certificates have been retired from the highest
point, but decline to give the total amount issued.
1t Ia more than probable that the amount is not
Var from $2s,OO0,OOO s27,oOo,ooo though much
higher figures have been named.
THE GOLD MARKET
Cold showed extreme sympathy to-day with the
various reports OF warlike character, and opened
etrong at 1O9k. Itreceded subsequently. however,
30 IOsX, with recovery to 1895, at which the ope-
Sations of the day closed. The following table
shows the range OF quotations.