Year: 1871




Professional stock spectators are cudgeling
their brains Just more severely perhaps than usual
70 determine what to be the immediate future OF the


k MARKET for correct solution OF this problem
hanRmuch of their lore and all their profits moneyn~
command e1orbtant rates, stocks sS rule ought 70
Saeue WhA II 4, g. even or per cent Ia 70 Do tho
MAXIMUM securities Of nearly all description win COM
And their fair value The bears ever ready upon
As appearance Of the smallest cloud in the financial SKY
n tai us Of the probabilities and TO forevarn rs OF the
canning Storm imagine they are to derive great comfort
from the excited condition Of our city Affairs, which they
claim must large degree unsete credits here at the
monetary center and create feeling OF dstrust that may
extend All way from New England to Nebraska the
inevitable effect Of which must be 20 depress market
y,lues They also give US kindly premOnition that the
old old story Of the large amount OF currency required
At this season Of year in the movement Of the crops
to be avaed Of to ghten the tmid into selling out
and thus assisting In the downward course OF thngs
The bulls on the other hand, while admitting that the
atmosphere in the region Of NewYork not entirely free
ou passing cloud inAS that their observations, made
from better and certainly moro elevated standpoint
tAhe wider range andensble them 70 in the abund
auce active OF the crops and the unusual
foreign demand for them elements that are TO contribute
largely 10 the immediate and permanent prosperity OF
the country; and. though In the lake region and
beyond the use Of few millions OF our
ourrsucy may be required temporarily 1t
viii all return to us with railroad speed, and
financially speaking "a long spell Of pleasant weather
may be expected all the way from New-Tork to Omaha
No account being taken Of merely local dsturoaDces
They claim also that specie does and must continue 70
Sow htherwArd from England IN consequence OF tner
sor crop OF cereals Even though the venerable OLD
woman of Jnreadneedlest should double her present
loantnR rate for money, that Europe must buy our
ereadstus largely than tn many previous year
and must pay for fham Dar4y I'm sU~"se 90 sne NO"


hy nearly every STEINER and that this specie md
-, ay into our banks held part of the
rye required by law and release iS equivalent In legal
,aderA People viii judge for themselves OF the rea-
uyS force Of these conflicting arguments Any view OF
tAs suhect however, seems to us shortAghteo wn1ch
f,is TO ke the fact that there In circulation more
th.s eaaDeOo Of bank paper, and some Of
Government demand notes. euppOsing that one-third
he htar held by the banks as legal reserve and
hsve the enormous aggregate Of 900 Of paper
nancy that current and passes unQuestoned IN every
part Of our country. Before the Rebellion, when the
entire paper currency Of the country was PROVIDED py
The local banks chartered by the several states ana
whoa IN every little town there were brokers whose
chief business was that Of the purchasing Of these notes
a discount and sending them homo for redemption ta
Of them redeemable In spece) the issue Of this amount
paper would not have been considered an undue nna-
ton Of the currency for much Of 1t would be piled up In
s brokers' ofces pursuing Its way 10 the various
places Of redemption Now, there lie no such thing In all
our broad country. excepting possibly, California where





a. an once for the redemption Of American bank
notes Seldom does any look at Of these notes to
ascertain place Of ISSUE and but small fraction Of
the enormous aggregate how far ever t may wander
from home becomes any time divested Of the oharac
Of money The whole amount being therefore, prac
tcay kept In constant use its effect relatve values
and the rate OF usance hardly be less than would
have produced by double perhaps treble the sum
under old State bank system. this is so would
seem TO be impossible to maintain for any considerable
kngh Of time material scarcity OF what We call money
except upon the condition precedent Of serious impair
nent Of public faith in the security afforded by the bonds
q cur Government, which are held for the redemption
Of the currency in question.


During the greater portion Of the day, speculation In
every department Of the Stock Exchange checked
until after the result Of the Treasury gold sAle
should be Known As the Secretary did not exceed his
advertised proposals. there very little change In
hter deaiueS aud the day viii pass for exceedingly
nu one al around Stocks pretty nearly neglected
al oVer the market in tone being barely steady in the
noSninE but strong in the afternoon, the changes
the general Aeve list being less than per cent though


ese we're Sae or two exceptions The chief dealings
eese IN PAehc Nail Union Pacific, Western Union, Lake
oeee Ohio and Aississppi, and Wabash We note sales


VSiQnSHs Chicago and Indiana Central at % Della


sN AckaWanna and Western, 10sa Morris and ESsex,


ts'G ESie Preferred, o. and Boston, Hartford and


f he Miscellaneous and Coal stocks were dun


1"A' md Express shares quiet and steady. The fol-
~.@s aek shows the highest and lowest prices Of
esuW eocn made to-day: