Year: 1873

TUESDAY. Oct. 21-6 p. N.
The fluctuations OF the stock market to-day were
tnconsequental and the range OF prices so slight
Is to forbid prognosticaton. No underrone or cur
rent being discernable the operator was obliged to
content himself with guesses to the future.
Vhe street was again filed with rumors, but most
OF these were Of such character as to carry de-
NAL on their face and exerted little influence on
the situation. AS regards the value OF certain
stocks perhaps the best test consists In the fact
that number OF strong capitalists are said to
have arrayed themselves on the "bull' side, and
are confident IN the belief that as soon as the
banks dissolve their Clearing House copartnership
and real money takes the place OF certified checks


PRICES MUST AND WILL ASCEND.


This view OF the market is not an illogical one.
Every quotation Of greenback at a premium over
certified checks Is a confession OF financial weak
ness Contraction has followed dlstrust; distrust
has been promoted by the TOO long continued
policy OF the banks, while bank officers are alleged
to have helped on the difficulty by creating for
themselves special deposit fund, which has
largely locked up money that should have been in
circulation weeks ago. The result Is q want of
accommodation from which the entire community
has suffered; an artificial stringency; great
scare; an unnecessary shrinkage, and conse-
quent inability on the part OF merchants, manu-
iacturers, bankers and brokers to transact bust.





BANK COMBINATION


IS destroyed, even though the change may drive
half dozen institutions into bankruptcy and for
the moment add fresh terrors to the situation, we
shall enter upon stronger career. The chief de-
mand OF the hour is confidence, for with faith
comes ease; with ease, an advance in prices, and
with advance in prices profit to the merchant and
producer. Had the volume OF currency been re-
duced by any other process than that Of merely
locking it up by the towards OF society-those who
are always ready to speculate on the misery OF
humanity-tLe condition would be different. We
could then measure 1t by known guage, adjust
the commerce OF the country accordingly and feel
some consolation in knowing that We were reach
ing towards basis at once sound and substantial


THE PRESENT CONDITION.


however, is artifcial-changeable. The bubble "in-
6ationr has burst; but what has occurred to pre-
vent reinfatlon within the next six months, or
whenever currency enters again upon its natural
round? Nothing-absolutely nothing. No new law
has been established; no present weakness is
sign Of continuous debility; no possible misfortune
can occur that will rob the country OF its develop
ment or wealth. no money has gone out OF Amer
ica and no financial disease, SUCH as for the
moment we are suffering from, can become chronic
while the nation enjoys the arterial ebb and now OF
its home and foreign trade, and every hour pract-
caly enlarges the limit Of It's success. II will be





but few months before


THE MILLIONS NOW REQUIRED


by the South for Its cotton crop VIII come back to
the North. By January or February this vast vol
ume OF currency, having fulfilled its commercial
mission, will begin 10 return hither and find new
use in the purchase OF goods and preparations for
the ensuing crop. Is there hopeful lesson heres
In less than sixty days ninetenths II not all OF the
sum now hidden away in bank vaults, safes and old
xxfll ha inv oaVto On
contrary to habit that it shall lie idle. Does any
one imagine that when this outflow occurs panic
prices going to stay where they are. or that In
trinsc values going to be critically scrutinlzed
and measured by the square and level OF the pres
ent crisis? We doubt it. That more discretion
will hereafter, for o time at least be OBJ
served in the employment Of money is
undoubtedly true; but there Is certainly
nothing In the present situation which warrants
melancholy survey OF the future or belief in the
myriad predictions which, for one purpose an
other, are forced on the public Wal street is
full OF "wreckers.n They are to be found after
every storm here rs well as elsewhere and none
are more eager to dismantle ship and complete
ruin. They pray for misfortune and grow rich on
the debris.


MUCH ADO


was attempted by certain spectators on the basis
Of statement that the Treasury would purchase
$5,ooo,ooo OF exchange on account OF the November
Interest due in Europe; and 1t was further
circulated that somebody from Washington
had private letter from President Grant
setting forth that the latter would
draw on the s4,ooO,Ooo reserve. special de-
spatch from an authoritative source in washing.
ton to the HERALD, answering an inquiry on this
subject says:-"There Is no foundation whatever
for such report. New York parties are irving to
induce the President to put out more legal tenders
and II may be done; but you may rest assured
that the policy is opposed by Secretary Richard.
son. Other dispatches from the seat OF govern.
ment are corroborative OF the above, and from
the source from which the rumor originated IL is
only fair to believe that 1t is canard manufac-
turcd from the whole cloth, to give one or two
parties the benefit OF hoped-for advance in the
market. Unless President Grant is himself specu-
latlng In Wall street he is not likely to 40 any
such foolish thing as that suggested, to tell OF
his purpose In advance.


THE MONEY MARKET.


There was a better outlook In the money market
during the early hours OF the day, but at the close
tne rate advanced from per cent to 132 per cent.
1reenoacks are quoted at x Y per cent pre-
mium over certified checks, with exceptional
tIansactions at par. The outstanding legal tender
circulation shows an increase or $4,000 over the
amount reported on Monday. Foreign exchange
was nrm. but irregular. Prime bankers, nominal
rates were advanced to lot for sixty days and losk
iof snort sight Good bankers sixty day bills were
sold at LOG 1904 Short sight and cable transfers
were scarce at full prices Continental sterling
was more active and produced its sympathetic in.
nuence on this side. Commercial bills sold at los a
1o5K. - -''


THE FOREIGN MARKET.


Late advices BY cable from London report CON.
sol steady. andipr the account strong at an sd.