The New York Herald Newspaper, November 2, 1873, Page 11

. their knees, - change was dull, but firm. FINANCIAL AND COMMERCIAL The Condition Among Firms, Cor- porations and Individuals. BUCHUISM AND REBUCHUISM. A STRONG STOCK MARKET. Prices Advance trom 1 to 7 Per Cent. POSITION OF THE BANKS. Money Stringent. and xold Steady. ‘THE PUBLIC DEBT. Improvement in Railroad and Government Bonds. C WALL STREET, SaTuRDAY, Noy, 1—6 P, ‘u.} The curtain rose to-day on another scene in the sgtand spectacular drama of Buchuism, which has been in process of performance for the last two months. A fresh calcium licht has been thrown cn the play—rich and high colored—a new bit of Music introduced to usher in the situation and novel scente effects brought forth in order to show off to the best advantage the attractions which in- vite the audience. True, that audience is miscel- lancous, consisting chiefly of THE WORKING PEOPLE, the sewing girls and the artisans; but they are naturally curious as to the dénouement. While anxious to have the “drop” rung down on the varlous scenes, they still have enough of homan nature about them to appreciate the play as it proceeds, And to-day they Saw among the puppets a skeleton. It danced and dangled to the movement of invisible hands, It ‘Was a hideous representative of a still more hide- ons lie that the people of America have been liy- tng for the last ten years, It' represented THE FALSE CREDIT © on which commerce has rested; the cant about Gnanciai strength; the thin scaffolding on which men arestanding who pretend to build the future of America. In other words, great merchants and great reputations have been compelled to shake off their proud flesh, and in bare bones stand in the gaze of the world, denuded suppliants for mercy, ard upheld only because the “country,” so called, could not afford to let them go down below It seems as if every hour were de- veloping rottenness—foul ulcers in corporations, @bscesses in banks, and RANK POISON permeating the whole financial framework; for, Were it not otherwise, that which is outwardly strong would not, at this moment, be sustaining that which is inwardly weak and invoking the public to graciously await some hour of recovery far off in the future. For the moment Buchuism is triumphant. The charlatan is on the weaning side, Well ‘nursed,’ he can snap his fingers in the face of the magnates of the land and dety them to let him go down; for will he not say, “If I am »Gragged down [ shall draz you with me,” and will they not tremble and repeat ‘Amen! But, for- tunately, the time is near when this process must cease. Already THE AMERICAN PEOPLE ‘are too strong to be fed on the pap dished out by the “Cwxsars" of finance, who themselves, at the hour when they should exhibit their own strength, fall hopelessly back and call ior relief. They want something more of public honor and honesty, and something less of that individuality which plants itself benind bars of gold and shields a falsehood ‘with a worthless bond. If the recent panic pro- «duces such @ result it will not have been a fruitless tesson. THE EVENTS OF THE DAY ‘Will be found detailed elsewhere, especially those “nursing” which concern firms whose names have recently been mentioned in connection with financial dim- culties. The banks gained about $4,000,000 since yesterday in legal tenders, and now hold about $18,000,000. This sum, however, repre- sents, it is believed, a gain from the -change of special deposits to general account. It is understood that at a meeting of the Clearing House to-day no steps were deemed necessary for the relief of a large mercantile house announced to have been in trouble, a “pool” of merchants in New York, Boston and Providence having been formed, who propose to ‘carry the concern through,” if necessary, by the advance of $5,000,000. The latter statement, however, is not -oficially verified. THE MONEY MARKET during the principai part of the day was particu- larly stringent, little currency being on the mar- ket, and call loans ranging irom 1-16 to 4 per cent and interest. The closing rate was at 1-16, with exceptional business at 7 per cent. Foreign ex- This is usually the case on Saturday. The prime noriinal rate was 10634 for sixty days and 108% for sight, and the selling Fave 106 a 108 a 108%. THE UNITED STATES TREASURY. ‘The receipts from internal revenue to-day were $356,689, and for the fiscal year $83,435,923. The -customs receipts were $28,000. The following were the balances in the Treasury at Washington at the close of business to-day :— Coin balance: $82,313,581 Currency balances. 4,312,155 Coin certificates. 27,569,880 Deposits for legal tenders. 8,875,000, Outstanding....... ‘ - 360,952,206 The public debt statement shows an increase of $3,039,000 of debt for October. ‘The gold coinage at the Philadelphia mint during October amounted to $11,010,000 in double eagles. The gold weighed thirty-eight tons, Since Tuesday last the Treasurer's office at Washington has paid out $2,100 in silver, The Assistant Treasurer paid out to-day $505,000 on account of interest and $56,000 in redemption of five-twenty bonds. The total pay- ments to date on account of November interest, without rebate, were $3,520,009. Secretary Rich a@rdson has called in $5,000,000 five-twenty bonds Of 1862, interest to cease February 1, 1874. This is in addition to the investment of the Alabama in- -demnity, and makes a total of $90,000,000 new fives placed since the present Syndicate was organized. THE FOREIGN MARKET. The directors of the Bank of England, at a meet- ing to-day, fixed the minimum rate of discount at the bank at 8 per cent. It being a holiday, the event elicited not a little comment, inasmuch as it suggested the possibility of financial difficulties privately known only to the directors, and antict- pated by this precautionary measure, This is the highest rate this year, the lowest being 3 per cent-last August. The highest rate in 1872 was 7 per cent, to which it was ad- vanced November 9, 1872, from 6 per cent. It only remained 7 until December 12, when it was put down to 6 percent, The rate has not been 8 per cent since August 16, 1866, to which rate it was reduced from 10 percent, it having been made 10 por cent the 12th of May, 1866, in the height of the Overend, Gurney: & Co. panic, In 1865 the highest rato was 7 per cent, October 7. In 1864 the rate ‘waa 8 per cent, January 20, from which it declined to 6 per cent, April 16; advanced again until 9 per cent was reached, May 5, from which it de- clined to 6 per cent, June 16; ran up again to 9 per cent, August 4, and down to 6 per cent, Decem- ber 15, In 1863 the rate was up to 8 per cént, December 2 During 1862 tho highest rate was Apercent, In 1861 the highest rate Was § per NEW YORK HERALD, SUNDAY, NOVEMBER 2, 1873—QUADRUPLE SHEET, cent, From that time back to 1857, when the rate got up to 10 per cent, November 9, the highest was 6 per cent. ‘The amount of bullion withdrawn from the Bank of England to-day was £58,000. THE GOLD MARKET was a trife stronger to day, the price opening at 1084, advancing to 108%, and subseqently de- clining to 108%. The rates paid for carrying were 3-64 to 44 per diem, and 7 per cent, gola, per annum. The final rate was 7 per cent, gold. The operations of the Gold Exchange Bank to-day Were as follows :— Gold balance: «$1,121,748 Currency balances. + 1,180, 7 Gross clearances. .83,367,000 CLEARING HOUSE STATEMENT. Currency exchanges. Currency balances. Gold exchanges. Gold balances. . The total specie shipment for the week amounted to $426,737—all silver bars. The steamers sailing for Europe to-day took out $284,000 in silver bars. The amount of specie received by steamship Kinig Wilhelm, which arrived to-day, was £69,000, GOVERNMENT BONDS were steady, with considerable -activity shown at the several boards, We quote:—United States sixes, 1881, registered, 111%; a 11134; do. do., cou- pon, 112% a 113; do. five-twenties, 1562, coupon, 106; do, do., 1864, do., 106; do, do., 1865, do., 107; do, do., 1865, d0., new, 109%{ a 1104 ; coupons, 1867, 112; do., 1868, 112 a 112%¢; ten-forties, registered, 1063¢; do. do,, coupon, 107; do, fives, 1881, cou- pon, 107'4; six per cent bonds Pacific Railroad, 10747 a 108, SOUTHERN SECURITIES have. scarcely a place in the picture for several days, und transactions have been comparatively trifling. The latest bids were as followg:—Missouri sixes, 84%; Virginia sixes, consolidated, 45; do. do., deferred, 7; Georgia sixes, 60; do. sevens, new, 70; South Carolina sixes, January and July, 9. BANK SHARES, Bank shares were dull. Unign was bid for at 126, Fulton at 135, Greenwich at 200, Commerce at 100, Market at 110, Hinporters and Traders’ at 135 and Ninth National at 90, Central National was of- fered down to 72, EXPORTS AND IMPORTS. The foreign commerce of the port for the week was as follows:—General merchandise imports, in- cluding dry gooas, $4,522,092; produce exports, $6,404,434; specie exports, $426,737. The total mer- chandise imports since January 1 are $338,462,015, against $369,177,631 last year and $320,931,649 in 1871. The exports of produce since January 1 this year are $244,407,089, against $189,069,980 last year and $194,364,829 in 1871. The total exports of specie since January 1 are $43,196,999, against $62,448,516 last year and $62,733,072 in 1871. RAILROAD BONDS participated in the firmness of the stock market and rallied sharply from the recent decline, The following sales were made:—New York Central sixes, 1887, 873%; Pacific sevens, guaranteed by State of Missouri, 9234 Union Pacific first mort- gage, 69 a 69% a 70; do. sevens, land grant, 574 @ 57 @ 57% a 57%; Go. tens, income, 41 a 423; Chicago and Northwestern consolidated, 78a 79; Great Western first mortgage, 1988, 90; do. second do., interest, 75; Chicago, Rock Island and Pacific seveng, 98 a 97; Morris and Essex first, ex interest, 100; Chicago and Alton income, 9033; St Louis and Iron Mountain first, 87; Boston, Hart- ford and Erie first, 20 1934; Northern Missouri first, 75. The following were the bids as amended at the call:— New York Cen 6's, ’87-. 8734 Tol & Wab Ist mex... New York Cen 6's,r.¢.x 51 Tol & Wab istm,StLd 89 i New York Cen 6's,sub.x 81 Tol & Wab 2 m, 75 e 3d ms, °8S. + 903g ‘Jol & Wab cons co! 5 ie 4th m 7s, " ‘ Gt West Ist m_ °Ss. E Erie oth m 7) Long Dock bonas.. Hud R 7's, 2d m, st, Harlem con més t 6° Gt Western 2d m. "98, 89 iL ist. .. L535 mich 50 & N Is t7’s..x 95 99 Pittsrt Wa Unie 2d m 95 Pints, et W & Chic 3d m 50 Chi, Bur & Q8p ¢, % Clev 4 Pittscon st..... 89 $3 Chic & Alton Ist m Wh Lake shore diy bds.... 82 Chie & Alton Income... 9034 Pac RR 7's. gd by Mo... 9233 Ohio @ alisscons cy Cen racific xo1d bds... 82 St Louisé 1 Mt Ist Union rae istm bds... 70. bt Louis &1 M 2am. Union Vac 1g Mil & stP7 RD 65 . Gold, i Union iae ine MIL SUP Ist'un, LAUD SL y Ey Chic & Mil Istm . NY.&NH6's.. Del. Lack & W istm.: 99 Bost, H & £ Isim: Del, Lack & West 2d m. 93 Bost, H&E guar THE STOCK MARKET to-day was a scene of unusual animation after the first hour or two, the bulls then entering the feid and changing the face of affairs on which such gloom has rested for several days past. Up to the first call the decline amounted from 3g to 3% per cent. Western Union touched 43%; New York Central, 794; Lake Store, 57%; Northwest, 3145; preferred, 64; Rock Island, 83; Delaware, Lacka- wanna and Western, 793s; Pacific Mail, 25; Ohios,’ 213; and Union Pacific, 14%—some of which prices were lower than those made during or since the panic. As the first call progressed the market be- came stronger, and prices made an improvement ofilto7 percent, whe successive changes will be found below. THE COTTON MARKET. On 'Change to-day cotton was only in moderate Tequest at adecline of *sc. per 1b. for “spot” and 1-1éc. for forward delivery. The receipts at the various ports foot up 24,540 bales. Flour was quiet and unchanged. Wheat was fairly active and firmer, @orn was moderately sought alter and exhibited no material change in Value. ‘ HIGHEST AND LOWEST PRICES. The following table shows the opening, highest and lowest prices of the day:—' Opening. Highest. Lowest. N.Y. C. & H. R. R, stock, con - +» 80 19% Harlem.... 100 Erie. . “4 Lake Shore STM Wabash... By Northwestern 31% Northwestern pre! 4 Rock Isiand.... 83 Milwaukee & 21g 44g 21d 86 14% 1 1655 73 Western Union Telegraph. 45 43% Pacific Mail....... - 28h 25 Stocks in Philadelphia are quoted irregular, as follows :—Pennsylvania sixes, 107; Reading Rail- road, 50; Philadelphia and Erie Railroad, 15; Penn- sylvania Railroad, 44%. THE PUBLIC DEBT STATEMENT—Nov 1, 1873, $1,723.370,950 39,184,001 Principal. DI Lgl, t'der notes.” Cert. deposit... . $354,308 $361,031,948 Curren: 8,879,000 Coin cert, Principal Unclaimed intere: Principal. interest. Total $2,257,304,218 Coin... $82,313,581 Special deposi Curraiisy 4,312,155, pgp on hcns ef tal. . sseceseotecces Noy. 1, i ince Marchi, _ 15,547, Bet ay tS. R1Bh 79898 Dec tm 80-9, suluaeaae Inc. in Oct. 059,81 BONDS 18SURD TO PACIFIC RAILROAD COMPANY, Principal out- rest repaid Handing... SOeRs72 by'malinke, $4,554.81 ee) united Suites 20,447,986 SALES AT THE NEW YORK STOOK EXCHANGE Saturday, Nov. 1=10:15 A. M. US 5-20, 6, ¥2.... 107 = *.20, 0, 67, i 64. "5 106% 10000 do. ST" 2000 Us £-90; 6,968.2. ne {11244 16000 WS 5's, 10-40, rb'e 107 10 A. M.—Betore Call. HO shsLS&MSRRO B7iK 100 do S75 165, 0. *6l.. chy “ 200 44% 100 57% 600 4455 300 6 aw 200 4% 30 200 Athy 400 44% 100 ~~ J 100 0 4% Ww 300 “4, 100 ie . ed “ v 0 4% i 500 4g 100 a0 4” 300 100 “4 10 a0 “4 30) 100 4 10) 920. ES 100 10 200 100 10 42 sh 100 D 100 do 100 Del, L & Wiki. SW LS AMS KR, $1000 Ohio 6's, 184i < LOW Missour! 6 $3000 NY 8 7's, 1000 Gt West 2000 GtWes 2d m.ex in Low) Chi, K 1 & Pas, 100 de & HO do. 150 American kx. 20y Pacitie M. tuo 2) shs Am Express, 40) Pac al 55 Co. 100 do. 300 Un Pac 100 do. 100 do 100 100 300 2 400 di 200 do. 100 i ao. 300 Chi & N W RR pt. 600 West Un Tel. 100 cr 30 do 200.0 8Ex Co. ‘60’American Ex 2u0 Pac MoS Co. WNYCHHK do Fac 5 B "s, gtd Mo, st S 2000M & is Istin.ex in 100 300) NJ Cen Ist, new, 10) 10000 Chie & Alt in 2000 St L&T M Ist. 5000 B, HAE KR Ist, 25000 di 50 North Mo Ist m hs Ninth vat Bi nal 20 0. 136 Penn Cow be 200 Mar Land & M’g.be 300 West Un vel....-be 1000 do aul. be bess 1200 do. 300 shs West Un Ter 700 do. lw do 200 do 100 do. 300 epeayyuyyeers Euyes arn eeseee Board—10:30 A. M. WO shsNYC& URKR 8itg lou do © BLS % we 6” 8 904 prt) 4 43% do. by ‘300 do Ft 100 do... 100 TH Cen ick. 120 Oleva Pitts guar. $0 Chi a NW EK. i lo. ly Chie & A £3) 100 Chic &AILRR pt. Wy alll & bt P RE ph.b ov vel, LAWRKE.DO 5 r 200 32 1v0 Ohio «. 10) ivo wo loo 100 10 100 a lw ao. SL 100 Ohio & ¥ bv 19, C&TURK 80% 10) ' do.. Sut, 100 30!3 50 Site 2) 3086 lwo st Go 7 BON do. 010 11 12:15 P. M. uy bee 1064, + low 106% 5500 do. 4000 do. b’c lu6ty 4000 US cur 6's, 13000 U S 5.20, ¢, "65, n. Ly” 300 do... i4:3C P. M.—Before Call. $10000 Un Pac Ist m 20shsNYC&HRRR 82% ) 0. 100 Tol & W RR luo do. 100 do. $0 Han & StJo RR. loo do. “e Ww SiN & 8 un do fm iw "4 % 0. o wo do. 8 20 do. 45 200 ao. 100° 300 Un Pac it wo ao OB Wiis Aoiraieese 45 300 Panaina “RR. **; 2844 100 Tilitrois Centrai Sztg 100 Chi AN W RR... 8245 200 ChL ANW RR pi. 82: Mil & st RR.b pies FoR e2egreeeease SZLSA2ezaeeseee | FACT. 16% 700 Tol & W RR. i Hite do 8 SeSeee SSSSESESESSSSESESE 82 31% 83 ke he Fs Bi 17 a2 18 : z Hs : BS 17 » &: 18 8314 CLOSING PRICES—3 O/CLOCK P. M ox Western Un Tel 49 Quicksilver pf.. 2 Adains Express. Weils-Fargo Bx a Boston Thore is no change in the wool fully ay depressed as at any time since ufieturers are obly purchasing ‘o suppl wants, and holders are not pressing their stock as it 13 difficult to make satisfactory terms in the state of the money warkel, and in many ins! offers of cash buyers are’ too low to find accepianc>, Extra and double extra Obio and Pennsylvania ticeces Gamnot be quoted over id. a 5¥., and food lots of Michigan and Wisconsin at tc. a 46c. From the highest point before the panle yrives have declined trom 3c, to . per Iboz.,. fleece and pulled, al.hough some of the principal holders are stil unwiuing to meet (he market at (he concessions. Sales of Onio and Penusyivan! fleeces, No. 1, extra, double extra and above, at 48o. Bic. vga and Wlacon 6c, a So. 3c, a a @ tub-washed, scoured, e.; spring We. a o2340. 5 rine and extra pulled, dc. a 5’c.; 25c. a 35c.; tull Caliiornia, 17c. @ 25440. EUROPEAN MARKETS. [Stock Fxchange, London, closed. Half yearly settling day at Bank of Ienzlond.—Ep. Hxrarp. | Liverroot Coron Makker.—LiveRroot, Noy, 1—5:80 P. les of uplands on the basis of ‘good ordinary, shipped October and November, at 8 5-16d.; do. do., shipped November and December, at 8 5-161. ; do, do., of the basis of low middlings, shipped October. at 8igd.; do. do., deliverable December, at 55-16d. Of the sales to- day 5,100 bales were American. Sales of uplands, de- liverable November, at 8,4. ‘The market is flat and ixreguiar, Middling ‘uplands, 8%d.; middling Orieans, oa, Sales 4000 bales, tacluding 1,l00 tor specula: nd export. Sales of uplands, on the basis of good ordinary, shipped October and November, at 834d, sales of uplands, on the basis of good ordinary, shfnped De- her and January, at 834d. ; do. do., on-the basis of low ings, shipped Uctob ‘do. do., deliverable November, at 8 7-164.; do. do, deliveranlé December, at ied. LiveRPOOL Provisions Market,—Ltvexroot, Noy, 1— Evening,—Lard 40s. per ewt. Liverroot, Propuck Makxer.—Liverroot, Nov. 1— Evening.—Common rosin 9s. 3d. per cwt. Loox Propuck Market —Loxpox, Nov. 1—2:30 P. M.—Refined petroleum, 13}qd. a 1336. per gallon. ++ FINANCIAL. _ y —LAPSLEY & BAZLEY, BROKERS, 74 BKOAD- A. way.—stocks bought and sold on commission; privileges negotiated; circular explaining privileges, with references, matled to any address. A —MORTGAGES ON CITY REAL sale at liberal discounts; also 6: Bonds, &c., by auction. V. K. STEVEN. “uy California, Cy TATE, FOR v3 of Stocks, | LOAN OF $60,000 WANTED—ON Al SECU : twice the amount; no exorbitant rate of interest Will be paid. Address RESPONSIBLE PRINUIPAL, box 112 ierald office. ASONABLE RATES—MON ATEE - y AND diowment Insurance Policies, Mortgages and other Recurities. Insurance of all kinds effected with best companies. ABRICH & © Bri particular. purposes viz., a dictionary B nitiated, thus making the meaning ot “puts,” “call “straddie,” «e., &¢., within the comprehension of the dullest intellect, and has also traced i necessary to the attainment of a have litile or much money to invest in 3 ‘actical and invaluable pocket companion ted. in the mysteries of Wall, street. 1 Messrs. VALENTINE, TUMBRIDGE & 39 Wall street, inform us that th DAILY. HAND. $25 TO $1 reasonable rates on Securities, Furniture, P | Diamonds and general Merchand Second Mortg bought, JAMES CAGNEY, 581 Hudson street. PXECUTIVE OFFICE WESTYRN UN graph Cothpany, New York, October, is hereby given tw the holders ot the coupon currency bonds of this Company, that in consequence of rumors that counterfeits of said bonds are in circulation tt is deemed advisable tor the protection of the public, as well as of the Compai he presentation of the bonds witn th Payment of the coupons will be made at the office of the Tréasurer of the Company, 115 Broad way. By order ot the Executive Committee, . WILLIAM ORTON, President. ASKINS AST TENNESSEE AND VIRGINIA RAILROAD 4, Coupons due Ist November, 157% will be paid on and | (OR SALE—W SHARES OF STAR INSURANCE Stock. Addres: box 16) Heraid office. Chicago or 8. Louis wanted—For good city Tene- tient Property, well rented and lightly morigaced. PHALON & SLOAN, 31 East Seventeenth street H & BRAINE, BROKSRS, ll BROAD Gold and Stocks pought and sold on mergin. P specialty, enabling any one to speculate on application. AM NECESSITATED TO SELL A FEW THOUSAND dollars of first class bonds; parties having ready o CEMENT, box 113 Hi fice. EMPHIS AND CHARLESTON RAILROAD COM- iV “pany.—First Mortgage Coupons due November 1, Natlonai Bank. ONEY TO LOAN ON BOND AND MORTGAGE, elty erty, in sums to suit. Apply to EW YORK 7 PER OKNT BONDS. Brocklyn 7 per cent Bond: Jersey City 7 pei paying 10 tc20 per cent, at low rates for sate by ALBERT Hi. NICOLAY & CO. No. 43 Pine street, New York. after that daie by R. T. WILSON & ©O,, 44 Broad street YOOD MORTGAGES (FIRST) ON CINCINNATI, rivike safely. Explanatory'cireulars with references, matied h purchase at a bargain. Address SPLENDID IN- 1873, will be paid on and after that date by Merchants’ Ree roe . WARREN 8, WILKEY, No.5 Beekinan st., rooms 1s atid 19. | 18, r ent Bonds. Also ocher choice Stocks and Bonds, N, B.—Investmert Securities’ our specialty over 21 years, ORTHERN PACIFIC RAILROAD BONDS, AT FATR price, rei in exchange for vaiuable Lot of Ground near Fiirmount Park, Philadelphia, Cail at_77 Mercer street, Yew York, between | and 3 o'clock. D'fALLS ON STOCKS.—$10 TO $100 IN- ve them often leads toa fortune. No risk. S2-page explanitory pampiilet mailed for stamp. VALENTINE, TUMBRIDGE & CO, Bankers ahd Brokers, 9 Wali st RINCIPAIS, HAVING $3,000 TO INVE! A # first cies cero qacitgare on Ky Property. vie | address, imnes ing terms, &c. (brokers ne hot auswer)PROPRTY, Herald ottice, et JTOOKS CR BONDS TAKEN AT PAR, OR 10 TO 2% per cen’ above market price, in exchange for fine quity $15,000, Address OWNER, re brown ston: Rresiden box 142 Hentid office. d Pay. aan 3 stor plat ‘stablished 1853, Open daiy tromd0 A. M. to 8 P. M. Notice. Money he Ua before November 5 will draw interest from Novinber I for the next three months, LEAWE TO NOTIFY OUR NOME W “irimas and the public that inaddhton ty ie lar auctun salesdays of Stocks and Bonds, every Mon. and Thursday, we Take special sales of Securities at auction n all other days upon one day's notice; our tablishe, custom 21 years. ALBERT H. NICOLAY & CO, Stock Auctioners and Brokers, No. 43 Pine street, New York. te en ty poename ON First CLASS ‘oved ‘ope: in sume f 10 Apply to Ga RP EEAN si, Reat Enate broker, corned reet an urth wee ke Building. ‘ot avenue (basement ATED TO LOAN ON FIRST MORT —! W ‘ior improved: st0,0on. $5,000 wat ‘Siw. 8 $2,6001,50) #180, Brooklyn $10.00) ‘or $12.00) morignges: 2,500, $1,500 and $00 for Brooklyn improved. JOHN W. MERSEREAU, Jr., 261 Broadway. JiNTE ‘CHESAPEAKE AND OHIO AND NO) . Wrero tacitic Railroad. Bonde trtwocts Of $5.00 t0 ; will give desirable Real Estate at equitable prics. faking bonds at A. ARWIN, 10 at, ANTED—TWO GOOD FIRST MORTGAGES OF $500 and $6,000 pn cl ; ha onsuch Without delay, 7 Proerty, Toney can be 150 Broadway, room 2. WILL DRAW INTEREST AT THE RATE can MEN ANOLAM, $54.000 70, LOANSON IMPROVED AND UN- at in good test and second morigares, nn ot vem W. Dia P, BAIELES, : Wall stroot COPARTNERSHIPS, _ PFICE 2 AND & NEW STREET. Ove E Henry T. Camblos and Theodore Wr prety Ae ae day entered iutoa copartnership at the ab Under the rin mame. of CAMBLOS © MYERS, ie as urchase and sale of 5 Bon Government toe 1s, Gold, rities, Negotiation of Loans and General Banking a THE MONETARY SITUYTION, Sta as Present Settlement of H. B. Claflin & Co.'s Difficulties and Further Encouragement in Respect to A. & W. Sprague. THE NOVEMBER INTERE Limited Default on the Part of -Railroad Companies. Yesterday opened with g fresh accession of the feverishness that has of late prevailed in money circles, A stranger visiting Wall street would have gathered from the hints, looks and conversation of those around him that some fresh calamity, greater than any previously recorded—“Ossa upon Pelion"—was With certainty pending. Rumors too grave for circulation even in their denial Miled the air and worked their round of iil upon the Stock Exchange, Facts,in themselves favorable for a renewal of confidence and @ more cheeriul outlook, were turned into aggravated signs of general financial weakness. If the stranger, however, stepping aside from all this excitement, turmoil, confusion and dismay, coolly examine the occasion | of it all he will cease to iearit as being any real representation of the condition of the country, and wonder how it is that men suppo-ed to possess more than ordinary intelligence in respect to mat- ters of finance and trade s0 completely lose their beads in matters so vital to their own interests. THE FURTHER ADVANCE OF THE BANK OF ENGLAND RATE to eight per cent, with the circumstance so un- usual of its being done on a holiday, gave the first note of alarm ; but when it is recollected that this is one of the two great semi-annual settling days in Engiand, and the Bank of England is at present engaged ina struggle with the joint stock banks tor the complete control of the market, it is not unreasonable to suppose that advantage was taken of the opportunity to make the latter feel the weight of its ancient rival's power and the sub- stantiality of its pretensions. The unlooked-for event, however, together with fresh rumors re- garding difttculties in mercantile circles, produced for atime an increased panicky feeling, that did not last, however, but reacted into a directly opposite tone of confidence as one by one the tearful CHIMERAS OF EXCITED IMAGINATION dissolved into nothingness. The developments in the case of H. B. Clafin & Co, proved most satis- factory and reassuring, the announcement that the house, while the Clearing House Association had its proposition under consideration, had de- clined the aid previously asked tor, being accepted as a most encouraging proof of its stability. ‘The reports current of what was the actual condition of affairs between the Associated Banks and H. B, Clafin & Co., furnishing a variety of explanations concerning the abrupt termination of the negotia- tions between them, application was made at both tne Clearing House and the place of business of Cladin & Co. for such information ag either might feei disposed to give to the public, SPEAKING BY THE CARD. Mr. Camp, President of the Clearing House As- sociation, courteously declined to be interviewed, excusing himself to the representative of the HERALD on the ground of business, which was too apparent to adnut’of question. Later the same representative called on H. B, Clafin & Co., and during the conversation one of the members Oi the firm stated that in the course o! a day or two negotiations would be consummated which would enable the house to pay every thing it owed. “is the statement correct,’ inquired the re- porter, “that the firm requested accommodation irom the Clearing House, and that, on being re- ferred to the individual banks, you declined favors from them #”” “Weill, sir, we contemplated making arrange- ments for accommodation trom the Clearing House, but have concluded to do without 1t.”” “To what do you attribute your temporary em- barrassment?”” “We have only done as others have done. The direct cause is, Of course, attributable to the fact that we have permitted many open accounts to pass their maturity. Our endorsements we have rotected entirely, We have no notes to be ais- jonored, and the only regrets we have are on ac- count of the inconvenience it will occasion to others.” “Then I may state that no apprehension need be entertained as to the stability of the firm?’ “You can state that we shall be abundantly able to pay 100 cents on the dollar, principal and in- terest. We can raise money immediately and Satisfy all demands.” Business seemed to proceed as usualin the house, FULLER EXPLANATION. An interview held with another one of the partners elicited the following explanation. This gentleman entered more freely into @ narration of the circum- stances of the house. He said:—“I desire the pub- lic to know everything. We do not wish to screen one single thing. The report pubiished in a morn- ing paper is a very Jair one indeed. Itis true we are sulfering a little embarrassment—have allowed some accounts to mature—but as regards notes they have all been promptly met. We do not sell our OWD paper, but we do sell that of other houses, with our endorsement upon it. Perhaps one of the principal causes that has led to our present embarrassment was that we overreacned ourselves in our endeavors to assist Hoyt, Spragues & Co. ldo not care to say that we purchased of them to the amount of a million this week: but we bought very heavily. We are now negotiating for assist- ance of some sort from the banks and other cor- porations, If we succeed in our efforts every- thing will run along in regular grooves, If we fail in obtaining assistance we will be compelled to ask for an extension—an extension upon our open ac- counts—not notes, for our current receipts are am- ple to meet calls from that quarter. Now don’t understand me to say 4 lailure 1s at all probable. It is not possible; it is simply absurd to think such @ thing possib Our assets are far beyond our abilities, and for one to believe that we can tail is to stamp the person an idiot.”? This ae all on the subject that could be got from oficial sources much of rumor respecting the causes producing the result to-day is withheld from print. [tis worth while to add, however, in this connection . THE SHREWD OBSERVATION of a gentleman upon the new turn of affairs in this case, which may be equally applied to that of A. & W. Sprague, and may explain yesterday's develop- ments respecting the latter. “Claflin & Co.,"’ said he, “will not be permitted to fail while their assets are greater than their liabilities, and it is only accommodation they want, be- cause gwound uj with them are nearly all th great jew England manufacturing interests, Which cannot permit such achance to peril their safety.’ It is thought to beso in the case of A. & W. Sprague in respect to banks ‘and other connections, as, indeed, the proposition to nurse the concern for the benefit of its creditors, under the direction of @ board of trustees, would seem toimply. How tar the relief asked tor is hela out in this shape, ratber than in the way of direct aid, through rivairy and political an- tagonisi is @ question asked in this connection, In any case this disposition ainong our business men tostand by one another, manifested both in the case of Claflin & Co. and A. & W. Sprague, if even less generous towards the latter than than in the case of the former, merits the largest en- couragement. It is the watchword of our national greatness, kh ORERD My STAND, DIVIDED WE me) rought us through the severe struggle of the rebellion, and, applied here and just now, will make this crisis as great an exhibition of our national credit as was the more stormy event. Among the causes which produced the panicky nae early yesterday was the anticipation of much default in the interest payments of the Novem- 0 of 3 per cent for one year, For particulars a4 address SECURITY, Herald * Uptown Bruneh ° < $10, $15,000, $5,000 wares to ght and Loans procure ptico; only fst class securities wanted. PHALON & SLOAN, 31 East Seventeenth street, FOR SALE, SECOND MORTGAGE ON AL 6.000, improved city Property; a liberal di; lowed. Principals onfy Teod addres A.8. C., Neruld office. 10, LOAN 10.000 trorgage on ek, Property. tprivae Hlingy, Prinelpais only apply, v DIIBCOML, 29 Fine strest, Foon hd, Yt Papers: to F. 8, TO.LOAN ON MORTGAGE, —NEW YORK A 0} ; $ o,dty and) $4000, “ADpIy’ to et nude: 000, $25,000.—MORT- $14,000 flo bonus; also H, 6. GRANT, 8 Sxchange pla ST. WANTED—AT TW $15.000 month, for ome year: best security giver: Address D. M., Herald Uptown Branch office, 120 Sivek rola WANTED—ON A FIRST GLASS 4 STORY 5.000 high stoo BS 000 Ta reaps Pesach, Sen 000; no feations 1 . Seren chee rom brokers answered, Adarees ‘box ber coupons. Numerous announcements were made of such Ven agas default, but only the follow- ing were verified, viz. :—The kansas ‘acific Rat Toad, Burlington aud Cedar Rapids Railroad, C ij 1 ro: ind C| Ohio Reiiteane a esapeake and THREE OHILDREN BURNED TO DEATH. WASHINGTON, Nov. 1, 1873. Three small colored children were burned to e " THE LABOR CRISIS. Reduction of Wages by the Master Builders. Views of the Employers and Prospects of the Issue. THE QUESTION BEFORE THE UNIONS. A branch of the old and ever new labor question, involving the rights of the toilers and thos; whe employ them and the duues of the two classes, is now in lively discussion in this city. Some months ago the.master builders were forced to yield to the demands of their workmen making eight hours ® day’s work, and paying thereior $4 to masons and bricklayers and $2 50 to laborers, This, they say, so enhanced the cost of buildings that the trade has®been very duil during the past season and shows no signs of reviving next spring. This dulness, increased by the existing money stringency, puts the contractors in a position where they consider it best to resist the exactions of labor, and they have, theretore, agreed to cut down wag Wil this reduction be submitted to by the worhingmen, or wiil they strike, as a sec- tion of the cigar makers have done, and thrust aside the clipped loa!, preferring no bread? Tois contest involves not alone the livelihood of these workingmen, but concerns the welfare of the whole city as weil. We are at the beginning of a long, bitter winter. Tne class of laborers not members of the unions are plentiful, and ask em- ployment at the bosses’ terms and prices, Wilk the society mgn throw what work is left on hand into the hands of these outsiders while they strike? These problems are discussed by those most interested in the notes of our reporter be- low :— REDUCTION OF WAG Yesterday, the Ist of November, was the date fixed upon by the Association of Employing Masons and Bricklayers for the reduction of wages for the mechanics and laborers employed in the building: trade. From and including yesterday masons and bricklayers are to be paid at the rate of $3 50 tn- stead of $4 for the day’s work of eight hours, and laborers are to have $2 instead of $2 50 per day. ‘There is but a small amount of building going on at present, only, in fact, some half a dozen large jobs, mainly to be done this jail, and the aggregate saving to the employers on the wages for the next four weeks cannot be very large, but the employers: argue that the cost of building during the last year has been so great, considering the con- cession of eight hours for a day’s work, that capi- talists have been deterred trom investing money in new houses. carcely any large butlaing enter- prises are in contemplation for next spring, and the builders claim that it 18 necessary to cut dowm the cost of lavor in order to stimulate that class of investments, Prior to yesterday the several fore- men at the building works now going on had given notice to their employés that with the beginning of November the reduction would commence. Ac- cordingly, at most of the jobs some of the hands were absent, prop anly: as a protest against the curs taiiment of their wages, though it was believed that after the action of the workingmen’s mass meeting all would return to work. WHAT THE EMPLOYERS SAY. A HERALD reporter conversed with many of the bosses yesterday, and they all expressed the belief that uot only would they succeed in fixing wages at lower rates, but that it was the interest of the workmen to take lower rates. Should there be no discount on the present cost of building they con- tend the business will come to an absolute stand- still, and the bafied mechanics and laborers, in- stead of growling about small returns for work, will have the entire lack of work to bear up under. On what little building there is to be done, in spite of the exorbitant cost, the contractors will take their commissions as heretofore. No great hardship is anticipated for them asa class. They have gen- erally laid by something for a dull season, and cam stand some pressure by a close retrenchment. This is not the case with the cepares. who mostly spend each week the wages of the previous week, il they do not anticipate tuem by credits at the gro- cers’ and butchers’, A smail proportion of them have deposits in the savings banks, but these would; soon meit if there should be a stoppage of work and wages. MR. MARC EIDLITZ, Secretary of the Employers’ Association, himsel! an architect ana builder on a large scale, told the re- porter that nearly all his men were at work yester- day as before, and he had no doubt that those who were absent would return after election day. He thought{it was more for the interest of the work- men than of the bosses co so lower the cost of build- ing that capitalists would be induced to use money that way rather than risk it in speculation. Hebe- heved the building workmen had only themselves to thank that the business had so largely fallen off during the last year. If a property owner asked him what it would cost to do certain building im- provement, and on seeing the estimate says, “Well, that is beyond my figure; I guess I’d bet- ter wait,’ be was forced to reply that it would probably be wisest to do so. The men who have clamored for the eight-hour rule now actually do less labor in eight hours than they did in that tume when it made only four-fifths of a day's time. He believed the present lack of employment would do good in inducing the workmen to relax their demands. Now there are probably ten men idle to one employed. jf the society men who now have jobs do not submit to the reauc- tion of pay their places can be filled any day by outsiders. His furemen were constantly rejecting offers of labor, because he preferred to keep under pay men who had been with him for years. He expected the various laboring men’s unions would see the true mterest of their mem- bers to be identical in this juncture with those of the employers, and that they would acquiesce in the decision of the bosses in reference to wages, MR. BENJAMIN WEEKS, a large contractor, said he had in hand but. one large job. His men were mostly non- society men, and, though some of them demurred against the reduction, he had no doubt a few days would suffice to bring them back to the work. They well know that if they lost their places they could at once be filled py equally good men from the multitudes now solicit- ing work. Men are now but too glad to work for the interests of the employer. Some time ago society men in his employ struck against him be- cause he required laborers to carry bricks in @ wheelbarrow instead of im a hod, This was in- tended to make him empioy two men to do the work which, by his plan, could more easy be done by one. He resisted and got laborers who did not belong to the Union, and he found his wages paid for labor in that department diminished by nearly one-half. He believed it was more for the beneflé of workmen than of builders that the cost of build- ing should be lowered, Very little new buildi had been undertaken during the last season. ai in order to induce a resumption ot activity in that branch or industry 1t was requisite to make it an object for moneyed men to use their means that way. Gcher employers talked inthe same vein. They apparently have no appretiension of an attempt at, resistance to the new tari of wages while the! are 80 many men out of work, SAFE BUILDERS. Inquiries at the offices of ledding safe makers in the city yesterday show that the moneey mbarrass~ ments have somewhat reduced the sales of ofice safes, though the bank work continues about the same as beiore. Probably one-fourth of the handa heretofore employed have been discharged suet the last month, though the works are running ful time and with undiminished wages for the men retained. Difficulty encountered in col- lecttons, as in other trades, but these are not of sO much moment as in some classes of merchandise, as most of the safes are sold tor cash. Unless the financial flurry should increase and become a general storm the safe builders do not apprehend any very severe check upon their business, and they hope to keep their workmen in employment ana wages right along. i, THE BRICKLAYERS’ MASS MEETING. A central peenne of the bricklayers associae tions, consisting of delegates from all the looges, was held last night at the Germania Assembly Rooms, Twenty-seventh street and Seventh avenue, It was very largely attended, but being ate close {ts proceedings could hot be faily own to even press reporters. From the loud and long applause which was heard in the streets, it was evident that there was no lack of interest in the debate, Members who were entering expressed the frm conviction thas the societies would adhere to the old scale of prices in spite of the employers’ resolves for reduction. So far as could be judged from the tone of the out- side talk it was apparent that madness rules the hour, and the soctety men will decide to throw up their employment rather than submit to the de~ duction of twelve and a half per cent which the employers have agreed to make, They will follow the lead of the striking Cuban akers and pay out society moneys to support idle mem~ bers rather than allow the bosses to take fifty centa per day from the wages of men who have been getting $4 for eight hours work, The conciu- sions of the central meeting were to be announced death to-day near the Virginia end of the Aqueduct bridge. The father of the children was as work at the coal wharves in Georgetown, and their mother, having made a fire in the stove, started with her husband’s dinner, locki the children in the house, the oldest being about four years and the youngest an infant in the cradle. o mother had Scarcely reached the coal wharves when she saw the house in flames, and before any assistance could be rendered It was entirely destroye the three children. to the several eee which were expected, se' erally, to confirm them. If this programme is car-; ried out, it is probable most of the society mem! will be absent on Monday from the few jobs, now going forward, and the employers at once commence filling up their places with non-society men. This will effectually test the relative powor of the two classes of ate and em| this important branch of industry, thongh, in the struggle, there Is sure to be bitter suffering, vation and want among a class whose nds Ys ‘ust! td, should be loyed to the full ip tie proving and extending mctropolis, 5