COMMERCIAL AND MONEY MATTERS.

u For sale of Stocks at tho Exchange, see Last Peg
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e For sale of Stocks et tho Exchange, Last Page.


FRIDAY, P. NJ.


The downward tendency in Stocks continued to-
day the sales were moderate and mostly oi the fan
cy descriptions ~ the Second Board there WAS little
better feeling and prices up. Norwich, which fell
ca 60 rallied to S. There sufficient in the
ushtness of the money market excepting on the very
lest securities for the downward tendency of Stocks
siihou, regard to the question OF war or The
position OF large masses OF fancy stocks which have been
during the rise accumulatng in few hands is also
ton, while there is an absence OF buyers, and conse-
srsnty fall in such stocks must be sold. Stock
operaors know this situation OF affairs and know that
tcrns the OF Congress several subjects likely
lave disturbing effect upon the money market will be
staed, and tha, any serious revusou in money will
erow large quantities OF stock the market They
asrefore rather disposed to sell than buy This is not
oily the case with time stock but there is evidently
cesse cash stock III the market lately showing that
rne Of the holders unloading. There fewer
EOr,s' than month since which ls another good
20 for natural decline without reference any other
ourbng cause 1t perhaps rather remarkable, when
as decreased facilities fer obtaining loans considered
aa me fancy market is sustained well as is and
sre nothing in fall of 10 per in fancy stock





a @ele in rise of 10 per cent any thing to effect
nm 'av rsbly. The money market is admittedly tight
0a On The best stocks there is no difficulty in obtaining
haaa6per cent. The Banks are not discountins as
n'e'ay as during last summer but are still doing for
'osr regular dealers TO fair extent Some of them


'ae legal limit OF loans and all feel the necessity OF
,'ne Contraction to any crisis growing out of the
'ueIreasury or Tariff matters or proposition TO
WV government loan the Southern drain Of specie


ser done at 6d7 per cent and in street still higher


s are paid by those who have second class paper 10


0' "nose Discount line al Bank is full. The late


' N " ail'st. was caused by variety OF crcumsan'


P'"ehuy but little understood. The decline was
N--ea 70 ONE i've SIX fancy stocks which had
Ve ''d'e ten, fifteen and twenty per cent. within
- 50 without any good reason Sound State, and
"ehk stocks did hot vary enough to cause any con
e' TO the holders The decline alluded 10 would pro-
a9 nave obtained without the aid OF the Presidents
"essase-porhaps within few weeks but the result
vas Certain In the course Of shor period Of time 1t
'a oeen predicted with just confidence by men who
1aaef'tsnd the business OF stock obons The stocks
sca have fallen most heavily those directly under
@ ecntIol OF few operators no use them entirely for
'secas,ive purposes The public large have ceased
~own or 10 feel interest in them The abundance of
oaey growing OF the amount being on deposit, be.
"ang individuals and the funds of the General Gov.
aunsls scattered amongst the State Banks. have ena.
ed these operators to succeed 10 wonderful extent for
a last few months Millions of unproduc,ivc stocks
AVE become concentrated in few hands. BY the aid
age credits extended BY or two nonied houses,
WsOe fabric has been raised 10 unparalleled size,


tbs, is required is for outside operators TO
Ae forward and relieve the market The moment
"e'er Is adverse tis result and the paaies under
leisaon are the necessary consequence. The es-
A'anent OF the independent Treasury is unqueson-
'as Of the causes which is operating to alarm fancy
oeeets, and well il, may. Il produces no alarm
".'es .s. TO the holder OF productive stock and why
Uaat 10 the former case the money is borrowed
R speculation and must be returneA. In the lat,


fVF'y Is paid for and the evidence Of the fact lies
~ N ihe pocket-book OF the The funds II
,-,' SA'eo States be Withdrawn from Banks and
noionssr loaned 10 stock dealers spectators.
;Aaon OF our affairs, both domestic and foreign,
~, sOeo! calculated TO awaken alarm amongst those
lss Travelled OF the path oil fair and legitimate
M, bp'se to enter into hazardous specuialons This
apparent during the last TWO weeks abou, the
exchange. "Panics' were the consequence. 1,
~, that succession Of Walst. psncs will pre-
this condition Of things, but the public will
Iaat these panics are mined 10 stocks of an un
fs4Ess''s and doubtful desodpdoa-stocks which no.