The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-11-13

con n RCIAL AFFAIRS.
MONEY MARKET.
Sunday, Nov. L.


The stock market during the past week has been
more active than usual notwithstanding the election;
but we cannot say much for prices The slight i'm
provemen experienc in of the cleo
of General Taylor lost tey after his cleo
ton became certain. being another illustration the
strange and contradictory things in Wall street
frequently take. 1t is very common expression in
that neighborhood that "thDgs go by contraries,"
and outsiders particularly frequently realize the truth
of the remark We do not consider it ut this moment
by any means unfortunate that prices for fancy stocks
are steadily settling, it is the best check upon spe
culation that could possibly be Roduced; and our
financial affairs, generally. are not in condition
to sustain any infation it is well that little dis
position is exhibited to get up 1t is the policy
Of street spectators to put upon outsiders much.
or more, stock they can comfortably carry,
that they will be compelled to bring it into the mar
kct when money is scarce and prices deprecated 1t
Is ALEC their policy to get up from time to time na
ton prices for particular fancy for the purpose
of inducing outsiders take hold and relieve the bro
ker of the of stock they find 1t difficult in tight
times to carry Several attempts have recently been
ma lie to do this, all Of which have proved abortve
Outsiders have become very cautious and if the bro
kers initiate prices to draw them in and induce them
to buy they seize the opportunity to get Of much
of their stock previously purchased possible, with
out Lose that the brokers get stock into their
hands instead of getting rid of their surplus by the
trap set to catch outsiders.
1t will be many years before stock speculatons equal
to those which have taken place In Wall street within
the past five years, again reslzed and prices for
fances will hereafter depend more upon their real
merits and upon the ability of brokers aud holders
generfly to carry them, than upon any speculative
movement. Comparatively, prices for nearly every
stock upon the list rule exceedingly low, and most
of the holders purchased at points far above those
current Where this has been the with fances,
which in fact have real value, it is by means
agreeable but in where the prospective value Is
| likel,to be much above that which has even been
Anticipated it is not so unfortunate 1t is merely
matter Of time and temporary loss Of interest Most
Of our railroad stocks denominated fancies we place
n this position. It may appear to many who have
purchased the leading railroad stocks in this market
Tor that the sales daily made at the Stock
Exchange are bona fde-that the number of share,
represented being sold actually pass from hand tc
hand and they may labor under the impression that
the stock is actually deprsciatng in value prices
deTr eciate In the market
Those acquainted with Wall street tactics know
very well how much dependence Is to be placed upoI
these things but it must be borne mind that there
thousands and tens Of thousands of holders OF kind
of stock for investment, who saw Wall street
and expect to see it. is this class that is de
by the operations of the brokers of that place
and it is this class wish to put upon their guard
and we can do It in very few words. Be not governed
by the current market price for any stock in esti
mating its real value. II you have doubts, consul
official authorities but do not act upon those doubts
until facts have been developed confirming them. i
frequently happens that any sudden depression II
prices for some particular fancy Is the best evidence
ia the world Of its increasing value, these depres
sons are often brought about by the brokers' for thu
purpose Of getting hold Of every share aaost which
no sooner accomplished than as sudden an imitation
takes place and those outsiders who too tmid
hold, ind that the stock was, at the time they sold
actually worth many per cent more than they obtained
Some Of most prominent railroad stooks-thosc
too which must ultimately, in the natural course o
things, be the most productive in the country ar
selling at forty hty and sixty cent below par
Of these regular dividend paying Investments
which, with their rapidly Increasing revenues
10 not sufficient to sustain prices even at q poin
near the original cost. No one for RIO
mspt doubt the ultimate value Of such . stoc