The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-12-24

The result have seen; and the experience dearly
purchased has prevented many from involving them
selves again In such bubbles Thus far the effect has
been COED and the prospect Is favorable Out OF Wall
street. fancy stocks looked upon with suspicion and
distrust and outsider ventures risk, just to try
his luck he takes hold Of little fancy that
he loses the whole he cannot lose much That is the
only fafe way In which to touch those things North
American Trust, Morris Canal, sntsn Scrip United
States Bank, and such small fry, frequently attract
outside Spectators account Of the small amount Of
capital required to carry them, and the large profit
. small advance pays on the sum invested. In the
event Of any Of these stocks disappearing altogether
the loss cannot be much but any speculstor Is fool
h enough to invest his all in any these little ancies
the loss Is great and as runous though he had
dsbbled in those of greater magnitude.
Within the past three four weeks North American
Trust has been in active demand and prices have ad
vsnced from eight to thirteen per cent There is not
the slightest foundation for this RISE and the probsb
Pity is that it will not be sustained As regards the de-
csion about being made really knows anything
about IT. but the prospect is that it will be in favor OF
The bondhoders. The decision In the Supreme Court
from which this is appea in favor of the bond
holders and the chances least four out Of Ave that
The decree of the lever will be affirmed by the higher
court The amount involved in this decision is only
about $500 000 and the principle point of law
does not affect, in any way, the different trusts
Whether the decision is in favor Of against the
stockholders the ultimate winding up of the affairs Of
the company will be nearer than it has been for
years
All other fancy stocks inactive and comparative
ly neglected. Holders not only despair of getting up
any permanent improvement but 1t is daily becoming
more difficult to sustain prices. Our railroad
panes closing their annual accounts Of income
and expenditure, and the result is far from being
tisfactory. 1t Is needless to recapitulate the
many circumstances that have brought railroad stocks
to the present PROSTATE state but recent develope-
ments Of the financial condition Of the leading lines
uneasness concerning most Others and apparently
. declining traffic upon extended mileage have
given shock to public confidence relative to these
securities that will be long felt IL is mpresson
that railroad property will stand high again
1t once aid. AS regards declining receipts most of
the lines in the Northern and Eastern sections Of the
country it may be the result of the Epidemic and it
may be the result of competitions but in either case
comes unfortunately upon the heels of many dis
closures of misD snagement and disappointment that
partial recovery is all expect for many years.
Holders Of railroad property have much to fear
from competition as from bad management, and the
probability is that betseen these two evils these
works Of internal Improvement will ruin many who
have originated them and fall into disrepute with capt.
talists and men Of moderate The great iu-
in the extent of railroads completed this yesr
81 sufficient to induce those who pushing forward
these works rapidly in the face of many financial
difficulties to pause and ponder upon the position they
occupy, before they become hopelessly involved Com
petition between these works will make them all
productive. As instance of the extent to which this
competition Is carried in connection with this city, 1t
is only necessary to point out the several lines dverg
he In a m w hAy
four lines Of railroad and of the most magnificent
rivers in the worlds river equal to about half dozen
lines Of the four lines referred to have
to depend upon the trade and traffic Of section Of
country sbsut say fifty miles wide These reads when
completed will have to divide the through travel and
the competition IT, therefore likely to increase, rather
than diminish In other sections Of the country, q
similar state Of things will be experienced; the
suit must be complete break down in the system upon
which these works lave been originated and
structed.
The money market has, for several days past. been
steadily tightening and the rate Of interest steadily
advancing. Business paper 10 plentier In the street.
and the banks have their discount line stretched to the
utmost At this Of the year. there Is usually
contraction in the money market and generally lasts
until after the year gets fairly under way There
will be large amount Of money paid out the LIST
proximo In the shape of dividends but this money
has to be drawn from other investments to meet the
payments Of the different incorporated companies. the
effect is temporarily unfsvorable There iudcs
tons Of . stringent money market; but the con-
trsry the prospect is favorable for long continuance
Of ease and abundance. Our impression however, Is
that the the plethora Of the past nine months will not
be again realized very soon but that we shall have
demand for capital from the commercial classes, and
all other legitimate sufficiently large to keep the
rate Of interest to the legal standard and healthy
activity In the market Individual credits expand
ing rapidly tha. Il viii require larger volume Of
currency TO meet the demand but the Of
ply have become and large, that there
isvery little probability of there being deficiency.
The annexed statement exhibits the quotations in
this market for the principal speculative stocks for
each day OF the past week and ut the cese Of the week
previous 1t will be that throughout, prices have
been steadily settling down.
uo1ArIess ron Tnn PRINCIPAL BToeKs ~ rng NsM