The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-07-23
C0MMERCIAL AFFAIRS.
MONEY MARKET.

tvity which have noticed from day to day for
time past. Speculation is dead and nothing appears
likely to revive it, There is very little doing in the
way of and holders stocks are ell an xous
ly looking for opportunity to get rid Of them. So
far fancy stocks concerned this surprising
and the advance OF two three per would bring
upon the market thousands Of shares which are at
present quietly resting in the hands Of brokers.
number Of years have elapsed since the public have
participated to any extent in the buying selling o.
reproductive securities; it is long time since the
outsiders have been drawn into the combinations and
schemes Of Wall street SPECTATORS and 1t will doubt
less be Q long time before they again become so wild
and desperate. The explosions of past years have
opened the eyes Of men the brokers find the load
of stocks upon their shoulders too heavy carry
have exercised all their ingenuity to draw in others
to share the burden. Thus far they have
csssful; aud the Developments which have recently
been made relative to the position and condition Of
the leading fancy stocks, have by improved
the prospects of holders. The truth Is the public
have faith in the statements and reports Of the
sponsble men connected with the financial affairs Of
these companies. They have been frequently gued
with favorable reports endorsed by the respec
table boards Of directors that they have lost what
little faith they had, and appear to have . perfect
horror Of them. Nearly every outside Spectator has
very distinct recollection of some heavy loss
of these fanceson operations into which they were
drawn by the most fattering statements and by the
strongest assurances that there possibility Of
losing money; and it is not Astounding that they
cautious and look with suspicion upon every state
ment put forth in faver Of any fancy.
1t is sufficient to look at the result Of the specu-
latve movements in Morris canal, Norwich aud
Worcester, Long Island, Harlem, Canton Company
and a dozen others, to deter any ono having
anything to lose, from touching anything that
has the slightest faint about 1t. There is not
single fancy stock in the list that lie worth this mo-
ment what it is selling at that is pretty certain but
is difficult to tell what they really worth. Enor-
prices for these stocks have been obtained the
publication Of reports, manufactured for special pur-
poses by responsible managers who gave them an ex-
tensve circulation, aud thrust them down everybodys
throat. Time has proved, beyond doubt the entire
falsty Of these statements, and people have become
surfsted with them. 1t is fsid burnt child breads
the Ore and the maxim be applied to outside spseu-
ators in fancy stocks Years have passed away aud
improvement in these stocks. They drag along
precarious existence without scarcely the shadow ofa
chance Of being rescued from hopeless insolvency What
Is there to attract outsiders! What propsct there for
any improvement In prices, beyond per cent two
the result Of sckly effort Of holders sculations
for rise have Invariably been fatal purchasers the
bulls have been broken and again ut this
moment be found all Wall street the pro-
the paper they are written on.
The most recent break down In the list OF fancy
stocks in Reading and Is only about six months
since that collapse took place That bubble inflated
by the Of the respectable and
Ponslibe managers Of the company endorsed by commit
tees Of investg alton composed Of the most innuen
and most distinguished members Of society, and by
statements put forth known to be false In every psrcu
lar What the RESULT The ruin long predicted
l. - 81.
these results. II does require any great disc
mnation to arrive at correct conclusions in regard to
the operations Of such 1t clearly be
how theee movements must terminate that 1t 10
. matter q astonishmcut to that many are
caught In the trap set for them The bait il prety
gnded but the hook is not completely covered.
The Reading Railroad ompany was bankrupt years
before the collapse; notwithstanding which, the fact
was so much disguised, that thousands were caught
There other railroad companies this moment in
the POSITION and 1t Is difficult to open the
eyes of the public the fact regard to the Read
Ing The managers Of these companies have to pursue
course. TO cover up their insolvency, OF the
ruinous cbsractsr and after several years Of such
difasrous opersons they leave the stockholders the
shell remnants OF the property placed In the
hands Of the directors Every knowing how rapidly
individual, doing losing business, falls la arrears
frem the mement he obliged to submit to the
Ione OF can rome lota Of the rapidly
with which large and overgrown railroad corporations
managed by the moet respectable and Of
the present age become involved when their earnings
fail to pay current expenses The Reading Railroad
Company was. for a long time sustained by .
course Of policy which has parallel In the history
OF incorporated institutions In this country and We
venture the assertion that there are other railroad
companies apparently at this moment in n prosperous
condition, hopclessly bankrupt and destined to ex
! perienee similar results.
The absence Of speculation IL evidence tina, tho se-
cond sober thought Of the people b at york. that the
public have confidence In the respectable aud
sponsble individuals who compose the boards Of drec-
ton In Incorporated institutions generally and can no
longer be deceived by polished statements and reports
manufactured to order. They demand fact. but
ind II exceedingly difficult to get them. Facts would
ruin nine out Of every ten incorporated companies In
the country and the managers therefore extreme
ly cautious how they let them trsnspire As We re-
marked in the sculstion Is dead The
presence Of the cholera has however very little to do
with IT, fthst should disappear buyers would be
Ing and there would be plenty ofelers Quotations for
stocks maintained In anticipation Of favorable
change In the health Of the city when that desirable
event tstcs place. of hope will doubt
le.s, be discovered. In The time all the great
bubbles are beeoming rapidly inflated Railroad bonds
ere manufactured by the ream; millions are in the
market for sslei and ss the money market improves
extensive transactions made without any psrticu
lar regard TO the terms This IL oil very we'll for the
present aud apparently very smooth sailing Bat
I out for breakers one Of these days
Our views rclstve TO the incorporated companies
Of this country entertained by the soundsst minds
in the oountry and every day We have evil
dcnee Of this fact and every day discover some
foe sdhering TO the opinions expressed
I ,b~r. hsa h..o
have been hundreds unsueeessfuli and where stock
holders have in Instance realized anything their
| investment, they have In thousand cases, been
rwindled out Of every farthipg and far have
been able to investigate these svndling concerns We
have discovered that men OF moderate means have
/ Invariably been the losers People With small capt
tails are tempted with large vdends TO invest These