The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-12-21
Com ERCIAL AFFAIRS,
MONEY MARKET.

those who have been governed accordingly have es-
capped heavy losses The idea innatng prices fan
cy stocks is perfectly preposterous and those who are
foolish enough to invest their capital in such things
deserve to lose good part Of it, There any guam
tity of sound safe dividend paying securities on tho
market, that pay fair rate Of Interest," and II any
one has more money than he knows what do with ip
his business let him invest IL In Of those stocks
where he can get again without submitting to enor
nous and serious sacrifices An entures
veral thousand dollars in fancy stock speculation
ana as soon as the investment is made he begins to-
pgure up his profits rise of two three per
nothing; and In the event Of such advance taking
place, the holder refuses to realize Suddenly the
market turns, and prices rapidly depreciate the
prospective profits wiped out aud the
holder begins to look for q loss He fails to,
sell at tie first dip below cost and fnally real
ICES at loss Of several per cent This is the course,
and the result Of the fancy stock specusons Of
side operators In ninety nine cases ont Of every hun
dred. The great difficulty is in refusing to make pro-
fit when be made
The Wall street bulls and bears have about the same
object in view Neither the the other have any
faith or confidence in fancy stocks and the only diff
ference in them is that the bears sell for the
of purchasing at deprecated prices while bulls buy
for the purpose OF selling at higher prices Tho bulls
are sort ef retail operators, and pedde out small lots
to while the bears wholesale dealers and
are, among brokers, what importers manufacturers
are among merchants The only additional value fancy
stocks obtain after leaving the ands of the bears "a
that put upon them by the bulls in retailing them out
to customers, wherever they End them Amidst
all the ramifcations Of all classes Of in the
street. the outsiders generally get the worst of It, In
past years, when the spirit Of speculation was 20
rife, no one paused to reflect moment relative to the
value ofany stock every for the time derangsd
and 1t therefore matered little whether they we're buy
Ing or selling any thnehavng any actual veas or not
Everything, at that time had market value and that
answered every purpose As a the public began
to realize what shadows they had been pursuing tho
bubble burst and not vestige left OF the uagnia
cent structures created and the splendid plans perfect
cd Tin the minds eye), by which all were to be made
rich at once. We live now In different age under g.
different planet, and are altogether different kind OF
people. 1t is now utterly impossible to get up any
speculative excitement There Is materi, to work
upon no one apparently, desperate enough to lead
theway; andh even such movement were made, there
would not be followers enough to give It strength.
The time has gone by and IT win be long time before
the public mind can again be brought into such de-
fusion.
During the past two years money has been unusu-
ally abundant Good short business paper has sold
freely out OF doors at rates ranging from Ave to
per cent and call loans have been made on stock Sc
curities at four per cent We have had gold pouring
In upon us from California during the past twelve
months-have had extensive demand in Europe, for
our public stocks at high pricesa great improvement
In prices for our great exporting staple ana host OF
other things oil tending to increase our wealth and
add to our prosperity standing which there Is
not the slightest Indication OF q speculative move
ment-not the slightest deviation in all our CONNER
cis operations from the legitimate line OF trade The
hct is, cur products have become 40 enormous that
thew 10 aimo,t ont of tba ,r
fpeculators This remark is literally as regards
fancy stocks and shall sl the additions made FROM
tine to time, In the supply Of these subtsrraneau
curities more,a year or two hence, than we do now
There Of these securtie, nov pressing upop
the market than we have known a. any time within
the asten years and holders are lees able to carry
them. II Is the rapid increase Of such worthless
stocks, and the limited confidence the public
have in them that has forced into the street
such vast quantities, ana prices soon fad their
proper level Where that level Is have not the most
remote idea but u viii probably be great many pet-
cent below Iresont prices Our good stocks have in
creased 80 fast during the past three years that
they have absorbed i'm amounts Of capital: and
although money IA plenty enough ana every one an.
pears to have little, di posed to take
hold Of any hlns that does hold out the vsry bss
and the strorget prospect Of sure and profitable re-
turns Il has been the universal remark in Wall street
have money TO lend than vasever known before This
true; and texhbits the most fact that
people would rather lend their money upon uudoubts
security at even moderate Of interest than med
ale with fancy stocks or anything else having no real
value and run the risk CT lorg the whole OF their ca
ptal 1t to this change Ia the public mind psrtic
uafy IN those who have capital that attribute the
present healthy condition Of our nna ncia md ercau
tile matters and long can keep on speeuatior
be at IT,. ..Kf.
any FERROUS arrangement
At the first board, to day Reading Railroad fell of v
Per cent Eric "a, old, -; Erie Railroad 5 Farmersy
Loan ~ North American Trust, IL; United Slater
y 1905 advanced per cent. There appear, to be as
much fancy stock Ia the market as when prices were
four or I've Per cent higher and ere appears to be
Just az mech anxiety to get rid Of them ~ ever The
bears have been pretty large purchasers within the past
cay or two, and the market has been In measurs sus
'anea by the demand from that source. At the second
board there were moderate sales Of Reading Railroad
and North American Trust at prices current IN The
mornings but the market closed weak and fsve,,,h
The receipts at the Office Of the Assistant Treaur.r
o. this port to-day, amounted to $4s 652 o. paymeut
s2o1s4 % balance, 1899 $50 Os
Inc value OF merchandise imported into the mort Of
BOSTON Tor the month Of November 1sIe was
'gsinst Sl,e6s 200 for the sane month IN 1915 Tbs
'mount OF duties In November 1912 was s3i2s3l: No
fomoer, lsiS, s455,T52. Decrease In November 1870
s1l2ols. -'
Inc Boston money market is tightening The STREET
as interest have advanced and the best paper 10
Negotiated With difficulty at q 10 per cent stocks
nave become inactive aud prices have fallen Of The
corner IN Norfolk County Railroad which at one time
nt'sshed TO ruin the bears, has broken down sns
pces nave faen from forty down 10 twenty nine ner
sent Inc biters have been bit; and the bulls will bs
more osrefu for sometime to come how they attsmpt
. Initiate worthless fancy stock This Is invarsb,v
ne result Of cornerins operations in the fance and
peeuators In this market have for several years p.st
lad TOO much sense to become involved in them The
'on brokers hsvss great deal to learn before thew
ind out the folly Of fancy stock corners.