The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1850-11-25

During the week just closed the stock market has
been without that animation noticed In weeks pre-.
yious aud there is not much doubt but that the
ket is about realizing revolution. In the opinion Of
experienced fnanciers money within the past week Is
considered to be rather dearer and the supply not
much in excess of the demand it has been The
continued arrivals OF gold dust from California have
not eensby increased the volume of the and
there appears to be disposition on the part Of out
sieers generally close their accounts for the
son. The tonesof the stock market, which, couple
weeks since buoyant and elastic, has become
heavy and feeble The high points touched made the
market more susceptible than it otherwise would have
been, and the reaction has come sooner than we
anticipated. The change in the money market
is the principal cause Of this but another, aud In
this market rather important cause Is the way in
which most of the fancy stocks hsld-thei- con.
ceptration in the hands of few holders the dan
ger Of large lots being forced upon the market at
wv dull season Of the year. We about entering
upon the worst Of the year for fancy stock ops
rations. The earnings of ell railroad companies
during the winter are comparatively limited ana the
probability is that with the discoura cement of small
holders and the inability of large holders to carry
their stocks through the market will be well supplied
with shares and purchasers will have opportunities of
getting whatever they want ut prices per
below those current. The prospect of large divi-
dend some of the leading railroad stocks will with
hut that larger lots will come upon the market i'm
dstey after appears pretty certain The anticipation
this has get the bear party in Wall In actvemo
ton and the anxiety to put out contracts SELLERS
option at the present high state the market hasre
Gently considerably increased Holders railroad stocks
are too apt to suppose that any dividend paid Is
much clear profit and frequently in the face OF
falling market, will hold on for the dividend and
sell Immediately after its payment. Railroad stocks
iuyar fall fIll ths dani
paid and there Is therefore, nothing gained by
holding on, but the contrary frequently uch lost
for those stocks which have been largely inflated in
anticipation of the declaration of large dividends
have, as soon as the sole OF the aiTance
disappeared rapidly deprecated, aud those who had
eye solely TO the dividend, have upon realizing,
been compelled to submit to serious losses This
season may be exception There are more IA
cilities new for carrying fancy stocks, and many
stocks which have heretofore been considered
the most worthless fan cies, have improved SO
much in actual value that they be hypothetical
upon more favorable terms with comparatively mo 10.
rate margins This enables holders of limited
10 carry larger quantities of stock ana prevents in
measure, enormous aud ruinous sacrifices which have
heretofore closed season OF speculation.
The railroad stocks In which there has much
speculation this season, have become too much con-
csntrated; they held In too large lots, at high
prices and they must either be held By present
for permanent invest ment sold at q depreciation
1t is almost mpossibty to draE in purchasers
for socks generally, at present prices There
whore purchases would still pay handsome profit,
where Investments can be made at present prices
that win Jie.d COED dividends but they are extremely
rare and must be cautiously sought out II is at any
time unfortunate condition tor any fancy stock to
become too much concentrated These securities
net be too much distributed to give them that seti-
witty to produce huctuations In the market
value and to put in motion, from time to time
all the elements of speculation, The moment
the bulk OF the capital of any fancy stock gets into
few hands IL becomes dead, and not until IL has
been again well scattered, does &c exhibit any
signs Of life. This Is the cause OF all the fall
urss and explosions Of combinations made for cor.
norirg any particular fancy stock, and II Is copge-
qusntly i'm possibility for any such compact to
esed. movement Of this kind is at this moment
going on in Erie Railroad stock and the parties
gagged sure to be defeated They may, ~ their
hold out, bleed the bears pretty freely for
time but the result will be that the combination will
ind Themselves ssddled with quantity Of
stock and market for selling It, They will therefore
either be compelled to keep It, or create market by
letting prices down fsiently to attract purchasers
This is cur watch for the result 1t Is
learn the intention Of those engaged In this cornerng
movement, TO carry the stock TO par some time be-
tween this and the first Ct May next. They may
volved in q mort desperate undertaking, the
Accomplishment of which is almost impossbility.
IL 10 impression tina. ths stock Of the Reading
Railroad Coppany Ia bscomngto Toe sh concentrated
for safety. and that II any Of the larger holders
from policy compulsion realized prices would give
way. Morris Canal Is 20 held that II any Of the
cliques holding several thousand Ghares suddenly
sold cut prices would deprsciste several per cent.
Several other fancies similarly situated; aud Il
will be seen that the all holders at the mercy Of
the large onesthat prices regulated entirely By
the movements Of those who hold a majority Of the
stock This IL always or leSa the case; but at
this oment it Is particularly This Is perhaps no
reason Why holders should realize and leave the
market entirely to the big fsh n they have confidence
in the securiss and satisfied that they must ult
mstely be productive; but they hare not that faith
and doubtful about being able 10 carry them through
the dull season the they realize the better for
their pocksts. The market may not give way so much
OF so soon as we anticipate; but u looks now
though permanent reaction Of some Importance wa
close st hand
The gross receipts Of railway tram In Great Britain
for the week ending the 9th inst, 5,sl6 miles,
amounts to case 743 los. I'D, which Is equal TO as
&c. I'd. per mile. Last year. for the corresponding
week, on Isl miles the trafc returned at f225
$40 giving average OF sea 15s 7Kd. FER mile The
sxcess Of miles this year amounts 10 Te5 while the
apparent decrease In trse IL emily 12s I'D per mile
The rroes trahc reported since the 3oth Of June
bs34 miles amounts to G47Gs Ti7 being equal to sOT
2s bkd per mile. During the corresponding period
Of last yssr on so37 miles the trac returned at
fAo6l set, averaging fso7 las. 1is{d per mile