The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1850-01-01

In the hands Of the brokers and have been Nth mnch
difculty maintained with Ill the aid and fAsil
les Afforded by easy money market Upon the
opening Of the peent year Cal fornis gold excite
msnt had just commenced At that time, II vas sx-
pected that the receipts of gold dust for the year
would amount to twenty thirty millions Of dollars
and the most sxtrsvsgant sntcipatons were formsi
relative the richness and probable produsveness Of
the gold mines of California. Emigration commenced
early in the year, and is estimated that up to this
time eight hundred vessels and full eighty thou
ssnd people have left the United States for San
Francisco and the gold mines Of the Sierra Neya-
do An immense quantity Of merchandise has been
shipped, and large amounts Of gold and silver,
In coin, have been sent out for the purchase OF
gold dust The returns have not been SO large As an
tcipsted, and public expectation has become very
much moderated. Instead of the twenty to thirty
millions calculated upon only about millions OF
dollars have been thus far received, amount but lit
tie anything in of the sum sent out In coin
for purchase OF dust and taken out by emgrants
to meet their current expenses. In relation to the
productveness of the mines there appears to be but
one opinion which full favorable as first formed
The deposits doubtless nexhsustble but the labor
required obtain the glitteriDg exceeds thu sens-
a cpstions, and has sorely disappointed thou
lands who have ventured their ell upon the movement
Last year at this time Of thousands who nov
dust and suffering great privatons, we're among in
the enjoy ment Of plenty. Hundreds who have within
the present year family and friends for the rapid
accumulation of fortune in the FL Dorado, have
found early grave and are numbered among those
that were In the most favorable light We can
at this moment view this movement, We see more dis
appointment, more blasted hopes, ruined oonstitu-
tops- sacrifice of human life, and misery,
than anything else and fear It will be long, long
time before the benefits derived from the discovery
of gold In California will Offset the many
already experienced As regards CALIFORNIA; sfore,
the year closes very different from the opening. IL
commenced with the public mind highly excited, aud
every filed with high hopes; 1t closes gloomy
enough to those who have lost fortune and friends
while in the pursuit Of that which In almost every
proves the root of all evil. What another year will
bring about In relation to this Mt,
fsresee, and no one feels disposed to anticipate
In consequence Of the bright prospects created early
in the year by the from California there
speculative movement to extent In stocks; but
It not long lived The fancies fuctusted consider
ably during the months of January and February. In
the early part Of April the fanciss began feel tho
effect Of very tight money market, and prices
with ID niculty maintained. As the month advanced
holders OF stocks found up hill work carry them,
and the bears came Ia for their turn at the proits
The month Of May opened with very active demand
for ney and very limited supply but fancy stocks
did not recede much In prices holders were anx
iousIy looking for change in their favor Operations
became very much reduced, and spectators very
in the street Outsiders exhibited disposition
to realize In anticipation OF dull market during the
summer and the appearance Of the cholera dscour-
aged holders generally. June brought easy money
market, but no improvement In stocks. The epidemic
prevailing at that time, induced outsiders to CLOSE up
their fancy stock operations aud place their fands In
sound dividend paying securities previous to leaving
town for the sckly and all kinds Of ungusran-
teed stocks became almost drug The bears
sellers and notwithstanding tho largo receipts OF gold
from California prices for dividend paying stocks
steadily declined While the fancss daily depreos.
ting In market value good stocks aud IL
about the fret Of July that the public mind
esme 20 strongly prejudicsd against anything In the
shape Of fancy stocks Outsiders entirely neglected the
fanees, and either placed their funds deposit In
bank invested them In and State secu-
rifles The quotations current ut that time for U.
stocks, show the direction In which the public mind
turned In August holders OF public stocss exhibited
disposition to realise In consequence Of the high
prices ruling, and the transactions were to sems sx-
tent Since that time, quotations for nearly every
stock on the list have been settling down. o.
cssionally Of the fsnoies would get . gslva-
mic sSsck and advance three or four per cent;
but II would after fall back, and relapse into
dormant state. The bears during the present year
have made money; mean those who have been con-
sistent, and sellers OF everything Of the fancy
order Since last June the bulls have had hard time
and many Of them must have been seriously crippled
In their capital During the past six months there
has been great revolution in the public mind rslA-
to the present and prospective value Of fancy
rites, particularly subterrsnesn railroad stocks We
class ell railroad stocks under this head which
completely covered up with preferred stocks, bonds,
other evidences Of debt TO be invisible and al
most beyond exrication Capitalists avoid such In
vestments and outside operators Of moderate means
who generally the mot reckless desperate specu
stors do not deal In them 90 largely % In times past
! They have been burnt 20 often that It IL with the
greatest difficulty the street bulls induce them to
purchase the fuser class. From the appear
Of the market at the close form salts
6actnrx Amman Of xhat turn Kill TAXA unon The