The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-12-15
SUNDAY, Dec 1A-e p. NJ

MONEY MARI EFT.
SUNDAY, Dec lA-6PM
During the pest week, there has been no movement
Importance in the stock market. Prices have been
pretty uniform and the about the usus
extent At the close Of the year. the stock market Is
usually dull and depressed and this year will probably
not DO IN exception. For more than six months the
SaDcies have been steadily accommodating in Wall
Outsiders have been gradually getting rid of their stocks
The brokers and regular street opeYators have
PEELED to take them they put upon the market
and, in the absence Of any demand out Of Wall street.
have been obliged to carry them Large quantities have
been hypothecated, and the banks full Of them
~ Is deemed safe and proper. This enables small ope
rators to carry large lots tosk but in the event of
sudden call being made fer loans such securities
there would be quantities efstoek put upon the
snacient to produce moderate sized panic among the
bulls This result has long been in anticipation but the
efforts to prevent such collapse have thus far been
successful 1t IL our impression that unproductvs fancy
stocks the market value Of which be less than
i've millions OF dollars held in Wall street. princi-
pslly By the banks, hypothecAtion. This h Q dead
weight upon holders which Is continually increasing by
the accumulation Of interest There stocks now
the market which have been for fifteen years the
foot ball Of specuators and the annual
addition to their cost in the shape interest the cur
rent value is considerably less than at that time The
market value Of these stocks at the time range.
fro forty to fifty cent below what 1t ten years
ego The probability is that ten years hence these fancy
stocks will not be worth more than they are at
this moment, and 1t possible they may be actually
worth Q great deal less Within the past year
several new stocks have been added to the list
which have absorbed portion Of the floating capital
and attracted 1t from the old cut fancies speca
son has been quite moderate during the present year
the effect Of which in the concentration Of stocks
This the invarsbe result of quiet times Speculation
distributes stock securities Of all kinGs The move
N ent Of stocks Is somewhat eimsr the tide Thew
have their regular etb and flow. Sometimes IL s high
toe in Wall street, when every place lie flooded with
ftocks ct other times II lie high tide out of the street
when outsiders full Of the fancies There Is ut this
time perfect deluge Wall rtreet and we fear that
ecme Of the resdens Of that vicinity viii be swamped
before 1t abates. There be some change in the
etoch market before the pse many days and we fear
that change will be Of unfsvorsble character tn
influence the brokers have been abe to control
brought TO initiate prices for stocks; il has beer
without avail and begin think that their power &
put up or put down prices not and grca
- they have had the credit Of The outsiders hold q;
power and control the market they please they
will only heep cool and avoid all excitement.
We have never heststed to present what in our esti
nation, appeared to meet the careful consideration Of
the comms rcial community and II in carrying out th.
OF enterprise too severely depreciste the npcr
lance Of another only say tbs fault is not charge
able to the judgment exercise but the pisps
which are presented by the managers Of the dnereD
companies before the public. We present and compar.
facts and Statements ss they given, and having
done, esn,lusious must pass for their worth be they
what they may. One thing however most cerain-ia
al where the officials Of an Incorporated com,
psny openly enter the market speeulators in the
stock and securities CT that company, have,
and ever sha, condemn them in the strongest term.
The advantages which they posses. enable them Il
operate sxclusively, and Of more surely ant
probably, than those with whom they deal 1t is II
us Of no Importance whether the value Of any
stock rise or fall nor, except through some cornerni
operation do we think that any influence can be intro
duced to change the natural course Of events Bat
when We zee state Of unnatural imitation inconsistent
with the condition Of the money market then we arr
Led TO the conclusion that there be appliances
produce such anomaly. which ought to be probed
In connection with this subject, 1t would be we'd
enough TO inquire In whose hands and under what con
o the large amount Of receipts which ought 10 have
been set aside for the payment the January interest
and the ADxously ooh.d for dividend Of the Erie Rail
road Company and whether the whole any part Of the
eompapys lie, has BEEN employed to sustain
the speculative stock movements Of the cornerng comb
nationl W. would also like to be informed why and
by whom an informal meeting Of the directors wa.
assembled to pronounce, BY anticipation sixty days be-
fore the termination Of the years business what diy
depd would be declsyed and whether such Informal pro
ceedng BE- not contrary to all practice entirely n,on
s,tsnt With the teligsnce and integrity Of regular bu
rsss transscons9 We have yet seen the report Of
this company to the legislature but we hope they have
given fun history Of their nsch negotiations and the
amount Of their several indebtedness; how the same
l.tf ,rth
the completion Of the present laying Of second
track the nature Of their contracts with the lateral road.
with the amount Of such capital on Viii n they
have to pay dividends and summing the entire sgxre
gate capitsthe amount the solidarity Of the securities
On the makst To the public u IL matter Of import.
tnce that detailed statement should be preseuted
that the breadth and the depth Of the receipts nebt
sdness and the expenditures should be plainly reported
There can be good motive any conceaments and
whatever dissusss put on must and will eventually
pfcduce distrpst
special meeting II the Nc-thern Railroad Com
pany' nea ~ hese ~ H. the directors were authorized
Fsp' Eve thousand Eve hundred shares Of new stock
NJ tlcO per share and to give 10 the present stockholders
who subscribe for them privilege Of converting three
old shares Into preferred Fix per cent stock for every
new share thus taken by them. In other words, the
f ders Of three shares old stock by paying one hun
oTeu o"Are fVr new snare Will receive new certificate
four shares cf preferred stock The object Of the nes
sue TO rsy all the debts Of the company bonded aud
Heating which mature within eight year. from this time
IL s suppcsd that the whole Of this preferred stock viii
be taken the terms proposed aud that dividend will
Re paid on Il In January
Several applications have been made to the Auditor Of
the state Ct Illinois fer authority to do business under
The nav banking law recently approved by people Of
that sts;e We have no doubt that there viii be q.
many banks in Llnos toe end Ct I've years there
nov in New Jcisey