The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-02-11

II. N.
The stock market has been for some time past
on the back track and all the elements indicate one
Of those Important rerusions for which Wall street
has been celebrated Tor many years The Wall street
banks have fed the speculative excite mcn OF the past
year, TO degree almost without parael-at this mo-
ment they are extended beyond any former period
Their large dividends show their imprudsnt use %
capital Their large depostes are at this moment r..
presented by railroad bonds and stocks and sudden
call by depositors would lead to contrastion the re-
suts Of which would be felt for many months. Among
the csues which 60 prove that the change will
be more permanent than generally expected, are-hrst
the evident falling Of dminuton, Of the Califor.
mia fever The tide of mgraton checked an there
lisa growing dsbeli,fin the continued power Of the pa.
GERS to yield they have done Second The iucres.
ing value Of money in England and the disturbances
In the silvsr markets Of the world A silver d.ap-
pear. from circulation gold takes Il. place, and .
larger amount viii be indispensable to facilitate the
operations Of credit Third-Ths abstraction OF silver
frcm the West and South has caused large de asnd
for geld In this city. large amount Of money Is
owing TO the South. Some - 900 000 have been ex-
ported TO New Orleans since the LIST inst 1t viii re.
quirs Geo to 81 600 0oo to pay debts aud set
tie the exchanges. Money Is nov worth from Il to
per cent per month in New Orleans aud IN ST. Louis
fourth-The prices Of United States stocks State and
CITY SHOCKS, BANK and insurance stock aud railroad
stock and bonds, still too high. The appreciation
within year has been enormous, and the amount
held on speculation Is beyond calculation. The
amount Of railroad bonds alone negotiated in New York
within one year, would pay the debts Of Illinois In
dians, Mississippi Arkansas, aud Missouri. Filth
The fancy stocks Of Wall street have been engro.sed
by a few brokers. The rise within six months, has
no doubt placed under the centroi OF the brokers "a
Geo shares Of Erie Railroad stoek $1,000 OF Res ling
Railroad, the whole capital Of the Canton Company
the Long Island Railroad Company the Morris Canal
and Baking Company, the Harlem Railroad Compa.
ny, and many others We have examined attentively
the LETS Of stockholders in nearly all the above named
companies, and We know this to be true. There are
many other causes operating at this time, which
clearly indicate that the depreciation in prices
yet continue for time. The excitement has been
very great, snd success has been very general. 1t
now remains TO be seen who will be able to strikes
favorable balance Cashiers, presidents, telers aud
book keepers Of banks merchants and merchants
clerks lawyers doctors tailors and tinksrs have all
lad a crack at the stock market. In fact there is
scsrcely man In the community who has net had an
interest In the movement In expressing the hope
that the banhs-the great propagstOrs Of the present
stateof thngs-ril get ,oundy whipped for their
duet, We think We are only echong tbs sentiments
Of many thousands Of good substs initial citizens.
At the frt Board to-day, the market was very
much depressed and thing. looked pretty blue for the
bulls. Erie Bonds new, fell Of y per cent Erie In
come Bonds Z Morris Canal 4 Portsmouth Dry
Dock y Canton Co. 1 Erie X X. as Farmers
Loan Il; stonirston "a; Reading II. n. Il Harlem y.
There was more enquiry for government and State
stocks, while transactions in The hnsss we're more