The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-03-17
MON EY M A II TX Il T.

During the past week the stock market has been In
very feverish, unsettled state and throughout the
tendency OF prices fer the leading fances has been
downward Most of the principal operators have
lately changed their tactics and have been large sell
lers time. The effect OF this prices will be
in the course Of another week. The revolution In
the movements of the individuals referred to has been
produced the present condition OF the
money market by the position of the securities ope
rated In, and by the high prices ruling The result
of the EQUATIONS In stocks generally which reached
Its cumin ating point about the third week In January
last, most disastrous to very many outside opera
tors, and that class Of speculstors have been so
thoroughly drained Of their resources by the decline
IN prices, that 1t will be long time before they
will have the means and the disposition to enter
the market again ~ buyers. The depreciation In
the market value of most Of the fancy stocks
has had . tendency to concentrate them In Wall
street. and the brokers larger holders than they
wsh to be- This in ordinary times favorable for
advaLce, as speculation generally common In the
start, and outsiders attracted by daily reported
sales at steadily advancing prices but indi
cations at present Of any such movement We have no
doubt but that several Of the leading fancss those We
have previously named possessing intrinsic value
considerably above current quotations will steadily
improve ~ the nason advances; but 1t will be
from the steady demand for permanent Investment,
On the other hand we look for steady depreciation
in the market value Of of the leading sncies in
those which have within the past six months ruled
ten and fifteen per cent above current rates. This
will be the result partially OF the concentrated efforts
Of the most influential houses in the street. but prin
eiraiy of the changes which have for sometime past
and still going in the productiveness of the
property represented BY the stock.
1t must be admitted by all who have occasion to
operate much in the money market that 1t 10 steadily
tghtenpg-that loans not easily negotiated in
fact that the obligations Of the immunity have in.
creased faster than the means Of payment. The re-
ceipts of gold dust from California have given great
impulse to enterprise of all sorts, and immense
amount OF new securities have been placed upon the
market Millions upon millions OF railroad bonds,
bank stock and every other desert ton OF Investment
imaginable have been and sales forced
at any srerihcs. This has PEELED the banks to ex-
psnd their discount line enormously; and the time
has arrived when those who favored wit sufficient
foreght to zee the approaching crisi pause in their
operations and prepare for the emergency. We shall
undoubtedly continue to receive from California large
r.mittsnc.s Of gold semi monthly not oftener and
chi pmeLts Of merchandise to that country have for
sometime pas. been comparatively modei ate the large
balance II trade betsern the Pacific aud Atlantic
may ultimately become more squalized but We
shall want all the gold Caiiiornis, or any other
country, tend u, to sustain the present
enormously inflated system OF credits. Cslifor.
mia has affected commercial affairs In Europe the same
wsy in this country but not TO corresponding
tent In England and France, the spirit Of emizr.-
tion & Cafor ia l. extending, aud large population
and large amount Of merchandise will leave Europe
this year, direct Tor San Francisco The immense
direct trade carried during the past two years be-
tween the Atlantic States and large and
mittsnves OF gold dust have awakened the people OF
the cid world to the Importance and value Of the trade
and in duced them TO embark in It, All this will bsne.
ct US We have had the fret product OF tde mines
Our people have become established In that country
and whatever transpres OF advantageous character
they must Of reap the richest harvest An
oession Of population and capital from Europe viii
rapidly deysope tbs resources OF pasidc pos
sessions increase their cree, aud extend tie 10.
nuence. into the renotes Of that territory
bordering on that ocean.
The most importsnt.opsTations IN the stock market
at the pres,nt time thS,e In Reading railroad and
contest il seins between the bulls and the bears
which must end, We think, In bringing out an i'm
amount Of stock In view the Desperate CON.
petition that w be carried throughout the season
u,t opened between the different com pane. engaged
In the coal carrying trade holders OF Reading railroad
stock in this market selling out fast they can
without depressing prices and the probability that
Anew weeks most Of the stock will b. owned 10 PHI
isdeipbis The sales here amount H. between three
AMI four thousand thares daily.
The Hartford aud New Haven Railroad Company
have declared temt annual dividend Of Ave per cent
Our citizens, at least those engaged in trade, have
long been burthvned By the tax they have been aud
are as Jet compelled to pay on what is called uncur
rent money Thi, consists principally the note, Of
banks situated in the part the State The
Law permits the sgent. Of thsse banks here or a. Al
bsny. to deduct on. bali Of per cent on each dol
lar Of theit notes redeemed Our city banks will not
receive these notes depo.te and consequently the
holders Of them, Who srs compelled TO reslirs cur
rent funds are obliged to sci. them to the brokers
at advance the half per cent Of ssne-
rally one.sishth per cent, making the total dis
count Eve sishths per cent, the brokers realiz. |