The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-10-20
FINANCIAL AND COMMERCIAL


proved unoanded and prices partially recovered
In the ee the leading fancies fell two and three per
below prices current at the board, and few pur
ehass appeared that depreciation As the fact
the position Of certain houses became known,
the panic alsyed and at the second board the morn
ing's prices sustained.
At the board, New York Central Bonds declined x
per cent Erie 1871, u; Erie 1862, X Michigan New
jersey Zinc, Vi Pennsylvania Coal, l; Cumberland -
Parker Yein X New York Central Railroad IL; Panama
Railroad l. Erie Railroad 2h Harlem, Ia; Stonngton,
l. Reading Railroad, j; Hudson Railroad, New Ha-
Railroad, q Sixth Avenue Railroad, 2 Potosi Lead
advanced "a per cent Florence and Keyport, -. AT the
second board Cumberland Coal fell of 4 per cent Par
ker vein NJ Erie Railroad, ~ New York Central Rail.
road improved per cent The business this afternoon
was only moderate extent but it was principally Tor
cash. few panics in Wall street, similar to that
of TO- day. would sweep Of the ancies entirely out
Of existence 1t is really astonishing to that there
are not more failures among stock spectators The fall
in prices has been enormous The loss must fall out OF
the street. The regular bull spectators of the board
outside board could not have sustained themselves in
the face Of such great and rapid depression, had the
differences been their account If the commercial
classes the brunt Of the depreciation in the
market value Of fancy stocks, it must weaken them
tsrially and may account partially for the financial
embarrass ments and difficulties under which many
aboring.
The steamship Asia from Liverpool brings three days
later intelligence from all parts Of Europe. The political
events important The last despatch from London
Liverpool prior the sailing of the steamer confirms the
announcement that the Sultan had declared war; and
would proceed 10 heses unless the Russians evacuated
the Princpalities within four weaks The financial ana
commercial advces continue about the same.
We have change to report in any of the leading
markets Spectators breadstus must be sadly disap
POINTED the complexion of the circulars We notice
general advance in the Of interest the Continents
and relief in the money markets.
At the mining board to-day, the sales
tent There appears be active demand for Ulster.
500 shares sold al "a per cent 800 do "a seller 80 days
200 Phonix Gold, at per cent.
The steamship Arabia from this port for Liverpool TO-
day. carried out ST. 2l9 23 in specie principally in gold
ingots.
The City Rank of New York has declared femi annual
dividend Of per cent the Merchants Insurance Com.
paDy of Boston, semi.annual dividend of 10 per cent
will be by notice inanother column, that there
win be sold at the Exchange at auction Saturday by
order ofsssrs Jacob Little Co., 5000 shares Delaware
and Hudson Canal stock and $4,000 of Illinois Central
Railroad bonds. This is decidedly feature in 6nan-
cal affairs. appears that parties who have bypothe
Gated stocks call loans find it difficult to realize
certain securities at the regular board called upon
to lquidate and have therefore been compelled offer
them through some other channel. Sales at auction
generally attract outside purchasers and the number of
buyers not restricted at the board of brokers' If
this plan Ia generally adopted shall have wider
field for investment opened than capitalists enjoy
and many securities not usually operated in here win b
attracted to this market. Some prominent auctionesr
might make this an important branch of business.
II the capitalists of Europe have better advces re
tive to financial movements this side Atlantic than
here calling themselves bankers they in fair way OF
being drawn into speculative involving serious
losses and the revival Of all those preudices against our
securities generally which few years since were
prevalent throughout Europe. As sample of the infor
nation conveyed in those circulars annex an extract
from one signed De Coppet Co. cotton brokers' we be-
heve somewhere in the lower part of the city :
The unfavorable from london and the Europsau
Continent the unexpected failure of heavy jobber in tho
funds and railroad bonds in consequence of excessive adj
vances, the articles published by certain INSCRIPTIONS
daily paper in relation to the pretended eray of Ger
tain values, written with purely speculative object
and the prolonged and constantly increasing scarcity OF
money have suddenly produced lack Of confidence long
unknown IN our market and have stoned great aga
ton there for two three days past of
this fancy (or speculative) stocks have experienced
heavy decline stocks upon investment have found but
few purchasers and have even in many instances been
forced to sale at very considerable reduction Of price
Our quotations for this circular will necessarily be in
many cases, merely nominal.
To- day the movements Of market are already camer
70 have ,Ss S n
gaining ready resources and inclination profit by
the fall Nevertheless extreme caution is observed in al
transactions especially in the comparative values of
the industrial and railroad companies. The effect of this
will be the postponement until propitious period
the execution OF new enterprises and the applicable
Of all dispoabe the completion Of the lines
yet remaining unfinished Whatever NAV be the tempo.
rary difficulties that await some Of these the brilliant re-
suits presented by Of the completed lines are such
TO strengthen the conviction that the present fall of
inf Tho
alreacy finished or IN position TO have available
revenue.
Here fine story for European capitalists to ponder
over If any are deceived by the statements here made
they gullible than are disposed to believe
Now it natural enough for those VIII, deal certain
classes Of securities to give them good name, AID in
duce investments to great extent possible The
class Of securities referred to bear such character in
this community that shrewisst capitalists viii not
touch them and certain parties. who have become deeply
involved with them, have been compelled TO suspend
payment In times like these they available
than much blank paper, and those no have pur-
chased them at any price find them q heavy dead
weight to carry. The bonds issued BY the cities,
counties and towns Of the West 10 aid in the construction
Of railroads in that section Of the country Illegal and
movements have already been made to prevent the levy
Of taxes to meet any accruing interest In several In
stances the amount of bonds issued by towns greater
than the aggregate value of real estate within their limits
and the most reckless system has been pursued in nvov
ing corporations in the construction Of railroads. when
not the slightest benefit appeared in the prospective
All may 90 along quietly smoothly enough long the
railroad companies continue to pay the interest on the
bonds issued for their advancement out Of the
ceved by forced sales at auction So long holders may be
humbugged by the statements Of those who act agents
Of foreign capitalists but the moment 1t requires direct
tax upon the people to pay the interest," there will be any
quantity Of reputation, delinquency &c.
is firm conviction that not the first Of this
tass Of bonds will ever te PAID, II the ctedt ef any Of