The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-11-07
FINANCIAL AND CONNER CIAL



The week Just closed has been blue among the
bull stock spectators of Wall street The fall in prices
has nominay been small because the fancies have not
been pressed for SALE except of
pulson Great sacrifices have, however, been de to
keep stocks out Of the MARKET rather than submit to-
perhaps greater sacrifice by forcing SALTS This cannot
continue for any time longer without most serious
sequences Money to be getting tighter and tight
daily. The banks steadily pursuing the contrac
ton in all the leading departments, and relief
to the endorsements which all classes engaged in bust
daily experience. On the contrary the Difficult
ties daily increasing, and every failure adds heavy
weight to the previous pressure. With expectation of
specie varying from to two millions of dollars per
week. from this port alonewth contraction in the dis
count line of our banks of about two millions per week.
in the face of such expansion of private
credit-wth rapid reduction in the deposit balance of
country banks and of indivduals-wth general
distrust in the public mind, and steady
enlargement Of the list Of faiures-it is not
at all likely that shall very soon emerge from the
darkness which now surrounds all financial and COM
mercia affairs Those most involved in the doubt and
uncertainty attending operations in tho stock securities
of the day. will feel seriously the of confidence and
the difficulty realized in negotiating them Stocks and
bonds which few weeks since in high favor, and
loans which could DO easily and satisfactorily
far raising money is concerned. The amount
Of this class of securities which for many months
floating about the market has absorbed the
Of certain specializing banks bankers aad brokers' that
they have available left snd have therefore been
compelled to stop payment and take time to clear away
the wreck Railroad bonds, and bonds issued by corpora
ons for railroad purposes have besn the bane Of capt.
tasts and they likely to bring about results dis
astrous to public credit to that of individuals De-
nquercy and reputation the part of corporations
much to be dreaded than the part Of Individuals
1t is more fatal to national character, and
perence shown that recovery from prostration Of
public credit much slower and much more difficult than
when individuals are concerned.
The failures reported yesterday Of the 0wego Bank,
N y the Bank of Massillon Ohio, and bank ia Con-
necticut caused directly by their connection with
OF eratons in the different classes of railroad securities
The failure Of II. Dwight Jr, the banker broker, and
rail- DAD constructor carried the institutions named above
down with him. They were all in the same boat, and
the same wave swamped the party IT reported that
Mr. Dwight has ypothecated In different banks in Wall
street upwards of two hundred thousand dollars of bills
issued by the Connecticut bank referred to- all of which
must now out. This gives pretty good idea of
how deeply Of the country banks involved in
the system recently adopted for the extension Of Internal
improv ements That the country banks generally have
been largely extended in their operations is shown the
way they have drawn down their deposits in this city
They have aured every dollar Of their available
to meet their liabilities presented and it is i'm
preston that many Of them are weak and shaky We
must look out for squalls from the North and West
In community there is likely to be trouble
enough There hundreds Of mercantile houses in this
city ready any moment to collapse aud if they escape
this time, it will be miracle Spectators in fancy
stocksthose who have purchased largely at high prices
for rise-ars in dangerous position and unless an
important change Is Immediately realized in the money
market we would not give penny for the profits. The
following table of transactions made in Erie Railroad
stock since the 9th Of September me buy ers option
sixty days, will show what position purchasers in
and the margin between prices sold at and those current