The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-03-09
FINANCIAL AND COMMERCIAL.
Ely RK r II.

TUESDAY, March SIS P. M.
There was q moderate sized panic this morning in
Wall street, and fancy stocks were nowhere. The
rush among holders to get them of was very great,
and cash sales appeared to be the order Of the day
Time contracts are rather avoided as the bulls have
been much weakened by the recent heavy fall In slahe
leading fancies. Sellers, generally, under the i'm
preston that the coal stocks with perhaps one or
two exceptions and other stocks Of no fixed intrinsic
value, will touch points considerably below those now
current and they are, consequently, careful whose
contract they take and see that 1t Is pretty well So
cured. This is right and proper and II Is the only
safe way to do business in Wall street in times like
these. Noone knows now who is good and who is not
fall Of five per cent more in those fances which have
already fallen so much, would materially weaken
great many outstanding contracts and the bears might
find that their plans and calculations were all moon
shine. We would recommend caution on the part Of
sellers, particularly Of those stocks which have no
bassno real value-for the bottom may fall ont one
of these days, and when they ready to make de.
liveries they may not ird takers. It is always best
to reaseto close up contracts in tight times when
good profits can be made, and take new and
stronger hold The movements in financial affairs
during the past week have not been OF o character
TO sustain public confidence; but, on the contrary they
have had tendency to destroy the speculative bub
BILE which was becoming so rapidly inflated. They
have opened the eyes Of the community to the rotten
ness Of our banks the enormous expansion of their
lines Of discount to the precarous position of tho en-
tire credit system of the country, and specuators
may well pause in their mad career. Very few ap
pear to have the most remote idea of the immense
amount Of public Indebtedness. For several years
We have been going on ping up millions upon mil
lions of liabilities, until we have got load TINT may
cruih every important interest Of the country TO the
earth.
Il will be borne in mind that we have for some
time anticipated revulsion in our money market,
cial endorsements, for which there Can be no
remedy other than through the sad process Of extern
sive contraction. When we reflect on the immense
expansion OF credits In real estate railroad bonds
and baLk facilities, which now immeJ surably exceed
that Of ls36-when everything presents the -.
fatterng appearance Of the greatest pros ty-shs
opportunity is afforded us to look W.T. some dissr't
upon the pcimanency of our ~ INT position. It's said
TINT we are In the smcr aaily receipt of millions Of
oo,d rn, co,;sor,, and that therefore we can s,,-
to,n OF credit; but when we reflect that
,,;s s,,...n Of expansion has already beca pushed 1,
u, .asands Of millions Of Indebtedness. In the firm
and shape Of credits, which, becoming suspected eon
turn TO no snpnort Independent OF that on which il
oeen erected, cautious and pradent
apprehension. ~ '0''''u'
'p' ~e change has already commenced,