The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-02-21
FINANCIAL AND COMMERCIAL.
MONEY MARK EFT.
SUNDAY, Feb. 90

FINANCIAL AND COMMERCIAL.
MONEY MARKET.
SUNDAY, Feb. 20-6 P. M.
During the past month or two there has not been
much activity in government or State stocks. Spe-
culation has, from time to time, taken hold Of the
different fancies, and inflated prices more or less.
The movement of the stock market is at present
feverish and fuctuatng. The tendency of prices is
decidedly downward, and it would not surprise US
much to see much lower points touched. There is
very general disposition to sell, and buyers daily
getting scarcer and more cautious We are about
entering upon the season when speculation is usually
more active than at any other period OF the year
It may yet be early to anticipate any decided action,
but we do not aee the slightest indication Of
any favorable ch, &c. The elements Of specua.
ton are abunda' enough, money is moderately
plenty, the rae Of interest rules below the
legal standard, and the most prominent fancies
are concentrated in the hands Of small ciques
of brokers. Holders are principally in Wall
street. and they are not only disposed, but most de-
sirous to give every encouragement to speculation
Efforts have, from time to time, been made to put
upon outsiders certain Stocks and for effect prices
have been rapidly inflated and extensive operations
made. Cliques have been formed for the purpose OF
making certain stocks active to attract the attention
Of outsiders but all without actual success although
we must admit it has appeared to the contrary The
outside public have been more cautious than has
been generally supposed. Outsiders have not taken
hold of stocks, particularly the fances, with their
usual avidity They have realized small profits, and
withdrawn in time to make themselves secure. The
recent turn in the market must have satisfied them
that short accounts and quick returns are the only
true principles to operate upon in the stock market
During the past four or five weeks the shipments
Of specie have been comparatively moderate, but the
immense importations of foreign manufactures have
created considerable apprehension in Wall street
among nancers and Spectators relative to the future
movements Of the precious metals. There Is without
doubt foundation for alarm, and those who have pur-
sued throughout legitimate business, and kept that
business within proper and safe limits will never re-
gret 30 doing. Spectators in fancy stocks may be
fortunate for a time and their profits may be
large, but in nine cases out Of every ten they
are losers and have cause to regret their
folly and want Of foresight. It is impossible to
convince people Of this during the prevalence of any
speculative mania Operators are then wild with
excitement, and rush headlong into any scheme pre-
scented. For time, ALL perhaps, goes well, and
croakers are voted bores. The depreciation in prices
for stocks which have for several months been great
favorites in Wall street. Is no more than experienced
operators anticipated, and many Of those who have
been caught upon the turn Of the market knew full
well they were dealing in securities Of fixed value
They had sufficient confidence in their individual
shrewdness to Aatter themselves that they would get
out in time but they were caught mapping, and the
;o< 20 n1d for q md rn.
turn of more favorable times.
In relation to the future movements SPECIE there
is very little doubt but that We shall be large expor
tiers. Exchange is gradually sti1ening, and from the
position Of financial affairs the other side Of the
Atlantic, we must expect more fluctuations, more
sudden changes, in the principal money markets Of
the world than we have heretofore experienced The
expectation Of specie so long a. our supplies from
California continue at the rate already realized, is
great bugbear, which frghtens timid people and
those who do not well understand the operations Of
commerce. The effect is unfavorable, and it is diff
cult to contend against it. So long specie goes to
Europe at the rate Of one or two millions per week.
speculation in fancy stocks is entirely out OF the ques
ton. Holders may consider themselves fortunate If
they can manage to sustain prices at present
points. It is our impression that they will not be
able to do 80. A heavy shipment Of the precious
metals in the face Of the existing expansion
Of the banks, would be very dangerous movement.
It will be recoected particularly by those who had
extended their business operations far beyond proper
limits that the last time the banks contracted 80
suddenly very serious endorsements were expe-
rienced, and numerous failures took place The rapid
rise in the value Of money and the impossibity at
times Of obtaining it at any price, compelled many
houses, which had previously sustained high credit
to suspend payment. We know not how soon
such q state Of things may again come round
In twenty four hours the money market may
get twist that would trouble spectators ex-
ceedingly. The immense quantity of trash in the
market in the shape of stock securities the immense
amount Of bank paper in circulation, represented to
be secured by public stocks, bonds and mortgages,
real estate, &C., the immense expansion Of public
and private credit, the immense Indebtedness at
home and abroad, the immense amount Of foreign
capital invested in every species OF enterprise in this
Countrywide investment Of which, permanently or
temporarily, depends entirely upon the position Of
things in Europe and the preservation destruction
of conference.-the immense extent Of trading, or
rather trading, on.borrowed capital and, finally
and in fact, the inflated condition Of everything con-
nected with finance and commerce, warns us to be
prepared for some sudden, some serious reaction
Whatever change takes place must be Of an unfavor
able character. Everything is apparently progress
ng upon the most substantial solid basis. Prosper
ty appears to exist in every department Of industry
and it may seem, TO large majority Of people d.
rectly connected with the operations Of finance and
trade, premature TO anticipate q revolution In the
peace and plenty which now reign supreme. But
there is danger, and the commercial world Is about
experiencing one Of those spasms which forete the
existence of disease in oil its rami6cations.
The total shipment Of specie from this port last
week was s34 O00 previously this year, 81, ,39l.
Aggregate from January lst to February 10TH both in
elusive Al 336 3ol The steamship Atlantic carried