The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-03-12
FINANCIAL AND COMMERCIAL.
MONEY MARKET.
FRIDAY, March IL

pally by the bears purchasing largely for delivery
and partially by the reaction which usually follows
great and rapid depreciation. At the first board
Morris Canal advanced per cent? Florence and Key
port, /: Nicaragua, 4; Parker Vein, !; Reading
Railroad, !; Norwich and Worcester, l. Potomac, 1;
Hudson Railroad l; Phenix, |; Canton, 2; Erie
Bonds, 1871 J. Harlem declined J; Erie Railroad,
!. At the second board Erie Income advanced / per
cent; Erie Bonds, 1871, /; Parker Vein, 4; Har-
lem, !. 1t will be seen that most of the transac-
tons at both boards were for cash. The bulk Of the
demand for stocks at present is from the BEARS and
it may last day or two longer; after which we may
look for another turn in the screws upon the fances
| 1t would have been ruinous to the bulls to have
pressed the market much harder and the only alter
native was to let prices up little. Before doing
so, however, the bears supplied themselves pretty
well with stocks, and are now making up their wants
as they occur. There can be no permanent improve
ment in fancy stocks until the money market be-
comes again perfectly easy and public confidence is
fully restored. The present is by no means suffi-
GENTLY free from indications Of future difficulties and
endorsements to warrant any favorable change in
prices, or the movements Of trade. Money continues
in very active demand, and rates unchanged. Very
high shaves have been submitted to by those in want
Of money, and the best business paper in the street
has freely sold at 10 per cent Stock spectators
have been bled at the rate of quarter per cent
day, for short loans. 1t has been stated that the de-
mand for money Is principally from stock brokers
and SPECTATORS but such is not the fact. The mer
chants are exceedingly hard up, and find great diff
Guilty in meeting their engagements, and when the
importers commence making remittances Oh account
of this springs mportations, foreign exchange will
that = t.
impression that the mercantile classes are at this mo-
ment mere embarrassed than any other, and we fear
that before the present strngency is we shall
have numerous failures to record. In the event of
the next news from Europe being of an uniavorabe
character the effect here will be very serious.
1t was announced quite early in the street this
morning, that the Woodbury. Bank, of Woodbury.,
Conn, and the Eastern Bank of West Kiingly,
Conn.,, had suspended payment, and that the Metro
poltan Bank had refused to take their bills 1t was
also reported that the Bank of North America Of
Seymour, Conn., had suspended; but it was con-
crded to help it along, dremove, If possible, the
difficulties under which it labors. The first two
named banks failed on account of too great an ex-
pansion, and when they applied for help it was
found that their assets, (what few they had,) were
worthless, and they were let down, without putting
out hand to save them The circulation of the
Woodbury. Bank and the Eastern Bank amounts to
about three hundred and eighty thousand dollars,
and the PROBABILITY is, that the bills are not worth
ten cents the dollar These banks establish
ed some time since, upon the New England system
the insecurity systeni-and there is no guaranty
to the public that the bills will ever be redeem
ed. This is another evidence Of the rottenness
of that system. No one knows anything about
the New England banks. They are sustained
by a combination Of the people and universal conf
dence among bill holders. The Suffolk Bank, of Bos
ton and the Metropolitan Bank of this city, have
done more to give the issues Of New England banks
wide circulation than any thing else, and they
the first to refuse them. Had the two banks above
named depended entirely upon their own merits,
they could not have put out circulation of twenty
thousand dollars each; but being endorsed by the
Suffolk Bank and the Metropolitan Bank the public
placed confidence in them, and freely took their
bills. The consequences many will soon feel The
fact is, the whole system is wrong, and the only
safety is in refusing all bank issues not properly Sc
cured. No matter where the banks are, or what
credit they may enjoy il their issues not secured
by deposits of sound State stocks firmly steadily
fuse them, and bill holders will not be so frequently
dedly opposed to any banking system which allows
the manufacturers Of paper promises to pay to keep
under their own control and direction the assets
upon which the bill holder must depend for the IL
quotation of his demand. The issues Of banks locat
ed in Illinois, Indiana, snd Michigan, are properly
secured by good stocks deposited beyond the reach
Of the bank managers and there is hardly the pos
sibility of any serious loss upon such a currency
Look out for New England and Pennsylvania bank
bills.
We have frequently taken occasion OF late TO al
lude, with some degree of particularly, to mining
stocks, fancy stocks &c, and at this time few COM
mon sense remarks upon these subjects may not be
out Of place. Fancy stocks may he termed shuttle
cocks that knocked about by the brokers' bat
tledores and their going up down depends entire
ly upon the skill the will OF the players. All
kinds of stocks, to be sure, subject to an occa.
sional blow; but many Of them are too heavy to play
with and of these the bus and bears are very eau.
tious lodging them with commendable discretion
We are sorry to say-for it has greatly preiudiced
the mining interests Of this country-that Of late
years mining stocks have too often been included in
the shuttecock category they had no stability, but
passed from hand 70 hand, each one using them SO
long as they answered his purpose, and finally pass
ing vaueess into the possession Of a victim. In too
many cases, the sole object Of the company issuing
the stock was to realize money at the expense of
somebody, and they unfortunately often succeeded
that at length eve y mining enterprise was looked
at with suspicion and distrust, and set down
as another swindling operation. What mighty
interests have consequently been sacrificed
what untold wealth, that yet lies hid in the
bosom q this vast country, would under different
state OF lhngs now have passed into tangible riches
sDs DeEeit.ed rsEkind. We begin 70 nope. however