The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-10-03
FINANCIAL AND COMMERC GAL
MONEY MAR X EFT.

Il. ~.
Quotations for fancy stocks at the close Of the market
yesterday ruled considerably below those current at the
close of the week previous The tendency throughout
has been downwards, and where holders have been
PEELED realize large sacrifices have been submitted to.
The decline pretty general Good stocks well
the fancest have felt the effect Of the unavorabe
teigence from Europe and the depreciation in market
values has been pretty thoroughly distributed Several
bull operators have been unable to meet the differences
their tanss and have caved in They viii hereafter
appear only the curbstones of Wall street. The bears
have invariably proved themselves the most honorable
class operators the street. They when the
balances against them long they have dollar
left and stand to their contracts under the most
adverse circumstances while, on the other hand,
the bulls back out long before their resources
exhausted and threw their losses upon others. The
stock market st present looks AZ though there
would be stin greater scattering among holders,
end it would be well for sellers to look closely to the
GIN keep themselves independent Of the honesty Of
buyers by having sufficient put up to receive all contracts
still unmatured is dangerous in these times TO trust
to individual responsibility The future is crowded with
calculated 70 test TO the utmost the strength Of
ndviduals and the different systems regulating financial
and commercial Affairs. Every man must look out for
himself Not Should be lost in throwing out all
tie anchors to wndward in taking in all extra SAIL and
in getting under sxug rig possible to meet what
ever may II s best to be prepared for the worst
md then calmly wait the OF things Contraction
should be the aim and object Of any engaged in nan
cia, and commercial pursuits. The money market Is
steadily tightening, sad We do not look for letup
isr many weeks. The banks Of this city have been
gradually contracting their line Of discounts and tho
suppy specie In hand continues without increase The
clearing house system will be in full operation wednes
dag next and the banks will find it greater check
49, HI
the clearing house plan adopted by the city banks It
does not leave the FIRST eophoe for debtor banks evade
immediate liquidation. There be kteing, under
this system Every bank must appear in its true position
and he in condition 10 sustain IT.
NEw YORK CRY BAsKs-THE CLEARING Horru. srsrRx
1s shall be provided sufficiently large afford
suitable accommodations.
I'd. manager shall be appointed to take charge Of
and with the assistance Of his clerks, perform the duties
devolving upon him.
statements furnished him by the banks general state
men showing the position Of each bank whether debtor
4th The settling clerk OF saeh bank shall repair 70 the
clearing house With list Of his exchanges o'clock
in the morning and take his place at his desk
9th. The pcrters, ct the hour, will 20 TO each
banks desk and make with it's clerk their exchanged
having the amounts entered their pass books a. at
rc.ent these entries being simply intended receipts
Having made their excanges the porters will to
their respective banks, carrying the money received BY
then, as at present.
amst received each hank against the amount de-
verod TO each bank, and struck the balance shall de-
liver TN same TO the manager
5th AZ y O'Clock r. NJ, the debtor banks shall APP
pear tue clearing house, prepared to settle tho balance
due by each, and Mt the same hosr the creditor banks
shall appear and receive the amounts dse to them.
s,h 1hia ;s@ing done, and fin reespts bqt for the
debtor as well creditor tasnces registered tn the
cord statement s the clearing house the manager will
Al, nourne that the settlement Is effected.
9th N errors and recanatioHs shall ba seted at the
bank eouSen ~ u present. aud nc alteration SHAH be