Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1853-10-29
FaoH orr NEW FORK CORRESPONDENT
New YonK, OCTOBER %, 1853.


erting most " untoward influence upon business gene
rallyand stocks in particular The losses the latter
very heavy and the bears (hat is, those who have
sold ocks to deliver ahead making their calculations up
on a secline) will reap rich harvest
The affair of scarcity abundance of money is
thing rather difficult to understand What Is IT tha
crees the the other? AT this moment under the
prefnt strngency is actual fact that the dcpostef
Of tie banks are increasing, and their specie either not
diminishing if at ALL to limited extent as not 70
be worthy Of note If capitalist exhausts his balance
in hank by the purchase Of real estate stocks or CONNER
c pGper the money he pays away for them Is not de-
sryed butgocs to the credit Of other person IN the
same or another bank and remains as4ahe for Other
objects or for current paymcns and TINS II passss from
land hand butis always existing and destroyed
BY the aire Of bank it is easy to see how what u
called money available destroyed by the
extinction of the paper currency Of that bank and by the
Lss TO the customers of the institution Of all their depo-
stes hnt notn Of that kind has occurred here,
have there been any individual failures either as to num-
Der amount which could have any serious effect in the
way the failure of bank though not operating
so directly as the latter, with equal force.
In looking round for the of the present cond
ton of things and in discussing the subject with those
who well informed respecting it, have come to the
conclusion that very large portion of the existing pres
is to be attributed to absolute panic and the want o
confidence among those ncuding banks who have avail
able means at their control When this feeling generally
exists the man Who wants money obtain it. thought
may have frstrate securities to offer colaeras he
proer them in order obtain the his
and pressing wants and hence the pressure of
ney arises from any actual scarcity but because those
who have it command afraid it, withhold
it for the purpose of peculatng when they think things
have obtained the lowest point In the large moneyed
cities of Europe such London, Paris, Hamburg Am
sterdam &c., state of things exists unless indeed
under operations political revolutions when money
be obtained under the proer Of good securities,
such are abundant in New York, but which
loans be obtained There capitalists take such
pancs, but always prepared to advance cash upon
bank, railroad canal other similar colateras within
reasonable margin of their market value. had to- day
striking evidence of this want of confidence panic
feeling in Wall street of immense wealth and high
est possible credit whose exclusive business is dealing in
money, exchange and stocks who refused to make ad
vance upon what he acknowledged was good security
railroad stock at two per per month and who had
just previously refused to accept profered loan call
upon his personal security at per cent per
annum Though he thus could obtain money himself
at per cent, he refused to accept it and loan
it out on good colateras at two per cent per month
and the party who offered him the money doubt could
likewise have obtained two per cent monthly for it on
similar security but preferred taking per cent per
annn where he felt confident Of its s-or aud wnere
he could obtain It at twenty -four hours notice 70 make
any desirable operation. This is example TO the
action Of many capitalists and money dealers in this city
who, under the present state Of things have withdraw
large amounts from active employ, waiting with foldeC
the current Of events, many with view to remair
in quo until confidence is restored and others to ta
advantage Of operations when things have reached the
lowest depression OF there many Others
probably the larger portion Of moneyed operators who
keep their actively moving at the present
high rates.
The peculiar state Of things which is now existing in
this city is shown by the reported failure Of the great
stock operators j. LITTLE Co., to meet their money
gaCements which arose exclusively from their not paying
up large amount which they had borrowed /" on call,
for which ample security was pledged in good stock They
told the parties that with their iron safe full OF the best
kind Of securities they could obtain the cash else
where and they the lenders reimburse themselves
by selling the securities in the market In order further
and at once to relieve themselves they advertised for pc
remptory sale at auction to-day five thousand shares o
Delaware and Hudson which at brought down that
stock from lG par and the sale has just off, and
the whole has been realized at average Of about l02
Here then We see house Of high credit and great
with their hands full Of good securities but which they
cannot obtain any money obliged to submit to sacri
fce Of 900 in the sale Of the above stock in order
once 10 dsembarrass themselves II is only in the Uni
ted States that such Of things could exist for in
any money mart in Europe this house. with the secur
ties they hold to say nothing Of their personal credit
could NJ one hours notice have obtained any they
REQUIRED, no matter how stringent the money market
might be- Though LITTLE Co. have suffered the above
heavy loss they will make vast deal more in conse
Of the present pressure they very heavy
operators as bears and therefore the greater the dpre
sion Of stocks the more will be their gains.
have no idea that the present pressure viii continue
any length Of tme viii be attended with any pcrma-
nent unfavorable results though It may occasion some
failures which thus far have been of great
There is even "hghtup" in the stock market to-day
and as cotton bills will now be coming forward from the
South in large quantities. the Of foreign exchange
will probably be affected to check further shipments
Of specie The fact that the whole Of crop including
breadstuf is yet to 20 forward and be drawn for,
most favorable circumstance, and which cannot but
have vast influence in preventing any commercial or
financial explosion.
The pressure has already had influence as regards
real estate in this city, plainly showing that the exorbi-
ant value and rents Of real property to certain ex-
fictitious and is liable from slight to an
imitation in the price Of buildings and land which
has been quite too sudden and rapid to be permanent
The same effect has been produced in Philadelphia !;
and IL the reports have here are correct TO the
cent great and rapid rise in real estate in Washington
you viii find that kind Of property will be affected in
similar manner with you, and that reaction will take