The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-03-16
FINANCIAL AND Co1uKRC1AL.


4AUhoDAII mdIVu AU-o
At the opening of the market this morning prices
were pretty well sustained but before the close there
was downward tendency, and an increasing dispo-
siton exhibited to SELL The bears have within the last
two days realized to considerable extent This was
wise movement on their part, indicating caution.
The improvement in Cumberland isattrbuted entire
ly to the purchases OF some heavy bear operators,
who have made large deliveries. Nicaragua and
Erie went up from the same cause, and sellers have
placed themselves in position to renew their at.
tacks upon the fancies at early day. The advance
in prices has been attributed by superficial observers
to an increase in the supply Of money. Now, there
has been little if any improvement in the money
market. There is an active demand upon the banks
from the mercantile classes for discounts and out
standing loans called in daily, or left outstand-
ing by an increase in the rates of interest This
occurs every day. Several very heavy calls were
made to-day and the payment put of by increasing
the rate of interest More than Of the
demand for money comes from the commercial
classes and it is likely to increase rather than d.
minish. The importers will soon be in the market for
exchange for remittance. In anticipation Of very
active demand and an advance in rates, exchange
dealers are buying up oil they can get. This tends
10 luCTtdst Tile StTluBcuCy. LIE importers Will put
off remittances to the last moment, with the hope
that money will be easer but they must come to it
later whatever the state of financial affairs
may be.
1t is folly to suppose that the difficulties and en-
barrassments SO recently experienced in the money
market can be SO easily removed. The evil is still
much greater than is generally imagined. The mer-
camille classes are SO much expanded, credits have
been increasing 30 long and SO FAST and the volume
has reached to such an enormous extent that long
period of liquidation will be required to make things
easy. A slight let up may occasionally occur, and
a short period Of ease experiences; but we must
look for some financial spasms, and many months of
depression. When we consider that, for several
years. we have rapidly progressed in every species of
enterprise that extravaganza and speculation have for
long time been rampant; that almost every indivi
dual in the community has gone to the full extent of
his credit and means-we cannot but feel that we
must now pass through the process of liquidation
before we shall again rest upon strong solid basis
renewal of speculations at this time would be the
most fatal movement that could be made. 1t might
enable some of the sharpest, shrewdest holders of
fancy stocks, to get rid Of what they had on hand
but it could not be sustained and the reaction would
be most disastrous. Some of the organs of specua-
ting cliques in Wall street, either ignorantly or
designedly- probably the former attempts to
blind the public to the real state of things in
the financial world, and they, as a matter of
course, are loud in their abuse Of those, who
in their efforts to preserve if possible the great
interests of the country interfere with in any way
the accomplishment of the wild plans and projects
of their principals Weeks before the recent contrac
ton we predicted it would occur. We fixed nearly
upon the day when it would be felt with the greatest
force. Long before any other journal in the city
thought Of it, sounded the alarm and we now say
the difficulty is not yet over great deal of caution
will be necessary to keep clear of greater troubles
but with care we may avoid wide spread revulsion
At the first honrd to day Florence and Keyport
advanced 2per cent; Potomac, J.; Harlem, /; Hano-
yer Bank, l; Erie Railroad, J. Hudson Railroad de-
cned ! per cent; Erie Income bonds, l. At the
second board all the fances were down, and things
looked pretty blue. Cumberland fell of per cent;
Nicaragua Transit, Z; Parker Vein, 4; CantonCo Ii;
Montgomery Zinc,t Florence and Keyport a; Harlem,
Erie Railroad, &; Stonington g. The happy family
very busy trying TO sustain the ances but they do
not appear to succeed very WELL One of these days
there will be considerable discord among the mem.
beers of this united and apparently amiable commu-
nifty. This family will be divided against itself
and then we shall have all sorts of storiesal sorts
of doings.
The receipts at the Office of the Assistant Treasurer
of this port, to-day, amounted to $l9922O OIL; pay
ments 1872 1874 SO; balance ,l8s l6.
The commissioners appointed to receive proposals
for loan of million of dollars the bonds of
the Great Western Railroad Company, of Illinois,
state that they find the offers of Messrs. Ketchum,
for the entire and not for any portion of it, at
the par value of the bonds and they have therefore
awarded to them the whole of the loan.
The Albany atlas states that the double track OF
the Hudson River Railroad will be completed through
in August when the express trains will make the
whole distance in three hours, and the efficiency of
the road will be vastly increased. Mr.. French, the
new superintendent, is one of the most thorough en-
gneers and an accomplished superintendent.
law has been passed by the Legislature Of Mis-
souri, to authorize the Governor to dispose Of the
stock held by the State in the Bank Of the State
Of Missouri The sale must be for gold or silver or
for an equal amount Of the bonds of the State.
One of the Wall street advocates of deprecated,
unguaranteed paper currency, has undertaken to
show that the issues Of the New England banks are
safer secure and every particular better than
the issues Of banks in this State. This is so ridcu
lous and absurd to start with that it is hardly worth
noticing but the attempt to injure the banks Of this
State is palpabe that it cannot be treated with
that indifference it would otherwise deserve The
banks Of New England are, it is true, placed under
severe restrictions far the enactment Of laws
are concerned, and we will admit that if the prov
sons of the different acts regulating them en-
forced their issues would be much better than they
are now; but such is not the case. Every one ac-
quanted at all with the movements Of bank managers,
knows that they governed very little Legislative
acts. Therst thing after any new law passed, is to
see if it cannot be evaded In most Of the New Eng
land States the banks are examined once year, by
a Board Of Bank Commissioners, and this examina
ton ia about "a great farce a. was ever acted II