The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-11-06
] FINANCIAL AND COMMERCIAL.
EY MARK E Il t.

SUNDAY, NOV. Do 4. NJ
Tie rast week has been rather a quiet one in the
stock market The early Part was characterized by
great duness and depression change realized
towards the close aud operators for rise appeared to
have confidence. The recently received frcm
Europe Is considered favorable and the rapdity with
which liquidation this side is progressing, induce
many 10 believe that before the lapse Of many months
shall have such accumulation Of money, and sucb
q contraction of credits viii make every thing oasy
and strengthen public confidence in the future We do
not believe in any immediate revival of business or an
immediate return TO more active times but do be-
lievc that there is aboitcm somewhere, and that
not, at present far from It, Great caution is
cised in entering into commercial engagements
The predominant desire appears be TO get out Of debt
aud there is very little doubt but that the liabilities
Of the community al large undergoing reduction
rapidly before known in history. We trust
this good work win 20 on, until every has brought
his affairs into snug manageable condition. Nothing
short Of this viii work ont redemption. The pay
ments yesterday into the banks were to an immense
amount and the creation Of liabilities was COM
paratvey limited. The banks find II less difficult to
contract their line Of discounts at this than any
other particularly at this uncture when such large
amount Of paper is maturing. The contraction IT, there
fore destined to continue n; moderat rate,
trust than thus nr realized until the bank movement is
placed upon such basis viii force restriction OF
hnlortatons, and give opportunity to accumulate
specie from the California receipts When we are out Of
debt are out Of danger, is a maxim all should be
governed by just now. That all classes were too much
extended that Of the calculations and
relative 10 the effect Of the disturbances Europe upon
Of our important local interests have been realized
that internal Improvements have been moro costly
and less productive than anticipated that we have
contracted debts TO much greater extent and much
faster than could nay, truc and The sooner we
make mp minds to 60 through period Of inaction,
and adopt such measures as circumstances require 10
extricae all The leading financial projects Of the day
from the endorsements and en,angcments surround
ing them, the shall ret into clear weather
again. and be able 10 get good observations our future
guidance.
About threcquarters of the corporations which have
been formed during the past two years for banking
ming, manufacturing and ether purposes, should be
wound up and quietly pass ost of existence. Many OF
them have already died violent death, and many more
are undergoing the pangs Of dissolution 1t will be
some relief TO the community generally and TO those
who have been losers particularly when the epernic
among these corporations CEASES then we may look
for more healthy state Of things and return Of
strength to take hold Of new enterprises Ii is fortunate
that the process Of hadaicn has not been with
disasters. II was forced upon the community be-
fore IL had become weakened ny long series Of losses
and the contraction has been carried steadily, with
out destroying any great interest The machinery Of
commerce las been gradually reduced 10 its present
movement, and all works smoothly but with less power
he safety valves have not been too abruptly closed
nd they have thus far worked admirably. After
ausc We shall have natural reaction, and we hope
gradual recovery.
The sSIor,aton Of specie from this port La week was
quite large, appears by the annexed statement -