The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-10-20
FINANCIAL AND COMMERCIAL.
N o N E Y n A u X Y r.

The stock market opened this morning dull and de-
pressed very moderate amount Of business trans
acted, generally at lower prices 1t the drst board ILL.,
nois Central bonds fell eff per cent bonds
Il CumberAndCoal, NJ Reading Railroad, "; Nicaragua
Transit, r. Harlem advanced V per cent; New York
Central boDds a. Railroad bonds freely offered
and freely taken. The advance in Illinois Central has
been pretty wen maintained, and the demand is more
active than for any other the list The steadiness Of
prices for AL the leading speculative securities is vsrv
extraordinary feature in the market at this moment
When look at the severity Of the money pressure,
and an the which bearing with more OF less
9srcs upon prices for every description Of property
holders Of stocks must feel encouraged and convinced
Hat any permanent let in the existing strngency viii
give great impetus to operations, and important
inAation to the market value Of an classes Of
securities. Erie appears to be now firm At 40 per
cent A. ct IS . few days since. Cumberland, Nj
sarsgua Harlem and Central do not vary from day to
day. any than the best class Of funded bonds
the marriott must be poor business for the commission
brokers just now and in fact for speculAons either TO-
rise or fall Purchasers ON tims buyers option, say
sixty ninety days need have apprehsnsions Of any
depreciation in thu market vaue and the time cannot
- very far distant when every leading fancy stock
the list w rule ct much higher prices It takes but
about halt the money to carry these stocks that did
six months since, and every Of them is at this
nent actually worth much more than IL ever WAS
before. This is fact NO one can csnrovsrt.
Several failures among dry goods importers and oboers
IN this and neighborpg cities have been announced
within the past day two of them involving lia
biftiss to heavy amount. These things not unex
psstsd and necessary TO bring matters down to
proper level We look for many of the sort
and they will contnus until only those who have
Aned thsi operations to proper limits AMI legitimate
Iii ~ laft In havn tvad al
borrowed capital or rather q pom capital at all,
ought 70 break and win break whether it ID banks, rail-
roads or individuals.
At the second board further decline was realized
nlinois Central Bonds fen of 4 per cent; Nicaragua
Transit, Nj Cumberland Coal, y; Reading Railroad, i
New York Central Railroad, x; Erie Railroad, u. We
cannot satisfactorily account for the heavy decline in
Reading. The determination the part Of the miners
h ths schuylkiN coal region not to get out any
coal At present. could not alone have been Of Sufficient
uporaues dspres prices suddenly to such An e.
tsnt At the close, Erie was arm at quotations.
Another defalcation reported to day. This time
down town bank the victim. We understand that the
Ocean Bank il loser to the extent Of about ninety
thousand dollars by overdrawn UNITS, through cer
hsd ehechs The discovery Of these frauds must shake
public confidence very seriously, and tend materially
postpone the return Of better times We take for
granted that the parties who have largely overdrsxn
their accounts the Ocean Bank not in condition
70 refund The money has either been lately lost in speeu
lations it has been drawn BY parties despsrstsly
embarrassed who we're favored with facilities 10 this
way for obtaining Temporary relief. Yesterday We
ported dsfalcAtion in the Bank Of 42
oo0 day have TO report in the Ocean Bank Of
5000 little later than this last yer We reported
half dozen defacatons Of different kinds AIMING the
hanks In and out Of Wall street. amounting in the ,gyrs
S~fa IN hundpe nd nd ~ have
doubt but that ct this msnt there hsu dozen
more - least, which may may not BE- discovsred.
1hsy wiz be kept quiet possits. The stockholders 10
hess institutions entirely ignorant Of what is going
on IN their ntsrna affairs 30 long they &c. dividends
questions are asked There have bean enormous
losses BY hs depreciation fancy sosks and property
Of an kinds and they must fall somewhere Somebody
must pay Tor all the sxtavagancs wh:h has rounded
M during the past four ave years. II has east great
Zeal Of money and those have Il pay WHISTLER
they have participated not Sometimes those WHO do
not dance have to pay the Adder.
Since the above written have resolved the fol
lowiIg card
OCEAN BANK OF THE urr or NEW YoRx,
0ctober 49, 1854
IN order to correct an sxsgssrstsd runor deem !.
proper 70 state that the late paying teller OF this bink
deficient his funds to outside amount OF seventy
Eve thousand collars The bank has surplus of forty
but little impaired and there win be interruption OF
j. s. GIBBONS Csshisr.
After the sdjourSmsnt Of the board, the folio wing
salss Of bonds and stocks made q. auction By A.
B. Eieoisy -
$4,000 Virginia coupon as 1887 int aided. 95H
zCoO =: Jersey Central RR LIST mort, do......9l
rs shares BlDk OF O.svo ~ ~ T5
= 90 do ......................s5
90 do do .-., 80. .- 80
10 DO Central Bank Of Brooklyn.
20 DO Island City Bank OBSERVATION-DISCLOSURES
40 DO Chatham Bank ACKNOWLEDGEMENTS