The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-12-18
FINANCIAL AND COMMERCIAL.


SUNDAY, Dec. ia NJ
We have ct last ssttsl do-n u,on very dali
tnea IL Il mary years siaos W have rssizsd
such a utter prostrasisa. II there is say lower
depth to the depsessics W ssssia like 10 Ii 1t
once and knew the wort. s. Tar c,aIA action All
liquidation have bsen carried t. ts,r fd lest sxtsns
Much beyond &se point alrssdy rsse i,d is out Of
the question. Tbs rest Is . mts.,r OF Il ne. %
Jond this, sus eLiion CT exses SION IL ths result
An jnAease amcuct Of Indebtedness rsIestas cut
standing, tho pas mens Of sAisa csnu't bs forced.
No ono Pays dollar, II hs can hse t. fsr shs bssr
reason In the wor.d--.ie sbsasco OF abiiy. At
ttis season Of the year, scce1ats gaica have besa
open some time are ususl'y closed, An ne year
usually opens pretty sissr OF debt. " Sii not be
20 this seasor. We have hss d loud com paints
from the merca asls classes about tie naap .ymons
Of siaall bills 6ae them. Collectors have started
out In the morning with bills smoaasiag to thOa.
sands Of dollars, and have rsturnsd a. night with
not tens enouga to maks hundred. 1t Is almoss i'm
possible to collie bill Of amp magnitude. even Of
richest oitzens- We not SURE but tass our
wealthiest citizens are tho poorest just now. Men
owning hundreds OF thousands of collars II real
natate are pressed every day for nonsy 70 inset
their current expenditures. There muss be trouble
among the Broadway storeksepers. Such enormous
rents and expeEses cannot bs paid In thosa times
There is rot CITY 90 sraae going oa, but s1ey can
not get paid for half they have done. People have
lived 90 far beyond their me ms for such length
Of time that they now fairly placed hors d. com
BAT. They canro. pay for ell they have had OF. buy
any moro, 30 that the tiadesneA lose bosh ways.
All this leass &c the severest economy the past
OF those honest enough to ultimately pay their just
debts, but amocg the All tocra,y we do not Look
for honesty Or economy. So long Is thst class %
flrd tIadesmen enough TO give them credit, so long
will they live exsravsgantly. There are at this
moment more ufpaid debts, due from residents Of
the Fifth sveDns and other fashionable sections Of
the city, to trkdesnen than in all tho rsss Of the
city, and there is greater per cent lost on such
debts than on any other class. Macy storekseper
In Breadwsy is al this moment seriously embarrassed
in his finances who count up on his ledger thou
sands upon thousands quo him fiem those who are
apparently able to psy, but vino in fast bankrupt
and have been 30 for years. There must be \ break
down among tsosc who have given credit largely to
Shat csss Of customers, before spring opens, when
We shall see Broadway ren!s rua dssn faster than
they ever run up IL is likely to DO very duh during
the apr aching holidays, and less money viii be
spent in their festivities than has been known for
years.
These remarks will apply to ali other cities as we'll
as this and to all toDs Of the country. Tue great
mas Of the reon!a have been forced into 4; stem
Of economy witch will work wonders Ia extricatiag
the country from is endorsements aad depres
sion. So fer all available resources have been ap-
Piled TO the liquidation Of debts; and where the
means have snfced to clear of all indebtedness
time has been given to dispose Of the balance. Ex
pendituyes have been cut down below tho lucome,
and tho balance applied to tho payment Of old
debts. In time this will work US all out OF diff
culties. Contra stion in household and personal ex
penees s very felt in all the large channels Of
commerce, and leads to contraction in commercial
operations. We have, therefore, struk at the root
of all cur evils, and in time q moro wholesome,
healthy state of things will appear.
During the past week the stock market has been
nee from excitement As . general thIag, prices
at the close IL yesterday than At tho close
of the week previous. The fancies have fuc.uatel
good deal and appear to be fsverish and Unsettled.
We attribute tits principally to the fact saa: opsra
lions are confaed entirely to the street. There ara
no outsiders IN tie market. The brokers form tho
two epeculsting classes, bears and bulls, AID have
no one to operate upon bat themselves. Most o.
the brokers are besrshly inclined but had few buy
ers. The fanoies are piled mp in large blocks
the brokers hands, and the supply is daily accuma-
latiDg. The recent report and election of the New
York Central Railroad Company win bring q good
deal Of that stock into the street, and there it will
remain. Every hundred shares of that stock which
finds Ito way, from any cause into Wall street, will
never leave it again at anything like present prices.
The committee appointed to investigate the COM
panys affairs particularly in relation to certain
charges brought against the management, have
been ordered by the directors to report next June.
This fact is Of itself soft ent to convince any one
tbst there are good many screws loose, ana that
time Ia wanted to tighten them if possible. We
wish to place upon record the prediction that the
financial affairs Of the New York Central Railroad
Company viii prove to be Is rotten as those Of the
Erie Railroad Company in it's worst days.
The expectation Of specie from this port last week
WAS ~ follows
sH1rxxrs sprcR IRON THE PORT OF New York.
Dec. ls-Str Africa Iaverpool-Am gold coin $1,000
Dec. 15-srr Union, Havro-Amsrcan gold 2S,soo
Total for the week.. SAL ,205
Previously this year 36,21S,21o
Total for the year. $40, 2Sa,41s
The directors Of tho Albany Commercial Bank
have resolved to increase the capital stock Of thst
institution $500, COO on the LIST Of February next,
making the whole amount Of capital $50o,0,0.
TIE Msumee River Times states that all WORE up
on the Toledo snd Illinois railroad has been suspend
I'd for the time being, owing to lack of nsans t,
carry 1t on.
The stock in all our ocean steamship com panic,
Ia ct very los ebb, aad considerable anxiety OK
lists among the shareholders to know vine her the
government inLencs to repudiate their mail con
tracts or NOT. IL is very hard for those who vera