The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-03-14
FINANCIAL AND COMMERCIAL.


r
There was not so much activity in the stock market
this morning. and prices were very unsettled The duc-
tuations were only to moderate extent and on the
whole it draw game between the bnlls and bears
At the rst board Nicaragua Transit declined per cent
Canton Company, Vi Reading Railroad X. Illinois Gen.
trail Railroad Privilege bonds advanced Y per cent New
York Central Bonds Vi Harlem, N. Sales Of Michigan
Southern and Northern Indiana Railroad were made ON
time buyer four months at 100 This allow price, COM
pared with those current few weeks SINCE There is
still wide margin for improvement In each OF them
The present depression In the stock market Is the Jesuit
local causes than the tone and character Of
advices from Europe The the other side Of the
Atlantic Is matter Of consequence to ous
capitalists, as it win not in the slightest degree,
affect any domestic interest 1t will ultimately settle
down into q war similar to those which have existed
at times in the East Indies and in South America,
and we have idea that it win influence in any way the
great financial and commercial operations Of the world
What little effect 1t might have had at first has long
since disappeared and look upon all the prepara
lions in England and France for war; with the utmost
indifference We have local of much greater i'm
portance and must look to them for guidance amidst
the mazes Of fancy. stock speculations We allude
particularly to the movements of banks from time
to time and the operations Of those who manage them
In the month of July last the banks of this city pre-
paratory to the of their regular weekly
reports contracted their line of discounts rapidly and
largely. This produced a serious stringency in the
money market and brought about great depreciation
in the market value Of all classes Of stock securities
The contraction continued for several weeks and money
became exceedingly valuable in the street. After time
certain parties intimately connected with the manage
ment Of certain leading Wall street banks, entered
the market privately as purchasers, and supplied
themselves pretty literally with the fancies. This
being DONE 1t became necessary to bring in outside
buyers, and for that pur. ose the money market
slightly relieved from the pressure upon by the banks
letting out call loans The brokers freely accepted the
favors extended in this way and outsiders were induced
to avail themselves of the facilities offered for carrying
stocks, and purchased literally For time prices ad-
vanced rapidly and the impression Of many that
the rise permanent Money abundant enough on
CALL in the face of weekly reports Of contraction but
warned the community against the trap certain Wall
street nancers and spectators setting for them
Old operatorsthose who had been caught beforeavoid
ed the influences brought bear them and firmly
fused any offer to loan CALL the hypothecation of
stocks. To those acquainted, the game one,
and their experience saved them. At the proper time
tightening Of the screws the money market COM
menced. As the imitation had reached its
height and those who regulate the movements of
our banks had cleared cut all their purchases, call
was suddenly made for demand loans, and there was
but alternative left, and that to pay up Not
the slight ct notice was given Of such movement,
and parties had not the funds in hand stocks had to
be sold to raise the The suddenness and extent of
the call forced large quantities of stock the market
and the sacrifices for time ruinous. The opera
lions Of such policy the part OF the banks cannot
be mistaken It IL to have the desired effect either
for initiating or for deprecating the market value of
stocks adopted from time to time for other pur
pose than to enable the managers Of these institutions to
accomplish certain results In their stock transactions
II is secret in Wall street that the parties alluded to
regular and extensive spectators In all kinds Of
fancy stocks, and it ID well known that they the
position they occupy for the advancement of their in
dividual interests. They undoubtedly have perfect
right to buy and sell fancy any other kind Of stocEs
much any Of means in out Of the street;
but they have fight to tighten loosen the
the money market and thereby affect every interest Of
the country less the purpose of initiating de-
pressing prices Of stocks their speculative movements
may require Within the past nine months have had
three expansions and conracons in the money
MARKET every Of which produced by calling
letting out demand loans The general movement of the
banks from July last to January contraction and it
has since been expansion. This would have produced
corresponding in the stock market but for the
inside transactions known by the Of ssca loans
which entirely independent Of the regular discount
line The weekly returns do not, therefore, show the
actual condition Of this department. and publicity
10 given to this line Of loans form any idea Of
the future of prices Every outside Of certain
cques has TO literally it blind in Wall street. and the
only safe to pursue to avoid becoming entange
with the banks in call loans.
Monday was as usual dull day for mining stocks.
The transactions generally at lower rates. and fewer
In number than those of the close of last week The
news from the leading mines continues favorable.
The Secretary Of the Potomac Copper Company left
Saturday for their mines in Tennessee to make
arged and reliable arrangements for the transportation
Of from the mines to the railroad The unexpectedly
large yield Of makes it necessary to enlarge the
means Of transportation. He will also make all the
cessary arrangements for the early completion Of the
smelling works. which will greatly facilitate the trans
poraton Of productions from all the mines in that dis
trict. The railroad from the mines to the Hwassee
river, distance Of thirtytwo miles, recently projected
will be surveyed &c. that the work may be put under
contract Immediately after his return The intention is
to complete the road during the present year.
The shareholders Of the Gold HILL who recently visited
the mne have returned in high spirits at their
and prospects. third dividend, usual, Of two per
cent win be declared in day two The stockholders
Of the Lindsay met Friday and increased the capital
stock shares The stock has been very heavy for
time should hardly think it's price buoyancy
would be increased by this addition to the amount
already in market.
The bids at the Mining Board were for Cumberland
500; for Ulster III for Potomac old, s. for do new l;
for Flint Steel 6h for Fulton 1's for Mineral &c., for
Ripley 3X for Montexuma 8; for Nebraska AZ; for
(lark's mine o. for Portage 10; for Agomah ~; for
Phenix Gold 75c for Rutherford for McCulloch 7l;
for Ameri can Mining 12h.
After the adjournment of the board the following sales
of stocks were made by A. H. Nicolay:-
$4,000 Bonds Parker Vein Steamship Co..........s1
81 600 do do. ............ 80 X
3OOO do do. ........... .S0X
2CO0 Buffalo Corning and New York RR, LIST mort.
5000 Toledo Norwalk and Cleveland RR, do. .8S
1000 Attica and Allegany RR., do. .48K
1000 Canandaigua and Elmira RR., I'd mort. .S5S
117lx Sacramento City IL per cent. .79A
100 shares Fulton Fire Insurance Co .soh
25 do. Mechanics Bank Williamsburg. ........86
so do. Knckerbocker Bank ...................0 3
90 do. do. ...................o1h
n.i~- n~~ u