The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-11-13
FINANCIAL AND COMMERCIAL.
EY M AR TX r. II.

SUNDAY Nov. 12--6 p. NJ
The week just closed has been of excitement and
disaster The stock market has been intensely atated
and holders have been induced to make ruinous sacr
An immense amount of stock has been forced out
and for time the anxiety Of all appeared TO be to
who would get out first About two months ago VIC had
panic similar to this but II gradually passed away,
operators returned their sober senses
We shall the again 1t is impossible TO
account for these Wild frantic pancs. Shrewd and SEN
sble hardly know what they are about for the time,
and sell stocks at random and make useless sacrifices
Most Of The sellers of stocks at the low prices ruling
have been holders long time at much higher rates
aud few days since would not have made any abate
ment in prices to have made complete clear out Of all
they had The break down in the Western banks and
bankers and the fraudulent operations in California have
undoubtedly been the immediate cause of the de-
preston in sochs but these currency difficulties
generally short lived and in way connected with the
real interests prosperity OF the country 1t 10 very
extraordinary fact that It the moment when the inan
cial embarrassments under which have labored 80
ong about disappearing, and with every real ele
ment Of prosperity rapidly acquiring sound, healthy,
and active condition, this great depreciation in stock
securities has been realized For the past six months
the Of specie has very great and banks
have found it difficult preservr their average amount
OF specie We have becn until very recently importing
extensively while great staple exports have been
dormant in homo markets. Our natural resources
have not been available and have been compelled to
part with our specie. change has come over that
state OF things and upon the OF better times
The mpoations have been reduced to very low points,
staple products coming forward rapidly, and
viii find good markets abroad, at good prices We have
been for months liqudating old liabilities and forming
ones Contraction has been going rapidly. The
banks have discount line at this moment upwards Of
elp M WAS vvaak e sin
and credits outside of the banks have been reduced
at more rapid rate. Al, classes OF merchants
strictly avoid new engagements, with determination
to reduce their operations to the ement
II is impossible for these things to go for any length
Of time without strengthening the position of every
tive man in the community, and without reducing bust
TO such condition that win require comparatively
small amount of capital to manage.
There is doubt but that the e;trayagance rascoty
folly Of the past few years have these ebar
assments aud difficulties upon US and nothing short OF
he remedy resored would have been sufficient to re-
move them. We think it has been applied in time to
prevent vide spread reyulson and believe that
ources are ample to extrcate us from the dangers
which at one time threatened most important inter
ssts. II 10 wen known that have ever taken conser
yative course in commercial and financial matters and
have at all times endcavored to restrain the expansion Of
credits and imitation of prices. We have frequently
vagance and predicted results similar to those which
have been realized All OF antcpations relative to
the effect expansions in the currency and credits
generally, have been brought about. The result
FASTENED by the Developments OF fraud and other crm
nal acts the part Of prominent hnanciers; but it was
merely matter Of time TO arrive later Had
it been longer deferred it would have been dsas
trcus IT therefore well enough that something oc
Cured 10 expose the rottenness and corruption that
tu4al 1rf.w Iw4a
and commercial The application OF antidotes has been
and effective and though Frustrated the powers
of Incorporation sufficient to ultimately health
and strength We further cause for caution on
part Experience has been the best counsellor and
there ia very little danger of relapse from repetion
The appetite for enterprises will BE- weak and dainty
for long time, aud VIC have apprchcpsons that more
viii be undertaken than be accomplished II is our
duty now to encourage that win strengthen and
consolidate any enterprise Il energies from its
chrysais state and it advances give il such direction
as win lead il steadily aud surely contamination
All our Old interests have been much improved by the
Investigations and reornatons made their aFairs aud
there is not in the whole catalogue that is not at
this moment actually in better condition. aud moro
productive position than they twelve months since
AT that time their market value was in many instances
than double what II is now and the heaviest hold
ers and most sansuinc believers the very men who
are now the largest sellers II the absurdity and ncon
sistency Of their operations are enough to induce
sensible men to pause and Reject before joining in the
general stampede, and projecting utter sonihnaton to
al property represented by stock companies We shall
abandon all faith in man. aud leave the species TO their
wn destruction.
The lat weekly returns of the pcn oil FINLAND show
Cd an increase in the buon department Of half nil
ion pounds sterling, equal 10 two AMI half millions Of
collars and i is the opinion OF those pretty well postel
op in these matters that tho next weekly returns VIII
show similar increase f sach is the case The eaec.
here must lie Of very favorable character. The ca
rcnt Of gold which has been hong setting from Lon.
don 10 fie Continent, Is about turning and II II nc
quiles any strength the bullion IN the bank III raa
~ UPlN II merely he outward current Il arrested, so
that lie bank keep sown receipts II viii be sufficient
TO reduce he rate Of Interest az once and ryc great
ease e ihe money market A. as the Rsnk OF
England commences DE accumulation OF bullion mi
accumulation VIII commence ID own banks aud il
vii not be difficult e ,ane no effect Of an Increase
y our supply Of specie 10 lc extent Of two or three
monthly rcnittances from California That We shan
lase an easy money 'negAet within tho next ninety
lays there is not The 81, yhtcst doubt Notwithstanding
hc depression and gloom surrounding Us at tits no
acnf, sec IN ne future brighter better times
nd tlosc who nov strive 10 increase the PANIC ana
cstrcy the little remaining confidence in tho public
lind, viii live long enough torealise their short sight
ancss, and that there Is still something OF this
real country and Is innBmerabe resources left We are
OF III ruined yet
The shipment Of specie from this port last wack was
oe small, will be BY The annexed stasement:
smf,nurs syFcn FRoM THE PoRr or NEw Yoax
lip mo RIO Janeiro American gold. 49,, sIe $40 N |
Gamer Pacific, Liverpool Phil gold bara. 3i5,SjI ~
1