The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-11-07
FINANCIAL AND COMMERCIAL.

TUESDAY, Nov. 6--5 r. N


The stock market opened this morning depresse
than At the First Board there we're large sales
Tie offerings very heavy-mach heavier than the
demand could provide for. indiana 6's fell off u pc
cent; Virginia 6s y; Missouri Os Il; California rs ;
Illinois Central Bonds u Canton Co. "; Cleveland and
rittsburg RR. q; Nicaragua Transit Erie RR. n
BEADING RR. ri Michigan Central 2; As1igsn Southern
L. Panama NJ Cleveland and Toledo ~; Chicago and Rocs
Island !. Pennsylvania Coal advanced per cent Cum
berand ri Illinois Central RR Y; Galena and chicsg
y. After the Board, Erie sold down to Al Az per
cent, and all other stocks lower The rally yes.
terday afternoon caused by the purchases OF
stock account Of shorts bat the sup.
port to the market withdrawn, prices fell back
again to the lowest points The decline In certain stocks
has brought in few small outside buyers; but the
general disposition is to let the fancics down
that when reaction does take place II viii be perms
nen There is a wide margin still left for depreciation
II favorable change takes place in the complexion Of
European adyces The doubt which hangs over
financial affairs IL enough deter specu from
entering the market. Under ordinary circumstances
the fall in prices already realized would have SUN.
ciently to have attracted better class o spssulaors
and we might look for gradual recovery, but
now differently situated 1t is tdaing temporary
matter that is at the bottom exstipg difficulties Il Is
no local arrangement expansions which might have
been corrected by economy aud contracon 1t is ~ col
lapse from exravagant speculation beyond available
capital It Il want u internal want Of ne
ces,ny products for foreign consum pon-no want
Of confidence la domestic affairs but the probability
q deep, broad and thorough resason in finances
growing out Of immense indebtedness those nations
in Europe engaged in fearful struggle oF political
supremacy.
We are 20 completely absorbed in European anances
50 intimately connected with every reverse affecting pub
lie and private credit dependent upon foreign markets
tor cur products and foreign capital 10 give activity and
iie to every branch Of industry, that is question II
our great local Interests are not seriously affected
BY any financial difficulty in London than though II
originated in this market We look London for aid 10
all works Of internal improvement for the
sale Of all public securities, for the regulation o.
Pces rsD surplus exporting products for every.
Ting upon which progress md prosperity depends.
We indebted to European capitalists this moment
90 three hundred millions Of dollars and what
Arrests these capitalists affects the position o. our
securities. We not in condition to return AZ
amount Of the capital loaned these securities aud
sen-itveness whcn the possibility Of such demand
arises Is perfectly natural Any serious pcrmane
stringency In money matters the other side OF the
water must produce corcp ending ssents here
ro' only on account ~ supplies being CIT oE BIT
II Of the danger that increased frou al.
tide may be required in The shape ooaA lie lss
afford.
At the present moment the danger Ia Imminent on &C.
count Of The drain which has long and steadily COZ
tnued upon the two greatest banking institutions 10
iuropea drain which IA mysterious Il /. extraor-
binary The very nature Of the Is such create
ihe most gloomy approhsnsiops and when y will stop
or what viii be the effect the longcs,heaAei imam.
eiers cannot fa;hom. II may lead 10 suspension u
Bank Of France and 10 notifications Of tho Bank Of
England act, permitting issue o. pound notes aud Il
may ultimately lead to suspension IL the great Banx of
England ise The effect q snch ACT on this sdr .
the Atlantic would be disastrous Our export trade
would ct once be shorn o. IT, productvenes. BY dcpre
eating bills Of exchange, All ~ should be at the mercy
Of those 70 whom We were Indebted In Europe Our
ioreign creditors would have us completely 10 their
poser. We should be compelled To pay in golA -hile
~ could command in return nothing but paper Bank
Of England notes would be given Ia payment for our pro-
aucei while 80 long banks continued the paymsn
~ specie the drain upon Us would be actively keot
~. y would BE- desth to US, Wills Eogiasa would To-
the lime benefit by our commercial ruin
A, the second board the market was All lower. npy,
Central Bonds fell ~ !. per cent, IRE Bonas 1875. 4
Cumberland, u Reading Railroad, 4. Mchlxan south.
I'm Ia; chIc'go and Roc I.Anl \ GAIen. aad III.
csgo, \; Cieassisnd sns Toicas 4; Re ~ 4, TIE
clos. everything heavy cod Gesy offered =, fswsr
prices. The dsg"sdoa decidedly 10 f,vs fgsttnv