The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-01-04
FINANCIAL AND COMMERCIAL
n d N EY lar X T. T..

WEDNESDAY, Jan. 3-B y. Nj.
Wall street was dull and gloomy this morning.
At the first board the bears had full control Of the
market. Indiana 5's fell or 2 per cent; Virginia
6's, Il New York Central BIRDS, 4; Delaware and
Hudson, 1; Canton Company, I; New Jersey Zinc,
!; Cumberland Coal, q; New York Central Rail.
road, /; Hudson River Railroad, 1; Reading Rail.
road, 4; Galena and Chicago Railroad, 81; Erie
Railroad, 4; Harlem, /; Erie Income Bonds ad
vanced per cent; Nicaragua Transit, /; New Jer-
sey Railroad !. Ene and Reading were brought out
In large lots, and were freely offered at the decline
The market, on the whole, was very blue, and the
prospect is by no means fattering. The numerous
failures reported yesterday have created great ex
element In the public mind, and renewed the ap-
pr, tensions entertained earlier In the season. The
panics caused by previous failures both Of private
individuals and Of banks, had almost entirely sub.
sided, and the impression was becoming prevalent
that little longer period Of quiet would restore
confidence, and that we should pass through the
pressure without many more large failures. None
OF these antieipations have been realized, but, on
the contrary. we find upon the first business day OF
the new year the announcement OF several
failures affecting interests in every section Of the
country. The failure Of Messrs. Wadsworth &
Sheldon may carry down houses in Chicago and
*. Louis with whom they were connected in
business. Az bankers, Wadsworth Sheldon were
Lrgely engaged In collections for bankers In West
ern cities, and the probability Is that extensive
Losses have In this way been realized. The failures
which have taken place in this city among private
banking houses, have nearly destroyed confidence in
tia, class Of capitalists, and will throw into the
regular incorporated banks an imme nse amount Of
ts,,.f rl.I
individuals We have encouraged the establishing
OF private banking houses believing that they would
act as check upon TIE fluctuations Of our banking
institutions, by distributing capital and giving the
commercial community facilities for doing business
when the managers OF our Wall street banks took
II into their heads TO cut down their dis oants but
We must admit that so far these concerns have been
failure. They have involved Themselves Ia every
species Of speculation; have been engaged IA ali
sorts Of schemes. and have been as much the cause
spything else Of the imitation and ultimate break
dosn In the railroad projects Of the day. About
bafsdozsn Of the private banking houses started
in this city during the pas. five years. have failed.
How many more win follow time only will DE-.
termine. About twelve months since one Of these
private banking concerns thought best 10 attack
the HERALD account Of the course Il was Dur.
suing In relation to the enormous expansion Of rail-
road credits, and the policy Of corporations loaning
their credit to railroad companies. A. that time
the house referred 10. and all others engaged In the
same business, were fear ful that some Of their pro-
jecis would suddenly collapse and II became neoes-
sary THAI any opposition should be put down or IL
authority and influence destroyed. Many who vere
induced by the anciful representations Of these
go,iators Of railroad loans 10 make such Invest
ments have deeply regretted II since. Taey have
leaned TOO late thA, oil IL not gold tia, glitcrs,
and that even railroad binds are frequently no bet
Yer thsn 10 much fancy stock. Had our advice q,
that tine been followed, ne should no, have hal 20
many disasters 70 record since, and the rsYuLsioa
would have been comparatively moderate.
The suspension Of Messrs. Foster a stsphsnsgn,
and ofhr. Winthrop q. Ray, was caused by the fall
ure Of Aesws Belehsr Brothers, sugar rehnsrs, %
81. Louis, N stated yesterday The Mesrs. Belchsr
were 10 the habit Of drawing 20 large amount on
both Of the houses In this city above named and ],
the regular o. business drafts we're accepted
without mncb regard " The sum, The Icsp.or having
iu confidence In the ability Of the drawers proiec.
teen 81 maturity. Lately hesra Poster 4 Sc.
phcnson were drs~n on 30 heavily ma, they object
ed TO accept, When they were informed By The
hehsis fletcher that al he dfAil. dsawl by thrn
we're o. their house. snd Tia; they were 40, drar
irg' a. usual, On any other house Ia the city. Tha
restored confidence sgan, and drars were frcsyv
osptsd for time lenrrr. A. lsathe failure a ~.
sesars Helchsr ~ss announced. ~hen II sppesrcd
that they bad been drawing o. yr. Riy 10 larger
es'ent Asn ussi. ard ws betsys aiso upsa o,hs-
bouses In nv city Ths hcsss u Bslsssr PRO
isers, Of ~ Loais asi ksv Ofic1s, vAs Oss o. ~.
lsrssst II The esu-,sy 10 ,hs sugF r,fsins baEo.,
aAd uss vsu known Tor ~ iz,svtAas szl.s sS.A the