The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-11-22
FINANCIAL AND COMMERCIAL.


4
WEDNESDAY,, Nov. Els TN
The absence of toe European chez operations
10 the market materially. A. the first board to
Gay the transactions quite limited and prices very
unsettled All specuators for rise were disposed to
hold and wait the receipt of later foreign Intelligence
Il the should be bad they have all the ancies they
want shoula be good they still have all they want.
They fairly loaded up with them and have very lit
tie margin for further Improvement under the most fl.
vorabe circumstances There dozen sellers in the
market to one buyer whereas two weeks since it
ust the An operator who would buy Erie at AZ
45 per cent just for fyer, would not touch it at so
s. per cent, and with all other fancy stocks the
list. The time for buying has long since gone by 1t is
the time for selling but unfortunately there
buyers in the market Those who filed up with
stocks, have by their purchases inflated prices to the
present point They have created artificial value for
their property, which is only sustained long
mains in their hands, The moment they are forced
to sell it then rapidly to its natural
level. few weeks since, when all sellers,
prices down five, ten, and fifteen per cent
in q few days. When the turn came and all buy
ers prices up again five, ten and fifteen per cent 10
just about many days. Now the turning
point more, and the market must go through the
same phases, with the same regularity.
II may be argued by holde Of fancy stocks and specu
iaors for rife that the banks having largely contracts
ed there is not that margin for further reduction In dis
counts which the bears and other long capitalists
calculate upon but such arguments have no point un
der existing circumstance We have not merely our 10
cal affairs to look in the present emergency we can
trust internal to extricate ourselves
from financial dlfcue, ia the event OF our European
creditors demanding large payments. We must, be-
fore tho avalanche of stock securities upon
u.s. prepare ourselves for it by contraction In our do
credits We must provide ourselves with availa-
BILE meet any foreign demand that may arise by
the sale in markets Of our own stocks for
foreign sccoant, and must by contraction of
dts reduce prices that export trade will become
more active and import trade more restricted.
The financial policy of Gres Britain is at present just
this Any advance in the rate of interes.
by the Bank of England produces contraction in com
mercial transactions, reduces prices at home gives
great impetus TO the export trade and ultimately turns
the of specie from all parts o. the world into the
ports Of the United Kingdom These things operate ac-
lively aud the required result appears in all the
channels OF To counteract the effect Of such
policy the part of England, forced into the
system. To prevent markets from being flooded
with foreign manufactures; to prevent banks from
being drained Of god to prevent possible the return
of our securities in large amounts, must restrict
credits and commercial rssactions aud that can only
be done by contraction of bank loans We have
the edy at dire tly to the root of the evil If in
the pursuance Of this stringent policy IT, In destroying
markets for foreign reduce prices for
products it must be considered only partial
evil for universal good for the very fact Of reducing
prices for staple products would give such an pc
to exports would at all apprehensions
of further shipments Of specie.
The quotations current the first board this morning
show decline in Illinois Central bonds Of per cent
Canton Company, q; Harlem, q; Michigan Southern
a. Virginia 6s advanced q per cent; Missouri 6s, a;
Reading Il; Panama, u; Cleveland, Columbus and Gin
cpnat R. R, u. Chicago and Rock Island fell of per
cent from the opening. Nicaragua Transit sold to
some extent, principally time, but closed weak. All
hopes dividend have been dispersed by the financial
statement given below That statement shows that there
any undation for the report but have
to believe that it originated in the companys Office
At the second board the market opened and CLOSED
heavy There was an active demand for tialena, bu
stock was scarce. After The board 12l was bid
The steams hip Asia from Boston for Liverpool to-day
had specie on freight.
The Second Avenue Railroad Company has declared
divided of four per cent payable on the Goth
instant This company is destined to be one of the most
profitable on the island The population Of the avenue,
which was very limited when the company commenced
operations has steadily and largely increased, and
bids fair 70 be very hcky settled in short space OF
time The Improvement both in the value and appear
apce of property along the line has been very great within
two years past The company has paid, believe, re-
gular eight per cent dividends from the time of com
mencng business. The from Peck slip to
Harlem.
Mr. A. H. Nicolay's regular serni-weeky auction sale
OF stocks and bonds will take place to Thurs-
day. at twelve O'Clock, at the Merchants Exchange
The Assistant Treasurer reports to-day follows