The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-09-03
FINANCIAL AND COMMERCIAL.
MONEY MARKET.
SUNDAY, September 2-P.

During the past week there has been considerable
fuctuaton in the stock mdlket. In the early part
the decline rapid and steady. but reaction was
realized at the close which brought about partial
recovery. The improvement Is by no means Of
healthy character. II was produced entirely by
artificial causes. and soon as they have had their
operation still lower depth will be reached. The
bears are decidedly In the ascendant All the ind
cations point to much lower prices in the stock
market There is already more active demand for
money for business purposes, but it is nothing to
what it will be as obligations begin to ma
ture. AT the commencement Of this seasons bust
ness there were outstanding obligations of con-
sequence. During the long period OF inaction liza
bi,ities Of all kinds had matured and there was
great scarcity Of first class business paper. For
some weeks past there has been a steady increase
in business, and commercial paper has been man.
ufactured rapidly and to large amount The
banks have discounted this paper literally and up
their line of loans to an amount greater than be-
fore known. Az soon "a this paper natures in large
amounts there will be more active demand for
money than we have known many months Then
the banks will require the payment Of the bulk OF
their stock loans and then shall find tightening
of the screws upon the money market. Throughout
the fall and winter months there will be compare
lively stringency in the money market. We have
abandoned all hope OF any decrease in our shipments
Of specie. II is our belief that larger amount of
American securities are cent back from the other
side by every steamer than goes out on new orders,
and that than Of the amount specie
ported il the proceeds Of the sales of the United States
securities foreign account. The high prices which
have ruled in our markets for American stocks, has
been inducement enough for foreigners TO sell indie
pendent Of the necessity existing the other side
for remittances OF gold from this. We must prepare
ourselves for q more contracted money market. The
revival Of business, the production Of crop of
bfeadstuGs and cotton unprecedented in the history
Of the country, will give great activity to capital
and draw it from stock investments for more egiti
mate employment in the channels Of commerce.
Albert II. Nicolsy's regular semiweekly sale of
bonds and stocks will take place on Monday. at half
past IL o'clock, at the Merchants Exchange.
The expectation Of specie from this port last week
amounted to only 1927 ,4so. The only shipment was
by the steamship North Star yesterday, for Havre.
We have remarked that one Of the most extraordi.
nary features Of the railroad mania was the stupid
dity and utter blindness with which some people
allow themselves to be gnled into the purchase Of
such stocks as the Cleveland and Toledo the Erie
substantial, safe dividend paying and dividend earn
ing stocks always to be had. We have mentioned
among the latter class the Galcna and Chicago,
Chicago and Rock Island, Michigan Southern, Read
ing, Michigan Central, &c. We might add other, to
the list, the slightest examination Of either Of which.
or comparison Of figures, with the Cleveland and To
ledo ought, it seems to us, to be sufficient to pre-.
vent any one not absolutely insane from the COM
mission Of such folly. For the purpose Of showing
how great difference exists between two companies,
the stocks OF which in market value are not very
wide apart, we give the returns cf earnings Of the
Gaena and Chicago, and the Cleveland and Toledo,
for the year ending August J, is55-
GNsAA Asp cneAse eAtxoso.
1ssregnv espanssss Der cent ssS1 s9
Interest on bonds-si 900 Co.,. $4,000
,oIo s2s
Interest On surplus income .. 10000 e30525
,,.,,.. .so7 o--
49,, 80 900 :, .,oaL 1. o,n.l ), nina
80" - go. ~. i, - ~ ho,,
zen peI ,e"s -. a"ss -, ,.,,h ,hi,.
Wy o''''',.' - NJ ro,,ro p,,,.o,,
Aggregate earning. Tor the year--ohelaI ssb22s