The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-01-15
FINANCIAL AND COMMERCIAL.


SUNDAY, Jan. 14-6 P. N.
ne change which has been realized In the stock
market within the past three weeks IL ore Of those
Inconsistent, extraordinary movements In financial
sfhirs, 20 frequently met with in Wall street. Less
Than SIXTY days since quotations for stocks, Of all
kinds, were very much depressed, and ruled fifteen
and twenty per cent below those now current At
that time there were no buyers in the market, and
the bears had full swing. They put out short con-
tracts freely, and calculated confidently upon fur
tAsr fall Of ten per cent ct least easy enough. Sud
denly the shipments Of specie ceased and the banks
commenced accommodating bullion. Ths arrested
The downward course Of prices, and both classes OF
spesuIatofs paused In their operations. The arrival
Of two or three steamers from California with largo
yemittanees Of gold, without corresponding ship
neAt 70 Europe, had its effect upon finances and the
stock market took upward turn. At first the i'm
psovement was very gradual, and OF q very uocer
tain character. Prices Auctuated considerably for
time, but finally the imitation became moro
decided aud moro permanent, until IL has
reached an extent little dreamed Of aud not war
ransed by tho position Of our financial affairs
generally. As the banks accumulated specie, they
sxter ded their loans TO brokers and not to the mer
camille classes Money was loaned freely on call,
ard stock SPECTATORS therefore took precei ence
Tho weekly returns exhibited no extension OF facil
MES 70 the commercial community; but money be-
came easy in Wall street, and the fancies were
fspidly run mp in market value. Occasionally o
hfnre or two would be reported; but it created no
excitement at the stock exchange and was only
Ne talk Of day or two even among those who
suffered Mcss.
Outside Of Wall street different state OF things
exists. There has been no let up among the mer-
chants. Phe pressure still bears heavily upon those
engaged In trade; and although numerous heavy
failures have been reported among the jobbers i'm
pcYters and commiss, houses, not one half of the
dstre,s and embarrassmenss have reached thu public
eye or ear. There Is hardly q mercantile house of
any magnitude in the city which has not been com.
PEELED to get an extenson with the hope Of avoiding
actual suspension. Scores Of failures have occurred
which have not bsen heard Of or known out Of the
circle mme dately Interested and it il utterly i'm
pessible - form correct idea Of the extent and in
tensity Of the revulsion which now overspreads the
country. COmprr misses have been tie order Of the
day, and no one refuses accommodation, because
every one 10 more or less in want Of similar fayOrs. All
here wanted more time to realize on their resources
and II has been very generally granted. The most
important question now is, what Ia going to be the
result Of all this pOstponement; Of this putting of
70 some future time the evils which at first pressed
4 - heavily upon the trailing community? The fear
b that they have not been lessened or reduced by
he extension; that the shock to credi. and conf.
Dance by the payment of obligations at maturity
produce must embarrasses future operations and 80
6psrs the market value Of available assets 70 only
plunge those resorting to such On alternative still
deeper into difficulties, and make their ultimate
j pension matter Of certainty. AL this must soon
be determined. The next ak months viii settle all
these points, That there wilt be ia oil parts Of the
+ country failures from time 70 time reported, we
have not the slightest doubt. It mast not be sup.
posed fer q moment, because fancy stocks In Wall
street are In fated at the rsse OF one and two per
II can't per day, that the revulsion is past, that
! tAs ext ayagsnce and overxading Of the previous
eight on ten years have been liqudated by economy
and curtailnent; hut on the contrary, we mus. be
prepared for long period of depI ession, and gra
dual, very gradual recovery. The present movement
o. the stock exchange Is entirely spasmoic, sor.
ofgslvanic action the part Of clique Of specala
4 ton, who have for The time aid ADD comfort from
the banks to an unlimited extent. To go from tho
hsunts Of stock eculators into the counting
Of the business classes 10 like going from Broadway
~ midday, when filed with fashion, down into the
4 Points, where distress and want meets every
side The banks are encouraging all the speculation
\ m stocks now going On. Taey are loaning freely
on the fancies at moderate margins, ard are by no
means particular In the recurity offered, 30 long
II h has even temporary market value. Sixty days
X hence the brokers may not be able to get one dollar
H lTom these banking Institutions which are now 80
rec aud liberal In their offers. By or before that
no these banks may refuse TO discount the paper
u II any merchant who may nave ever bought OK sold
hncy stocks. This they have done before, and
d doubtless viii do again. 1t is ell sunshine now
neBg stock specalstors for rise. 1t cannot con.
hue long while the great interests Of the country
\ No 10 much depressed, and when the reaction
v vines 1t will sweep away the fine visions Of those
4 yho have been led into the movement
The effects Of the financial CONFUSION OF the past
n rear has bsen more disastrous upon railroads and
III those connected with them than upon any other
\ adustry OF the country. Up to the ccse OF 1853
Do railroad mania continued with immense force.
ysw lines were projected daily, and the Western
n country was the principal theatre Of operations
Auction sales Of bonds took place three or four
smes week In the rotunda Of the Exchange, and
Millions Of dollars worth OF railroad bonds were
worked on under the hammer, at any price. The
object VAS TO sell. II was so easy 70 manufacture
Ae securities that sa:riee deferred the orgina-
srs from realizing. After the credit Of the numer-
sus companies had been stretched to lite stmou, the
bonds Of cities, counties, towns and villages were
obtained and pressed forward for aale. Financiers
were sent 70 Europe to raise loans to purchase iron
lon bonds, and for time it was easy enough TO ne
gociste loans upon pretty fair terms. Bonds were
Issued for everything and given on. in payment for
Everything. Capitalists, brokers, Spectators and
cont actors we're all Involved in the same movement
Every one was filed up with railroad bonds, and
rAHrosd securities formed pretty good paper cur
sncy among the moneyed men Of the day. Private
banking houses we're established In this and other