The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-12-05
FINANCIAL ANO COMMERCIAL.


4 Tn " ~ s-o " ~
| The stock market 10 s,iii tending q '"asssa h&fr'
LOT. OF Erie and Reading shoveed eu, 70 a.y ans
grand time Tor the shorts 10 in .ay 'hs t-a
ces for delivery. Nearly thousand shares Q. hr-,
and nearly i've thousand shsrs 81 R-aaiax s.s -
the first board At prices fraction b~so- thu cl..ia.
points yesterday. western railroad stocks we're freely
offered at lower prices. aud the sales quite arg-
Missouri 6's declined Y per cent; Canon Company. .
Eie Railroad v; clevelsnd and Tclsdo, IL R.slt.x
Rai road y Hudson River Railroad, NJ Michigan Cen
hai, y; Michigan Southern Il; GaienA and chicsgs y.
Cumberland, Canton, Illinois Central bonds aud
remain without change There were salss of kicars
qua Transit There outside buyer. OF any fancy
stock on the list in the market, and they are wi.e oil
continue 70 keep oft livery steamer feov Eu r,e
Is likely TO bring us unfsvorabs Intelligence and oas
money markets cannot escape contraction. Tho real
prosperity Of the country beyond any injury from F
ropesn embarrassmens, financially otherwise bot ve
beyond safe from sudden pancs growing out
OF the advancement in the value Of money London AID
the probability that securities will
In Ia ger lots than manage II must be born.
mind that nothing but the hrmest adhesion 10 the pre-
sent system pursued by banks from
erias disasters. Tho stock market Is likely be In
jured by bad from Europe while all other interests
may remain untouched. We do not look for any damage
TO departments Of local industry by ia
tbe rate Of interest BY the Bank q England by the
issue of proposals. for loans by the governments Of
Great Britain or France Prices for breadatuns pork
potatoes butter and eggs may not he reduced by
the financial difficulties Of the governments the people
Of either OF those countries, but stock will be
cont acted to Its narrowest limits. Holders Of fancy
stocks, and OF stocks generally, stand between two ecs
and they likely TO get seorohd by tho other
the banks contract their ioans they must call in
the brokers' snd free stocks the market FOR sale
the banks expand their loans, up goes rstes for
change and away goes specie tho Atlantic The
banks keep their specie by cutting down thor
discounts. On the other hand the banks do
be burdened with very large accumulation Of specie.
Beyond certain amount 1t becomes . dead weight
and tends materially to . reduction Of profits. A
they keep a sharp look out for dividends tho supply
Of specie In hand viii not DO sufficient 10 sum up above
fourteen on fifteen millions II will be the easiest thing
In the world TO reduce II. II win only bs necessary
TO let out loans pretty freely for weeks
start the current Of precious metals the Atlantic
again. In this view Of financial affairs, 80
how holders OF fancy stocks look for any impro
ment in prices The favorable light In which money
matters be placed IL by encouraging The
Of the securities operated in largely In this
market is such that confidence Ia easily shaken and the
officially Of hypothecAting suddenly aud greatly increas
cd, in hct frequently rendered impossible II appears
10 most extraordinary that ,ney be raised
them with such facility, Is often realized but the "a
with which this class OF stocks be negotiated with
banks and outside capitalists the great Of the
enormous fluctuations which from time to time appear
WHEN spectators hold thousands upon Thousands any
fancy stock, in fact sny good substantial stock and
only hold them by hypothecation, up 70 the smallest
margin possible there Ia certainty or stability in
market value They are a. the mercy Of every
ment in the dnaucial world. Every little cloud that APP
pears In the financial commercial political horizon
affects adveis ey tor holders s,osks thus held Every
contraction the part II banking Institutions IN
any part Of the universe, every little excitement among
politicians, every little disagreement among nations
likely nay To ghten parties who have ,Aned
all classes Of securities and such loans
called IN At the shortest notice which orcss these
stochs upon th. market be sold a the price
whatever may be- This actual holders Of these
very seldom get alarmed. They class Of spectators
Who, having little 70 lose, bold and confident They
seldom realize Of their accord and hardly until
forced TO do by the calling In o loans Then they 81.
tumble IN At when psni, of less severity
s.i,ss upon the market. and prices rapidly down,
until better and stronger eIass Of perators 10 and
arrest The decline II ioubt appears strange 70
eide holders Of certain stock securities those who
have Invested solely with view TO dividendsthat tho
arrival Of . steamer from Liverpool with unfavorsble
cia advices sbould depre such stocks three,
tour and five pcg cen. IN "a many days whom their
dpcti, enrss permanent investments remains unln.
paired but the il fund in The In which
these securities he'd in the that thouanGs Of
shares held by small clique 81 spectators. who,
perhaps have no, tho means Of their own carry
huudied,h part Of that quantity, and who depend almost
entirely upon lean. made here aud there parties sp.
pear dsposei to make such advances All such loans
upon call and therefore Of very uncertain enufs.
After the adjournment u the Board tha foios ng
a sends and stocks male al auction BY SIMEON
l.rers-
$1,000 Mich. southern r. r. IL 1858, lat sdlsd 80
400 do SIS 1857, d.. ~
$500 Marietta and Gin. H. r., lat mort, do...... rs
ooo Ohio and Mis-. r. r. u mort, do.......3o
100 Coupons 30 do 1g.....2O
$40 union club, Ne, York da......so
900 wheeling fNs.l cry 90, 1873. d0.,.,.,.s3
20 siK Indianapolis aud C,neinnsu Railroad
~ fxoslsiot Fire Insurance Co...............37.
20 HAmpsllrs Coal and Iron co....t...,..+..aLaT
Al n ,ecoDd board the market not settle bat
itls hrney File sod At advance u pr cent, eat
irg, =. Cleveland and Toledo, y. Cumberland There
ia steamer near st han With European aaVices
dsys later hen those rrerioUsy received ana stock pec1
Isiors looking for her arrival rIih great dee q
anrisfy.
1hs Assistsn, Treasurer reports today A. fogovs,-
raid 81 tssassry aecoun'...... ..,.... sias,ss2 =
Nscslvtd !" ................. f02 0s5 o.
hAtanss t-..+t......stt.* 1919
F&tl ~ Af@Ay once @ItVs3 -
Isla dlsbufsibg checss................ e2s5i II
Iherayussls today inslsae tlo0, 30 sent - Hail
more .n4 ~ receipt. 90 90 ~ tf.nsf.f anf.