The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-09-22
FINANCIAL AND CONNER GAL
ONEY MARK f II.


During the past week there has been quite ac;is,
time in the stock market The operations in all the lead
ing stocks have been very extensive, and Wall stree
has been the scene Of intense excitement the brokers
have had al the business among themselves consequent
", upon them must rest all the consequences. fol-.
for Wall street operators TO suppose for moment tina
they put up down prices to suit their particular
views They may prey upon each other, and, like IL,
Kilkenny cats, eat each other up but they VIII End
aid support, no sym athy, from outsiders. The fail
of three four recent attempts TO sc. up cornerne
combinations In certain leading railroad stocks have beer
iuch utter failures that the brokers must be pretty wei
convinced by this time that they have to look TO
outside Of Wall street, tor support. When clique
brokers is formed for the purpose of buying ten and III
teen thougand OF a certain stock, with the avowe'
determination OF putting up prices ten and dfIeen p
cent they generally calculate upon class Of outsid
purchasers who will relieve the market of a certai,
quantity Of stock Without this outside aid II is utterly
impossible to make the machinery work. Unit. With,
the past two three years, easy enough to draw
in number Of very heavy outside OPERATORS and III
combinations at that time partially succeeded, By In
brokers realizing at the top Of the market all their
stock and leaving outsiders TO take Of themselves
The abandonment Of their outside allies has made uttei
y mposs BILE for the broh to again any aid iron
that class Of SPECTATORS and they have to depenc
entirely upon the inside is fortunate that
thing occurred to open the eyes OF outsiders They arr
pretty well cured and cannot be easily caught again
II is safe to put down every attempted corner In stock
failure from the start IL is to result in ,ha
way. The last movement OF this kind that was at al
successful was in Michigan Southern Railroad STOCK
about year since. That we'll managed from be
ginning TO end and proved profitable believe, to a.
parties originally engaged in IL. When this move
ment commenced the stock was dull at s71s a S.
per cent, and when II closed the stock was acis,
and firm al 81 es per cent. Since that tim
several others have been attempted, but all have failed
and proved DISASTROUS to the principal operators. Wiha
the past three months there have been less than tire
attempts in Erie all Of which have resulted unfortunately
is desirable that such termination should be rcalz
In every instance. These cqucs OF spectators do
deal OF injury to every stock they touch and is to b.
hoped that such combinations will be In
market outsiders continue to keep aloof they hav
lately DONE the brokers will not involve themselves
another very soon.
The money market gradually but steadily hardening
The banks find IL impossible to keep up their ue OF de
counts in the face OF steady decrease In deposits and
active shipment of specie, and the contraction is likely T.
be rapid the advances The time has
yet arrived for the pinch 1t did occur until abcu,
second week In October Last year. and may be lt,a
later than that this year. Last year continued well int
November, and was at times very Those who hav
taken such superficial view OF financial Affairs
suppose for that shall escape the usual sutum
nal contraction and activity in money will soon End
their mistake With such importations the bun
OF which yet to be paid forwith such Immense crops
the bulk Of which Ia yet to be moved and markcedth,
demand for money is likely to be much greater than IA
| former seasons The importers have hardly ye, com
menced making their remnances Last week was ab oa
the beginning Of m active movement in that direction
and We see the effect in the shipment OF about two and
| quarter million OF specie.