The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-02-11
FINANCIAL AND COMMERCIAL.


MONEY u ARKuT.
SUNDAY, Feb. lo-S p. N.
The stock market closed yesterday with strong
upward tendency. With activity seldom equalled
In the most exciting times, there appeared to be
On the part Of buyers unlm ted means and unlimited
confdeace. With such Intelligence IS that brought
i by the steamship Persia the market cannot be con-
ddered at al inflated. Fix months ago, while the
war was going on vigorously. aud threatened 70 IN
voiye the whole Of Europe all our leading stock Sc
curities ranged ten and fifteen per cent above cur
rent rates. At that time the ne hope Of peace,
and at home our affairs not at oil prosperous
compared with our present. coalition. We were at
thas time just emerging frofa long period Of de.
precision and contra tion aid IN consequence of the
short harvest of the previous and the reduction
in business generally, the operations Of our works of
internal improvement we're limited, and their re
ceipts comparatively .i9ht Notwithstanding these
facts and the uneeTtain losition Of all our fnan-
cal affairs, prices or met Of our railroad
stocks were up atoye par, and good
many LETT the market for permanent investment
At the present time YER. different state of things
exists. 1t has, since the st important imitation In
the stock market, beeu shown that the harvests of
1866 were greater than er before known; that the
economy and contraction OF the past year has placed
our commercial affairs upon substantial basis; that
the people at large never richer, more remune
ratively employed, and IN every particular more
prosperous 6Aan at this moment. Within the last
three months We have dded more than ten millions
OF dollars to our supply If specie throughout the
country, and our banking movement Is reduced to
the lowest average. All these things point to an ex-
pansion of credits f prices. Of business, and this
must lead to moIe less speculation in stocks. The
accumulation of capital j. going rapidly, and it
must and active employment portion will be alb
sorbed In stock investments, where it will be per-
manent, and portion will enter into new
enterprises, and give activity to trade. With
all these evidences OF prosperity opening
upon us-with tie openiog of q new season,
and that the most active one usually in the year
with accessions to spe lie basis by every steamer
from California-with principal railroads doing
. large and profitable bl.uess at peace ourselves
with all the rest of msnk d, and with the strongest
probabilities of peace beng established throughout
Europe, we do not hoy it is possible to escape
period of speculation in stock securities equal to
anything Of the kind have known for years. All
the elements are protitou~. The public mind is al
ready strongly inclined that direction and it fol-
lows that steady advance in market value must be
the result. Our banks not at all inflated With
for an increase in loans Of u fifteen millions of dol
lars. This would raise the aggregate to one hun
dred and ten MILL IA Of dollars, and we have no
doubt that figure will Ike touched before next July.
Such an expansion OF bank loans would be sufficient
of itself to give grtat impetus to speculation, but
when all the other eent Its in favorable con-
dition, the movement must be irresistible and to the
shorts perfectly over helming.
The money market is steadily working easier, and
the rates are gradually working downward. First
ciAss business paper is not plenty Among the bro
kers there is no difficulty in hypothecating stocks
Cau loans are negotiated with great facility, and
some Of our large private banking houses have car
ried over from day to day larger balances than they
desired on account Of tbsir inability to put it out
A. b. Ncolay's reg lar semi-weekly auction sale
OF stocks and bonds viii take place on Monday next
the llh inst, at l23 o'clock at the Merchants Elk
change.
The expectation OF specie from this port during
che past week was much smaller than anticipated
1t was the general impression that we should ship
considerably more than half q million Of dollars.
GHPNHyU OF SPBCsg IRON rBn PoRr OF NRw YoRK