The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-10-17
FINANCIAL AND CONNER CIAL.
NJ NEY RIx L II.

IHtE-DAY, Dct. l6-6 4. NJ.
The stock market took turn upwards this morning
The principal buy were the shorts, and they borgh,
win great deal Of spirit Upwards OF seven thousand
shares of Erie, and than ten thousand shares of
Reading were sold at the first board OF Reading nearly
seven thousand shares sold for cash. New York Cen
trail was put out freely Michigan Central little
more active than usuh Cleveland and Toledo was rathe
quiet only two small lots were sold. A. the FIRST board
limos Central Bonds advanced 4 per cent; Michigan
southern Railroad, i; Chicago and Rock Isiand,
n; Gsiena and Chicago, y; New York Central
Railroad, n; Erie az Resting Railroad, 3; Michigan
Central, ss; Cleveland and Toledo, 1; and Cieve
land ,=1 F,tsnurg x. The upward movement 10
day caused principally by the reports received
by the last steamer from England Of the probable srspen
sion or specie pay part OF the Bank OF France
The anticipation Of such even, has put up prices In This
market for railroad stocks 4 per cent There IA
much sbsurdAy about this fact aud so much ignorance
and bind stupidity exhibited in is operation, that
hardly give . moments serious consideration. II Is
prepostcrous the face Of II that sensible
deludsd by any such excitement Men OF capital are
too shrcwd and too well ported relative to the eneci OF
certain the financial world 10 be driven into any
such movements, and few days will open the eyes,
and wc fear ishten tho pockets Of nose who
have, without = moments thought, Involved them.
selves largely ~ purchasers Of stocks, at q tine.
above ali others, when the true policy was
10 sell. ssspcnsoa OF specie payments By the Bank Of
France 10 event we should look upon with fear and
trembling. Every specie paying country would be
rioualy injured by such movement The Bank Of Fog
land and AZ The great specie paying banking institutions
OF the Continent would be compelled 10 contract their opc
ratous to . very narrow limit 10 prevent an airmlng
drain OF gold and silver They would be compelled 10 ac
upon self defence otherwhc specie would be drawn from
them without the power OF drawing back by The usual
~ "A IA cof n.~lw
Of France under suspension Of specie payments would
cease buying specie, but the contrary would DO more
likely to become . greater buyer, and keep all got.
Now, the bank buys largely and pays out
largely. II cannot retain sufficient supplies under
the present SYSTEM and 10 therefore argued that gus
pension Is Inevitable. ThA may be 30. A suspension
would not only stop the DRAIN would enable the bank
TO accumulsic, and there Is the danger.
We see by last European advij~ that the Bank OF
Vienna non specie Paying Institution, had accumulated
forty Millions Of dollars Of specie, about one bali Of
which was drawn from the Bank Of France. If,hs cnor
NOUS accumulation has been going In the Bank Of Vienna
With view 70 q resumption OF specie payments, Il viii
DO frustrated by suspension Of the Bank Of France The
Bank Of Vienna viii not dare resume with the Bank Of
France under Suspension, for would lose he buL
non and most Of soud 90 back into the vaults Of the
Tank OF France where came from. Under suspension,
the Bank OF France would DO Just what the Bank Of
Vienna done under similar circumstances. The Bank
Of France would draw bullion from every specie paying
bank in Europe, and great deal from this country and
lock up In iu strong boxes II woui be Of
10 the financial and commercial world thsa sunk ia tho
depths OF The The Bark Of Franco has not In rs
specie operations been the Of the financial pressure
now intense throughout Europe. That institution had,
Al the date Of the last accounts, less syccie i vaults
than at any time within the previous ak menths and the
drain was gradually going on. such course IA cor
tainly not calculated TO create pressure. II mat
tered little how much gold the bank boaeht ~
Was raid on, again Immediately. certainly
has NOT boarded any; and yet spectators In stocks
this side Of the Atlantic fancy thai tbs suspen
sion Of such institution would afford instant
relief VERY different opinion prevails IN the financial
circles Of London, and when the subject better under
stood here the eject win DO very different tina,
anticipated. The political effect Of suspension Of
specie payments by the Bank Of France appears
havo been at all considered LOWS Nspolean has had
too much experience in revolutions moi 70 look Al the
whole matter it, worst light before taking any step
bu, then he may make fatal mistake Tho people
Of france too deeply stepped all the forms Of specu
iaton 10 be Indifferent 10 the financial movements o.
the government.
AMER the adjournment OF the Board, the following
sales Of stocks and bonds made ii auction by a.
Nicolay-
500 san Francisco City i0's..,u..,... and mt s1k
1000 Tennessee State Gs.."U............Bat Va