The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-08-06
FINANCIAL AND COMMERCIAL
MONEY MARKET.
Tt-EspAv Auoust 5-e

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Coal fen OF per cent; New York Central Railroad,
D; Erie, 4; Reading. I; Michigan Southern, 0;
Cleveland and Pittsburg, I; Cleveland and Toledo,
I; Alwaakie and Mississippi 1. New York Central,
Ere, and Reading were sold freely at the decline,
and closed heavy. We do not any other alterna-
tive in the stock market but lower prices. Any
outde demand for the leading speculative stocks is
almost out OF the question, at any prices. Those
amoaS the commercial classes who have heretofore
occasionally entered into stock specuations, have
now ~ much as they can do to attend to their own
financial affairs, and must leave stocks to take
care Of themselves We have, in the future,
financial difficulties Of the most serious inn
portan,e. With q bank expansion the first week
in August of more than one hundred and twelve mil
lions Of dclars what can be expected in September
and October but the Of the present plethora
in the money market? With line of discounts
mere than twelve millions greater than at the same
date Last year. and in the duest season for trade in
the year, when the payments Of the merchants are
comparatively limited. what must we have in Sep
tember and October to keep up the present and
abundance? In August last year, when the COM
mercial classes were not in want Of money, when
hnsines was inactive, and when no liabilities OF any
oount were maturing, the banks OF this city run
MP discount line Of one hundred and one millions
Of dollars, and in October, when every one wanted
money when al The spring contracts we're maturing,
when there was real bona fde demand for money
for legitimate purposes the banks reduced their dis
count line to ninety four mill ,ns OF dollars.
A decrease Of seven millions OF dollars
from the dullest TO the most active business
season Of the year an operation which produced
q serious state Of things in the money market, and
caused good many failures. The movements Of
our banks should be completely reversed. In
August they should have moderate discount line,
and in October the expansion should be at the high
eat point; but the wise heads controlling the move
ments Of these machines, for purposes directly OPP
posed to the interests Of the mercantile classes force
out their monty when no one wants it, and call it
in when everybody requires il We look for the
same course OF events this year We are now almost
at the extreme limit Of bank expansion, and money
ia very abundant The supply is largely in excess
Of the demand, and the bhc mind has become
confident and apparently Indifferent to the future.
The present plethora has continued so long that
no one seems to dream Of change. For more
than ten weeks the banks have been ex-
panding at the rate Of more tnsn one million
per week. Such an expansion, through the summer
months, Is well calculated to produce plethora in
the money market. II the expansions SHOULD con-
tinue at the same rate all through the fall months,
il would not follow that the money market would re-
main easy; for an active demand, in active business
seasons, commences in September, and runs all
throagh October into November. What, then, can
be expected, under q contraction in loans Those
interested in the matter had better look about In
time and govern themselves accordingly. There are
large operators in Wall street who have the most
distinct recollection Of the course Of prices in the
stock market, during the months Of October and
Eoveuber for the past two years and there is very
little doubt but that they vii. avoid the rocks some
OF them then split upon. The months Of October
ana November. 1854 and 1855. we're most disastrous
to the holders Of stocks, and, if we are any Judge
Of The signs Of the times, the same months this
year are likely to prove the same.
At noon to-day A. II. Nicolsy offered for sale
auction under the direction Of j. s. Libby receiver,
several notes bonds and interest in real estate Of r.
7. Barnum. The following Is the Official record OF
the sale, as furnished by the auctioneer -
10 bonds Of the Crystal Palace, n L., Of 500
erom..oty note Of John Green wood Jr. dated
Nov. %, 1865, for s2,5s2 Is, payable in seven
yes wnH ip psss made de ey b Baer dated
Nov q, isSS, for $500 a, payable IN years, -,
n ac,s .n mao. BY Henry Dalton .nuay
80 lssi, tor s2uo, payable aemand sold for. so
l prouissory note, made BY wm II. Noble, Tee.
!, 1903, cor 500 pay able IN years sold ior.. 20
One o. ornlssory nose, made BY Adam Ray, May Il;
lsis tor 81 Coo, due April isso, interest 10 per
cent semi annually, secured BY mortgage and
guaranteed by The Mississipp and Milwaukee RR -.
One bond o., CIR q ritts6ars due in is, r $1,000
One Bod q Aies.ay county due IN issc, Tor
1900, inicrcs, per cent, so'd nor .7S'.p,
One bond OF Mani county, due To ls72l Tor 81 900
Ut..F wnf In
Property nor,aess, co ner Of broadway aad Houston
street, containing 100 fee, on broadway W feet lncncs
Crosby street. aud lgT feet Gchs 90 Houston street
sold for sils. Subject mortgage and Judgments
Amounting u $685. 100 ~. and Mrs Barngm does not
waive her right u do~er Ia the property
Also 10 sores Of land ia the to~nshp o. Bushwick.
Kings county sold for A. sub Jet " the 70 ioSIg mort
cages ana judgments amounting 70 81, tie, and hrs
bArnem does not waive her ngai Of dover ~ the pro
ne terms q sale we're cash subei to the sBcumbraa.
es payable a. The oAcs o. the receiver al 10 O'Clock,
AZ the second board there vas considerable stock
Offering, and safes were much larger than usual
Nicaragua Transii fell OF ] per cent; Chicago and
Rock Island, \; Michigan southern, Il Ne~ York
Central and Erie closed At prices current At the hrst
board The sales OF New York Central we're 900
shares, SCI per cent for opening. bat there we're
large lots aterwardsoercd at the same price, and no
buyers The sales In the aggregate at the second board
this stefppon we're nearly as large ~ at the first
board 70 sserday Az prices fall Oh the desire to sell
incr,ases, and when the pinch or the panic comes,
a. Il surely win at no distant day. the daily sales
win be double VIA, they are nov. Holders
of stocks generally are anxious 70 make clean
sweep. but are waiting a better opportunity. We
are afraid they viii he disappointed. The proper
time he's gone by for The present. There was
very active demand for money today, and considers
HE shinnirr among the brokers 70 make IN their
accounts This IL but the beginning. Every week
win increase the stringency In money matters, and
make Il more df,cult 70 hypothecate stocks.
The steamship Persia. from this port for Liverpool,
tomorrow "wednesday, win take out upwards Of
miuios Of dollars in specie. engagements have al
ready been made for about 100000. There viii be
two more steamers from this port for Europe thi,
week.