The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-10-06
FINANCIAL AND COMMERCIAL.


SUNDAY, Oct. o-0P M
The stock market presents feature. At the
close yesterday prices were very unsettled and specu-
Atos appeared 70 act without any definite idea Of the
future Holders OF stocks evidently anxious about
the steady increase in the demand for money and begin
70 think that there will be exception this year in the
regular annual contraction. The outward movement of
specie continues active and is the opinion Of our largest
specie shippers that shall for time export about
one million and half per week. Toe striugency In
money in London and in the Continental markets makes
necessary 70 ship specie from this side ct lower rate,
Of exchange and in the event Of the Bank Of England
raising the rate Of interest one half per cent our ship
ments Of specie would be full large, with exchange al
oA per cent, heretofore at OK 9T per cent This
month Is not likely to close without the usual pinch 10
money matters The payments will be very large, AMI
towards the close the demand for money will, without
doubt, be larger than ever before known The
supply may be nearer equal to the demand than
1t the same time last year, but IL ID no. SAFE
to depend upon the chances. Wall street Spectator,
have frequently seen the money market change from
great case to severe strngency in period Of twenty
four hours. The large loans out call makes Il par
cuary dangerous, 1t this tme to be involved in stock
purchases on hypothecstion. There may be call any
day that would force large quantities Of stock the
ke TO be sold ut the current prices matter what the
sacrifice II % this difficult and dangerous position that
operators just wish to avoid and they only avoid
by closng all contracts where stocks be turned
into them within the next sixty days Last year this
time nearly oil the leading railroad stocks ruled prices
higher than those current and in less than thirty
days aer nearly all Of them ruled Ut five and ten per
cent below present prices This year shall not have
great fall in the corresponding PERIOD for there is
not such wide margin, comparatively but have
doubt points will be touched ruled at the close
Of October 1856. The public mind Is not favor
ably inclined towards railroad investments a. twelve
months since, and . lower standard rules for
all railroad stocks, which last year much
inflated This class Of securities will again
stand well a. they have. So far ~ high prices fo'
railroad stocks concerned they have had their day
railroad stock above par in market value, twelve
months hence will be extraordinary exception There
not three or four in the country and th
number 10 likely to be less before 1t 10 ten per
cent railroad stock not under the most favorable
cumstances, worth more than ninety per cent To be
worth that IL Is necessary to not only the ten PEI
cent but 70 have In hand plus at the close Of
fiscal year. An eight per cent dividend paying raroao
stock showing surplus at the close Of each fiscal year
worth fraction over eighty per cent. Holters
the best railroad stocks in the country liable an,
moment to q suspension Of dividend. Any ma,
bring forth disasters or develope dealcatons,
species Of swndling that would suspend dividends for
years, and 10 this danger well the steady deca,
and depreciation going on in railroad property th 1
makes the Investment actually reduced In marke,
value, even with high rates Of dividend
The exports of specie from this port, last week.
large, viii be seen by the annexed table -