The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-12-06
|NANCIAL AND COMMERCIAL.


MONEY MARKET.
FRIDAY, Dec 5-8P.M
great event OF the day in the stock market the
are OF the arm OF Jacob Little Co., stock speculs
II was announced at the board at early hour
al contracts with that house were suspended. This
ted quite an excitement and considerable huttering
png the bill operators generally. II is estimated that
differences OF Jacob Little Co. amount 10 nearly
million Of dollars and that the total amount Of their
tracts do not fall much short Of ten millions OF dollars
Ia the third time this house has failed, and the Lie
hes this time are probably greater than ever before
senior partner Of the concern has for several years
8 q consistent bear and often his operations have
to such an extent ~ 10 entirely defeat his plans and
roy his calculations. His transactions In all the lead.
railroad stocks have been by the thousand shares at
me- and the market has frequently been sustained at
points by the demand from him, to provide for his
tracts at maturity. There il doubt but that Mr..
e has been the very life Of the market at times and
Operations have served to keep the machinery Of spe
ton in motion. His contracts lately have been prin-
lily In New York Central, Chicago and Rock Island,
}, Cleveland and Toledo and Reading. For some
past he has paid out large amounts on differences,
could have gone on, without doubt for some days
ger, but his own necessities would have sustained
les, inflated them still more, and the only aernA
that presented itself suspension The effect of
movement Is Clearly evident. 1t must at no distant
depress prices materially. For q few days the mar
may be even moro buoyant than BEFORE but the
at sustaining power has departed. The source to
ch all large holders looked for a market for their
tks, when the burden became too great to carry,
ger exists, and we look for all sorts of fluctuations
for all sorts of Irregularities The stock market has
at all times uncertain enough TO discourage all out
\ hutpo I Fill ha han
re very little doubt but that the policy pursued by
house OF Jacob Little Co. in the stock
Fkel was the only sound one in these
OF fancy fnanciering and wholesale frauds !;
the mistake made by the ruling spirit Of that
In the extent Of his transactions. The principle In.
we'd perfectly correct in all It's parts but in carry
1t out there were unfortunately, limits recognized.
street IL now filled with SPECTATORS, who loaded
vn with the amount Of railroad stocks which
for years been accommodating at the Stock Exchange
they know not where TO look for market. Tocarry
long at present prices utterly out Of the question
ind outside customers at current rates Ia equally mpos
10. The inside demand has been suddenly cut of by
failure to day. and We do not see how this mass Of
urites il to be unloaded or scattered without
regular break down. There were rumoT this
prnoon Of another failure, and We have no
hbt such rumors and such realities will be
tie prevalent for some days. The principal opera.
| for . fall, who commenced selling ut the lowest
nts OF the Market no longer occupies his post in the
OF operations and all his contracts made to deliver
cks at prices considerably below those now current
! null and void. The demand which would have ap-
red from day to day. had he continued in active bust
b, would have served to sustain the market, and
kht have relieved those who now the largest hold
but now different programme must be introduced.
III new sources of supply daily springing up holders
st lind new outlets Stocks steadily accommodating
WALL street. Outsiders nicely realizing at present
ces and railroad securities, which under the In
Fnce and excitement of q temporary speculation, sell
far above their intrinsic value, concentrating In
hands OF certain cliques Of spectators, where they
jst remain until again distributed under the operation
some sudden panic.
By telegraph have the announcement Of the failure
biessrs. Heushaw Son, Of Boston. The liabilities
to be very heavy. This house was largely interested
railroads Of Vermont and other Eastern States.
~ The fret board to dsy the anxiety to sell was very
bat, and prices much below those ruling at the close
kterday were accepted. Most OF the operations were
cash. Eric Railroad fell oil Y per cent; Hudson Rail
ID, Il; Reading, ~; Michigan Southern, II; Panama
Cleveland and Pittsburg 1; Cleveland and Toledo,
|csro and Rock Island, .; Michigan Central, l. New
|rk Central, *. Tho movements In Galena and Chca
this morning were very curious. While all oths
|css we're deDresscd this in demand at an advance
bginz from one TO three per cent. 1t opened
D cash and closed 123 per cent, buye
days, upon sa,es Of only about eigh
inbred shares. AT the second board tho market par
by recovered but operators appeared to be undecided
j uncertain In their movements, and the advance was
identity the result Of desire to bolster prices, and neu
lse the effect, possible, Of the unfortunate failure al
led to. New York Central Railroad improved u per
bt; Erie, *: Reading, x; illinois Central Railroad, "a
caeo and Rock Island 1. Al the close dull unsa,is
|tory feeling prevailed. There was active demsnd
money to-day, and indications OF another stringent
I'm arc daily becoming stronger.