The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-09-29
FINANCIAL AND COMMERCIAL.
M o " Ely Nj RK K II.

SUNDAY, Sept. 2S-6P. "
The stock market closed yesterday in quite cited
condition. In the early part Of the week there was
good deal Of nrmpess in prices and holders appeared 70
be confident Of an advance The movement in Erie A.
uacted some attention. and II was carried ON for . time
with vigor; but there outside response, and be
came hard up hill work. Towards the middle Of the
week, Indications Of act expectation of specie ap
peared, and The large shipment from Boston, on wednes
day, created some apprehension the Stock Exchange
Since that time the market has had strong downward
tendency and prices closed Yesterday considerably
than on the previous week All this have anticipated
and frequently predicted. We have oreseen just this
state Of things In the financial world, and have time
and again pointed the cause and effect The former
has been operating for many months, whic the
latter has Just commenced working. Il was impoe-
sible 70 look upon the extravagant extent Of
foreign importaons for the past months withou.
becoming convinced that when pay day arrived ord
nary revusion in the money market would be the result
Those who are not prepared for very serious conrae
ton in credits and very serious srngency In the
ney market, have not closely watched the Of
events and have paid little attention the signs of the
times, and will soon find themselves o very difficult
and dangerous positon-one which they will be able
to extricae themselves from without severe losses. All
this could have been avoided with even common pru-
dence.
We have had for the past six eigh. months a very
favorable money market Millions Of specie have been
drawn from the government treasury by unusual and ex
raordinary events and the supply Of capital in the alb
Of maturing liabilities has been abundant We have
found market for securities abroad at good prices
and series Of the most fortunate circumstances have
combined 10 give activity to business Under such ia.
vorabe spces our importers have flooded the country
with foreign manufactures. In a period Of about eigh,
ha onr innno NJ
than ever before known in the time. So
long money not required to pay for these
immense imports, the public mind seemed to be
at ease and accumulation OF indebtedness wen,
on almost unperceived. The day Of settlement,
has at last arrived We called upon 10 pay up
and the shipment Of upwards Of four millions OF dollars
in specie In the space Of two weeks gives idea
the extent of the due The banks have for
time past been preparing themselve for this
They have been calling in their loans time placing
them on call, where they could be made available a.
moments notice. and they have already commenced
making them So Yesterday there active demand
upon the brokers for liquidation and large were
called in. This Is likely to be continued with great
force and The effect be well imagined The banks
pursuing precisely the anticipated. II
the they pursue every year at about this time
stock spectators for rise Of any experience might have
calculated upon with the greatest certainty. II too
late for those who the wrong side to place
themselves right without loss 1t Is not, however,
too late to avoid more serious sacrifices; and
the wsest will be the soonest out. The
bank statement show important decrease In
deposits and specie the impression that the specie
will not be much eleven millions Of dollars
q figure lower than has been reached for about ten
months The lowest specie point reached last year s55)
80, 9lo ia the 10th Of September We SHALL be-
yonI all doubt toush points nearly as low this season
certainly looks very gloomy for holders Of stocks n.y.
pothecation. They in imminent danger of being
slaughtered by call loans at any moment.
The expectation of specie from this port this week was
as follows
SHIPMENTS SPECIE THE PoRr or New YORK