The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-01-10
FINANCIAL AND COMMERCIAL
MOHEY MARK 1T.
WEDNESDAY, Jan. 9-6 P.

WEDNESDAY, Jan. y-bP. d.
The stock market took the back tra:k to-day. There
large sales at the first board OF all the leading
stocks particularly Of Erie and Nicaragua The latter
fell of largely but rallied little at the close Virginia
6's declined z per cent Missouri 6s, 4; Nicaragua
Transit, az Michigan Central, l. Reading Railroad X
Cleveland and Toledo, NJ Gslena and Chicago a. Pana-
Railroad sold at 101. dividend Of six per cent off,
State stocks active than usual this morning.
There were large sales Of Missouri 6s. The market
whole much depressed and not in the least
surprised but the contrary anticipated such result
SO long the class of operators have the market
entirely to themselves cannot expect any improve
men Although most OF them large holders they have
power to sustain prices Being already well supplied
with all the leading securities and subject at any
to call for loans hypothecaton sudden fluctuations
at any time likely to occur and may look for consi
derable irreguarity during the next sixty or
ninety days, until q class of spectators,
with capital in and produce better distribution
of stock. The money market has, for the past
three weeks been at times particularly stringent and it
will be time before look for permanent
There viii be without doubt active demand for money
throughout the spring months, and those engaged in
mercantile pursuits have already commenced fnancier
ipg for probable strngency. There is very little doubt
but that markets will have more active spring
business than before known and there is present
every indication of its being healthy and profitable The
mportations have already commenced upon very
tensive scale, and likely to be unusually heavy.
apprehensions at this early day entertain
ed that the large receipt of foreign manufactures may
cause active expectation Of bullion than shall
be prepared to meet and that it may bring about sud
den contraction the banks when the commercial classes
viii be least able to bear it. We entertain fears Of
that kind The banks will have sharp eye to their
interests and very utousy in all their operations
II must be borne In mind that there has been during the
past six months great increase in the banking capital Of
this city and the basis therefore better for larger
aggregate Of loans Last year. the highest point reached
one hundred and one million Of dollars. This year,
We can put full ten millions that figure and the actual
banking movement capital be greater This would
give us an aggregate of hundred and eleven These
figures might ghten those who think because the banks
have heretofore with but exception always confined
their discounts below the hundred million point they
never should go above it, and may have all sorts
predictions in the event of highest figure being
reached, that collapse and revulsion folor
1t does strike that there will be any serious dan
ger, with such expansion. With increase In
banking capital there be increase ia discounts
and IL the banks will conne their favors to the
ca classes and let stock SPECTATORS take of them
selves we should have less specu ton and less uctu
alton In stock securities and fewer failures among the
merchants The banks Of this city have msrgin for an
increase Of fifteen millions In the Of discounts before
they reach expansion equal to that Of August last
This ia item Of no little mportance-one which should
be borne mind when the weekly reports our banks
appear and comparative statements made.
At the second board, the market a shade or two
better. Nicaragua Transit recovered nearly all the de-
cline at the first board, ano the sales very large
Erie little higher. Compared with prices current
in the morning, there advance in Nicarsgua
per cent. Northern Indiana Goshen line bonds, New
York Central railroad, r. Erie, "a. Chicago and Rock
leland railroad declined 4 per cent Michigan Central
railroad, Il.
The Assistant Treasurer reports TO day as follows