The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-07-25
FINANCIAL AND COMMERCIAL.

THURSDAY, July I


mONnY MARxET.
THURSDAY, July 24-6 p. n.
There was quite an active stock market this morn
ing, but with the immense sales lower prices ruled
A few days since, when the daily transactions were
limited prices were well sustained, and no one APP
peAred disposed to SELL but now, when unfayorable
financial intelligence reaches from the other side.
there plenty of sellers at prices considerably be-
low those current at the close of last week. Now
there Is an anxiety to realize, and lower rates are
willingly accepted. The bears are out in full force,
and there plenty of cash stock. We have not only
the complexion of European finances against higher
prices but we have an imitation in our bank credits
of the most extraordinary character. The demand
for bullion upon England from the Continent and
from the East is q matter of the greatest impor-
tanoe. 1t viii keep up an artificial drain upon our
supply. when the natural drain Was of itself
likely TO be as large as we could conveniently
stand. Our banks have in hand less specie
than at this time last year, and now the
discounts are about eleven millions larger With
a discount line Of one hundred and eleven
million of dollars, there is very little margin
for further expansion and the turning point cannot
be far OF. 1t was reached last year on the third
week in August and the contraction from that time,
continued up to the LIST Of December AT the rate of
increase realized during the past six weeks shall
have BY the middle of August this year, discount
line Of one hundred and fifteen million of dollars
upon specie reserve Of about fourteen million of
dollars. The importations thus far have been very
heavy, and are likely to continue 30. Last aeek
they amounted to nearly seven million Of dollars,
and there are strong indications of even more
ac<,r nj Sbou We havA Mt "a o0T,-
laton Of the import branch Of our foreign trade in
our own hands. Foreign manufacturers avail them
selves Of good markets on this side of the Atlantic,
and ship largely on their own account. The present
abundance Of money in this country and in England
win give great impetus to manufacturing and con-
sumption and there viii be no scarcity Of supply nor
markets for disposal Of any quantity. The fine
weather reported by the steamship Persia Tor the
harvests cannot be favorable for agrculturste.
We shall have an enormous surplus Of breadstnffs,
and in the absence Of foreign markets low prices
must rule at home.
We have had three to four months Of financial
ease and prosperity. In that time about seven mill
lion Of dollars have been added to the supply of
specie, and the receipts from California have been
up to o full average. Notwithstanding this, the
banks now hold much less than at this time last
year. A series Of the most fortunate and favorable
circumstances have for several months past been
brought to bear upon the stock market, and only
one thing has been wanting to have started q great
speculative movement Tha. one thing was an out
side denand-an absorption beyond the limits of
Wall street In the absence of that all other in6u-
ences failed and the brokers have been LEFT to take
care Of their pet securities. They have them on
hand and are likely to keep them. The business
season ia about commencing, and outsiders viii have
use for al their capital. The time has nearly gone
by for the mercantile classes to devote much stten
tion to fancy Stocks and the brokers must patiently
wait for another season. Fortunately, most Of the
stocks in the market OF productive character,
and they are not therefore, such dead weight as in
former times. II may cost more to carry some OF
them than is returned In the shape Of dividends,
but it is important TO get rid OF even portion OF
the burden in this way when there is no one
outside kind enough TO lend hand to the poor OPP
pressed brokers Of the street. 1t ia hard that they
should be loaded down with such blocks OF stocks.
The poor devils bear up under it manfully; but they
extract very little sympathy from the hardhearted
outsiders. There may be q good time coming for
this much abused class Of spectators, but we can
give them no hope at present.
At the first board 10 day, Illinois Central bonds
declined per cent; New York Central SIS,
l: Delaware and Hudson. D; Nicaragua Transit, !;
Cumberland Company. 1; Canton Company, 4;
Erie Railroad !; Harlem, 4; Panama, ]; Cleveland
and Pitsburg, I; Chicago and Rock Island, |. A
small lot Of In Crosse and Milwaukee sold at II per
cent. cash. Illinois Central Railroad privileges sold
at loS IL per cent premium. Only few shares
were sold. and they not plenty at these prices
Illinois Central bonds only sold to-day to moderate
extent. In other railrosd bonds there was not
much business. The announcement Of the Reading
Railroad Compsny's dividend of four per cent kept
the stock steady, and that was all. New York Gen.
tral and Erie were the most active on the list TO-
day. The former opened and closed at yesterdays
prices.
After the adjournment Of the board, the following
sales Of bonds and stocks were made at auction by
A. III. Eicoay -