The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-11-03
FINANCIAL AND CONNER CiAI-


SUNDAY NOV. I--u NJ
At me close the stock yesterday lower prices
ruled than have been known for more Than year. Some
stocks The hst a, this moment lower than have
been Qnosei for several years Notwhtaning this fact.
ite probability ID that the mole let will recede still iur
Their, and thai sellers these prices will Jet make
money We have for weeks past received by every
steamer very bad from Europe. Every arrival has
brought US ore dscoufagng intelligence than The pre-
vious one, and We ioos for those their way TO
bring as accounss even more gloomy than any Jet 70
cetved. The sudden movement or the Bank OF England
slows how hard pressed that institution %, aud
how serious re embarrassmeuts II will, fear, be
iould that OF the msasures yet adopted, are
sufficient for tho emergency, AMI that
sriciiols VII be required 10 overcome the dlca'iy
repeal Of The B1pE act, or that part OF IL limlng
'he circulation, Is already loudly called for and
may be forced upon the government, bu. until al
oiher remedies aiI TO give the required relief, We do
Do consider whatever movements may be made in Eng
land Franco 10 alleviate the aanc al distress OF those
instituors as at MI calculated 10 help this side
the Atlantic, but on tue contrary they Will do more
harm than GOOD They will, In the sbscnce OF CORES
pondng restrictions he'e drain us Of that witch they
are most In want Of and bring upon all those eyis
which they striving earnestly 70 get Of Il be
hooves banking institutions to be their guard aud
prepare themselves in time for any contingency. Tho
outward movements OF specie nave already reacned an
alarming amount. and the expectation is kept up with
great vsor and perseverance, in the face OF gradual
decrease n rates for exchange and rapid increase the
suppy Of bills Ia the face o such anomalous state
OF things is the duty of the managers Of banks TO
device some way 10 arrest, If pcssbe the purchase Of
gold Tor shipment. 10 certain extent they have a,
tempted TO do so, ou. the measures adopted have not
proved Gle ctive.
During the Whole OF the past week the money marko.
has been steadily tightening Tne demand has been
tive throughout and thu rates for different classes OF
paper have seAeily advanced The banks have prcbs-
by contracted durog the past week rapidly any
previous period his year The discount line by the
weekly satement viii be Under one hundred aud three
millions OF dollars. The deposits have also fallen oil
largely. The banks rapidly approaching points
where will no, be unsafe 10 pause bat t will not do 10
rest 80 long trsnsasian,c lnanciers almost
daily adding restriction upon restriction upon financial
and commercial affairs al home Ne must act in sa-ce
fence, in doing hail the Spectators In the
thy obliged 70 break. While there ia yet time, il
would be wise in stock spectators to relieve themselves
OF portion Of the burden they have such sacrifices
&c carry. 1t is every day becoming more difficult to
manage, and may ultimately prove the ruin Of many
holders who were ~ tse beginning considered strong
enough 10 stand up against any panic These pancs
difficult and terrible things to contend against. They
scatter all Judgment and Ia the winds AM
perfectly uugovernable while they last We have
panic among stock spectators prices down ten and
fiteen per cent in few hours, and Is not at all I'm
probable that another, equally fatal s operations
may be near at hand
The expectation Of specie tbg port las, week WAS
Al follows