The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-12-07
FINANCIAL AND COMMERCIAL.

SUNDAY, Dec. &c p. N

SUNDAY, Dec. &c p. NJ.
The week closed yesterday with dull and depress-
ed stock market. The daily operations do not in the
aggregate show any material alteration, but the &C
tivny is forced and unnatural. and the bulk of
transactions made by not over half dozen indivi-
duals A very few shares of real stock repre-
sent the entire business, and az for prices they
are sustained at the Board by actual hard
uphill work. There is not the slightest le-
climate support to the market. The abun-
dance and cheapness Of money and the facility with
which call loans can be negotiated is the only element
in favor Of the bull side Of the Stock Exchange. The
banks are literally running over with gold and are
anxious to employ their money; but IL Is only on
call at the best, very short dates and upon the
most undoubted securities that they will loan at all
and such loans they not very particular about
the rate Of interest. With such state Of things in
the money market, stock spectators for a n rise find
il easy matter TO hypothecate fancy railroad
rites with moderate margins and are therefore able
to purchase largely. Outside Of Wall street the
money market Is n tight q drum head. Among
the mercantile classes ii il full difficult to raise
money "a at any time during the present
rcvusion. The accumulation of twcntyf five millions
Of gold in the vaults Of banks cannot be con-
sdered very satisfactory or encouraging condition
Of financial affairs, particularly when, with such an
immense amount OF specie in hand, the discount line
shows by every weekly statement reduction. The
banks of this city have drawn money from all the
channels of commerce. and piled il up in their iron
safes. The present stagnation OF trade Is in a nea-
sure the effect of such withdrawal Of capital. SO
long as the banks continue the present movement,
they viii show large supplies Of specie and far a.
they are individually concerned, get strength; but it
will be at the expense Of every interest Of the coun.
try and of all classes Of the community. There can
be revival Of business until the banks begin to let
out their discount line We shall always have more
or less cash trading in the necessarics of life and
among staple articles Of consumption, and under ex.
listing restrictions in credit there may be increase
in cash business but this will not restore to our
former activity, enable US to make up the losses
already incurred. The banks WILL in all probability,
move slow in the process of expansion when they
commence, and II is therefore safe 10 conclude that
a long period Of dulness and depression in general
business Is before MS. Independent Of financial
causes and influences, we have the winter before
us, which Is, In every year, season Of in
activity and quiet. In the course Of time new
firms, new men will spring up-men not involved
in The present revusion, not embarrassed with old
indebtedness, not worn out with the anxieties and
horrors Of individual bankruptcy but men fresh and
vigorous from positions whore they have obtained all
the experience all the knowledge necessary TO make
them for about the usual length Of time successful
merchants. The establishment Of such class Of
mercantile men, to remove the rubbish and wreck Of
the present conyulson, cannot take place in day or
a week. II will require months, and the introduce
ton Of a new system Of credits must be the work of
time to give IL strength. The process Of liquidation
il always slow and tedious Years frequently clapse
before old houses wind up their affairs and it is
very seldom they are in time to commence with the
new movements Of trade. The banks are, therefore,
likely to have dull time Of it. No new paper Of
quality to suit the Gastdious taste Of bank
gers will be created in any quantity for many