The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-27
FINANCIAL AND CONNER GAL.
NJ ON Re Y ARK EFT.

L.
The stock market much " the surprise of specn-
lators generally, Wss rather buoyant this morning
A very small amount Of business was transacted,
but the saes in most instances at better prices.
At the first board Ohio State 6sadvanced per cent;
Tennessee 6s, 2; Virginia 6s, /; New York
Central Railroad rs, 2; Illinois Central bonds 3;
Reading Railroad, 3; Michigan Southern Railroad
preferred, 2; illinois Central Railroad \; Cleveland
and Pttsburg, !; Cleveland aud Toledo, T. Michi-
gan 6s fell of per cent; New York Central Rail
road. liz Erie, 4. There was no movement Of con-
sequence in any leading stock security, aud the
operations were principally for cash. The European
advces sppear 10 have had very little effect upon
our finances, one way or the other. The feeling In
the street was 50 much better than generally antci
pa;ed that the market actually improved under the
favorable influence. We hear OF orders from Europe
TO purchase our stocks, limited at prices considerably
above those now current The repeated assertions in
the London papers that thepanc here would be very
Temporary affair and that il was got up by few stock
ob5e:s solely for the purpose OF depressing prices
Tor speculative purposes, no doubt Induced many
capitalists in London and on the Continent TO send
out new orders for purchasing, go as to take fu ad
vantage Of the depression. This viii only add to the
financial embarrassment, Of Europe, while II viii
materially help a.. The London papers have not
foroshados ID this rcyusion. They have no. anici-
patci Il one hours and even M 20 the latest dates,
with 0ll the facts before them, they would no. be
licve In general collapse Of credit systems either nc
homo oraoroad. The London Times, surrounded by
2 clique of railroad lnancicrs ana bankers has been
derived to the actual state Of things on this side
Of the atlantic, and induced investments in our rail
road securities up 10 the very latest moment. The
very steamer tha. brought a. the ady.ces Of fn1n-
cia panic Ia London brought orders &C. purchase our
abroad stocks. There il a Clique Of bankers and
ii, anciers IN london Who hold the same pod
ton in regard 10 American stocks, pGrticuIarly
OF IA iroad companies OF the present day, ths.
the old United States Bank did during the lost
Great rey sion 70 regard to the stock securities og
that day. and the probability i that similar results
will marx the pres mt Revision. The amount Ia.
yolved 4 uow much -cp.cr aud the danger 10 those
involved more imminen = The great depreciation ia
the value q public stoc v during the rovusion o.
1887 and the utter imp ossibility Of negotiating
them, soddled the bank d : ttn' time with load
which, with other losses and sntanslerucnts, com.
pletely used up its thirtyhvc uons OF capital and
bankrupted the entire concern. individuals now nc
engaged In boldering up and car wing vast amounts
OF railroad bonds and stocks invo,F wing az Immense
aggregate value, upon a capita cons 'dcraby sun lier
than that welded By the United St.ves Bank, and
We do not zee how they can escape the same tate
during the present panic. The AngteAmcrican
banking houses Of London backed % By tlS London
1Ynts, will, we fear find themselves unequal 20 the
emergency for the concentration OF our railroad
bonds and stocks (Which today not on an average
ty cents on the dollar) In the London market il to
the extent OF tens upon tens OF millions OF dollars
Mot Of these securities will for a long time be 0
dead weight in inc houses OF this clique OF capta
Its. The European moucy markets viii not DC IN
condition again for many months 10 afford any aid
or relief 10 the holders OF these securities and the
market has, therefore, been completely destroyed.
We have seen on this sdc Of the Atlantic house after
house, known short time since " have been in the
possession Of largo capitals aud large available 10
sources 60 down after another, solely on accoun
Of the utter unsvsability of the piles Of railroad V
curtes in their possession Under the circumstances
they were worth no more than 40 much Drown papct
The same class Of houses IN London will, We Tear
lind Il difficult 10 avoid the sane results The Bank
u England must cut Off supplies upon all such secu
rites Capital in London will not come to the aid
81 this class Of bankers there any more than hec
and a may look for similar disasters.
Al the second board the market vas Oh better
with little more activity. Virginia 6s advanced o.
per cent Missouri 6s, 4; NeH York Central, 81
Reading, Ii; Eric, /, Cleveland and Toledo, ~
Chicago and Rock Island, p Michigan Southern. pre-
fened, q, do. old, n. NcE York Central Railroad
was moderately active, with some short Gales.
A. n. Muller will bold special auction sale Of
stocks and ton3s tomorrow, (ruesday) al palf past
IL O'Clock. 81 the Merchants ~ change.
An. Nicoay viii hold special sale OF bonds
ard stocks ~ the same hour and place.
L. IL Irdlow a Co. will also bold 81 aacsou sale