The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-17
FINANCIAL AND COMMERCIAL


MONDAY, Nov I6-6 L. III.
The stock market appears to daily gain in strength
and activity. The bulls have matters and things at
the Stock Exchange entirely their own way, and we
should not be surprised if they retained their posi-
ton for time longer in spite Of the efforts and la
mentations of the bears. There are evidently large
amounts of money within the control of buyers and
the speculative feeling appears to be extending over
the street The operations to-day were upon very
extensive SCALE and the great bulk of the transac
tons were for cash. At the first board Tennessee
G's advanced 30 per cent? North Carolina 6s, d Hi
nois Central bonds, J. Canton Company /; Penn
sylyana Coal Company, /; Cumberland Company,
"a; Pacific Steamship Company, d New York
Central Railroad, u; Erie, d; Harlem Rail
road, IA; Hudson River, /; Reading, /; Ga
lena and Chicago, 2; Michigan Southern,
old, ls do, preferred, %; Panama, IL; Illi-
nois Central Railroad, IL; Cleveland and Toledo,
ID; Chicago and Rock island ID; Milwaukee and
Mississippi 81; La Crosse and Milwaukee, q; C. b.
and Quincy, 2. Virginia 6's declined per cent;
Missouri 6's, 2; Delaware and Hudson, Z; Cleveland
and Pittsburg, l. In several of the leading fancy
stocks the sales sum up thousands of shares. With
all this there is no outside demand for stocks.
The bull brokers of the Stock Exchange are the only
buyers, and it appears to us that at the rate Of
purchase reported for some days past it will not be
long before they get pretty well filled up. The
banks are doubtless lending money freely on the
hypothecatioD Of railroad stocks, and this helps
along the imitation. 1t Is utterly out Of the ques-
ton to prevent these moneyed institutions from in
volving themselves in the stock movements of the
day. So long as they have money to lend and they
cannot get bold Of enough of the right kind of paper
so long will they employ their idle capita
in stock securities. They seldom never appear in
the market as buyers sellers, but take q much
safer course that of lending with proper margins at
full rates Of interest," call. There cannot very well
he any loss in this kind Of business and the only OBJ
lection that can be advanced to Is simply the fact
that IL furnishes artificial values and encourages
speculation. The present movement in the stock
market can be attributed almost entirely TO the IA
cites afforded by the banks, and do not see that
they are likely to be withdrawn at present. As
prices advance the margin in favor of the party loan
ing on them increases and the safety OF the operator
guaranteed. So far the banks are concerned they
can have no fears, and they therefore likely to
aid and comfort spectators in stocks for rise TO
the full extent Of their available and unern'
ployed means. While the banks are in this
way, making good thing out OF the
imitation and activity, the brokers involving them
selves directly in the movement not 80 comforta-
bly, situated. They must stand in the gap, take all the
chances In the end and come out losers This inva-
riaby the result, and we do not believe this viii be an
exception. II must be admitted that the banks and
brokers make pretty strong party, and 30 long rs
they hold together the few bears OF the street may
as well look on quietly and patiently and sec the
game played out by their opponents. We should not
be surprised 10 see Eve and ten per cent piled up in
many instances upon present figures, or to see this
activity continued for weeks There Is very little,
If any, opposition to the imitation and will be the
fault of the wirepullen themselves IL the specula.
ton does no, obtain greater force aud prices much
higher points.
At the second board higher prices ruled and the
market closed very bnoyant. Missouri 6s advanced
Ii per cent from the lowest prices ruling at the first
board Tennessee 6s, 4; North Carolina 6's, 4; Hud
son River Railroad, /; Panama, Reading, l; Mchi-
gan Southern, old n; Galena and Chicago l; Cleve.
land and Toledo, u Chicago and Rock Island, 4;
Milwaukee and Mississippi, II La Crosse and Mil
waulSe a. After the board Ia Crosse sold at Ia per
cent. The new board OF management OF this com.
pany is very well spoken Of by the Milwaukee papers,
and the road Is said to be well managed. The land
grant to the extent of upwards Of three hundred
thousand acres has been secured and the general GO
yernment have adopted the company's surveys and
locations. The upward movement in the market
generally docs not diminish In force and vgor in the
least, and it would be well enough for the small
remnants Of the bear party TO make up their minds
for further imitation. The banks and the bulls
have the helm and the ship Of speculation must go as
they direct. The most favorable feature about
this imitation that occurs to ~ the fact that the
current high prices enable many small holders to re
aze at rates they little dreamed Of few weeks
since. The bulls certainly deserve much credit for
giving these parties such grand opportunity to re
aze.
The position OF financial affairs on tho other side OF
the water Is matter TO which an artificial cooring
has been given by the immediate effect Of the fact
that our banks had suspended specie payments. II
was the general impression here that more disasters
would OF once follow the announcement In London,
and the absence Of that effect, except to moderate
extent has created an impression on sis side Of the
Atlantic that no more apprehension need be enter
tained and that fears were groundlcss> We wish
with all our heart, that such results were even
among the probabilities. but we cannot even
give that latitude 10 antcipstions We look for
futufe arrivals from Europe with much anxiety and
drawers Of exchange look for them with fear and
trembling. The position of sew era Of our Anglo.
American banking houses Is gIch that any steamer