The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-12-21
FINANCIAL AND CONNER ClAlr.
MONEY MARKET.

u
Al the close of the stock marke, yesterday there
downward tendency In prices The amount Of business
transacted at the Stock Exchange during the week was
comparatively small, and very little progress made
by spectators for Tho fact L. that beyond the
limits OF Wall there demand stocks Money
is plenty enough, and the right kind OF securities cheap
enough; but capitalists by means disposed to put
their surplus IN railroad stocks. The public mind
has become strongly impressed with the truth Of The
state ment, that the annual reports put forth by
the various companies made mp with an eve
solely to the misrepresentation 81 facts, that very
little confidence placed In them, ana the great majority
take them for Just about what they worth They
in reality entitled ~ the least confidence n can
hardly he supposed for moment that the New York
Central Railroad Company until actually obliged from
ruined credit, would make report admitting the bauk-
rupcy OF the rs credit i sustained wholly by
making appear that is earnings equal to al OF ts
expenditures The same influences are brought b bear
uron all companies The Erie Michigan southern Read.
ing Illinois Central all show their annual reports large
net earnings but with this they disguise the
that In their finances they realty bankrupt Tue
stock market not much affected by these MANUFACTURED
railroad reports formerly and the operators cor riso
a, the stock Exchange fnd u hard work to produce
any imitation and sustain with al the abundance and
cheapncss Of money the stock markets entirely deserted
by outsiders. small clique Of ball spectators manages
10 carry quantities u stock by the facilities afforded Tor
hypo,hecaiIon and bid up prices from day to day bu,
lust a. n looks though the expansion had become fixed
the whole movement coapscs and the market Hatens out
10 about the previous level This the amount Of specu
laton the Stock Exchange II is at the best under ex
tng circumstances poor business for all parties engaged
n will BE- long time before public confidence railroad
stocks is rensaied and all tho doclorcd and natserng
reports railroad companies can get up VII have lu
tie effect in restoring these works their former position
In the public mind.
The banks are pursuing very conservative cautious
policy The resumption Of specie payments works very
well. The movements in specie have not been at all
extraordinary character, and the probability j. that
the banks IN their next weekly statement will show on
increase We have sdvces nearly every day, Of resump
tons dis,an, sections Of the country The banks Of
Philadelphia and Baltimore have no, yet resumed and
the probability Is that they will not at present The
scarcity Of the right kind Of paper prevents any public
expansion the discount, line Of banks although they
find active for large amoa, 4 money in the hypo
thccaon 81 railroad stocks for accoru of spectators
the stock Exchaugo These loans az toi appear ia tie
weekly statement and can therefore be called pri-
vse discount line.
From the tone Of our advices from Washington We
should infer that the issue Of Treasury notes would be
much less than first expected will tc found that upon
the closest calculations, twenty millions will be required to
meet the necessities OF the Treasury department The
surplus IN hand below sx millions Of dolIars which
Is not large enough N meet the requirements q tho
Mint II matters very little about The amount issued u
only largo enough bu, o. the most vital importance
taAt they should bear bu nominal g n.erest-say
enc sixth . enc p"r centso that tho VII ga's frc