The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-06-02
FINANCIAL AND COMMERCIAL.
HONEY MAR x EFT.

Tho stock market continues very unsettled There was
IN upward movement In tocks to-day, and down.
ward movement In others Al the orst hoard Chicago and
Rock Island advanced per cent view York CenSrai y;
Erie, IL; Reading, u; La Crcsse md Miiwsuhe, r.
Harlem declined per cent? Michigan s~uthcru. r. Tho
greatest activity this morning was in Central Erie,
southern and Toledo AT The close the marSct generally
was lower Buyers OF stock get Allied up v.ry s0es.
There Is such quantity the market, ant'e rnany
seers, that purchasers easily ssppasd With sosins
but IN inside influence 10 sustain prices they stand
vcry precarous foundation, and likely to give way
any moment The great differences reported between
cash and sellers option show that The upward moveent
b Intended only for the moment me most fcvcrish
railroad stock IN ths s just BOW y kshissa sonbhera,
cd deferred II opened this morn Nc ~ 50, and fesi
Cd TO o7H per cent. This stock Is coming in frum
the country very rapidly, and In short tune the great
bulk OF will be the MARKET the football Of Spectators
Independent Of the loss Of confidence smcpg country hold
q deprecated Railroad stocks generally, the want Of
money compels many to realize The people Of the nte
rior are poor Money Is plenty where else Just now
but In New York. The premonory symptoms Of the
financial revulsions have already made their appearance
the provinces, and the entire population OF the interior
have been overaken their mad OF speculation and
sxwsvAssnCe and compelled to suspend q he pro
OF imitation and expansion going On rapidly in the
credk System The country bvariaby first feels the Of
fet Of period Of enormous specuatons and spreads
through tho rural districts, the influence upon the great
money centres more and more developed. The process
Of contraction must commence, and then the revu
sion will be upon US In full force. Alter time lquida
ton win follow, and period OF depression and sisgna
ton be realized The duration OF this last phase depends
entirely upon the policy pursued by our banking
Institutions and upon the people themselves. resort 10
the sEctes system OF return to the ordinary
vcChQ ri IN frefrv ni1Afi rnag nm
BY hard work what has been lost In speculation and
Gavagance win do much towards recovery and much
towards shortening period o. prosaon Tue country
a large poeseEes most enormous recuperatvc powers
With rapidly increasing population, with currency Of
SUFFICIENT magnitude and necessary quality with The facl-
Nes for inter -conmuncauon ample and expeditions with
an inherent industry and energy unequaed by any other
people On he face Of The EARTH with proper determination
10 mako all elements most available, the restoration OF
confidence and credit would not BIO very proracted mat
ter To reach again healthy state OF things In the nnan
cai and commercial world all the specuatons Of the past
few years must Be closed up and cleared out Liquidation
must 20 On until, the people at large stand FREQ from old
eDtaDgleneuts. credit system CANNOT be
inausursAed until all vestges of the old have
disappeared, and then II must have for It's bs-
sis economy and industry The people Of this country
have within themselves Of the elements OF wealth
than generally considered, and Is 70 these
we must look In times OF financial revusion. We have
nothing reform but extravagant and speculat
ing pr.ps.eies aud that reform Ia only necessary to
bring ali the most important interests sound aad
healthy condition again. Investments 10 railroad securities
have drawn largely upon the Accommodations Of the country
people, and in majority of instances they have received
no value In return Farms have been morgaged, and
money raised by sacrifices OF various kinds to take stock
In some railroad company (which has since proved valuc
less This great evil has however, cured ITSELF The
future viii, at all events, be free nom such drain upon
the slow earnings Of the agricultural classes. The rail
road mania has run out and now that the losses have been
made must look upon the roads simply convenience
for commerce. and dividend paying concerns under
even the most favorable circumstances.
Aer tho adjournment Of the board the following sales
OF sticks and bon Is were made at auction By Albeit
Nicolays-
a5 COO Great Western I'll RI Ist mort Int aded az