The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-09-11

Of man Who had nerve enough 70 treat villa the con
ne s,ccE market was quiet yesterday, and Reading
railroad shAres improved Ia other TORS prizes we're
oa l. PsnOsyvania SIS Pennsylvsnia RsroaA shares
u. Bank shares, so far - they came on the market
sold lover taAn al The last previous saie' The m.rset
weak, though, a. . whole, the stock mNket Ia maca
easier than the bill market The street operations IN
paper been very large for months past. a,rsse
down. va have warned our readers against
these operation, - coupled with great dan
w s ss ~: ssa s 8
placed better than 10 10 per cent dsoonnt the very
same Bills week or ton days ago could 90 resay rsoeo
bills for interest," and purpose 70 hold them until they
MATURE viii perenoe material Intermediates, but
those who have held them fer Market or With .he hope
having then, discounted, arc in very uncansostable
nx Reading Rail oad papar, that has been selling up 70
crsaS un,s w. os ps
month the ct ok ~ this company showed consdsrA
BILE Finances 1t the cioze yesterday, tho improvement viii
no doubt tell favoYably the COMPANY paper But We
repeat there an upusua OF al sorts Of paper
the Market Of IL from New York, whore rates rule
quoted Is 70 per discoant-very little being below
rs 80 far ~ the purchase hsre OF New York paper
tss 0e .,nos uae n syor Of PM
depbA without entering tha Market In the purchase Of
Immature Bills We uudevsaud tnss $500 900 In oan ~.
CON = no. from Inc wss in favor Of New York where
by the way, much wanted. Rates OF uncurrec bank
notes have gsseray advanced, Aovgh very irregular,
from the Philadelphia Pennsylvaniau, Sept
Certain contemporaries Of ours have been printing for
some ns c.Rs
repeat, the panic Is overand they keep repeating
ne ssme thing IKE The I'D lady that ialk In spite or
the approach Of nnascl5 crss Rgh. 10 the teeth Of
al withsripg ssguaon Of business, they continue 70
after s.rVss. sSsr talking csua only realise tnsse
fine things, II would be wcr,h al the money paid for It,
a n Dnys3
that effect 70 the 'panc .KAn. Tnsy she pubio
ever In the aspect Of AFFAIR."; that stocks, indeed
aipking fast In value, but that We arc none the
perfectly sound; dat no noancil oonvulsioas need
be apprehended. The "paric." they argue, WAS
Without .ucien. cause and hence \. temporary nssurs
Our opinion Ia that there exists deep seated nnandL dis
sorder, which 80 far from having reached u climax
YET in the ascendsrcy, or rather decendsncy; AID that
that disorder mainly owning TO prodgious drain OF
specie, which has ped coers advanced interests,
thss Il ~ed 70 continue Win ia all human probaby
end In fear ul and general financial collapse The bruns
Of thi, col apie viii mainly fAu on spectators, bit
duotve industry Of the land The only remedy or paha
tive II be not late consists In the passage OF laws
ssIp esss. The hole must be- stuffed, sed TIE captain
would be crimiDaly devec OF duty 70 withhold any dan
psssersers lbs not BY conoeament Of inpen ling peril
that The catastrophe be avoided or even delayed None
ou. spectators and sock gambler. can have real
the uue state OF Affairs, but the press 10 20
lemny bound 70 u pay open, and % raise 4.
OF ccrupon ignorance must as matters stand, neces
ssrly lead direct Losses. must encourage provi
that si be most keenly fell by the honest working mao
the toer In the neld OF industry SCIENCE Ae mechanic
AM small nsder-,be mass Of tne people 10 .nose 20
there eminent necessity for caution In their dealrss
they ought to Hnn their expenditures 70 lay aside
threatening In soppors OF views in reference 70 me
aud effects OF the approaching nIaucsl crisis
velope the present III ulies and sudden or sp,ey o
soraton Of me disturbed tq1iiorum H. therefore, Alto
ss,her out q the question. wil % remem osrei nss "
gold nooa from Californls fairly set in, inargassed
precious metals specnAons and consequent paper nna
ton fhe alton Of specie from is46 70 1850 inou
an sssregse for The entire period Of six years s ooo
ooo from 1891 1850 Inclusive II reached average OF
a.oosS and IN the aggregate rS 70 the period
Of thai sum weuld remark tiA previous 10 the
dscevsry q the California gold mines, she whole amount
ms.ss no more than 600 Ia the snort space
OF ears exported over double that sum In 1850
vas estimated Is 90 SIT 900 COO ia ak years We cent -
exoess explorations importaons e2l3 000, 0co
one aas Par o. me snn,s 2, s oS'
forms the St. se Of foreign ccmmsroe Whiie such
the ,esnl. OF our commercial activity, speculssors
continued borrow abroad until OF recent years. thus Ad
drg our liabilities. Now let M examine little now
these maneuvrca Affected our banking syssem. In 1881
bad SO banks In the United States with I. specie
COO IN 1895 had less .han S9s banks, with spe
Gle pass OF only oo and note Circulation OIL $780,
IBIS vas las, year some material changes have taken
place Railroad stocks and other scrip held oy osnks for
instance are rapidly oeprecatrg 10 said that the de.
cline of railroad socs In general for the last three
the, amounts on an aggregate TO 500 100000 This
fss s. cause u Inc ss We have Dc non
rrnsed the dran az precious metals that drain oon
ilaues Week upon week oon and bullion sen. away:
lac. week have already reached ss2es+,ess. To mike
banking system stand urahAken under such
the rule Of cause and e1ecs ought 70 be subverted
STOCK GAMsLTr6 AND IT'S CONSEQUENCES.
From the Philadelphia American and Gazette
II win become ira possible 70 organize compsniss
assumes the form Of sock. me leading Brokers' Bard
Of the ocuntry-ths, At Nev Yoyt-sppssp 70 have Goa
cerussed ia enerfies on ssnbhnt IN every STOCK which .
toe Market and Ia OPERATING as cfeu % PROFITS may be
made thai amer, vita o Whole strength for the dc
precA op Of shoss s. aud The RUN q Inc onerprues
they represent railroad company organized, snd
two thirds q In sonk IL vkes by pers,ns who wsh
que, Investment and RELY upon IL certain return Bat
i've stock 10 broughs Into sns br skcrs
ke asd Win bal uissl sum or none =. all inverted By
M operators they operate for itH ss snort, AMI p
has pay small differences but soon creso paao arons
outside boldoss And at The end sunaie those Who have
paid their money Of one bali OF Toe stock,
worth laiGscsy so SO per cont Ia then In thcr bsads
low rToc, ana tnfy ieeurey sah wv rise When
sgain near 10 real value the considers" again invent;
again IL Ia driven down. and again tie pasic stricken
holders sell for half thsy gave. srch IL The ess
bIished oourSe OF things with the gamblers 10 sookr
Who In the New York Market and who frghten poo
pie from Investment cripple enterprise, and ruin all wac
bald railroads and dovsopo the OF
country.
The present ansrled panic In Nev York is the result
solely Of The stook gambling While n directly teaches
few IN Pbiladephs, 10 possible thas Thousands
IN Ohio and the Western sates v be odp lied, aud BAH
here viii feel remote injury In Consequence.
The Ohio Ie and Trost Com aided the railroad into
rest OF that and other States 9Th Just hberay and no
The gamblers deprccssed tne stocks Of shoss
roads than bali, and suspension follows Add oil
WREN the real business Of tho roAds and the country
has depresson vhstever, nat obviously local
and temporary; and the resources OF the company
fully 70 the aud equal 70 al ordinary demands
rhosc vbo may be ssercsed In the opening OF hnca
OF improvements ln these proceedings the
OF the depression whah hangs tnem VINO safely
invest when board Of brokers may, without owning
dollar Of the stock take The whole Of even thirty millions