The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-17
AND CONNER GAL


FRIDAY, Ojl l6-b Z, n.
There was very buoysnt stock market this morning
Every OF weight has boon taken or the safety valve,
and stocks arc going up On he run Tho Sock Exchange
appears have had quite acoessou Of operators from
some SOURCE and they take hold with great svid.y. At
The nrs board odsy New York State g. 1874 advanced
per can't Ohio cs, $780, g. California re, Q; New YORK
Central Railroad re, o. Erie bonds, 1875 g. do, 1911,
2; do 1883, u; Galena and Chicago Railroad, a. Illinois
Central Bonds Il Bank OF Commerce, lk American EK.
change Bank g. Delaware and Hadsop, Q; Pacific Seam
ship Company, q; New York Central Railroad, .; Edo
Railroad Hudson River Railroad, q Reading l& nchi.
gan Southern preferred, o. Panama, a Inots Contra,
Railroad, 2; Cleveland and Toledo, TX; chiosg,
and Rock Island, Q. Here 10 % advance eqial
10 anything Of kind have recorded FOR many many
months Al this rate, few days would suffice 10 bring
back a. prices for stock securities are coue1Ded 70
the pamy days Of spring. The bulls have beyond eli
question full possession OF the market Holders Of sioc
may NOS ~ general thing be inclined 10 SELL n the
present quotations. rhey al looking FOR prices FAR be-
yord those no~ current yhese stock spec alstors
very ssnsuiBs Of individuals The higher stocks 20,
the higher they think they mus, 20. Parties Who fev
dA s.rce wore frcc sellers II tho lowe pdses
free buyers the hThes points The actual poson OF
tho barks ID net rightly understood BY these specuasors
II 10 unfortunately shs general impression that under
. Suspension Of specie payments the largest
expansion can be prsctsed with impuntT; that
there 10 no rcsrantno check upon inson, and that
No banks have, In fact, the largest liberty In all thsr
operations There was . greater mistake In the
world or one more calculated /, entail upon the oom
munsy consequences Of mos, fatal character. Ia the
impression lhai The liberty 70 do Just ~ hsy
please in tho way OF doounns, which has given such
upward impetus 70 The sock market The sooner The
rublo mind 10 saiisned that The banks have possible
even more difcu and dangerous duty 10 perform than
besor the suspension better fcs made fuly asHre Of
NE consequences shAli very important and whole
SONS change complexion OF The stock market and or
financial aAirs rnnerai II be borne in mind that our
banks have keep constantly 10 view the c That sooner
later resumption OF specie psy menw must ase place
that This SUSPENSION erminaio Thai NE currency
the country must como down 10 . specie basis; thu al
this paper imitation must explode, and that prices must be
again regulated BY the ,rne standard Of value Any on
p~nsion Of loans By he banks utterly out Of the que
glad 70 that attempt has yet bees made
10 she the line Of discounts The position OF the banks
no envisbic one, and shey know H. They have 81 this
legal existence rhe proceedings OF courts
relation 70 these Institutions exhibit ase Of sninss that
most create me mind Of every good cissn the most
fearful approximations regarding the fnsure We have
but seen hs beginning Of this sdsir We are literally In
ass Of anarchy and look ne consequences There
are other oecrr OF tho se but ,hsse our coor Who
have psr 10 perform This drama, and win b many
DAYS before some Of the reru Of this suspsrscs viii
be realized in shape ve,y diceren, from that snuc
rated. The banks Of the STALE OF New York have 90
,u.ly, absolutely suspended specie payments, and hey
are now In the hands Of the hv. rhe Comptroller, ,hs
Banking supwntspdsni, and hs sAh salhoruss, scss