The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-12-30
FINANCIAL AND COMMERCIAL.
MONEY MARK EFT.

TUESDAY, Dec. 29-6 Pm.
The stock market is gradually settling back again
TO the old level The tendency Of prices for some
days has been downward, and all the leading rail.
road stocks have been freely offered. No one out
side OF Wall street dreams Of buying stocks but on
the contrary there IL continued supply from that
source With all the ease and abundance Of money
In the street, there has been no let up among the
commercial classes. The merchants find II as diff
cult a. at any previous period to raise money, and
the banks will not touch anything ia the shape Of
paper but the very best, and that IL very scarce.
The rates for money call or the hypotheoation Of
the most undoubted securities. range from five TO
six per cent; but first class paper cannot be nego-
tated in the street short Of ten and twelve per cent
Some stock securities can he hypothccated with
very favorable margins, which gives great facilities
Tor speculation; but no one is disposed 10 avail
himself Of this TO any extent Buying stocks
upon an easy money market is not very difficult
matter; but selling is altogether very different
affair. few months since the public at
large we're holders Of stocks purchased gene.
rally at very high prices. So long
confidence continued these stocks kept out
Of the market. The credit system moved along
smoothly; and there were not to the common ob.
server any indications Of any violent interruption 10
the comfortable course Of business. There was no
end to the supply Of money because all enjoyed the
most extensive range Of credit. Paper by the ream
was turned into promises to pay and II was easy
to carry on financial and commercial affairs that the
entire community was wrapt up, and completely
absorbed in feeling Of perfect security. The end
of all this has been realized. The bubble finally
burst and in the space Of twentyfour hours change
came upon the scene. From an easy market, one
turn gave us q stringency such as has before
been realized. From high prices for all kinds Of
stock securities one turn made them almost value
less Pocketbooks full Of what were considered the
most valuable and available assets, turned suddenly
to he no more than 80 much white paper. The en-.
tire community stood aghsst al the sudden trans
formation. Even the financial juggers Of Wall
street were astonished the dissolving views
presented TO their eyes. Business men found enor-
nous amounts Of their own paper daily maturing.
and their list Of assets presented in too many In
stances nothing but stock securities. the value Of
which was melting away under their eyes like an
early snow The probability or possibility OF the
same class Of men being again caught With such
securities in their possession can be best answered
by certain spectators Of the Stock Exchange, who
have for the past sixty days been endeaycring to
attrac; outside buyers by getting up fictitious quota
tions by operations among themselves.
At the second board very limited amount Of bust
ness was transacted. Stocks generally were lower but
tho few transactions made give better idea Of the
entire absence Of all speculation than even the prices
current After the board stocks offered at still
lower rates, without finding buyers TO any extent.
u is the prevailing impression among the most expe-
renced brokers that before mdwinter has passed the
quantity Of stock pressing Tor sale will I've so great
that lower prices must rule. There are M buyers