The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-10-14
FINANCIAL AND COMMERCIAL.
WEDNESDAY. Oct. l3-.6 p \

WEDNESDAY, Oct. l3-6P.M
Twelve months ago this day the banks Of the city Of
New York, with the single exception of the Chemical
Bank, unanimously agreed TO suspend specie payments
II was tho eliminating point Of crisis which had been
mainly brought upon the country by the unwsc expan.
sion Of those very banks materially assisted, however
by the corrupt and insane speculation railways Both
were linked together in the work of ruin without the
bank expansion the railways could have borrowed as
much money they had anoat many worthless
securities; and without the railway speculation the
banks would not have been tempted TO expand to
the point they did. II was the combined folly OF
the two that desolatcd tho country. Twelve months
have elapsed since thcno look al Wall one might
suppose had been twelve years With two cx.
ccptons the stock Of all the leading banks either
very par yet had the Judges done their duty
they would all have been wound up last fall In the rail
way world the contrast is equally striking New York
Central sells high did before the revulsion; the
change in tho price Of the leading Western hard
~ Worth notice Eric, Michigan Southern, Cleveland and
y9d6, Reading Milwaukee and Mississippi, and nearly all
the other companies whose condition universally &C
knowedgcd 10 be hopeless last fall stll alive and
s in demand at the Brokers Board Not one Of them
has lghtcncd the load Of debt which, 1857 weighed u
10 the ground few have funded their floating debt al
frghtfu sacrifices. Many have curtacd expenses by
stopping the progress Of essential repairs. some
have contrved, by the adoption Of cunning
expcdicnts, and thanks to the chcapncss Of mo.
ney, 10 carry their debt along. But not one out
Of the whole list has really struck root Of the evils
which broke down the system last year ono has done
the only thing that afford permanent relief 10 the rail
way word-gone into liquidation, wiped stock and
reduced the capital on which interest be paid 10
fair figure
On these roads IN WORD tho lesson Of the rcvulsion
has been thrown away Near as they to total col
lapse last fall, they full swing more aud
bankrupt presidents and ruined directors more
trying TO dcludc the public into losing money In
stocks and bonds. II they suceccd-and there
limits to the folly Of that class Of persons who called
outside spectators in socks-we destined TO
other brief period a inlaon another insane era, when
men shall believe even Eric and Michigan Southern;
another period when dishonest reports and false
accounts Of earnings shall flourish, and, after
ward, another terrible collapse in which ruin
will travel from the railway world into the commercial
world and banks, merchants manufacturers and society
generally will be involved disasters caused by the
knavery Of few Wall street spectators.
The business At Me Stock Exchange day lighter
than yesterday. There prominent buyers sell
crs For stocks and FIRST class dividend paying pro
pcrty the demand was steady aud large. Mssours were
freely taken al both boards at advance OF per
cent Tcnncssccs and other State stocks generally were
steady The same remark will apply 10 the railroad
bonds better class Of which especially, attracted &C.
neral attention In bank stocks note large business
and an almost universal advance. American Exchange
shares were X better, Commerce r. Continental per
cent Hanover Importers and Traders2 per cent Metro
potan " &c. For dividend paying railways large prices
were bid. For Cleveland gainesville and Ashtabula 1iok
offered, and III for New Haven and Hartford Passing
from investment TO speculative stocks, find less ia
vorsblc market. New York Central opened dull and
rather lower but after the usual transactions between the
bulls and bears rallied 10 yesterdays price, and shade
above Reading also lower during the Of tho
day. but in the afternoon sold at yesterdays price. The
Michigan shares in fair demand throughout the day
Central shade lower the Southern both pretty firm
Rock Island neglected. but closed without change Of
price The last prices after the board were-Mlssouris
| SIX SIX; New York Central, s3k asa Reading 81
slx Michigan Central GO SEX; Gaena, 80 ssH; Rock
Island, esxa o5x; Pacific Mail, 100 lo3ki Panama,
1lak 1lek The market closed arm