The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-02-22
FINANCIAL AND COMMERCIAL


The severe snow storm yesterday put stop TO near
ly all outdoor transactions and business generally
interrupted. The stock market was toerably active
up to the close, and prices were well sustained
We see no indications of any great change in the
movements of the Stock Exchange. No contingency
is likely 20 occur to more than temporarily check
the speculative imitation in stock securities IA one
party realizes and pockets a good profit, another
takes up the same stock and carries il TO much
hie her points. The number Of operators is daily
increasing, and every day seems to add to the
amount of capital seeking temporary employment.
In the absence of every other method of making
money at all productive it is not strange that public
attention should be turned entirely and with such
force TO the stock market. There are many
spectators now deeply involved as holders
and buyers of stocks, who realized large
losses last fall by the panic and rapid decline
in values. They are now endeavoring to make
ND for the sacrifices made at that time and
many of them have no doubt already succeeded.
Others are still engaged in so doing, and are evil
IDENTIFY looking forward to an imitation necessary to
produce the desired results. Those who are in the
end successful will have cause for congratulaton,
for there viii, beyond question, be as many unfor-
tnate operators at the end of the present imitation
not BE among the anne parties but will be among
the sanguine speculators-t who came in at
the tail END of the movement and got saddled with
lot of worthless stuff in the shape Of fancy rail-
road and coal company securities The old bears
have suffered some, so far. Several have succumbed
to the times, and have lost all their lille
gal gains. The bulls have now the control
of the market, and are likely to keep
- Co., aIu
upon continued ease in money matters It is well
they do not place much reliance upon the merits
intrinsic value of the securities operated in. In the
end the losses will fall upon the bulls and the bears
will, at the eliminating point, step in and reap just
such another harvest as many realized in October
and November last Small profits and quick returns
should be the maxim of small outside SPECTATORS,
particularly as the expansion progresses. Above all
things il shonld be the policy of such operators to
deal in the best securities on the market. In so
doing they may have something good enough to
keep for time in the event of some sudden and IN
looked for collapse. AT present the money market
is abundantly supplied with capital. and the rates of
interest rule at very low points. All the indications
are in favor of this state of financial affairs
tinung for length Of time and the probability that
prices for stocks generally will be much Inflated
but il is best to be in position to meet any
contingency, and to do so safely and successfully
should get beyond their depth. The old rule to
sell when everybody is buying will at the present
moment apply only in cases where the stock ia in
hand. Those who sell short between this and the
month of August will in all probability have to pay
much higher prices for delivering. The current is
now setting towards higher points and, it would he
folly TO attempt to stem the tide. Many will be
swamped in so doing while, on the other hand, those
who float too far up stream upon the wave of specu
lation will b. left high and dry when it recedes
Spectators for rise have before them favorable
future but very few will out gamers by the
pansion. The year 1855 is likely 10 end as dsas-
trously TO buyers Of fancy stock securities as last
year did. Those who have foresight and energy
enough to see and profit by the changes will with
ont doubt make great deal of money by the in1a-
ton and also by the depreciation.
The steamship Africa. at this port from Liverpool,
brings three days later intelligence from all parts of
Europe. The is highly interesting and particu-
larry favorable in inan ,ial point of view. The re-
duction in the rate Of interest from four 10 three and
a half per cent by the Bank of England, the adj
vance in consol7 and the accumulation Of money
in the hands Of private bankers all point 70 a specu
lative movement in stocks in the London market
which must give an upward impetus to American Sc
curities, as wei, those Of a local character. We
see by London circulars received by the Africa that
American stocks were in active demand at an adj
vance in quotations, and the of all applica-
tons from this side of the Atlantic for loans for
railroad purposes is placed beyond a doubt Bull
lion in the Bank OF England shows large increase.
Outside the bank the rates for money ruled
al "A per cent On the Stock Exchange
the rates ruled even lower, and private bankers
refused deposits at over per cent. The closing
quotations for consols were 96 9Gi per cent for
money, and s6l 96i per cent for account. IN cot.
ton no actual change in prices Is reported. The
market closed dull in consequence OF unsatisfactory
accounts from the manufacturing districts. Bread
stufs had a downward tendency. with very dull
market. No actual decline is reported.
The outward movement of specie from this port
last week quite limited as win be seen BY the
following statement
SuirsESrS sPK,1g PORT NEW YoaH
Steamer Arabia Liverpool, Am Gold Com. s22Sl76 ~