The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-02-17
FINANCIAL AND COMMERC GAL.

TUESDAY. Feb. l6-6 Y

TUESDAY. Feb. l6-6 Y. VI.
The stock msket opened this morning more buoy
ant than we have noticed for many months, Specula
ton runs riot NJ the Stock Exchange. The transac
tons this morning were exceedingly large and .
good portion for cash. The steam is well up in the
street, and tho safety valves appear to he all tied
down. This would indicate a collapse, but the new
material upon which the present imitation l. based j.
pretty tough and can stand quite an expansion. Al
is confidence now. No one seems 70 dream Of .
change. Prices run up from day 30 day one, two
and three per cent and buyers take hold with morc
aydity at the TOP Of the market than at any other
time. The entire body Of stock securities is moving
together. The good. bad and the indifferent all
have their clques oi supporter and the banks hcln
them all The managers Of our banking institutions
are among the most prominent spectators. aud the
bsrSs are drawn upon pretty freely Tor facilities e.
carry on and sustain the imitation. The enormous
amount Of deposits must h. idle OF 70 into stock ,c-
curites and the bank. OF this city are now princi.
p1lly employed in lending money call on tue n.y..
pothecation OF al sorts Of stocks The most
worthless fancy be hypothccatod nearly a. easily
a. Tho best. proper margin Tor prptec ton in an
emergency l. only required, and they oil ~ with
equal facility The banks are much TO blame for thr
impetus thu. given 10 Wild and reckless speculation
They appear to look solely to THEN profits, without
considering for moment ,he effect on the real am
legitimate interests of the country With them III
wholc object is the pay.n nj OF their usual dividends.
Al the present moment great eorts are particularly
necessary 10 make ny the Immense losses realized by
banks from the numerous. suspensions Of the past
six mouths II b. estimated 10y some of our oldest
aud shrewdest hnsncers that the assets VI MANY Of
a.. a.. 81.
on the dollar. To make up a. much possible and
as rapidly a' possible this depreciation in their bills
receivable. the banks have entered extensively into
the arena Of speculation. and directly and ind
rectly involved - an immense amount IN the present
movement Instead Of employing their means in
aiding aud encouraging the commercial classes, and
IN doing all in their power TO restore public conf.
dence and revive business, they have become reck
Lex, desperate stock gambler and turn their stten-
ton more 20 the price u Cumberland. Harlem Read.
ing, &c, than to the recovery of mercantile credit
aud the necessary operations for the return Of ac
tivity in the great staple article. Of trade
A, the fr-t board to-day Missouri state 6's ad
yanoed per cent; New York Central Railroad. "a;
Ere I; Hudson River Railroad !; Reading. 4 ;
Michigan Central Railroad, q; Michigan Southern
preferred, "A: Panama. u; Cleveland and Pitt-burg
A; Galena and Chicago, "a; Cleveland and Toledo
4; Chicago and Rock Island. 81 Ia Crosse aud Mil
waukie 4; Chicago, Burlington and Quincy !. Cali.
FORMS State Is declined per cent; Cumberland /:
Harlem preferred 2; Illinois Central Railroad. !.
The movement in New York Central Railroad this
morning was particularly strong and active and an
important improvement was realized. Chicago and
Rock Island realized the greatest advance, with
large transactions Galena and Chicago was firm.
aud closed scady at 20 Pey sept, ysry little st9a