The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-09-05

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The foil returns or August have not yet come in R,twe
understand that tho Reck Island viii show Increase Of
scyc,a, ,hous,rd dciars against last August The
cacra salpgs stated roughly, at $40 400 against
600 eco last year. hr Increase during tho past weeks
having nearly made up the deficiency the FIRST two.
Tho Ccyeauo anI Toeco received So sc5 against $50, $50
| ,os, year showing Increase Of 81 576 The Hudson
rcr received 1855 63 against Sl3s4ss last year show
Inc an increase or s15,675. Tie New York Central will
| rronably show an increase Of $4,000 on the month
The Michigan roads will show heavy falling of: their
| turn will come next
| The nunper Of Spectators the Stock Exchange Is
larger tan usual, and the substantial Improvement in
IL hest railway enterprises is causing advance which
viii probably affect good and indifferent stocks alike.
There can doubt, now that the market has passed
ont Of the control Of the street operators; whether for
GOOD cr evil the long reign Of the petty obbcrs s ended
Al last prices will hcnccforth uctuatc according to
Intrinsic values and the public temper.
The transition has caused the failure OF the leading
oters who, for eighteen months, have ruled the mar
let There few Of the old bear operators left most
Of whom had the saray 10 forescc Inc storm and seek
shelter in time But the leading houses whose utmost
skin and energy has been devoted for months 10 the
destruction Of railway credit aud the depreca.
lion by fair means and foul Of railway property have
obtained their reward, and now defauers One or
ample
satisfy their creditors, and propose as soon as
their assets be converted into money Others declare
that they than ruined and that their creditors
must be content with a small dividend. We will not
stop to comment upon the extreme dishonesty Of the
operator who, knowing that he cannot pay his losses il
fortune turns against him, si insists upon doing
business and commits the double crime of defraud
r those who deal with him, and damaging the credit of
honest out Of whose ruin he seeks to make
money The questions which it now devolvcs upon the
Stock Exchange ocons'er are in the first place, what has
become Of the gains made during the past egh
teen months by the bear operators who broke last week.
and secondly how long is wholesale gambling, either FOR
fan or for rise, to be carried by parties who,
es the boys say act the principle Of "heads
win, tail you loseY"
when, year ago. time contracts at the Stock Exchange
legalized by the legislature, the intention to
place the business Of stock obbng level with respec
table commerce. and to relieve brokers from the stigma
Of being engaged in Illegal traffic The hope Of honest
brokers that the law would elevate their business
and put end to the rcproaches which habtualy
eveled nt them by persons who called operations cot
ton, -four, sugar. real estate, legitimate speculation,
hut operations in stocks gambling is to be feared
tina the events of the pas, week will not assist the law
achieving this end So long irresponsible houses are
permitted to buy and seli thousands Of shares of stock
without depositng any margin, when fortune turns
against them to apnul the contracts they have made by
the farce called failure the Stock Exchange will always
! regarded with suspicion by fair dealers.
Had the parties who failed last week been overwhelmed
| by q monetary pressure, or any unavoidable calamity
had they been ruined by honest but sanguine en-
beavers to promote the deveopcment Of the country
TO spread commerce and enterprise, they would have
been entitled TO, and they would have obtained general
sympathy. As is these parties broken by per-
enterprise, and destroy credit and bound say
| that any sympathy bestowed them, from whatever
quarter is very i'll applied, and reflects but little credit
on the moral discerpmcnt Of those who bestow It.
That bears have their proper sphere and useful function
in financial economy cannot be questioned In 1885, and
before that date when enterprise and speculation had
mad and Wall street sharpcrs daily dev!sug schemes
to fleece people out Of their money, the existence Of
bear party useful check upon the prevailing
| tendencies Of the public When the railroads de-
clnring dividends OF borrowed money and publishing
reports hardly word Of which was tre the bears per-
formed wholesome office in denouncing these frauds
proving ry their the sincerity Of convic
tons In these days the bears the true conscrva
tves had there been Of them, had they been
stronger there would have been crisis in 1857 But
now, when the fcles and frauds which preceded that
year have been ealy punished that throughout the
Northwest dire poverty has only just ceased to reign
when cut twelve railroads which formerly paid large
dividends only two have any profits at oil to d.
vide and many have hardly earned their expenses and
interest," when the whole people Of the North strug
rTg to their former prosperity and to reestab
lnh public and private credit; when the CON-
panies which the vehicles OF the old
rwirdles have been purged of their roguish
managers, and have entered upon n Of honest
economy; very questionable whether the bears Of
Wall NJ
the obvious mischief they DO BY and by, when
fderce completely reestahshed, and speculation gets
under full Roadway they may again prove useful at pre-
sent when they an impeachment to recovery which
is the interest Of all TO hasten, they hardly
blame people for regarding them as nuisances whose
abatement is public benefit.
The probable Of the stock market for the next
few days is problem which parties interested must de.
eide for themselves Within fortnight stocks have risen
fron6 10 per cent The rise was orignated-as such
movements always are-by operators In or near the
street has been sustained and increased by the
chases Of outside parties 1t is predicated mainly
| upon the general recovery Of the Northwest con-
| sequept upon the successful harvesting OF
| large crop OF wheat, and the prospect Of an
equally large crop Of Against the permanene Of
the advance operators urge the low price Of whea at
home ard abroad; the profits which the bulls havs al
ready made and which they may be tempted 10 relze,
and the large shipments Of specie that have been made
from this port On tho other hand the operators f the
rise say that Though stocks have advanced per
cent they are still Is 90 per below where they
usually were before the crisis that the country going
TO be more prosperous than II ever was; tha the
West well afford 10 dispense with the foreign m,rket
which has taken than a tenth Of It's prsiuce
large imports ensure large exports and that tbs very
causes which injurc the dry goods market viii benefit
wheat growers finally that curiarge export Of specie
pad of more Of our debt to Europe than we have over
paid before at this Operators must dedde for
selves which of these opinions Is based on thu sound
est reasoning. u
The following table viii compare the exports of the
seren principal staple articles for the week.
\ -1s5s- -.lSa--
Week ending Sftt. i. amount vnrur dn,on,y VoJys