The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-01-05
COMMERCIAL AND FINANCIAL.

TUESDAY, Jan. 4-6P ~
Exchange on Europe is plentiful than it was last
week, and prices have declined somewhat. We quote
bankers sterling bills at 1895 81 and good commercial
bills at 1881 1091l; francs, 5l394 5.l7h. The mail
per Asia will necessarily be small.
This has been of the dulest days ever known in
Wall The absence of outside investment
outside speculation strikingly con-
spcuous than at this mornings Board the leading
OPERATOR discouraged by the obstnacy with which the
public absans from purchasing fancy stocks, appeared to
have abandoned the contest shrewd suspicious were
freely expressed that certain large blocks OF stocks which
were sold by commission house for his account
was evident at all events that he had ceased 10 stimulate
further advance In prices by indiscrinnate and enor
nous purchases. The consequence was the decline and
downward tendency to which the lists bear witness.
Iha the bodness of one should long have awaited
to arrest the natural Of the market and defeat
all calculations based considerations of intrinsic values
and present income, phenomenon well worth study.
IT could not have occurred but for the policy which
being pursued by the banks, and in pursuance of
which, in a time of profound commercial stagnaion
they have contrved to swell their discounts TO nearly
hundred and twenty millions of dollars It was the
banks which, by lending money the lowest rates of
interest on all kinds of securities, enabled this bold ope
ator to enter the market single handed and with cbarac
teristc gaanry TO withstand the united assaults Of
'he whole Board. Everything was against him but the
money market The roads doing little no bust
ness AS general rule prices Of railroad stocks
high There was no outside buying to assist him. Hun
drcds Of stockholders were eagerly watching OPP
porunity to sell out It the season Of the year at
which railroads must expect accidents Of all kinds and
no traffic. Yet in spite of all these causes and oppos
ton to all the other jobbers this bold operator derived
much and timely assistance from the banks that he
enabled for many days TO the natural of
events and TO drive the market in direction exactly OPP
posite to that which was natural and healthy. The
calculation, perhaps, was that, after time, the
public, weary of inacton blind TO the facts,
deaf TO reason and orgeu of experience would reenter
the market as buyers Of fancy stocks There was time,
perhaps when this hope might have been realized But
the Lessons Of August 1857 and March, 1853 have not
seems, been yet wholly forgotten and now, when the
bold scheme appears to have eliminated and even the
leading bull will buy more there less buying among
outsiders than there was thirty days ago. The banks
should heartily congratulate themselves that a power
even greater than their has saved them from being
the instruments Of much misery runous losses and grew
Gus misfortune among the public at hrge Had the
scheme of which they in their desire 10 earn dividends
became the handspring and the support been az successful
as was by come persons expected and thousands
Of foolish people would have been mourning tho loss
OF their money large sums, which are now in hands
where they may be uscfully employed, would have
poured INTO the grasp OF the stock gamblers of Wall
street. and the banks themselves by righteous retribu
ton, would probably have lost no email portion of the
weak paper which they now count among their assets
We are not exaggerang the responsibility which rests on
lne panks the whole history Of The recent loans W