The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1845-10-29
MONEY MARKET.

Tuesday, Oct. 2s-6P. M.
The stock market remains firm, and quotations have
improved afaction. Long Island went up per cent;
Canton /; Norwich Worcester /; Reading R Ii Nor
ris Canal /; Harlem stoningon and vicksburg closed
firm at yesterdays prices The transactions large
Foreign exchange closed firm at our last quota
tons. Sterling bills firm ri 81 per cent
premium but the sales have not been very extensive
this packet it is anticipated that the Hibernia from
Boston will reach Liverpool before the Great Britain,
and those having remittances to make, prefer waiting
for that ance they three four days in
terest
The speculation now going in of the railroad
stocks has within the past week. advanced quotations
from five to ten per Notwithstanding this advance
these stocks are not selling for than they
worth for permanent investments. More than twelve
months ago these stocks selling at ten and fifteen
per cent above tine present quotations. and they have
the meantime improved very much in actual value Rail-
road stocks above all others investments OF cha.
racter ensuring ultimately returns sufficient to make
up all arresIages. These works intimately
nected with the commercial operations of the country
that they must experience Improvement correspond
ing with the growth and prosperity Of the whole Union
The present quotations for many of the railroad
stocks, bought and sold in this market are about
the same those ruling previous to the fever,
that spread generally over the country, and had
such untavorabe influence upon all kinds of business
matters The dangers that for time surrounded
ternal commerce. and the difficulties in foreign rea
tons that threatened to destroy the peaceful relations
that exist between this and all oner countries have dis
appeared and everything looks favorable for long Pc
riod of prosperity The banks of large cities are
steadily expanding their movements and extending IA
cies to advance every enterprise that makes its
pearance the commercial world and as the business
operations of the cities increase the country banks will
be called upon for discounts and the currency very
pidly become inflated New banks springing into
existence in every section of the country, and the in
in banking capital has within the past year been
larger per than in the previous five. The railroad
mania of Europe is spreading to this country. Its ad
here will be grsdual than in England but
when under way, it will be nearly exten.
sive.
By the arrival OF the steamship Great Western from
Liverpool have commercial advices from all parts OF
Europe days later than those recei ed by the Hi
hernia at Boston. The news is highly interesting, and
in commercial point Of view very important. All
doubts in relation harvests of Great Britain
removed The crops this year will be at least three
millions of quarters loss than last The accounts of the
yield in repre- sentng to be below average
by at least per cent that 81 pounds per bushe in
stead Of go pounds The of last year about
average, and amounted to about 81 600 900 quarters,
while the highest estimates for lsl5 quar-.
This relates to Wheat alone The oat crop will
be about an average, but all the root crops Short
particularly potatoes the decline being general in all
parts Of the kingdom
1t will be seen by these statements that the wheat
crop alone is short twentyfo million bushels,
pared with last year. which must from foreign
countries in addition to the quantity usually imported
in'o the United Kingdom, to make up the amount
quired to supply the demand for consumption.
There is at present very little doubt but that large
amount of corn will be required from foreign
tries for consumption in Great Britain this year, in
any previous that the deficiency the crop wheat
will be great former years. but because the def
cheney in other crops will be greater than usual Any
deficiency in the supply of advances the prices
compels the poorer classes fall back upon the lower
priced articles Of food such potatoes and all kinds of
vegetables but this year they will not have that alter
native There appears to be corresponding deficiency
in all the principal articles Of food.
The largest mt paid by Great Britain for foreign
grain was in 1889, when il reached f7,5l5,s64 At
which time there only 1895 900 in bullion in the
Bank of England In 1884, the value Of 70 reign i'm
ported into England, amounted to f7 1892 and in the
year the bullion in the Bank amounted to only Ca
$4,000. The Bank of England has on hand bullion
amounting to flla5567o, and the quantity of foreign
grain, necessary to supply the deficiency, in the crops
of the Kingdom, and the demand for consumption, that
must within the twelve months be imported, will
not be much if any less than three millions of quarters
OF wheat alone, twenyfour millions of bushels,
ued at least high eight millions of pounds sterling
than onehalf the bullion in the bank of En-
gland.
We do not see the effect of short harvest in Great
Britain much in the DRAIN it alone has upon the bull
lion Of the Bank do in all the manufacturing and
commercial Districts and upon the price Of the great
pie productions of the southern section of this country
Tho Ro NJ md dota Jroiu If
half the amount of bullion in her vaults, without redu
cling its paper circulation a single pound. The Bank
has put its issues to the extent permitted
der the banking la 8 of Englani, by eight to ten
millions Of pounds sterling, and reduction in its bull
lion TO that amount could have no influence upon the
present circulation In 1889 and 1871 when the bullion
in the bank became reduced to small amount, II
not caused entirely by the bad harvests Of that peri
Cd Tho commercial specuations OF 1885 to 1888 had
reduced the of the bank to very low point
and weakened it in other points, that when the two
short harvest of 1899 and $780, upon the country
the bank in position TO sustain ITSELF and was
compelled to call upon the Bank of France aid which
granted and the Bank Of England saved The country
able to bear the evils short harvest can
produce, but that they will be great, doubt
The part we bear in tho general depression comes
through cotton the price of which must be very un
favorably affected The expectation OF breadstus do
mand in Great Britain will produce will relieve our pro-
ducers of portion Of their large stocks but should
find foreign market for every bushel of wheat
spare, it would not Offset the experienced by the
depreciation in the value Of cotton in the markets Of
Europe.
The London money market continues to be abundant
ly supplied with capital for commercial purposes and
the rate Of interest demanded by the Bank OF England
ruled at y per The rate OF discount out Of the
bank ruled at per cent The railway speculations