The New York herald., 1851-08-01

THURSDAY, July 3l-6P P. NJ.
There was n slight reaction in the stock market to-
cay Quotations exhibit small advance the closing
prices Of yesterday and there appears be less DISPOSE
tion to sell Whether this improvement will be perma-
nent not is doubtful II is our impression that il
viii not. Money continues scarce and the pressure Is
more likely to increase than decrease The guerilla war
going on between the Metropolitan Bank and the coun-
try banks is calculated to tighten the the
money market; and apprehend the greatest difficulty
from their contest if carried il has commenced
The country banks will be compelled to contract their
operations very materially if forced to redeem their cir
snation in specie If conoeled to hold themselves in
readiness TO redeem Ut any oGent large amounts Of
sheir issues According to the baS reports made to
Inc Comy roer in March last the COUNT banks OF this
Eate had deposits in the banks Of this city amounting
10 more than seven millions of dollars In the contest
now going on, these deposits will be reduced "
Dot entirely removed to strengthen the agencies o
the various banks, and the operations Of our city
banks, based upon these deposits, will all be drawn
in independent Of this contraction in the country
siro ulation must be looked for. This with the eurta
ment of discounts the country merchants and to all
ether customers, have most influences
upon the money market and cause great deal Of EN-
barrassmen. II estimated that at least ten millions of
dollars will in this way, be withdrawn from the market
AND IL be easily imagined what effect such reduce
ton IN the resources Ct the community will have upon
public and private credits The merchants Of this city
VIII feel very sensih through their country customers
The operations Of this warfare between the bank5 The
metropolitan Bank and the Merchants Exchange Bank
nave combined in this at I'D form the attack
Ang party The country hsaks will fortify Themselves
aAu walt the attack Te anxiously await the result
me steamships ,isgars from Liverpool, and Washing
''n rom Sou',ampton bring several days later intel
tehoe foio Europe. The cotton market fat, With
S"' A' further depression in prices Breadssufs
same as previously reported, except Indian corn
which was lower. In financial affairs there nothing
Dew. The stock market continued in a depressed con-
dtop particularly for railway shares Several failures
had taken place in Liverpool but they in any
way connected with the trade of the United States The
imports Of bullion and coin into London for the
ending the 18th Of July include 1854 065 by the Cyde
om the West Indies f9oo by the Euxine, Peninsular
aud oriente Companys steamer from Gibtatar by the
Southampton packet ship, from New York. Sl69 500
t4s 500 oliver 2o,ooo god) by the America, from New
York Sl5oco0 by the G. Grinnell, from New York,
Sl oc0 by the Bosphorus from Sierra Leoue gold
dust by the Tsy from the Brazs fl,l5O by the Ma
CARA nom the United States ss23CO0 for London aud
si2S,Coo for Iavre Total. fiso 900. The exports
the week amounted to abou. $4,000. Notwith-
standing this OF importation Of bullion and coin,
the last returns Of the Bank of England show q reduc
tion in The bullion haud compared with the previou
week.