The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-10-04
FINANCIAL AND COMMERCIAL


MONDAY, Oct SIS p. N.
mere considerable activity in the stock market At
~ opening this morning. and prices improved through
sst bat after the board holders submitted to decline
and operations in the street exhibited weakness among
spectators The demand for money must tell upon
Me stock market with great deal Of force 1t Is mpos
dbls say what the of the improvement at the
Arst board IT, unless the character OF the foreign
svcss by the steamship Baltic which arrived at this port
sar this morning The foreign news is rather OF favor
able character the advance in the rate OF interest Is
drawback which calculated depress prices for stock
securities instead of initiating them. The CONNER
sial accounts satisfactory. Breadstuns
improyng and there is no doubt but that
larre supplies from this side will be required Quotations
Tor cotton well sustained with fair amount Of bust
NESS There every probability at the latest date of
another advance in the rate of interest by the Bank Of
England of half per This may take place
Immediately but the object aimed at in all the advances
made may not be accomplished without The measure
has been entirely precautionary and such must
- continued until the desired effect is produced Tho
Bank Of England determined to the outward
rent Of precious metals. 1t must be done in way,
and the only way is to raise the market value of
money in London tina. it will check commercial trans
sections and exchanges in favor of Great Britain In
relation TO the last advance Of onehal per cent the
Bankers Circular of the 18th ult. says
The step taken by the Bank England on Thursday, in
raising the minimum rate OF discount from to "a per
ssnt has taken by surprise who has looked at the
progress Of affairs since the previous advance was
made on the LIST of September Wes SEQ by the returns in
the Gazette Of last night that to the 10th inst further
dminuon of the bullion has taken place te the extent Of
f29S 716 leaving the total amount in both departments
Of the bank st f6 POI 35 and the of notes at
oso Acting therefore, upon the position Of the
bank in the past week, and judging from the circum
stances which have tranpred during the present week
the only prudent left for the directors to take
10 increase their discount and unless the stat
political affairs Of tho East more tranquil APP
psaranee they viii very shortly be compelled to make
stin further advance. Opinions have been divided in
the city the present occasion TO the policy of in
srsssng the rate by u instead Of raising once
changes while there those who regard the advance
altogether nted by the general state of the money
scrsw" We believe there but few who have regard
ed the actual state Of the Money market the unavorabs
results of the harvest the great extension Of foreign
trade the advance in wages and the extreme probability
Of war between Turkey and Russia, who are not
thoroughly convinced of the correctness Of the views
taken by the bank directors II take into considera
oA the extraordinary effect produced upon the value Of
securities Of the most unquestionable character by
advance in the bank rate of discount it is impossible to
regard with indifference the effect produced upon the
value Of the securities of another class which constitute
great portion of the commercial credit of the country
and II this believe, that led the directors
Thursday adopt the they did, by advancing the
rsts only one half per cent to give great
shock TO the existing state Of trade deprccate too sud
asnly the market value Of floating securities.
On this side Of the Atlantic in better condi-
lion. Money In demand and commands high rates Of
interest," but have drain Of precious metals to coun-
tast exchanges both foreign and domestic, are
n sosna and healthy state. Trade in all its ramfsa-
tons continues healthy and speculation has not been
rampant in any Of great staple products and not even
h fancy stocks The banks Of this city which is the
great centre Of AL financial operations this side Of the
Atlantic have BEEN several public and private provi
sons restricted and checked in their movements to such
An extent to entirely all those apprehen-
sioas which in former years filed the minds Of
capitalists and commercial men generally. The banks
in sounder state than at this moment and
they cannot but continue In few weeks the excite
In the meantime advices from the other side will
without doubt be Of very warlke character, and all
sorts Of reports will be current but have idea that
hestlities will actually Turkey will be pre-
vailed upon by England to agree to whatever Rus
sin may propose and later all the difficulties
which threaten to involve the whole Of Europe in
general will be amcably il satisfactorily
justsd
The variations in quotations to day, compared with
those current At the close of the market Saturday
have been Acknowledgement Transit advanced x per
cent; Canton Company, x; Cumberland Coal 4; Gold
Hill, X; Parker vein VI Erie Railroad, l; Hudson Rail
road, n. Michigan Central Railroad declined u per cent
At the mining board to-day the transactions ere unu-
GSay large and better prices obtained. We annex
the sales:-
100 shares Pennsylvania and Iehiyh Zinc Coronony AZ