The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-11-02
FINANCIAL AND COMMERCIAL.



MONEY RK EFT.
"WEDNESDAY, Nov. 1-eP,M.
There was . pretty active market at the Stock En-
change this morning, and considerable variation in
prices The tendency throughout was downward, but
an Improvement realized in two three securities
Bank OF Commerce advanced per cent Canton Co., Y;
Pennsylvania Coal u. New York Central Bonds declined
per cent-K per cent than the semi annual inte
rest paid; Nicaragua Transit, Y; New York Central
Railroad, II Erie Railroad, Vi Reading Railroad, Il;
Hudson Railroad, Il Michigan Central Railroad, ";
Cleveland and Toledo Railroad, u. Cash transactions
were larger than usual and there great deal Of
stock offering There outside spectators Of either
class in the street. The apprehensions Of strin
gent market purchases Of stocks ut
rent prices and the banks appear determined to give the
screws few more turns. 1t Ia stated that the next
weekly bank statement will show further reduction in
discounts of two millions Of dollars. We hardly think
such rapid contraction will be resorted to by these In
situations, and we do not think such policy necessary
contraction at that rate for any time, would cause
failures and bring about the very evils de-
srabe to avoid. The banks in very dcult position.
they do not contract largely and at once they lose
their SPECIE and they do contract they must destroy
the value Of great many Of their bills receivable. or
two evils they must reject the greatest Under the cir
camstances, IT must be very difficult to tell which is
were at the date Of the last returns reduced to
considerably below the average Of the past two
years, and the amount Of specie hand compare
lively small reduction Of the last named item to
much lower point would, in opinion produce much
embarrassment not only to the banks but to tn
entire community, than continual reduction in the
line Of loans. The latter would strengthen the banks
while 1t would weaken those depending upon such
dts; while the former would weaken all parties
cerned In the face Of these unavorabe circumstances
we ind the country banks calling loudly for aid an
comfort. Besides this, hardly day passes but tina.
the suspension Of bank at the extreme North
East South West is announced, and panic created
among bill holders But for the steady drain Of specie
from FOR shipment to Europe, could sustain our
selves amidst local difficulties The export Of
half to million Of bullion and coin per week is max
ing serious nroads upon receipts and supply and it
but natural that the banks should take the necessary
steps to arrest the outward current We stated some
weeks since that the banks had come to such determ
nation, and they have thus far rgidy adhered to it.
The bank excitement has somewhat subsidized, but
there many Of wild cat species in operation that
we may any day hear of the failure Of half dozen.
The Indiana banks cannot all be sustained There are
too many Of them and it is belief that about one
half Of them win pass out Of existence. About one
quarter Of the free banks Of Indiana win be wound up
by the State Auditor at loss to the bill holders Of
from ten to twenty-five per cent and quarter will
be wound up by the owners gradually IS to not
shave the bill holders much; and the other half win
without doubt continue to do safe legitimate banking
business and be sufficient to all the purposes Of
trade and the wants Of the people We look for trouble
among the 'onehorse" banks of Georgia, certain
class are very appropriately called There are about
eight ten banks, located in different parts Of that
State, which principally owned at the West and
II the owners fail the banks to fall and the
banks may fail without the owners becom.
ing bankrupt There is the Merchants Bank,
Of Macon, Geo.; the Bank of Mlcdgevillc, Geo.; the
Cherokee Insurance Company Bank Geo. the Planters
and Mechanics Bank of Dalton, Geo.. the Griffin Bank
Of Griffin and last but not least the Atlantic Bank,
Geo. These all lone horse" banks and each depends
almost entirely upon the solvency Of individual
None Of them owned in Georgia. and the people Of
that State have interest in sympathy with them
They owned principally in Chicago and their
have managed to get out enormous circulation The
Merchants Bank Of Macon has circulation of upwards
of eight hundred thousand dollars. The Griffin Bank
and the Atlantic Bank both owned by the SAM man,
have circulation Of million of dollars. Not the
first dollar Of these immense issues is secured The
bill holder has guaranty that the Arst cent would be
paid his claims in the event of the banks failing and
the community should be their guard against such
concerns.
u,
provement in Of the fancies Erie Railroad went
up per cent; New York Central Railroad, 4; Illinois
bonds, y; Reading Railroad, y. New York Central
Bonds fell OF per cent; Harlem, u; Michigan South
ern Railroad, u.
The steamship Africa from this port for Liverpool TO-
day. carried out 500 sos Is In specie principally gold
bars, and about -, 25o in English gold. The demand
for exchange continued limited the close. There was
no change in the rates.
The Bank Of New York pays four per cent dividen
Mechanics Banking Association four per cent stoning
ton Railroad Company three per cent Concord Railroad
Company four per cent; Nashua and Lowell Railroad
Company four per cent
Mr.. A. H. Nicolay's regular semiweekly auction sale
Of stocks and bonds will take place tomorrow, Thurs
day at half past O'clock at the Merchants Exchange
According to the official statement the amount in the
United States Treasury the 23d of October subject to
draft, was $50, 04S, 000
We learn that VIM. Il. Aspinwar Edwin Bartlett.
Francis skddy, Henry Chaucey, and VIM. H. Web
yesterday unanimously elected directors Of the Pa
cfc Mail Steamship Company for the ensuing year. The
only change in the direction is the substitution of Fran
els skidd yfor J. Woolsey who declined reelection.
The sixth annual report Of the Edgcworh Land Com
pany has been published The assets of the company,
exclusive Of land, follows
Houses owned by the company. 500 90
saugus Branch Railroad stock 5000 90
Notes receivable. ...............S4 $40, 0l4 "a
Less notes payable ............... 1871 81
Lands sold but unsettled for............ 2,413 48
Sundry accounts ........................ ,4Sy y!
Cash ON hand. 1885 81
Total. ,o62 SO
Less land bought by the company and unpaid
for.. ................ iu,ool ~
Total. $50 1850 Oh