The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-10-27

From the London Times (city artice,) Oct. IL.
The probability Of further advance morrow OF the
Of discussion during the entire day and political news is
comparatively disregarded In the stock Exchange AID
many other quarters but not among the leading bank
ers the belief in another upward movement seemed gen.
eTal The firm appearance OF the exchanges, the be-
lief that additional amounts have been Withdrawn
during the past few days for France, and the know
edge that some gold was yesterday tpken to the
Bank encouraged an impression that q fresh step
NAV this week not be deemed necessary; but, on
the other hand it transpred that the demand discount
at the tank had again been extremely heavy, and me more
Favorable symptoms therefore completely neutrdlised
Court must be expected every week, until some assn
be gained that the exceptional course OF the
fank Of France Is ended since the commercial
the private bankers and discount houses could b9s
ely that the extreme rate had been reoched their comb
dence is such in the general state OF trade tnat the
would Immediately afford abundant accommodation. IL
therefore probable that an immediate rise OF per
cent or even more provided 1t were known to- be the
last or could fairly be considered so would be followed
by much less than another movement or
hafper cent with the prospect week hence OF further
The perpexes of the public regarding the past and
probable operations of the Bank Of France are un
diminished and until the proceedings OF that institution
assume palmer character, the commercial business OF
both countries must be seriously disturbed. The
ory appear 10 consider that the method by which the
recent carried out in accordance with
that already described in the Times but variety OF sug
S S s s
writer whose opinion any financial question would a.
all times command attention, observes -
hnk there must be some mistake in the Idea that the inca
Bourse seems to me evident that he scheme has been
70 se ss % s
hesy dsp % III which
been tempted advance BY the offer Of high rate Of inter
n h Wiling
%R nq% wGfa
clear That such IS may prove s
duty & So 70 nG &c do
emergencies between the two banks Of France and England
either moi now admit it. alteration power
ph that object might be given for their mutual advantage
Another correspondent considers there must still be
inueSces In operation which have not been made
public and is disposed agree with those who suspect
merchants and moneyed men, that the Russian govern
ment not in very good credit have offered terms to
the Dutch bankers for loan which it would SEEM they
have not been able to resist This has led to the sa'e in
the English and French markets. of all other kinds Of
curtes national and private held account of the
Dutch bankers the proceeds q elch hare been RENTED to
position however, is not borne out by anything that has
been lately observed Some assurances for gold to Ham,
burg where the market for that metal is ordinarily very
limited, attracted attention two three weeks ago,
from the impression that it was destined for Berlin,
sent although larger than Is usual to that city,
OF any magnitude and during The last fortnight the Tea
fure mas ceased al AS d1ei 1%a
long be concealed and woull it may be presumed, I'M
medatey give rise TO interference the part of the Al
le while at the time, its difficulties would be in
creased by the certainty that houses pretending to
any respecabity in London Paris would lend them
selves to assist it, Indeed this point the
pendent rightly observes:we shoull object any of
II n.inental governments supplying Russia with
tices contrnband Of war; and it is surely Objectionable
that they should be permitted to supply her with gold
the sinews of war;"
The next letter contains prote Il against the recon-
mendation of previous correspondent that the Bank Of
England instead of raising their rate Of discount should
reduce the period for bills to run.
Another writer refers TO the anxiety felt for the ap
pearance Of each bank return, and urges their more
speedy publication. This has been previously recon-
mended in various quarters, and objection to it
that ii each return inserted in the Gazette mme
datey its berg made up, It would be impossible for
the bank court to deliberate upon IT previously 1t is
ing the date to which the statement is prepared step
that could be authorized at any time by the Comnis
oners of Stamps and Taxes but II Is not certain that
the bank arrangements would apmit this plan,
since it is understood at the publication already takes
place within three days of the time when the account is
completed.
tFrom the London Times Getty Articlc) Oct. 12I
TIC Bank Court yesterday passed off without any al
taration being made in the rate of discount.
The English funds opened with dulness at the final
quotations Of last evening" but in the afternoon the
ket assumed steady tone, and o general rally took
OF Consols for money s61l to and they presented
extremely unsettled appearance throughout the whole
of the morning. The sitting OF the Bank Court pro-
tracted to unusually late hour and the anxiety in
the interval was such as to lead to almost total
pension Of operations When it was announced that
ment Immediately commenced, and the last official trans
actions were at s694 for money and 81 to q for the
Sth of November. At later hour increased frmness
manifested and there buyersat s67s for money,
while the price for the account SIS to u. AT the
commencement the SPECTATORS had shown general dis
position TO act for further fall but the public continued
to make rather numerous pun chases The letters from
Paris do not audc to any further contracts for gold by
the Bank of France, but they state that uneasiness still
prevailed regarding the stock Of bullion and that there
was some expectation of advance in the rate Of dis
count to 5k per cent II was considered however that
q l{aul of nd
shsuld abstain from making any change today.
The belief in any and direct Russian loan having
been covery managed at Amsterdam seems for the pre-
sent to have been dss pated and the public disposed
to hope for security usa that point not only from the
questionable character would be likely to cooperate in
it. but elso from its being the recognized duty Of any
firm to whom proposals Of tie kind might be made to
communicate them at orce to the allied governments
The possibility OF such an attempt will undoubtedly
call for watchuness but, so far from seeking further
explanations than those afforded by the action OF
the Bank OF France Tor the present state of the Lon
don money market the most experienced have
as has been already observed, reason to feel surprise
that the disturbance has not been greater. II those
who have noticed the effects of sudden expectation
Of gold trade and the prices Of stocks had been pre-
vously told that any amount approaching "a 600 900
about to DO withdrawn by artificial and secret
operation, extending only six weeks they would
have felt convinced that disasters of the most serious
kind could barely be ayerted. In 1S47, during the
heaviest period OF the panic fom February when
sos were at o. TO October when they touched 1875 the
total dnin in the bullion exactly Go oI5 500
fc here was spread over nearly nine months, while
even from the highest point during the imitation ot 1916
the falling oil only g. 000 just twice the sum
alleged TO have been taken from us. The differences in
the results between the two periods Is to be attributed
partly TO the lower point whence the decline in the bullion
commenced but chiefly to the difference between the
desperate unsoundness then prevalent and the universal
hea'hnes. Of our existing Even by the most
sangunc however, this healtbness could scarcely have
been supposed TO be such have enabled the shock
10 he Mithsood in the thus far witnessed When
Y Is ecollected moreover not only that the Turkish
lean and the sudden demand for grain at the same
moment but that the SPECTATORS and alarmsts f all
classes bad previously their ignorance the real
state Of the county, and before the whisper #
The movements OF the Bank Of France been eagerly put
ting forth statements that instead Of being safe c,n
don we were approaching crisis from natural circum.
stances the public will they have the highest rea
to rejoice that not having permitted themselves 10
deceived TO the actual Of the
they are forced to sustain they have been in position
TO look upon 1t without that dsmay which would meal
oulahly have increased its evils.
From the London Chronicle (city article Oct. lal
This (oct IL has been day OF considerable anxiety
and uncertainty to both the commercial and the none.
tary interests, but Il has terminated more satisfactorily