The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-08-11
FINANCIAL AND COMMERCIAL.


very uucs depressed. There has been more dispo-
siion to sell. and the number OF buyers has been
gradually growing less. Early in the week there
was very little business doing AID holders appeared
to be unwilling to submit to the current prices.
More mature reflection seemed TO convince many
that lower rates would rae, aud ret zation COM
meaced. This increased the quantity of stock in
he market. and in the absence Of buyers the mar
kes gradually settled down Those who have failed
comprehend the danger Of theic position have now
an opportunity of taking wider sarvey of the field
Of operations, and if they not too late N their
conclusions, may realize in tune to save serious
Losses. II Is folly in these mes to talk about the
actual value of any stock much used In the market
for speculation IL Is folly 10 talk about foreign IN
vestnents in securities, 80 long as the proceeds
re consumed in silks aud satins. IL Is absurd 10
areue that such sales of u ck- add anything to the
sxnouat of capital employee within our limits.
we send OFT our State stocks, our railroad bonds
and or railroad stocks and we take dry
goods in payment. We give what represents, for all
lime our works of internal Improvement, upon
which the semi annual interest, dividend, is regu
ary paid and get in exchange lot of trash which
is used sp thrown aside useless in less than six
months. IN the first seven months Of the present
caiea5ar year. we imported $50 s2l JIG worth of for
egn dEy goods against $50, 1922 Oz3 for the cores
seven months or in one seasons business, of $685.
7es GAS. THIS is at the rate of nearly one million
increase per week. The purchases of American
stocks in this market for foreign account have
been paid for out of this imortason OF foreign dry
goods, but probably only to the extent Of small
portion OF the increased imp ration. Fhe stocks paid
FOR IA this way draw seven, e,ght, and ten per cent
Interest per annum, viii b must be RENTED semi
annually IN gold if necessary, while the silks, satins,
aces and such trash receives in payment for these Sc
curtes Lave probably long pe.o this disappeared,
and the demand must be satisfied by new importa-
tions, TO be paid for in the way. 1t is not at
al surprising to specie going at the rate of a
million dollars per week, to see large weekly re.
nisanees Of our stocks, when markets can be found
here for sixty million dollars worth Of foreign dry
goods IN period Of seven months. In the face Of
such things, no sane man can anticipate q continu-
aace Of the present financial esse aud abundance.
The banks have aidea the present expansion in our
foreign trade all in their power. They have in SO
doing run up discount line of one hundred and
twelve million OF dollars. upon the basis of country
bank deposits, which every bank manager in the
city knows viii ultimately be drawn for as soon
a. the new crops commence moving. The banks
have seized this opportunity to good dividends,
and ready to contract 1T any rate circumstances
may require. The hanks have secured their harvest,
and vii, now look ont for rbeir safety. The stock
market must be seriously affected by these financial
cony1isoas. The banks have loaned largely to the
brokers' They have encouraged spe sulation in every
war, aad afforded every facility for the hypothesa-
ticn OF stocks. Their cal loans are probably at
this moment as large they have ever before
been, ana when the contraction commences in ear
mes. We shall see such panic among holders Of
- Ura 1ox-x
fsnt 20 find with the banks for reducing their dis
couat nne! They are compelled to do SO. A con-
tyaTy course i utterly inpcssi,Ie but we do blame
tten sog expanding 20 emo m )asly, when they knew
II could no. he other ~ise III "a temporary; when
;Aey knew that just cert ain as The season came
round-irst as certain the crops mstafed--th,t
just sooa as the harvests over the basis of
Their exp4f SIGN would rapidly disappear. The
banks have a duty TO themselves to perform,
AMI tasy are therefore regardless Of the int
rests OF stock spectators. So far "a in their
power they protect the regular merchant, and
wheae necessary sacrifice the operator In stocks.
The h-s. mcveiheat towards contract on Is restrc
tsoa Of cal loans, and the effect is sometimes over
r5elmiog. L is the principal cause OF all our panics,
and IL operation frequently proves fatal to many
sanauine SPECTATOR. We are, without doubt, upon
the eve Of q local financial revuison. The demand
Tor oaey Is daily increasing, and he rates Of inte
sest have already advanced. The banks unable 20
rpeet tao demand upon them for discount have fore
ed large Gis Of paper into the street. The business
season ID Just opening, and last seasons liabilities
maturing Upon IN expansion Of bank loans unprc-
ceden.ed In the history OF banking In this city Be.
fore the fall trade closes there viii be stringent
times that win try the strength Of many houses both
in and OF Of Wall street.
The expectation OF specie from this port last week
was neatly e9usl 10 the highest point this year. The
tossl tOr tas week nearly thirteen hundred thou
saao DO sFs, and for the year than txenty-oDe
m.gliols Of dollars, In about seven molths. II this
l. aot ercugh 70 satisfy specGlstors In stocks for
rise taat their Il utterly hopeless We give them
up and les7e them 70 their faie. The total exporta
ton q specie from this port this year viii be one
third a-Se- than ever before while The importations
O. foreign manufactures VII, exceed In value those
OF an previous year.
NJ. A. II. NicOsy's regular weekly sale Of stocks,
to1ds &C., win be held IN Monday, the nth inst,
q; tic Merchants Exchange, ut the Usual hour
The anthracite coal trade, the pat week, has
been tolsrstly active thoayh not quite 20 large as
last week. The demand h stiI dul-not equal to
tie supply consequently there is increased stock
a. the depOts. For the week eadng on Thursday
last. the Peading Railroad brought down 1905
tons ed lor the year TO taat date, PSI SIG tons,
aga.ns' AIS 80 to3a 10 tie sane time last year.
The s,huylkil Navigation brought down, for the
week ending on the same day ASSOC tons, and for
the sea on 5sls7o TONS against jo0.09 tons 10 the
same time las year. TIE shipments by the Lehigh
Navigation for the week onding Saturday last we're
i2G3 tons, aad for the season. 59l So tons against
-esl,T3l tons 70 the corresponding date last year.
n these operations, We End taas the supply from
the .huy,kill, as comp pared with last year, Il
1890 tons. The Mauch Chunk GaSsfs acts down
the decrease, by the Delaware and Hudson canal at
4s e6s tons; by the Pennsylvania Coal Company,
1856. and BY the Wyoming, about Is 900 tons