The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-09-28

The Herald says
We publish below our usual table Of semi bank
them have not yet formally declared yet still their
usua Of profits to the AS
thing banks have done very successful business for
the past six months aud have met with but few losses
for this period, they would average Al per cent But
they undoubtedly pursue the wsest course in keeping
back for any future calsmy, and at the same
time retain that public confidence which has always
characterized the banking institutions of Massachusetts,,
with but few exceptions II will be that the only
changes since last Apr dividend is the old State Bank
which pays for the nrst time per cent and the Nave
rick which pays Il per cent less on account OF the ex
penses incurred in changing their location and furnishing
their new banking room. The Washington Bank Is
undecided as to 3h or per cent and we omit them in
the table,
lowing remarks relative to financial affairs
The export OF specie last week from New York and
Boston amounted TO about 81 0o0 This exceeds the
average semi monthly arrivals from California about
$7o0 00O the average OF gold arriving by the Pa
steamers every fortnight being about 500 600.
If the export OF gold TO Europe this rate
anything Il, a very serious drain must be made
the small OF gold held by the New York banks
The prospect is that the specie export win be kept
Q large scale for the next six eight weeks. The
foreign imports Of dry goods and other merchandise into
New York and Boson Tor the first eight months Of the
present year show the enormous increase OF
than 1fy per cent the imports for the
responding period OF last year. About half OF this
increase Of foreign Indebtedness has been met by
increased export Of cotton and other produce the
amount Of about $50 COO leaving fully SIS 600
Inc eACeks OF 10 cOld
Foreign goods in spite of the enormous imports OF the
summer months still continue to pour into Boston and
New York at the rate OF from 1--we TO six millions OF dol
lars in value each week.
The export Of cotton this year has been abou, go 900
bales or geo value greater than last year aud
has aided far towards paying for the Of i'm
ports The other exports over last year has
been about eco in value exclusive OF specie the
export Of which has about the same as last
year. The cd cotton crop is now exhausted, aud
TO any extent before the middle OF November
Ilta If Hans and ,.r4
pect OF the European harvess. Ia not likely for
week, 10 be any larger II as large as that OF last year
Without some change therefore, which cannot be FORE
Seen amounts TO nearly an absolute certanty that gold
must be sent out 10 Europe In very large pay
the enormous amounts OF dry goods aud other merchan
die which we have already imported aud not ye; paid
for.
This drain OF gold will ofcouise compel the New York
banks 10 sudden and severe contraction OF their leans
within the next sixty days. As their small pances OF
specie and their deposit down they will apply the
usual annual their dcpendants and customers
Their loans are now enormously expanded, considering
their frall basis OF specie, and are about eleven
millions larger Than they year ago. Yet they
mcn bccauie the sudden the contraction the more
glorious the crash and the greater the haul made pick
ing up stocks and bonds sacrificed nj low prices pay
loans suddenly and simultaneously called H. THIS an
nusl game OF tempting shoals Of Wall street sh into tho
net by means Of bank loans and then when the net Is full
bnung them In and leaving them high and dry upon the
shore, well understood, and not without n certain
degree Of diversion 10 the lockers In spite OF all past
lessons and WARNINGS OF danger the haul catch this
year promises be considerably above the average
and foolish speculation has been got up "a Erie
Railroad stock. The bonded debt Of this road amounts
about 500. 0o0 per mile, which In all the road worth
and more than u would now cost built with strict
nomy. Its business Is large, but much OF II done with
cut profit It's expenses, like those OF all freight roads
underraed and much rs per than so
per cent OF the gross receipts s actual not profit
badly does not smount TO per 900 per
methats, to the interest It's debt The stock there
fore cannot possess any intrinsic value, and like ar
lem, Nicaragua Parker Vein, and many other stocks
which have been temporarily inflated, II Is exposed TO
rulDoua and sudden collapse At any time.
The following . statement OF the discounts deposits
specie and circulation OF the banks OF south Carolina at
the close Of the month Of August -
Got n