The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-11
FINANCIAL AND CONNER GAL


TUESDAY, NOV I0-6 l.. NJ
The stock market opened and closed heavy this
morning Ehe anxiety existing regarding the pro-
babe complexion of the Arabias advices is the prin
cipal cause of the depression. She will bring &C
counts of the effect of bank suspension upon the
London money market and the Bank of England,
and one weeks later intelligence from all parts of
Europe. Two weeks later news from India will be
due by the next steamer and it is therefore very
natural that fnanciers and spectators should be
little nervous, and not disposed to operate until the
receipt of the expected decided and definite accounts
relative to the financial and political position of Eng
land. The Arabia will without doubt bring large
amount of specie, which may annul r Offset
for the moment the effect of any unavorsble
commercial news. The Arabia carried out the
worst accounts of our suspension II specie
payments, having sailed on the day of the general
stoppage, when all was excitement, uncertainty and
distrust Since her departure there have been fewer
failures and better state of things generally BY
this time advces have been received in England of
an improvement in our financial affairs, and every
steamer takes out more encouraging accounts of
progress towards the restoration of public conf
dence. The movement Of our crops is a very fa-
vorabe feature and must result in The regula-
basis particularly advantageous to this city. Every
section of the country Is in debt to New York The
regulation of our domestic exchanges would there
fore, benefit us materially. The regulation of our
foreign exchanges, now that our great staple
products are going forward rapidly, would do
away entirely with this artificial movement in
specie, and turn the current steadily this
way. The arrivals might not be in such large sums,
but they would be continual. without counter ship.
ments. The return of specie by any steamer now is
an artificial operation, forced by certain parties who
vainly hope TO stem the current and divert ii from
the natural channels. The high rates ruling for a
certain class of bills show that either the parties do
not wish " draw that in their opinion the gene
raj distrust would enable them to obtain the rates
asked The first Ia probably the true reason. No
sales have been made at rates higher than 81 per
cent, and most Of the business has been dsne at
a per cent. These Angio-American banking houses
no longer rule the foreign exchange market. There
are better bills In the msrket-better for having a
real basis such produce shipments in these
times, are preferred. A few weeks viii give Us most
liberal supplies of thsse bills, and they
will be the most attractive TO purchases. Az soon
as this supply is moderately increased We shall not
see much Of the fancy rates for fancI bills; and
short time will bring about this important improve
mcnt. The agent of Rothschilds may make small
shipments Of gold by every steamer, br purposes
independent of the natural operations Of commerce,
but the movement will be comparatively 70 small AZ
to be hardly noticed amidst the steady 1portations
of gold from Europe. The arrival Of the Arabia may
be looked for on Thursday and until her sdvces are
received no important action will take place here.
The stock market today closed heavy. The quo
tstions this morning, compared with nose current
yesterday show decline in Erie bonds third mort
gage, Of l per cent Metropolitan Bank, i; Michigan
Southern Railroad, old. !; Panama, l; Galena and
Chicago, I; Cleveland and Toledo, /; Chicago and
Rock Island, a; Reading. 4; Erie, 4. Tennessee 6's
advanced per cent? Illinois Central bonds, 2; ILL
nois Central Railroad I. There vas moe than the
usual amount of business in Ilnsis Central bonds,
most Of which was for cash.
We annex a comparative statement Of the exports
Exclusive of specie) from New York for the week
and since January LIST.
1866. 1856. 1857.
Total Cor the week 81 ,s2ao 900 lse3 3ss Ali asa
Total for ten months 50 ,ssboss 6es7osos efTs,2oo
since Jan. lat, sSS $4,000 s,ae4s32 ea,oss,7 as
At the second board the market was a little
lower, and but moderately active. No one Is dis
posed to do much until after the arrival of the
Arabia
II viii be seen, by a statemen; in another column
that the new loan for the Cana Fund was awarded
to-day. The average premium was 2l.l00 per cent
The receipts Of the Michigan Central Railroad
Company were:-
October 1901 tespss -
october, tS5o auopsoZ u
noc,o.se slao eas "a
The Assistant Treasurer reportstoday as folows:--
Total receipts. $500 ~
Total payments vo,VoI w
Total balance. S,st6,ess bs
The returns Of the Clearing House since the com
mencement of the panic have shown very limited
amount Of credits. From daily movement Of about
twenty millions previous to the suspension, the re
turns since have shown movement Of only abou
eight millions. This great reduction Is attributed to
the changes in the mode OF doing business inside
tiG banks as well as to the general contraction in
commercial operations. The annexed statemen
exhibits the aggregate transactions Of the Clearing
House In exchanges and balances from October
1854, to November ., 1861
EXCHANGES BALANCES ov rux NEW YoRx BANK CLEARING
Total Erchcn1es RrIdvcss