The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-26
FINANCIAL AND CONNER GAL
M ON EY MARK EFT,

pressed. For some days past the tendency Of prices
has been downward, snd the movements OF specula.
tors mere limited. The complexion of cur European
sdvices Is not at al calculated TO help financial
aairs this side of the Atlantic and the general
appr hension relative to the future regarding foreign
movements Ia such to restrict operatonsn our stock
market and check any upward tendency in prices
As sor speculation it has been killed outright. There
are in the streets few bull stock brokers who have
a great many more railroad securities in hand than
they can comfortably carry, and they make an occa
sional effort to give little activity to the mar
ket, but the effect has not extended beyond
the street, and they must be content to carry for
time longer the load they have piled upon their own
shoulders. The banks move along quietly, with
rigid adherence to the policy Of contraction and
reducing their operations to the lowest limit. No
decided movement has yet been made towards a re-
sumption of specie payments, and there are no in
cicatons Of any steps in that direction. II must be
made general, or il will not be successful. The
banks of this city dare not move Individually and
independently and when resumption takes place
the whole body must move together The returns for
the past week will, without doubt, show an impor-
tant increase in the specie reserve. During the pre-
sent week we shall have California remittance 10
hand, and the arrival Of two European steamers
with moderate remittances. 1t is estimated that
the arrivals of gold at this port during the present
week, will amount to about two and q half million
of collars The banks will get most Of this which
with the present reserve will give them great
strength. The banks OF this city are in condition
to resume specie payments tomorrow With the
greatest safety. The current of gold from Europe
has commenced and it will not cease for many weeks
The whole of our California remittauces we shall
keep, and the accumulation of bullion will be rapid
ard to a very large amount. With this accession to
our supply of gold, we do not see what the banks
can fear in general resumption. One thing is pref
ty eertaiD-a resumption must take place before the
meeting of the Legislature. II would not be safe tor
the banks to put Off the resumption beyond that date
notwithstanding they under the protection o. the
courts and it will be good policy Tor them to get
ready Tor a resumption before the LIST Of January at
the iruthest. There cen be no real Improvement in
our financial affairs until the banks do resume, IL it
Is not until doomsday.
In our notice yesterday Of the sioppsge Of work
on the auburn and Allentown Railroad, we attri.
buted IL 10 the suspension Of Messrs Choteau, San
ford 4 Co. We are requested to say that this firm
has no. suspended, neither has 1t ever had any
lection with the nbove-named road.
N. 1.
Of stocks and bonds will take place on Monday
tic 2Cth inst at Ia o'clock. at the Merchants Tx
change. The catalogue will include large variety
Of insurance, bank ard other stocks, and New York
State and railroad bonds will he also offered.
The steamship Baltic, at this port from Liverpool,
gives -four days later news from all parts of Flu
rope. The advices by this arrival are Of the mos
startling impor hnce, both in financial and com.
mCrcia point Of view. IL England there appears to
be O financial Revision OF local character, and is
evidently Independent of influences likely TO ope-
late from this side. The movements OF the Bank OF
England were OF the most prompt and decided cha
rscter. Tie rapid advance in the rates of interest
in l.cndop, Paris, Hamburg, &c, shows q sensitive
ness on the part of the great banking institutions Of
Europe calculated to create very serious resultstho
rate of interest now ruling ut the Bank OF England
nj seven per cent and At the Bank Of France at six
and hair per cent, and further increase was an
ticIpated. The numerous failures in Manchester,
Gasgow, Bradford. and The manufacturing districts
generally show the weakness OF the smaller class Of
houses Ia that trade: and il also gives pretty good
idea OF tie probable effect in the same districts
when It's worst Is known from this side. At the
date Of The Ba ties departure 1.-THE latest
news FROM New York, current in London, could not
have been later than September 10, by the Persia
At that date numerous failures among mercantile
horses lad bcsn reported also the suspension Of the
banks of Philadelphia ard Baltimore. The Persia
carried out private and public accounts TO the effect
that the banks Of New York would 90 through
teyond al doubt, and that the New England banks
might weather the teyIilsion. Up TO the date OF
the Battles departure, the London journals were
confident that our financial difficulties we're the
ELECTS Of q temporary panic, and that a feE
days would brig them better accounts, 30
that Il was net clearly and satisfac.
,ory shown that The numerous failures In the man
ufacuring districts were the result of the difficult
tics in cur money markets. The full exten, of our
r,vusion was not sufficiently known in the financial
circles of London TO have created 30 much damage.
aid We are induced TO believe that there were local
causes enough 10 have brought down the houses re-
ported az having suspended. II will he seen that
many OF them were In 10 way connected with our
trade.
The money markets OF Europe have for a long
time been in very stringent condition. and a very
small increase TO the pressure was calculated to
bring about the most restrictive measures. The de.
uaDd FOR money in London, Notwithstanding the
high rate ruling at the bank, was very active. The
decline in consos was equal to 81 o per cent. On
the Continent the rate OF interest ranged az
high "a per cent. II was announced in some
Of the LONDON journals that 100000 had already
been engaged for shipment to the United States
The Persia, which left three days after the Baln,
will doubtless bring the bulk Of that amount She
viii be due at this port about Wednesday. We shall
not Rear what the effect in London was Of the sus-
pension Of the New York banks for about two
weeks. The news went ont on the 18th inst, by
steamer from this port; but any arrival from Eu-
rope will give us the most important and interesting
accounts of the progress Of the revulaou in Great
Britain 1t Is likely to exceed in magnitude and in.
tensity anything we have had on this side, and Is
also likely to be Of much longer duration. The
pension Of the Bank Of England and the Bank OF
France appears more probahle now than ever and