The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-14

surprising 10 be Kept within cuse limits there
dc1l Was entertained that the Legislature OF New York
would sanction the movement, and the period of resump
about Is e. 600 900 of gold may be expect
ed from California, and speculative shipments OF specie
from this ssie must result ony IA loss The great danger
which has pressed upon our money market during the
past two or three weeks Is therefore ghtened. also
believed that many failures that have occurred here
the present event had not taken place will be averted,
and that may arrive by future packets OF the
sumption OF business by several Of those among New
York firms whose fall occasioned solely 10y the nsb
iy 70 sell produce, even ia negotiate undoubted bills
The funds opened this morning at decline Of eighth
the Anse,loan inteligenoc beng al first regarded as
uTsdrordote; cW subsequently, there ,ccs steady i'm
prorcuenf, and late in the afternoon the statement Of
ne capture Of Delhi impaired great frmaess consos
receeded 70 es3s. From this there gradual rise
10 ssh and finally there buyers 50 For the 9th
of November the last transactions were at s9l, Nume
rous purchases made by the public and the for
loans on government securities did not exceed i've per
cent Bank stock left of at 2o7 10 2os India bonds SOS
10 2s discount and Exchequer bills l5s TO los discount
AT the bank to-day the demand for discount
slve and was chiefly from the leading mercantile firms
The consisted in the discount houses having cur
tailed their operations much possible until the
ton settled whether the bank would adopt further
rise. In the afternoon money ahundanty offered on
short loans.
The suspension was announced this afternoon of the
firm OF W. Brand Co., house formerly in the West
India trade during the last three four
gagged in large American transactions The stoppage Is
states The amount Of liabilities has not been stated but
il s supposed to he rather considerable.
Annexed is the circular issued
100 FEscuuEcu STREET Oct 2s, 1851
GEsrLKxEs-we regret TO inform you that consequence
o. ne l q ire OF S h eric ma we
The disastrous condition Of commercial affairs in The United
New York send forward the requisite funds and i'm
position not however without hope step
are compelled to take may yet be only temporary :,
cOunta9t Of No 10 od lewy Chambers e prepare state
early period W H. BRAND A co.
The railway market has been affected by the depression
in the funds, and general decline has taken place Ca
madam descriptions also receded; Grand Trunk were
marked low STis, but showed more drmness to-
wards the close The adverse nature Of the news from
has considerable effect upon American
securities and heory faU took place IN ILLINOIS Central
and Neo Fork Central the shares of the former having
been done at 10 discount
prom the London Times CITY Artcle) oct, Isl
The quotation Of gold Paris is per mile premium,
and the short exchange London is $3.50 per 81 ster
ling. On comparing these with the English mint
price of IS IFS id per for standard gold APP
that gold about lloh per cent derer in Paris
than in London
By advices from Hamburg the prcs of gold 4ss per
mark the short exchange London is l34is per 81
sterling Standard gold at the English mnt price there
fore rather more than Cloths per cent dearer in London
than in Hamburg
for bills at 90 days sight about l02 per cent for first
class paper and below that for other descriptions This
is considerably below the mint par between the two
tries and there at present an advantage in sending gold
from this country compared with drawing bills from
America.
The funds have experienced considerable fuctuaon to-
day. Under the influence of the Indian news and the
favorable view taken rho Amercanybank
sons, they opened further improvement Of nearly
quarter per cent but elegraphc of the
temporary soppage of the Liverpool Borough Bank was
then received, and succession Of sales partly
lave and partly account Of various establishments de-
srous Of providing ample supplies against the possibility
of increased pressure caused continuous reaction.
Consos for money, which left of yesterday At So
first quoted ssis to ss whence they gradually declined
sSs for money, and ss% for the 10th of November,
which the last official prices After regular hours
the heayiness increased aud there fresh fall OF
eighth.
and the bi that The shipments 10 America icil
According 10 postscript of letter from leading firm,
dated just before the sailing OF the Arabia the rate de-
manded for the best bills on England at that moment
los to ITO.
The railway market opened advance, but after
wards relapsed the depression continuing after regular
hours At O'Clock nearly all the larger descriptions of
stocks quoted at decline of 5s TO los In Canadian
no material variation occurred In American securities
there was paVDal recovery in New York Central
From the London Times Oct col
The day later advices from New York this (Wednes
day. morning fully confirm the antcipations expressed
yesterday regarding the effect Of the bank suspensions
No failures announced. One two Of the
important houses that had previously stopped had re-
The rate Of exchange England had advanced from 100
10 los and in all the principal speculative stocks there
had been average recovery OF 10 per cent This
suit, moreover had taken place before there had been
time 10 perfect in any way the arrangements neces-
sary 20 the working Of the new order OF affairs.
The banks, for instance, could make any general
expansion because they had yet agreed to the
mode and proportion IA which they would receive each
others notes. Specie still required the Clearing
House for their respective balances at the end OF each
day and hence each was afraid put lest the
others should DO a similar extent Practically
therefore the only aid the merchants had yet received
consisted in the rce from increased pressure and in the
that the restoration OF mutual action among the
several banks all parts OF the State would remove the
paralysis which had rendered impossible for
remitances 10 he made produce TO be trans
ported from oae ceutre Of business 10 another
The Metropolitan Bank, the third in the list regards the
amount OF IT, deposits and two others Of considerable
magnitude had already ed that they would receive at
par the OF all the legtmaely organized banks
the state, and meeting be held on the evening
after the departure Of the present adyces TO bring about
harmonious action IN this respect Upon that point being
arranged and adopted the extent 70 which
each bank should be permitted 70 expand It's circulation,
the transactions Of commerce might he expected 10 return
Their ordinary channels anu, delay would be frauyh
with mischief, may be assumed that all parties would
with promptitude The Fulton, therefore viii proba.
bly, bring intelligence Friday that the entire note issues
of the Stae Of New YORK again perform ng the func
tons VI currency THIS Effected the exchange ransac.
tions with other ststesw SIMPLY depend Upon the estimate
entertained u the security their individual banks and
Of the period which such Of them have suspended
may be expected 10 resume specie payments. In
at the La, date o. have been six per
These quotations viii vary from day 10
day, bot business WI adapt Itself 70 them with perfect
and regularity Throlchvu the Union, therefore,
there vii again be complete facilities for the movement
OF merchandise and the settlement of accouns ON the
question q the OF exchange between Europe and
America the view equally clear When the New York
note circulation shall have been legazed A. tender,
will want gold except for the purpose 81 expectation
boarding and any remttanccs from this side would there
tore inevitably result 10 loss Supposngthe paper issues Of
The banks which are all Oaeeu % tha security 81
state stocks o. be kept there Is little doubt they will
be, within limits not exceedus the actual requirements
for carry the internal trade OF the country, this
paper vii be maintained OF par-that say. would
be taken for IT. equivalent English sovercgns Anne
eagles ", on the othe hand, should be issued
IN excess 1 would Tall 70 discoun, A. compared With
gold or bills London and the result would be that
English sovereigus and golc generally would now 70
this side With the excess oi PAPER issues prices would
nominally advance and importation of foreign goods be
again stimulated. The holder Of gold would no, pay 10
his neghbor because he could legally discharge his debt
by baNk n
who would give him these notes number OF dollars,
perhaps equivalent 10 ais for every sovereign
This gold would then be sold by the money changer 10
having payments 10 make 20 England and the process
would 20 country had been thoroughly drained
Of ali IL specie The idea hai henoeforh 6uon b.
pvoftdbly sent % dplerlod ~ therefore amply absurd
such operation could not take place IN