The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-09
lc,... n..,I Business
Nss"s N Done.


The funds exhibited decline Of \ on the Same
day (the 16th), in consequence OF the gloomy cha
racter Of the financial adyiccs from the United
States and the Continent The fall IN the shares of
the Credit Moblier for the fortnight ending the 18th
was about 200 fr The london Times Of Sept % in
mcntnr the failure 81 the Ohio life and Trust com,
Jany, and Of the firms dragged down by H. express.
ed belief that the panic in the United States
caused by this would be Of short duration Between
this and the 10Th there but slight decline Amer
lean securities I'm the 2sth the London Times stat
ed that the crss the New York money market was be-
eved 10 have been passed and that the symptoms
valeccnce encouraged the hope OF better tines The fail
Of Messrs Taylor and Bright old established firm
the trade Hull announced On the 10Th noticing
the fact that the o Exchange New York Lon
don against England the London TINES consoled il
readers by the that after making allowance for
charges 81 transport and difference Of interest the then
would leave profit the transmission Of gold between
the two countries. Sales were made IN london the
10Th ~ Illinois Central shares at par Illinois Central Bonds
per cent Of 1873 at 81 and of New York Central
shares al Thebanks again lowered the rate Of interest
per cent all round. ON the ID October money could
easily he had from TO 81 per cent The of the
Bank nf England for the week ending the 18th September
an Increase of S757 c4e in private securities The
amount q notes in circulation E1e 2l20, being
increase of gao ns and the stock ~ bullion IN both de-
partmen was ell 27eoss showing an increase Of fs SIS
when compared with the preceding return The decrease
II gold The ~ the Rank since the reduction Of the
of interest IN the middle 81 July was however about
f60o.Ooo. The london Tmes Of October IN noticing
this decrease states that would have up for
but Tor the fact that the Intensity Of the panic in New York
had tor the previous three or four weeks induced an al
total suspension 81 specie remttances from that side
II expressed confident hope however that the
ccpts from California with the quantities. from Australia
would Keep the stock In the Bank Of England from further
reduction On the 9th Of October and the previous atur
day the Withdrawals OF gold from the Bank ~ England for
the purchase Of silver for shsment 70 the East amounted
10 tlapoo The depression Of the exchange between
New York and London, further increased by the in
vesments made ~ American and other securities on Eng
sh statements and the ~ renting the
Atlantic the sums representing the loss sustained by London
Offices on assurances q the gold board the Central
America The London shipping Gossts, OF October >,
nounccd TO ~ readers that from careful examination
~ the different put toward the decidedly
over 10 the American money market All accounts II
ADDS agree N representing the general state Of affairs AZ
decidedly sat factory On the 9th n October the Bank ~
gland tho rate OF from per
cent This induced another fall of per cent IN consos
The rise wing had Do influence checking tho demand
for money Tho Times in some lengthy remarks on the
increase ohservedsrhc suddenness &C the renewal of
the drain III gold which has led step has taken the
pBbhc ny SURPRISE because they not prepared Tor
the extraordinary news by the last two American mails
Allowing due weight 20 that intelligence there nothing
m tho movement To create alarm although there IL high
PROBABILITY may soon have Ia he repeated The return
81 the Bank Of tho England for the ending October
D. published en- the 10th. showed the following results.
Amount ~ notes IN circulation, els. SAT z75, being an
increase Of fsO5,i55 stock az bullion IN both depart
ments flO,t62,692 showing decrease OF f6l3 SOS
when compared with the proceeding return. This week
(Oct 0D there was regular panic the Parts Bourse
SECURITIES OF all kinds declined considerably and several
extensive failures reported During the month the
reduction In the metallic stock OF the Bank ~ France,
amounted D. nearly fs000O0 The discount accommodated
Of the bank showed considerable IA Paris
Of nearly 251s millions OF francs aud the branch banks
OF millions rise IN the rate ~ discount from 4, 10
6h announced. In the teeth ~ these facts,
minated that the bank proposed 10 apart for employ
ment loans Bourse securities a sum o $50 millions
francs Another rise In the discount Berlin
Amsterdam, Hamburg and Frankfort took place almost
simultaneously the current M Hamburg being ne
hirAss Y per cent In Berlin there = regular panic
~ galYay shages We aecsas ~ some INSTANCES ranging