The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-01-02

Ases spssh kArsA w .. sssvs natA, BEN N
busness ana N nsaey matters mo suppT q speme
ksps up and here was rot much change m sse
bank reserve. wss, hswover, smaller u mo
close than u The beginning Of the month. ship
nsAts abroad commenced, and exchange advanced
April Was . very easy moath for money. mo banks
had run up their dhosunt ne rapidly, and tho aggregate
Was greater than ever before reported. mere was no
change Of Dporasoe throughout the Month IN the sece
The ssck market was without important huc-
tuati0ns, with very active business inc decnrauon
OF peace between Assa and the allies had no particular
eneci The money or stock market AZ the cloee Oh mo
month the baahs commen sed . contraction q loans
May vas wishou. nueh change; money continued easy
throp yhouS notwithstanding she bank contraction con
tnusd. Tho specie Increased end tho demand
for money active but not sufficient to Affect rates.
The Cub Treasury surplus had reached largo amount
and spec ators were anticipating . depletion by tho
payment Of Texas claims. was expected that the pay
mens 81 large amount Of specie out OF the sub Treasury
wouic give great impetus to speculation IN Stocks or'
,uoh O result Was nos realized. June was an ao've
MONTH whhsus prod ucug nuoh effect on financial Affairs
The paymen, Of Texas olAms commenced early In the
month, and very lsrge amount OF specie was drawn
from the Sub Treasury and pad into the banks. The
specie reserve run up nearly $40 ooo An expan
sion In discounts commenced carly in tho month
and Increased about $4,000 900 before the close
Those movements had particular eject On the
stock market, Speculation was moderately sctive, and
she fluctuations in prices quss limited. The month OF
Juiy tmportan; one IN money natterr The bank
hans largely Increased while the specie reserve rapidly
decreased. The specie shipment: active. Tho banks
lost about So 900 specie Speculation in stocIn was
more active and prices Improved worry buoy ant feel
ios prevailed, and bu,nsss rapidly increased. mo high
rates railing for exchange and the ssngency IN money
-hn~Ha
speculation materially. August opened favorably with
increasing bank movement The specie reserve con-
timed 10 Decline and the aggregate down TO ccpera
.iveIy points whlo the bank loans reached the hgh
est point OF the Money continued easy sad the
stock msrke. we'll maintained. TITO month o! Sep
TENDER generally tho maxma point OF tho yoxr In
banking, business, spooulatonn al things connected
With trado ara COMMERCE. Is last year, and vo
have do1b. will DO Il. all ratnro years. With more
limited banking movement both IN the discount and specie
departments II ere was great s,tyy N all Commercial
operssons and very soivo speculation In tho stock
market. Advises from Europo resolved throughout this
month, 10, Q. vory s,triasorJ character. Tho
Granchl difficulties OF EUROPE had become too sori-
ous to DO without their effect here Tho most
AWNING fears were entertained by mcuy, while
OH eIs that too independent Of European
losno,s 10 b, Affected. Those vino operated in bus.
matters WITH s1ch dsas socn foand out ihsr mis-
Rkc Early IN October The CRISIS came. Tho Eanh OF
gland commenced By raising the ratio OF interest," from
Al to per cent me enormou, speculative movements
the Con,nont aud drain Ct bullion from the Bank Of
EpslaDd alarmed tho managers 0. that Institution, and
they sound necessary 70 aao, measures to arrest tho
onward current. Oar banks steadily contracted their
loans, without realizing much change In the spsce
serve. spscu alton In stocks rapidly decreased, and
pr.cts steadily receded. Wall stree. n do y tppro
herso, Of panic aad holders o; sticks eager TO
set rid Of their supplies. Tho ezpoyta on Of speco was
active, and the dsmana bullion 10 Europe 20 acuye
that bankers here ade shipments regar iess OF
dItiop 81 exchanges November opened very biuo for
stock spectators Pccs declined RAPIDLY and tho losses
wero very heavy. Money very tight ard the banks
touched tie lowest point Of reelection Advises from
Europe eane n gloomy enough The failure oftho Bank
OF France was generally antklpstea. The Bank Of Eng
land, the Bank Of France And al tho great banking
Institutions OF the Continent rapidly advanced the rae OF
interest," snd resorted to the mot rigid restrictions 70 ar
rest possible tie v Ia sprt Of speculation In our
money market the most alarming rtate o. things
prevailed Stock obbers were hard pressed for money
and submitted TO most ru!rous pr,oes. perfect panic
rea4si, and for timo looked ~ though thore was
really no bottom. mo widest excitement soizca upon
the public mind and ali sorts 0, eJaste1 protected.
Fortunately the specie ervo OF cur banks was man
tanned ana tie cr, passed. The bsns specie inoreAs
ei durps .se month about $4,000 ooo and the l,ans
about The amount. The portaiion OF srece was
not scar 80 lar, anticipated. Tho Bank OF Hysnd
msnianed IT'S restrictions throu tot. Tho Bank OF
FRANCE di not suspend. bu therc no cheek svcn 70
speculation tho Con, neat and tho difficulties
tci al tho cose, In tnsr ir isrco, attempt bad
been made 10 remove them. rho month o, Decorabcr
opened Whh = very stringent money market, and e con-
tnuee 10 the close 7hero tho slightest e; Up
thro1ghoct The entire month. TIE stock market vas
without much cnsrge. Tho news rom Erropc gave us
s,esiy accounts Of the high Of lntercs, ruling oil
the Contncu an the inieeions Of approaching
commercial AMI financial revulslor evory day wore
mere apparent, Tho Flank OF rrarcc managed 10 show
incEealo IN 10 bullion Of tho monthly statement by
large purchases o. goi, but no Intention shown OF
reducing the Restrictions placed iron discounts. The
Eaok OF pgland, which had IN few weeks raise: tho
ratio o, ntorest frora 70 per cont made rednc;ion
carly 10 tho moath OF hsf per cent, bit the dosnd
for MONEY increased and conscn fell OF Ate tho fvi
dcnj moro than The interest PAD. from June W
Dtc To- 1859, ibc Bsns o rrssud reduced tue rae OF
interest from 10 az por esei, tscn carried II rapidly
from sf to per cent, AMI tnsu reduced to O.. per
cent. On short ,oans.
1be Boston 7rs1i.7 Of the g0h ms, gves the following
Ia, o. dividends payable 10 Jsrrary, iss, on Vie days