The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-04

last wear while their circulation was less than nj that
time The Californian arrivals Of about $50 900 pounds each
fortnight would also be retained and in less than week
the Vanderbilt would be due from Havre with, was
believed ooSo pounds 10 Dc ssna,csed S FROM
cndon and Liverpool Against these prospects the only
alarming point The possibility Of the run upon the INKS
for hoardpg PURPOSES which had already assumed dsa
grecabc proportions, becoming altogether ungovern ,blc
Meaaw lille. regards our own position, III all taose
branches Of trade not connected with America there
il n total freedom from uneasiness. Inc cHc M
stance merely OF an advance in the rate OF
discount to per cent for few weeks to meet tempora
ry evil in which all other nations participate, can
no dread the part OF solvent house The uiuerene
between that and per cent even for TWO months wouo
amount only TO extra los. per cent on all the ac
commodation they might require , ana 'n snr
capital and current profits are inadequate TOT
such contingency they can scarcely be considered III 70
be in business at all ON their own account O course,
these are cases where, owing to heavy contracts
having been entered other similar causes the effect
may be peculiarly severe but these are altogether excep
tiona Az general rule there ought among SOUND NOR
camille immunity to be terrors in per cent OF any
other rate Of discount suppOsng not To have been oc
casioned by reckless OF national e1ravagance
and hence there reason 20 believe sa te j
has been in the metropolis without the slightest ihdl
cation Of confusion or aarm. .
The funds opened this morning at decline of half pcr
cent in Of the impression that the American
ayiccs would increase the drain OF specie and the specu
laors generally disposed to press sales Most OF the
brokers however, still buyers on behalf OF the pub
lie and recovery took place until about 2 in tho az
ternoon when the resolution OF the bank was
notified in the Stock Exchange, and a fall oc-
cured TO an eighth below the opening prices from which
therewas recovery The first transactions IN consois
were at SS 10 ssh whence they rapidly advanced 10
ssh. They then went to ~ to SSH which was the last
oicial quotation and after regular hours there
sellers at 49, For the 10th Of November the final price
was ssis TO ssh Bank stock left OIL at III 70 10
ST. 10 India stock 207 to 200: India bonds, 3Os To
2Os discount and eAchequer bills, 9s TO 5s discount
Money abundant in the stock Exchange at the com
mencemeni Of business and leans on government secur
ties were obtanabe at per cent Ultimately the charge
was 10 g. At the bank in the course OF the morning,
there very active pressure, many persons antci.
patng that the New York intelligence would be followed
by speedy advance OF the rate. The supply thus OBJ
tanned seemed 10 be beyond any actual requirements and
the end Of the day the balances in the hands OF the
banks and discount houses were large
About $50 OF the gold by the Royal Charter was sold
TO the bank today II is said larger proportion would
have been taken there IL the rate Of discount had been
raised at earlier hour, but when the announcement
made the greater part had been sold for the Con
tinent,
The discount houses have increased their Of allow
TO per cent for money at call and IA for deposits
with short notice being an advance OF one per cent The
National Discount Company have nocd that their terms
respectively IA and "a per cent The rate OF the
joint stock banks for deposits will be per cent
Foreign stocks have been heavy and nearly all the
transactions were at reduction
The final quotations Of the French Three per cents
the Paris bourse this evening 66f Csc for money
and 66f Soc for the end Of the month showing decline
Of about three eigts per cent Most probably the
ment made by the bank this side did not ranspre be
fore the close OF business Is assumed that the bank OF
France will feel compelled Immediately to follow the
ample.
The trade reports from the manufacturing for the
past week are much les unsatisfactory than might
been expected. II must be assumed however, that
throughout the remainder of the year the amount Of
exports viii be considerably reduced by the cessation of
the American demand. OF course the various houses
this side desire 10 little as possible OF their losses,
but hitherto the actual mischief not 10 have been
Of dangerous extent the steady conduct OF principal
firms having kept Them in a position to meet any tempo
rary inconvenience Al Manchester, the failures, although
numerous have been entirely limited to secondary esab
shments and he large suspensions NJ Glasgow are be-
eved chiefly have comprised houses long for
trading beyond their AT Birmingham, Is said
no severe injury has thus far been inflicted while from
Leeds have the remarkable statement that 81 900
would all the liabilities that have yet arisen in
necticB with the New York disasters. il can scarcely be
hoped that these instances Of immunity will continue and
there little doubt that the aggregate Of debts due to Eng
land from failed houses New York Boston Philadelphia
and Baltimore is enormous although from the manner in
which they spread and the stability Of those upon
whom they have faer the public ia majority Of cases
will probably be spared knowledge Of them.
The railway market has been Influenced by the adverse
movement in the funds and in all the speculative dc
scrpticns decline OF from II! to u has taken place
Canadian and Indian shares also recccod
American securities were heavy, and fall OF g. oc-
CURED in Illinois Central shares.
From the London Herald (ciy article), Oct. 90
week only has elapsed and the bank directors have
advanced the rate Of discount from TO per cent Ne
cess,aed by the unfavorable nature OF the advces from
New York, they have placed the minimum terms for
which stood in October, lsa7, when the bullion had
descended 10 IS 81 COO According u the last bank
turn the total was fl0 10 600 and although Is now
point The circumstances which, however, guide the
directors, doubt well considered, and the descrp
ton furnished by the American advices OF the state OF
business throughout that country must prepare them for
heavy drain OF specie. II Is this very contingency which
has induced them 10 follow out policy 50 re-tfc-
tive the demand having been greatly augmented
The letters yesterday were even more discouragng
than those previously received and the fact that
applications made for the withdrawal
81 large amount Of sovereigns caused the Court
20 determine upon the extreme measure. With the
change IN such an unsyorable condition, and the alarm
fI. .ilz IA
rather surprising that the shipments have not been
extensive scale than those announced by the Persia
The steamers Wednesday and saturday next viii pro
baby take ont large amounts and indeed IA said that
provision has been made for about $500 go but this
American drain the sole alarming feature. less ap
rrehension would h. excited than that which at present
exists The remit;ances 10 the East continue extern
scale and, IL addition. the high rates OF money
The Continent which cannot but be attended with serious
consequences must prcjudcally affect trade aud cmbar
our future progress symptoms OF collapse IN Ger
many have been exhibited which would entail dis.
"n,alc foundation raised Nv The speculative ten.
dfncy OF the age NUT IN Ia removal Affect not only
France but ourselves AZ home preparations against ad-
yersity essential The Bank Of British North America
and other institutions will have 10 Fend out considerable
supple, While tie proceeds q the policies paid on the
lot rasurc By the Central America are 10 be forwarded
With immsdia,. despatch The sudden movement 1T ono
Per cent Is therefore fully accounted for and i not i'm
probable that hereafter higher rate may yet have 10 be
rusorted TO- II remarkable Ia notice tho absence OF
unhealthy excitement when Tho alteration announced
change had been cited but a. II did not occur early
in tho day was thought The would be deferred
whNn II was in reality mentioned II occa-ioDed nuctus
ton Il rather than half per cent In English secu
rites, aud tended 10 inpart heavnes IN the produce
markets The contrast between the effect Of the adoption
q the rate ia iSs1 ard 1857 was exceedingly marx
Cd and although regulated by different circumstances,
did 10, fail 70 stract observation
Prom the London News (Cfty Artcle), Oct %
Il scarcely necessary 10 remark that the bank mvSe
M. which raises the value 81 money 10 height IN.
knuwn since the autumn lsf7 has excited considerable
scnsaion in all commercial and monetary circles. To say
that the step unexpected would scarcely DO correct
since has been aprrebcndcd since Monday last and
the otiremcly adverse character Of the American news
published yesterday impressed many persons with
conviction that rise 10 per cent could not DC nuch
longer DELAYED SIN the fact that the greater part OF tho
DAY rassed wou, Rny announcement from the bank had
induced an IMPRESSION that tho alteration would at least
DO Def, RED for not until between and O'Clock
that To ratification was made The calmness with which
hse bsen received contrasts most satisfactorily with tho
aeian " tpasss6 few days ago, when the public mind
tary increment in progress aprvsd. The new inca.
sure N the bank ~ generally regarded as' ~ con
siderable extent pr cauonsry and protective Prom me
ransctons coming under their notice the directors were
doubtless nccd that preparations were IN progress for
tsk.rft u t..k.