The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1857-12-12
From the ". Y Independent, Noe. 266.
New York Commercial News.
MONEY MARKET

The money market shows large excess Of
means over demand. With great want of
confidence. The banks do not expand, nor
are likely to do so while in a state of sus-
pension, though the suspension of specie
payments is hardly fact in the city, rs it is
easily obtained on demand. The deposits in
bank continue largely to increase, swelling
both the specie and the State currency in
bank The exchanges are rapidly increasing,
but the Clearing House exchanges do not
show the whole of the exchanges taking
place, as certified checks pass from hand to
hand with great frequency. The receipts ut
Customs are very small Loans are making
at irregular ratcs-moStly at and per
cent, but in some cases lower The receipts
of produce have beeh large but the closing
of the canals will limit them. Uncurrent
money is not yet abundant. The banks do
very various kind of business. Those con-
nected chiefly with the produce business are
more favorably placed than other banks, and
can realize some profits; but others complain
that they cannot raise office expenses, having
to carry such large burden or dead weight
of specie, some Of which they bought at
premium during the panic.
DISCOUNTS.
The discount market does not increase in
activity. Very little is doing. The amount
of new paper making is but small. Favorite
names are negotiating at to 10 per cent, in
Guiding dates up to six months; and single
names considered good are taken at II to
Is per cent. Country paper is now PREFER
ed. and our large private bankers are buying
a great deal of this at 10 per cent. The
banks have very little offered to them; and
take readily all that is good, while they feel
obliged to renew much Of the paper which
is maturing, but which cannot be paid by &C
ceptor or endorser. There is large amount
renewed which depends entirely for payment
on the future activity Of business, and in the
meanwhile the holders, whether banks or
Others have to keep it over. There is no
help for this, and patience must bear the load,
otherwise loss would ensue. Confidence is
not likely to be restored to the discount
market until business is actively resumed on
a settled basis. 1t is not yet known whom
to trust, or to what extent. Merchants have
important lesson to learn and digest, in keep
ing their capital more within their control,
and in depending upon their well-arranged
resources, and not on the whims and caprices
of the banks.
Gold continues to accumulate. The city
banks daily average last week was over
S25,OOO,OOO in vault The Sub-Treasury
continues to pay out more than it receives,
and gold comes to us, the centre of circula-
ton, from all quarters as liquidation of ac-
counts proceeds. 1t will not be spread out
again until business and enterprise become
active. Gold can hardly be said to be at a
premium, as city bank currency is payable in
gold. The bullion brokers are buying at the
small premium of 10th of per cent. for
large sums, and sell at !. Some of the bro
kers are, however, making large investments
in gold, being of the opinion that it will be
at heavy premium when the banks resume
specie payments in due form; and that the
demand for gold may come about suddenly.
The incoming gold from Europe is about to
cease We shall export more than we receive.
The small amount brought by the Atlantic
was mostly for Canada, to strengthen the
banks there, not any of whom have suspend
ed paying in specie. A large demand exists
for sovereigns which are bought at S 81 and
sold at $4S6 by the brokers. Another Cali
fornia remittance of bullion is due here at
the close of this week SO that this week 8
average will doubtless show ABOUT $4,000
900 or S27, 100000 in specie. The steamer
Arabia, for Liverpool, took considerable
sum, owing to the distrust which prevails in
Bankers, bills on Europe.