The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-09
FINANCIAL AND COMMERCIAL.


The stock market closed yesterday with an up
ward tendency in the better Glass Of securities.
State stocks particularly buoyant and in de.
mand at the advance in prices. Bank stockshave
improved rapidly for some days past, and the pros
pect is favorable for further advance 1t wil4be
seen by our quotations that Several of the most
prominent bank stocks do not. range much below
par. The lower class of banks will find it more diff
cult to give greater markss value to their stocks,
and it is not at all improbable but that some Of the
smaller institutions will conclude. toawnd up. 4 re-
sumption of specie payments is an. ordeal which
the weak banks cannot safely pass through.
That event is, however great ways in
the future. 1t ). will not bes realized before
NEXT July at the bssa-sgs 4e probability is
that next year at this time will the banks of this
State in the same, position they occupy.s
sumption wllrbe, with the amount of country bank
money afoat, very difficult matter. The accumu-
aton of these bills in the banks of this city has al
ready become. a serious burden, and they do not
to understand the difficulty and danger of their
position in this matter. proper disposal of this
question will exercise the minds OfpuEbank fnan-
ciers full as much any event yet realized. ut is
now the great stumbling block toa resumption, and
"a o., not see but that it will be worse six months
hence than at the present moment. The country
bankers are exceedingly anxious about this currency
business, and are continually consulting with our
CITY hank nanciers in relation TO theiffuurc course
II is pretty certain that violent movement be
made by our anks to stop this accumulation The
new system wa established at period of dire
sy and we must make the best of an evil that was not
our own choosing It works pretty well at present,
and all the difficulty is in anticipation. Some way
may be devised TO gradually work out of the Difficult
ty and reduce the burden, and put this currency aaoat
again so that il will get thoroughly distributed
through the channels Of commerce; but until IL Is
actually scattered and the country banks relieved
from the dangers Of such an acct, mutation as il
going on, there can be no genenl resumption OF
specie payments and no expansion on the part Of
the banking institutions of the Interior The banks
of this city, with perhaps two or three exceptions,
could resume tomorrow but they do not stand alone,
and therefore influenced by the position OF nan
cisl affairs in other parts of the country aud the
condition of banks in this State and in other impor
tant money centres. With these facts in view there
can be no sound and healthy recovery in commercial
matters. With an irrcdccmablc paper currency we
shall be continually subject to sudden dcpressions
and the credit system Of the country at large must
remain PROSTATE.
was quite large compared with the outward move
ment for some weeks past
steamship Borussla, Hamburg, Am gold. $500 90
Baltic Liverpool, do. =. 23,5oo 90
Eng. sover's 1910 90
Total for the week. 22T ITO 90
Previously reported ~, lbs o32 II
Total 1867. 353, l42 Il
The probability Is that the steamship Persia from
this port for Liverpool "Wednesday next, will take
out an amount of specie somewhere y the neighbor
hood Of million OF dollars These movements OF
gold both ways across the Atlantic result from the
unsettled condition Of foreign exchanges. We |
must look for an importation and an expectation OF
gold for the next sixty days at the most. After |
that time the current will set, beyond all doubt,
entirely this way As soon the shipments Of cot
ton and breadstuffs get fairly under way we shall
rapidly liquidate all our foreign indebtedness not |
already wiped out by bankruptcies The imporations
will be very small for many months TO come, while |
our exports will increase "a the season advances. |
This must ultimately lead TO a steady importation Of
bullion from London and TO the payment of all our |
indebtedness growing out of commercial operations.
The Baltic takes out q small amount Of specie The
Persia will without doubt, take out large amount; |
and with these facts before US, have doubt the
next Cunard steamer arriving at this port will bring
a large amount Of gold. With an expectation of |
gold from this port TO London, and importation Of
gold into this port from London, during IT, ueet |
sixty days, the balance at the end Of that time e
probably be in our favor. The receipts arc - .
be much more than the shipments.
The Pacific Mail Steamship Company have de. |
clared dividend Of ten per cent, payable on and |
after the 18th inst. The books will be closed until
the 18th inst.
The coupons which will become due on the lst De
cember on the st. Louis county seven per cent bonds
viii be paid by the Bank of Commerce.
The earnings Of the Gslena and Chicago Union
Railroad Company, for the month of October are as
folows;--
Earnings FOR October, 1857 .......... sess aS2 90
do do do. 1856. ............... 35l 6l2 81
Decrease ...s............. s9s 400 81
The earnings of the Chicago and Rock Island Rail.
road Company for the month Of October, are as fol.
lows:--
Earpngs for October, 1851. sl3oli6 80
do do do. ls56................ 81 III 81
Decrease. sas 5pi 81
The October receipts Of the Illinois Central Rail.
road Company were s243,o65.
SO far az the speculative stocks are concerned,
there has been no important change in their posi-.
tion or prospects The bulls and bears Of the stock
Exchange appear 10 he again In full operation and
ara "A actively enpappd "a ever In the conteqfa of