The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-09-21
FINANCIAL AND CONNER osAL


SUNDAY, ssx 2o-2PA.
M noA important event of mo past she ioss
Of u Steamship Central America OF tho Aspinw Ill nus
with about ave hundred passengers sna and half m
Hon or specie This melancholy front wal IN cpsted by
many several days before Il was asnoua Sod and the
paehc mind wss in measure prepared for H. the IA Of
The Loot will NOT DO perfected for several ~eots aud Ia the
meantime the most anxious suspense will Oh the Ct
the com muny. Tho loss Of the treasure 10 q secondary
oondderaon although will fall heavily upon parties
Little able 70 bear H. This reduction In CALIFORNIA;
mittanoeS, ut time whom could the least spare Il,
must have . very unfAvorabs ersot upon the moasy
market just so much taken, for the ume Of
supplies Tho amount asured abroad ~ be svaIablei 10
The shape Of exchange In due time the Insured
here Will be paid by the uades writer's 70 the ~ne
bat I'll this arrangement Of the course Of speois
movements, and canaos escape Ito eGeo anancal r.
fairs The banks cannot make good mont without
this remittance with Il, by half million OF dol
hrs and must lead to additional reduction in the limo
discounts BY wfthdrAxa Of deposits 70 pay Losses The
arrival Of The Central America with one and . half mil
nons OF specie hsd entered Into all the calculations
bankers and nnancers and a loss derangs aay Of
ths arrangements made for future operations Tho
market continues extremely stringent The banks arc, We
believe doing Ill In their power, couasens With due
gard Tor their position and streng h, but demand
u daily increasing and the Of borro
daily diminishing. The street rates range from 10
three and four per cent MONTH the average for drs
class paper about and hsn per cent MONTH The
largest portion Of our largest mercantile houses pay
ing two and ihree per cent month tor money to NEE,
their pay menk. This rapidly weakening this
class OF merchants, and Il must end In numerous
failures The merchants exhaustng them
selves In the early part Of ths sesson long before
the period for the heaviest payments arrive. We
from this form Idea Of the probable result OF this
strain or drain upon capital and cred between this and
next January. The failures In the ring Of 1887 were
caused principally by tho immense rates Of lutte paid
by the throughout the previous III and winter
Many Of tho houses which failed In the spring Of 1881
showed that they had paid hty, eighty and hundred
thousand In extra interest before finally giving up rne
process Is going among the msrcauais oa.se, al
his mo ep. and II muss tersalns's In tho same wsy.
Very few hOses doing large busaess strong enough
pay such ruinous rates for money Aad would os bss
ter for many Of he to suspend before the of hs
been absorbed by uote shAyers We d, look Tor my
immediate lea up In the present strtnsency In tbs msa.y
market Al the season advances and money ID wanted t.
move the crops, the deposits OF Ssnks viii oe
drawn down, and the discount line will have 70 DO
duced 70 = corresponding estsut The banks have,
therefore, alternative but further onyaoaou and the
pressure for therefore likely TO
diminishing The erccs OF tie large failures
already reported cannot but DO mi ous upon that portion
OF the business community shioh has mot suspended rhe
fiure Of large house reduces A large OF
the available Assets OF lie creditors, and they forced
look 10 other 10 meet their pay menS
calculate upon Tho PAL mont u their bll receivable to
meet their bills payable aad when their bills receivable
fail shena cuts or much Of their available means
which must DO made up In some other way. u there
fore . mistaken Idea entertained by many hal large
failures relieve the market BY removing large borro
The not just The contrary, for forces oorro
into The market 70 obtain the 70 meet uaexpsoed
pay menta We do Eot see in the future much Of
couraging character We have the for heavy pay
ments 70 pass through, with ourtaed and rest 1csed
rosources and hen have long, dull ana trying winter
70 close up with.
The annexed statement exhibits the aggregate exporta
ton Of specie from this port laa .eek:-