The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1858-08-25
FROM OUR OWN CORRESPONDENCE
NKw YoRK, Monday night,
August 20, 1858

August 20, 1900
The statement of our city banks of their average CON
don for the week ending Saturday, August 2ls shows
compared with the previous week, an increase OF
81 99 772 in loans decrease OF 81 SCOPES IN specie
decrease of sl0S, 255 in circulation decrease OF
1925 in nominal deposes and decrease of 5000 oz
in undrawn deposites.
The very considerable decrease ia the specie
altogether expected and accounts for the caution
which the bank officers have lately exhibited with regard
TO paper offered for discount for their indifference as TO
extending their loans anything but very short paper
and for their osoue adherence to tho advanced rate OF
discount established at the beginning of the month du
ring spell of unusual activity in the money market
The increase in the loan column partly made up Of tho
recent government oan and largely of advances good
securities redeemable at pleasure, demand loans)-a
species of Investment which the banks have long pre-
ferred pending the clearing of the commercial and
financial atmosphere after last years CONFUSION Many
sound authorities financial matters totally disap
prove of the system Of ''call loans, and would
desire to it abrogated. for tho obvious reason
that the sudden calling of the money 30 lent
necessarily causes excitement and distress leading to
panic, loss of credit and confidence, and many of the
evils which produced the memorable crisis OF 1891
Where man borrows money on deposite OF stock secu
rites not knowing when he may be called on to repay
it, he cannot be expected to be ready at any moment to
do without inconvenience whereas were he to bor-
row for certain specified time, however short he would
make the preparation as for any other ordinary
business Obligation and be saved the annoyance and loss
which often attendant the sudden repayment OF
tcall loans" 1t is thoroughly demonstrated that
troubles last year caused by panic and want OF
confidence and not by any want of means to meet our
engagements We ought therefore, to avoid everything
which create either of these disasters and know of
nothing likely to produce them than lending money
call.
Thus far things have gone WELL and there is good
prospect of revival of business solid and
BILE basis But when the time arrives and it cannot DO
far distant that business docs revive and the crops
must be moved to the sea-board it is clear that tho de-
mand for money will become exceedingly active, and It
is OF the last importance that that demand should be
freely met without any dctrment to any interest with
out any very material tightening of the screws
Without any change in ates, the market for foreign
exchange for Wednesdays steamer opens with more
tivty and rather trmness. The supply of southern
Bankers sterling has been sold to day at 1904
1898, the latter being the rates asked by tho vorito
drawers. Commercial drafts on London quoted at
1891 1904. Exchange ON Paris is quoted at IS l23
S. III
The exchanges at the clearing house of the associated
banks to-day SIT 4O4 o. and the balances were
$l0l9070 a. The total exchanges for The week end
ing to-day sy2 500 070 TO- being daily average of
SIS, 449, Sl5.
The stock market opened weakly with moderate sales
at the first board. The most important movement was
in Reading of which q 100 shares sold closing at
1871 Saturday price, and in New York Central, of which
800 shares changed hands, commenting at 10 and fall
ing to 77a against ISL on Saturday Pacific Mail nd
vanced to S71 Chicago and Rock Island left off at ia,
decline of on Saturdays price; Cleveland and Toledo
fell l. and Galena and ChcagoH.
Thirty nine thousand dollars Of the U. s. loan were
sold to-day 1881 adeclne Of Saturday sprice laye
heard of parcels being sold at private sale at 1888
There was large business in State stocks at Saturday
quotations. Bank stocks and railroad bonds were quite
dull and unchanged. The following table gives view
of the fluctuations of tho principal stocks at the first board
for every day this week. lending to-day
Augl7 Angls Aug1s Aug 20 Aug a. Aug a.