The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-10-04


Money must quoted lower than last week with
tendency further decline. II is offered in any guam
titles good securities four per cent and large sums
are let out three Mercantile paper scarce first class
short paper be done at four and other qualities at
longer dates in proportion This increased in the
money market arises chiefly from the stagnaon in bust
the prudent dread " railroad stocks entertained by
the public and the great difficulty of investing money
with nythng like safety. Within the pas, day two
there has been inquiry FOR the better class of rail
road bonds and city and State stocks. But many par
Ties who will be in the receipt OF large from div
dends during this month known TO avoid the best
Of these investments, and will TO lend their
money Mt three per Foreign exchange was shade
weaker lust before tho Persia sailed, but previous
10 that morning, and since then, Il has ruled
high, the prevailing price for bankers ex.
change being for sterling no, for francs
512b few houses asked nos, but we hear of no
transactions any magnitude over no. The shpm on's,
per Persia aud Vanderbilt should tell against the bank
reserve the 81 about 81 05o 900 against which the
hanks received 81 $40 92i from California. II, therefore,
the drafts the interior balance the amounts paid into
the sub.Trcasmy on account Of duties, the banks will
show tomorrow afternoon specie average the neigh
borhood q s2el25 900 The subeasury has lost about
half n million during the week.
The leading features o. the movement the Stock Ex
change during the week have speculation In Ia.
cilc Mail and Panama and the vigorous efforts made 70
raise the price Of New York Central Tho bul move.
ment In the lrst mentioned stock, Pacific Mail, culm
| mated carly In the week, the stock going 70
1oa rise Of seven per the closing price 18th
Tie sudenness and extent Of the rise led 70 realizing
on the part cl prudent stokholdcrsmany of whom hav
ing purchased within the year ncted prodt q forty
Der cen, or their Investment Their sales combined with
all kinds o in reference to purchases Of stcan
ships from Vanderbilt, and the prospect Of opposition
On the Pacific lei 10 decline Of four i've per ccnL
The decline would have been greater, but for the spccu
ayo movements Of parties WHO have faith a stil fur
Their rise Panama ran up suddenly to 10 the early
\ part Of the week on the strength q tina,
British lines we're 10 be established 10 Australia aud
Columbia via Panama reacted subsequently, but finally
recovered about llss, AZ which price pretty ARM
The movement New York Central has been got mp BY
the bulls who consider that stock moro scy to attract
public favor than any of the other speculative descrp
tons They consider that Il viii least ought 10 sell
at ninety before the 1si Of January. There many
among the outside pubhc-pcrons who accusomedt 70
| invest their spare from time to time stock
operatlons-who take somewhat different view u The
position and prospects Of the New York Central. They
seem 10 think that. considering al the contingencies
which railway property exposed tho shape Of acct
dents loss Il trafe through competition commercial
panics sc Sc the hes, and safest railway stock ought
pay at least twelve per cent TO make desirable IN
ycsmenL Al seventy COR instance, these persons argue,
| New Yofs Central might, perhaps, command market
among reasonable people. But again, they say, what
guarantee have Inc pubc hat The suicidal contest be-.
tween ,he Erie ami Central which has just been brought
10 close may not lc renewed At any dDnoEV Tie con.
dhon Of The Erie warrants the apprehension that It's
\ managers may fcel bound, 10 justice 10 their stocS.
holders, 20 10 every means iar aud unfair, 4
their property from uctructop and caun0t be de-
MED that, durrr the contest hcsc at time
very strong probability that the Central would have
been forced 20 grant the Efe stbyehtou order ~
save ITSELF suppose Mr.. Moran is displaced -. ma " per
10 expect he wii be the Approaching elco-
ton and bis successor, q course INTO Office
free TO act according the beet 81 his Judgment, thinks
best 70 aunr the tonyenou the rivalry ~ the
Central aud give Mr. Comm notice tat the Erie viii run
cheap trains until the Central agrees to pay " IN sub
sdy equal % that which. tor the consideration, The
Pacific NAL Steamship Company pays Commodore Wander
bis where n such case would b. the stockholders IN
the CentraY ~ course do not pretend ~ that
/ these the only which deserve attention:
We merely give them - The views u many sensible
IN the street, and views which 10 deserve
| ful thought