The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1858-08-18
FROM OUR OWN CORRESPONDENT
NEW YonK. MONDAY night. Aup. Is ls5

We have aernated to-day between the extremes Of
fear and hope with regard to the immediate success Of
the Atlantic telegraph The despatch from Trinity Bay,
published in the morning papers was exceedingly dis
couragng, but the telegram received this afternoon by
Mr. Wilson G. Hunt raised hopes again, and pre-
pared us for the receipt of the glorious beau
fully expressed in the message OF the British directors of
the Telegraph Company to their brethren this side
g Europe and America united by telegraph Glory
to God in the highest on earth, peace, GOODWILL to-
wards men, write amid the of guns, the ringing
Of BELLS and the cheers and shouts of delighted popu
lace
Tomorr evening shall probably celebrate the
great event in the agreed by the corporation
and it is to be hoped that the Niagara will arrive during
the night, that Mr. Field Captain Hudson, and THEN
associates may be enabled to be present at the rejoicing
The statement of the New York city banks of their
average condition for the week ending Saturday August
l4th. shows as compared with that of the previous
week increase of So, 4S1 COZ in oans decrease of
49, 1885, 372 in specie, decrease of sl95 47G in crcula
ton decrease of 81 GAG in nominal depostes and
decrease of s5l3, 399 in undrawn deposites.
The above large decrease in specie and tho increase in
loans consequent tho movement caused by the
United States loan awarded on this day week
The week opens a dull and inactive money market.
Prime short securities for discount exceedingly scarce,
and except for long dates rates unchanged Lenders
asking per cent in dscounting paper lav-
ing than three months to run; and borrowers
generally to submit to the advance. There no
public sales today Of the United States vcs, 1874 but
few parcels changed hands privately at 1899 1887
prices they very reasonably suppose that the stock
will advance considerably in value. the prospect
assured that the Secretary Of the Treasury will not
need to invite proposals for the second millions be-
fore the meeting of Congress The greater portion of the
sales that made to bankers in the English and
tnena exchanges for transmission abroad in lieu of bills
of exchange
have heard stated by some well-informed business
men that were the Secretary of the Treasury to invite
bids Immediately for the remaining ten millions author
lied by Congress- higher prices would be bid than the
average at which the last loan awarded that dis
appointed foreign bidders would try to make of
portion Of the second loan and that moneyed here
would be more comfortable and stronger il they knew
that no further loan would be thrown the market for
some time to come The belief is general that Mr.. Cobb
has, managed the finances of the country with
markable ability and sound discretion and that
nothing but the exgences of the public service will
induce him to borrow cent than he has already
obtained If the customs receipts continue to improve
they have improved for the last few weeks it
highly probable that ho will make the current revenues
cover the expenditures until Congress meets. Every
honest, candid, and intelligent who considers and
comprehends the peculiar circumstances in which the
country has been situated, financially and politically,
during the last year. and then looks at the total Of the
public expenditures must admit that in particular
Mr. Bnchanans administration entitled to higher credit
and popular approval than in its mastery and
cal management of the public finances.
The opposition papers, which, utterly regardless OF
truth and decency al every act Of the government by
dsortng and perverting facts after the Of their
the government expenditures very extavagant and i'm
plore the people for their sakes to trust hethe
friends and admirers of those able fnanciers Matteson
Edwards, & Co.with the manipulation of the federal
revenue. But these are the papers which
sailed the President for crushing out the slavery
agitation, and efectualy preventing its renewal
which abused that able, far-sghted, and courageous
statesman, John B. Floyd, for his expedition to Utah,
which, notwithstanding its apparent expense, is when
measured by its speedy and comprehensive results the
cheapest, the wsest and most satisfactory expedition
that the United States government has undertaken
Without the prompt and energetic measures adopted by
the War Department who is silly enough to believe that
Brigham Young and his truculent followers would have
submitted to the federal authority and it not for
the continuance of the military power at Salt Lake. who
could rely for half hour the continuance of Brig
hams good behaviori
The foreign exchange market to-day very dull for
Wednesdays steamer, and the demand chiefly from
bankers The supply of bills offering large, and the
tendency is to lower prices Buyers are holding o, wait
ing for the expected decline. Bankers' sterling
quoted to-day at 1904 1929 with few transactions
above 1898 commercial bills 1923 1893 for the choicest
names. Francs g. l31 ILL The stock market open
ed with slightly increased activity but rcapsed into
dullness with further decline in prices for railroad
shares At the first board New York Central fell off
Reading }; Mich. Central J; Illinois Central, Ga
lena and Chicago, / Cleveland and Toledo, g. and
Chicago and Rock Island, J. Panama exception,
and advanced per cent closing ut Ia
The following table, which send you the first day
of every week. gives the closing prices of the principal
stocks at the first board for every day during the week
ending to-day
Aug 10 Aug H. Aug Aug. 10 Aug Ia. Aug is.