The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-11-03


n Y Central per cent sinking fund 1855 a. c 81 SO
/ 10. rs, convertible, 1864. ............93 %
DO. 500 shares. ...........,..........7i a rs
Eric Sd mortgage bonds 1858 so
Do. do 500 shares. ...................14 a 16
Penn. Central o's, Isl mortgage 1880. 30 %
10. DO. I'd mortgage sig................6s a OIL
The stock market to day njuriously by yes
erdays bank statement and by the idle conversation of
bank officers who desire create panic in order
to raise the price of money. Many persons allowed them
selves TO be Influenced by these causes and sold stocks in
apprehension Of tight money market 1t is not
very likely that the justify their apprehensions
The shipment Of specie from New York the South for
the purchase Of cheap bills England has paid
profit and there is to believe that will
Before the specie reaches its destination the exchanges
the North will have risen and the gold will find its way
back unexpectedly the cost of the original shipper
So far the money market here concerned il very
easy to see that the question will not affect it in
the least. If send gold to the South for
bills, ship gold England when
New York exchange falls in New Orleans, sterling
change falls here. Before gold began TO flow southwark
sterling exchange held here at no. and francs at
s. II 13-at which rates the shipment of specie paid
small profit Since have begun to send specie to the
SOUTH the European exchanges have seclned quote
sterling today lo9'S IS, and francs at g. Is lat
which rates specie go. A tight money market,
moreover only be caused by active demand for
money from commerce. The demand which the most
active stock speculation may make on the banks is
trifing and insignificant. comparison with the
requirements of the trade Of great commercial
entre7ot like this in time of commercial activity.
And until trade revivos and there is real
genuine demand for money pay for merchandise there
need be no thought or fear of a tight market.
Whether send four five millions the South,
the exchanges turn before shippers have oppor
tunity repeat the adventure the public may rest per-
A. .c
country recover, and the business community exhibit
something of the old activity of 1856 and the spring OF
1857 money Wall will continue to be lent out
any amounts at three and four per cent per
The business done at the Stock Exchange to-day
large New York Central, which has been freely bought
by outside parties for the dividend, thrown the
market in large lots, in anticipation Of higher rates for
money and panic in stocks Early this morning sold
a Of per from yesterday prices but
recovered after 900 shares had been got
rid of by impatient holders, and in demand
this afternoon at advance Of one half the
lowest of the morning. Michigan Southern guaran
ecd sharply attacked by the bears and hammered
down to 52a recovering afterward to 534 The decline
Galcna at time to-day equal TO q per cent
compared with yesterdays price, and Rock Island
to "a but both rallied u per cent this afternoon
Missours declined a today appears that the State
dertook TO supply the market with all the stock would
take 90. Tcnnessees also u and yirgnias u
lower. The business in railroad bonds and bank stocks
limited, but fun rates The closing prices Of tho
day were;-Missouris ssA4 50; Pacific Mall 1854 loe
New York Central, s4Ss s4ts Erie, l6k a 1871. Hud.
son, 80 32IS; Reading, 52is SEA, Michigan Central,
56a SOY Southern preferred, SO 53ts Panama 1884
all9; Illinois Central, SAY s5is: Galena rs 7saf
Toledo, 33is 33ss Rock Island 664 G61s. The
ket unsettled at the close.
The business of the subTrcasury to-day was as fol.
lows
Total receips... sl265sl ~
from customs o9Nn W
ro 90 10 a.
TOTAL balance.. l"o w
The exchanges at the Bank Clearing House a:c large
again this morning amounting to s2l 100 26l "a and the
balances were 81 ,5is, 100 30.
The Bank Of the State OF New York has declared dly
dend OF three and half per cent payable tAc 10th
inst
The following review OF the market for the past week Is
from the country circular Of Groosbeck X Iioyt.-
The buoy ancy and act witty market noticed
in o the 26th nit, have been succeeded BY
general desire 10 realise part II holders,
have 10 report decided reaction from the extreme quota
the previous week In New York Central the trans
act,ons have been unusually large with sales low
ss& per the stock finally closing at sas ssls The
mot important decline however for the week has been
in Gaena and Chicago-transacons being made 10 day m
- the stock afterwards raying 10 ssas and finally
closing at 1s ISL Panama and Pacific Mall steamship
shares mIathy with the general market, also show
oItun sixty DAYS, and the latter a l05 cash. The
Western Railway shares also show very heavy decline
Michigan Central, which quoted last AZ sea
CO. has been sold low b5, subsequently rally
ing however, aud closing At 81 bid. Michigan Southern
common shares have declined IL, aud the preferred
shares per with sales at 52a sellers option
IN thirty days Cleveland and Toledo per cent Chicago
and Ro,k Island az per cent The transactions 10 Ere
have been limited aud decline Of = per cent e.
tabshed in the pricesaes being made NJ l5a In HId
River tho decline Nqua to q, per cent transactions
being made this morning nj u - The business IA Read
ing for the has been large with transactions low
81 ~ tho stock finally closing at 81 SEA Tue coal
stocks, with tho exception 81 Cnbcrand all lower
Delaware and Hudson having declined over per cent,
and Pcnnsy lvania Coal over per cent.
Tho following comparative statement Of tho exports,
exclusive Of specie from New York foreign ports, Cor
the week and since Jan. l. -
1856 1857. 1865.
Total Cor the week. al ,eiT,li2 SEA $50 252,2oo
Previously reported 6i750,91 5a.sa5,22D iaDJ6sns
Since Jan. lee. sec .eos.i 05 OIL ,TleTT3 5oSlp0os
The statements 81 tho Philadelphia banks Tor the past
two weeks compare follows
Od 70. NOE L
Loans . go. 225 900 IS Al. lac. 23s AZ
Specie ......... 1901 pO6 ISL $40 Iur asa