The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-11-02
72sT3s
increase l,2ie,5ta 92s,,;
Decrease / e13 612 56,035

The undrawn deposits stand al Ss1 500 369 $751;
,lo7 last week The loss Of specie, spite of Cali
orna arrival is Of explained by the shipments Of
gold to the South caused by the unusually large receipts
of cotton AZ tho seapors. As stated in this mornings
HERALD, the receipts Of cotton the Southern PORTS
237 600 bales in advance Of las. years receipts
date aud the bulk Of Southern Indebtedness New
York does not begin 70 mature fer three four weeks
yet the Southern banks and merchants taking specc
from US to their carly crop. II is hcl3 II some
quarters that the drain viii continue this week; ether
authorities think that, considering the large ano4nt Of
bullion held by the New Orleans banks, the
Gent forward will suffice for the purpose Teqa.ged.
Exchange on New York .s quoted al New 0rlea-s at u
81 PEI cent discount AZ Charleston at par at Savannah,
at x cent discount There one opinion IL tank
ing circles as to the result Of loss of i've six
millions Of specie. All bank officers the MON
that such depletion would be wholesome. It is the
unusual accumulation Of specie the banks whih drives
them 10 pile up sl2e,ccoOeo of leans timo Of
commercial inactivity; IL needs very little accner
to discover that IN nat amount there must be many
loans which tho banks would not make, at any rate
Of interest, were they N position 10 pick
and choose Twenty millions u gold amply suffice for the
trade Of New York when Is actively prosecuted Half
that amount would suffice present and both the bank
crs and the merchant business would rest q soup9er
foundation
far ne ascertain quo,ltons satur.
day the those reported 10 day by Tie money
5rokers We hear Of long loans mercantile paper or
collateral securities at 3ts aud per cent Exchange on
England duh at the last reported rates. II Likely
that we sal! nov ship any specie Of consequence
Europe for some months 10 come and as by the time the
cotton bills are coming forward freely the specie will
be returning 10 from the south the prospect that m
December January the banks here may svan accur.
late over thirty millions az dollars.
The stock market opened this morning with cons.dcra
bic vvacy and there appeared to be every prospect ha,
tho rally Of Saturday afternoon would be cont nue sac
stocks were all higher aud most descriptions Of
railway bonds. For bank stocks was an active in.
qury at fair rates and the general stock LIST was com.
menced wthou, rsns Of weakness When New YORK Cen
trail was called however the offerings cash stock wore
more than the market could take without reccdng All
decline began, which spread 10 all tie other speculative
descriptions. AFTER the board further roalza ons 10
large amount made and in the afternoon the bears
taking advantage Of tho decline In specie shown in tbe
bank statement hammered the market down y 70 per
cent further. Among the commits on brokers' who 10 ge
from the conversation and tendencies Of Their casomsr-
the opinion STIR prevails that before January capital
lists will be forced uto the stock market IN order
10 make interest on their money, but natural that,
until tho present reaction has exhausted Itself buyers
should hold alcof In fcw day, TIE tes, pf rro.d
brokers say the parties vino realized on Cor Ta Al 81 ana
81 vii buy u again AZ SIS and fresh inward movement
WI be inaugura'ei Su-h movement would have the
singular advantage inc last that Il would have
strong bear interest 10 contend against ard consequently
active demand FOR stocks 70 STEADY pf.ss n au,d
further be supported by the incrcas d carnnre Winch il
s expected all the roads Will show IN the prese ~ nh
as cornrared with tho disastous month q Noveneer
1857 40 compared with Tho closing prices on Satpr.
n
AZ; Rock Island, IL Michigan Central az. ohio.
descriptions considerably less The closing pt.cos.
reported By KovalsSi, were -gssourfs, 50 a SOL.
Pacific Mail, 1863 lo5S. New York Central S. SD,
Eric, 1oz * Hudson 32Js q Reading, t21, a =;
Michigan Central, Sc y; Southern, guaranteed 59,,
y Panama, lloI 100; Illinois Central s. n 80 Caleua
7sis y Rock Island, CO.'S y la Crosse Al 49, fhc
market closed heavy.
The business Of tho sut.rressury today wa ! TO-.
lows
Total receips....'' '''''.'.......,.,. slt9oo6 90
from customs. Zoo 90
r ~. ~ e-s 81
Total balance. gg3s $50 ca
The exchanges in the BANK Clearing House ma s,,rn
ing large, amounting 10 az 7oi o. ana tho bal
Ances 10 81 ,257 ,O62 Va.
The contest at Cincinnati between 10 creditors and
ssgnccs Of the Ohio idfc aud Trust Company h.s a.
somed new phase II viii be remembered TIA, appi.a
tons were made the United States Ccut court on one
side and 10 tho Superior Court tie Other Tor the ap
pouiment Of receiver. Both rendered iudfnsp,
OH Friday, claiming jurisdiction; thus collision bswran
The rival courts viii take tbe place o tie co., be-
tween the creditors aud assignee II tits UNFORTUNATE con
ccrn. SIR. James r. Kibreath has boon appointed re.
ceiyer BY the United States Crcu Court sgt tie scro
il u Said VII not deliver any Of The book or moneys
e. him until he has settled his dispute with tho rival 70.
ce'ver appointed by the Superior Court Judge levitt
men, n the United states Circuit Court
The earnings Of tho Central Railroad n Georr'a for
sey,cmt ~ 1885, $751; 2o ~ against eos i6 40 for
scptnb,r 1857 Tho earnings from list q October ult
70 the sih MT inciusivescvcn working dayshaye been
81 oo5 A. agas, sai a7o q for tho same period last
year. Tie quantity " cotton brought INTO the yard 4,
Savannah september 1858, was ,Oo5 bales, aglns,
5l27 bales IN September, 1857 Tho down freight from
~ Isl 10 u. lvsh of Ccober-ioaiieca working ys-