The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-11-30
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This statement was rather unexpected by nnanciers
who appear have looked for decline in the specie
column, over 100000 Europe and 1t is
said 81 200 600 the South, but that
took over half million in specie fro Philadelphia early
in the week enabled us to ship on Wednesday per
Asia, and still to retain a surplus last weeks
average. The shipments 10 the South, like the re
misnce from California. too late 10 afec
the averages. Their efec, Will be III next Mon
Gay II Is probable that the banks begin business this
week with about s27 500 900, perhaps ,rac over in
specie; and there Wednesdays from this
port they viii lose Of 1t but what they send South
The decline deposits is larger than looked for
indicates srasmodic revival Of business quar-
ter other probably in the South. The loans decline
but slowly Prudence would seem 70 dictate the policy
of reducing this line below $40 900 before the New
Year but caution the last quality is right To expect
of the banks time when hard present N
earn dividends.
Opinions are divided among bankers and lenders a. 10
the Of the money market Come state that there u
more demand for money; others declare that is easy
az ever Certain that the rates for loans
changed though We spprehend that there but few
Transactions Il any, below per cent call, and AZ
for shor, Gre, class mercantile paper. fxchangecpcns
strong foe the Several bankers holding
iGet. and fair business being done a. 1857 ioet.
The rate for francs "a called $40 a51sI. The mail
closes to-morrow.
The Cunard steamer Europa j. at Halifax with three
days lister than TIE Portland steamer. Telegraph
sdvces or her will he found in another column.
The usual Efforts were made al stock Exchange 10
day sustain the prices Of fancy stocks and bonds
" the strength q the gold arrival from California
only repeat what have said ofnn that tho
only buyers were a few speculative members Of the
hoard. There investment IN unrrodnctive sccuri
tics but each trifng advance, increased supply O.
cash stocks thrown Jpn the market The late new
from Europe unayorsb both FOR The stock AMI ibe
bonds II the New York Central aud the Illinois Central
The sudden decline and rrccarious position Of the latter
calculated produce fatal eject upon the concern
Which struggling n maintain fcothoid The Euro
pcan markets. While al home the same likely
10 confirm the already prevalent opinion that rail
road property a. a whole IS rapidly drifting into
bankruptcy and liquidation. For the present,
have shown already, the existing market
prizes q stocks are maintained by the banks
which The doar;h paper are using them
ss collateral for loans and b. ycnturcsomc INV
duals who, 10 make interest upon their money are viii
ing 10 advance temporarily them relying upon
their agility 10 cxtricate themselves tie arsi
signs q approaching danger That this the true state
II the BE- obvious 10 every who studies IN
market: equally obvious that any change IN tho value
q money or the confidence Of money lenders would
produoe startling catastrophe The New York Central
for instance is sustained by the daily speculative opera
tons az ohbcrs The Western railroads have ceased be
productive the steady and progressive decline their
receipts shows but soo plainly. Il Is absurd 20 suppose
that The not producing like results the
Ease Of She Central And whatever may be said public
well understood among tho managers and directors that
the profits Of the road not equal to the dividends paid
To pay four per dividend February out Of
The earning Of the road simply impossible though money
might perhaps be raised for the purpose BY the usual pro-
cess Of borrowing But where must such policy eadS
February, 1858, the Central paid four per cent dvi
dend had just borrowed $500 900 at ninety cents on the
dollar In August 1865 against The opinion Of Is sound
advscrs again paid -four per cent having borrowed
$500 600 10 100000 IT. in February next Dor.
rows again. and again payss dividend what conclusion
will the public Gomez The only argument which gives
any strength 10 the operations for the 10 Gaena and
Rock island the only why the stocks OF these
roads do not decline than they have done the
only motive which induces stockholders these two con
Germs 20 hold their stock the face q decreased earn
ings the general belief that these two companies
managed with integrity that divdends paid which
earned and that there fear q the directors
combining together 20 deceive the stockholders the
public As like impression prevails with regard
70 the other great railroads. may expect the public
trust them sfresh. hut not before.
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