The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1858-09-01
FROM OUR OWN CORRESPONDENT.
New York, Monday night
August 3Oth. 1858.

The statement of the New York city banks of their
average condition for the week ending Saturday August
2sth shows compared with that Of the previous week.
August 2lst)a decrease OF 1888 S07 in loans de
crease of 1892 sol in specie decrease of $l3 1913 in
circulation and decrease of 81 4406I4 in undrawn
depositcs The specie remittance from California (sl,
434 674 having arrived only Friday evening has only
been counted for day in the and scarcely
counerbances the export OF specie for the past week.
(SI88, 440 So The large decrease in the undrawn de-
poites shows that the elux Of capital has begun and
The decrease in loans though inconsderabe shows that
the banks have resolved to be cautious
There is material change observable in the present
aspect future prospects of the money market Loans
call made at the same low rates which have
quoted for considerable time. Firsclass papere
bills at four and five months dates and sought
after and when found is negotiated at 60 per cent
according to the length OF time to and the COMPARE
tive excellence of the names. There Is no disposition
however, the part of the banks to take long paper
less it be OF very superior quality The gilt edge
must be very bright and even for short paper the bank
officers not willing to discount it at lower rates
than those quoted above The feeling to be that
they have gone nearly as fur they think quite pri
dent and that ii is the most prudent policy to make
things snug before the autumn equnoctal gales SET in
1t is true that they not pressed any side and that
borrowers to borrow than lenders are
to lend. Caution extreme, perhaps excessive, eau
tion---is the order of the day.
Speculation still sits idle with its hands crossed, look
ing impatentIy for returning business This situation of
affairs is not peculiar to the American market The same
Inactivity prevails in all the great commercial centres of
the world In London Paris, Amsterdam, Berlin, Ham
bury, Vienna although money is superintendent specu-
ation is inert, and public securities generally de-
pressed In all these places the complaint il the same,
and may be traced to the same causes For years specu
ation had most remarkable far beyond the limits
of prudence sound trading and when the crush
red in place it became general The recovery
from the state of prostration TO be healthy, must be
slow and gradual Confidence has been rudely shakel
People have learned with pain the uncertainty of trade,
and of the extent to which commercial investments how
popular. may be deprecated by general collapse
and they fancy and will fancy for time to come,
that the soundes policy is to retain the largest possible
balance of ready cash with view to being prepared
for every contingency Since last fall the great effort has
been to realize rather than invest and the great deprec
ton of the shares Of most ointsock enterprises has
turay stimulated this disposition Not only in this coun-
try but in England France and throughout the CONT
ncnt of Europe railway securities have fallen in value,
the inevitable consequences of the falling off in utter
nal and foreign commerce Indeed all works and nsti-
buttons established for the special of trade and
merce have necessarily been influenced by the fucth
lions which trade and commerce have undergone
Apart however, from these circumstances, the conf
dencc of the public has been sapped by the disclosures
that have been made to the low standard of morality
which has existed in certain board rooms, and in
commercial communities. In England particularly, these
disclosures have been numerous and disgncein Joint
stock companies which had for been supposed to be
the sounde and best managed in the country have proved
to have been long the unsounet and the worst managed
and general feeling of dstrust has been the result
which it will take long to overcome Firsclass secur
ties, like United States stocks, consos, the best State
stocks and other securities which the public feel assured
will certainly return the nominal capital invested have
been sought after by investors however low the rate Of
interest which they bear but in speculative enterprises
however legitimate there has BEEN and still is marked
reluctance embark the part of the moneycd public
1t is supposed that when the first shipments of gold from
Fraser river arrive and it is proved that the northern
gold fields really productive they said to be-
nnd when it is known how far the Chinese empire has
been opened to commerce. mercantile business will be-
come active and speculation will revive. But yet,
though this supposon is very general do not observe
any desire to be the first to explore these
cial fields.
Foreign exchange has been dull but firm at the follow
ing rates Bankers sterling 1924 1899 commercial
drafts loo 1891 Exchange Paris, 1874 5,Il4 /;
Amsterdam, Ala Az Bremen, 10 T9t The domes-
tic exchanges and prices of land warrants quoted
follows to day