The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-05-12

FINANCIAL AND COMMERCIAL.


TUESDAY, May I--6 r. W.
The stock market was not at all active today. Lower
prices ruled and the tendency throughout downward
At the first board New York Central declined cent
Erie, n Reading, y; Michigan Southern old, X; do,
preferred, L. Chicago and Rock Island, n Ohio State
skies advanced per oehi Milwaukee and Mississippi, r.
state stocks In better demand at full prices. Mis-
sixca opened at So per cent and were pretty we'll
sustained throughout The rapid accumulation Of spe;ie
In tho vaults OF the principal banks OF the world sub
ject Of much remark in financial circles In this city
have about thirty five and half millions In the banks
with another semi monthly California remittance near ai
hand. In Boston, Philadelphia, Baltimore aud New Or
leans the most important money centres Of the country
the banks have about doubled their specie within
the past Elk months In London and Paris the sccumua
ton has been very rapid and very great and the amount
OF bullion In hand b enormous. The probability Is that
this concentration Of specie viii continue for time longer
and tina. shall pile up In the vaults Of the banks Of
this city than forty millions before midsummer.
While this accumulation going on and the banks In all
parts Of the world are showing such vast sums
already In hand the amount Of coin In circulation does
not seem diminish In the daily operations OF business
there appears 10 be abundance, and the brokers OF
Wall street glad so sell silver coin at per cent dis
So nj for bank bills The fact that banks have Upwards
Of thirty Ave millions OF specie In their vaults SUN ;ient
10 satisfy all that unprecedented contraction In
mtrciA affairs has been realized since the commence
mert OF the financial revusIon. No better evidence Il
wanting than the fact that banks hold such large
amount Of bullion and upwards Of eighty millions Of
deposits The only consolation attached these circum-
stances the fac, that the community laying the foun
daou for sound and healthy system upon which 10
sruct new credits and entirely order Of things Al
the proper time this specie viii commence moving again
In the proper channels dusng ne and activity among all
branches Of industry We must have patience, and wait,
and apply no unnatural stimulus totrsde.
Al the eecoud board the market was heavy and fur
Their decline appears In the quotations Chicago and Rock
Island fell or x per cent Gaiena and Chicago " Read
ing, ~ Pacific Steamship Company, 4. Panama sold Al
IesH per cent, which is better. Erie was \ higher.
Ia Crosse land grant bonds opened and closed nj six per
cent beth boards After the board prices ruled about
the same, and the market closed steady.
The Assistant Treasurer reports TO day a. follows
Total receipts. s2oogIg eZ
Total payments. oVvVz %
Total balance. Vst,ooe o.
The receipts 10 day include A5 600 IRON customs.
mo transactions al the Clearing House 70 FAY a.
follows
Tota exchanges. .slI5ssVz ~
Total besnces. "rSttoa 70
The demand for foreign exchange for remittance by tue
steamship Arabia from this port FOR IIverpo 10 morrow
"wednesday has not been active, but drawers have
maintained an advance In rates. We quote bank sad
bankers bills London al q& s9& per cert premium;
on Paris g. 1874 . 81 1oH. The steamer will take out
about hair million Of specie-an amount we car easily
spare from ouf supply.
The steamship Persia, At this port from Liverpool,
brings us three days later Financial Affairs gene
rally remain unchanged. Consos had ruled AT higher
points bat closed The same reported by TIE previous
steamer m cotton considerable activity prevailed, at
full prices. Bresds,uIs inl and depressed Flour
ruisd decline while Indian ~ss IN demand at
slight advance The msxs generally was inactive The
anticipated reduction thu rata Of iDsres, BY the Bank
OF Eng,snd hal Bol Sesa made. Il SIN bOked :os. r.