The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-09-20

Money on cali Is easier than on Friday or Saturday.
The decrease of specie in the Bank Of England and tho
general tone Of the correspondence received by the Persia
looks for advance the for the use Of money in
london. There was increase in the demand for com.
mercal paper, and symptoms of to that general
activity in business which beginning develope IT,
self in full vgor before April last until checked by the
in Europe The present low Of interest in Lon
don is directly caused by the sudden rise in the rate Of
interest by the Bank of England at the commencement
OF hostities This wise action on the part of that
institution forced prudent contraction tho whole
trade of Great Britain. This conservative course
has also been followed by the general trade Of our
country, in consequence of the contraction of
the banks of the city Of New York from May to August
It to be regretted that this contraction the part Of
New York banks in May and June had been more de-
cided might have checked the importaons and saved
the importers from the losses in goods they suf
ferng from.
The contraction taking place as did, during period
when the usual policy of the banks is to expand also
before the community had entered into engagements
for the fall trade has doubtless conjunction with the
warnings of the press enforced prudence purchasing
on the commercial community highly satisfactory to
every interest In England this warning to curtal and
prepare for danger can be given in day. by the Bank OF
England raising the rate Of interest to any point their
most experienced fnancers deem necessary. Every
banker and capitalist and merchant and trader is COM
PEELED to immediate conservative prudence
In this city no such immediate warning can be given
We have to wait the slow process Of weekly statements
from fifty four banks, acting in cases. without con-
nected principles some contracting and Others as in the
garng instance Of the Manhattan increasing its loans
with large loss of SPECIE and publishing silly financial
statement to justify its imprudence.
For the present ease in the money market have to
tha Ran NJ EnOlo tIo
and June, for draining Of gold In the second in
stance have to thank portion of the press for their
fearless and truthful exposition of the evils which must
inevitably have fallen upon this fall from continuance
Of the extreme bank expansion and from the over i'm
porting which the LIST of January of this
year.
Happily the loss and evils of over mportatons are con-
fined to importers The general business of the country
Is sound The dry goods trade, well all Others have
been prudent and legitimate in their purchases buying az
they always ought TO do from hand to mouth and leay
ing the burden Of carrying large on the Importers
In consequence of this American dealers have made
money on their trade far. continuance of the same
prudence will do much to bring into the confidence and
favor of capitalists that large of class paper
which at present rules from 10 to Is per cent
with few buyers.
The confidence which was so rudeIy shaken in the cri
TO win back the confidence of the capitalist
We regret to find that first class dry goods paper,
which sought after in the spring at low rates, is not
taken by shrewd buyers unless endorsed; and
generally the market single will not go except at
higher rates. The the VIGOROUSLY large
Of business they doing which, in the opinion
Of some capitalists altogether too heavy for the alleged
capital The doubt in the prudence Of few houses
affects the whole to some extent
II is much TO depored that the lessons Of 1867 are so
disregardcd
In the discount market transactions are limited from
the difference between the views OF capitalists and the
sellers of paper The sellers Of paper expect lower rates
even than the present to rule throughout October and No
vember, when they will be compelled to raise the large
amount OF money necessary pay for springs sales
The capitalist is equally that rates will be higher
Each business man can form his own Judgment on the
matter The present rates here and in England show
greater case than usually prevails healthy state of
commercial activity. On what data borrowers expect to
DO BETTER or even well in October and November
we are at a loss to conjecture.
Money on call Is at TO per cent Prime endorsed pa
p~ FOR thirty days rates at per cent sixty do do az