The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-02-01
28,397

Thus il appears that the banks have been drawing upon
Me country for specie pay into the Sub Treasury. The
California remittance only counted once among the ave-
RACES yet amount paid out considerably exceeds the
deehne shown above. From the small increase in the
nan column it would seem that many of the call loans
which have lately swelled the bank discounts largely
have been cal ed In altogether for 1t s quite pro-
bable that nearly two millions Of the loan went
nio bank since Wednesday. We cannot but con-
graduate the banks the prospect OF a decline
IN column which has long been too heavy for their
ssfe,y or their interest The decline Of million and
in deposits corresponds very snguary with the
ntina,ion gave this morning with regard TO the dan
ger Of sudden calls the city banks by their country
customers, whose deposits are now held mere most IN
wisely at charge of or per cent for interest Inc
uomert trade revves any part Of the country these
deposits are recalled, and though the inconve
would be but temporary it would
MT long enough to inconvenience the banks here very
seriously. Their only safety lies in prudent yet firm
cnrtamspt Of loans and especially such loans as do not
ssbserve the true interests of commerce.
There Is very little doing in exchange The discount
brokers' report paper making, and less willingness
the part capitalists bankers to buy except at the
extreme high rates of the market.
At the opening of the Stock Exchange this morning the
leading bull appeared seller, and pursued the same
policy throughout the day. The consequence was gene
Ya decline in prices, which at one time almost amounted
70 panic The only parties who willing 10 buy the
stocks which the bull wanted to sell we're the bears
cold him the same days since for fu-
delivery. There the least sign Of outside
buying buying for speculation With consent all
Me operators Of the board and the satisfied
that the farce Of maintaining railroad prices
above their fair values had best be abandoned and things
allowed TO take their natural course The commission
brokers especially whose business has langushed for
many months, in consequence Of the absence outside
buyers appear have the sagacy to that nothing
. marked decline will attract new purchasers into the
market. IF the leading speculative stocks suffered
FAM naturally, eight ten per cent, il not unlikely but
persons OF speculative tendencies may be found willing
rick money them and activity will be impaired to thu
stock business which has not known for many months
The decline started by the free offerings OF stock at thu
morning board further accelerated by the decide
symptoms Of increased demand for money The banks
And bankers who last week nbstaned from altering the'
loans this morning called the bulk Of those which were
outstanding at four per cent, ind AZ per cent call
offered for money the United States Flve, II is
evident that the movement in money is going TO be
rapid than was expected, and that the spring
business season really commences, we shall see SIX and
seven per cent money market more This operated
today against the better class OF securities as for
stance Mssours, which declined u per cent at the morn.
ing board Panama, which fell of / per cent; Hudson
River thirds, which declined 1; vrgnias Il n, and 30
on through the list Of reliable stocks Among the specu
hve descriptions the most heavy decline was in Pacific
Nail, which, under the of q decided break with
vanderbilt declined per cent touching so between the
boards Reading declined, and was freely offered
e a. dinerence OF one per cent from
p'Ne' New York Central fell off per cent, and
was 'o~er a'er The board But the most marked decline
among the railways Harlem preferred. which was
eagerly bought a few days ago at "A by parties
vao as eagerly FOLD at a7>l--nothing having occur.
rea IN tue mesnsne 10 alter the condition or pro,uects