The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-02-12


FuDAY, Feb ll-8P. n
The meeting a. The Bank Presidents, held yesterday
which was attended by pinetssn Presidents, has not -
,ome persons appear 70 imagine, established now
clearing house or an association for the direction OF oark
policy. 1t was simply an informal gathering OF these
gentlemen for purposes Of conversation on bank matters
and any future meetings that may be hold will be Oh ne
character The association cannot control the action
Of any Of It's members. The persons who constitute 'ne
neutrality-suspicious. Of banks-cannot control the ac-
ton OF their own banks being themselves but the eAeou
tive officers of their respective boards Of directors rnose
therefore, who look TO important changes 10 New fo'k
city bank policy grow out Of this new InoVehon'
are likely to be disappointed. There is no harn' VI
course, in the bankers having sort OF cn~se
on which they may meet each other as often as ny hke
and discuss the value OF money and the prospects OF
financial affairs and this, we presume, is what the new
association will eventually become But 1t Is rather 'n-
vdous to exclude from the family circle the presidents ct
the smaller banks, who constitute onehalf Of the whole
body AS the association will be Of use except fer
conversational purposes why should not the smaller bank
officers be allowed TO attend only in order to benefit oy
the wisdom Of their superiorss May not man form an
opinion on finance unless he controls million OF doars
Money, in consequence of the contraction forced on
some of the banks Is rather demand, especially
under seven and no loans are made call by banks
under six. The importation Of dry goods for the
week. added to the amount thrown on the market,
exceeds 81 100000 At this rate the banks will soon
have enough 10 do to accommodate their mercantile Gus
toners. It would not be surprising to see and
eight per cent the minimum rates In the market before
many weeks elapse Foreign exchange continues to rule
at last quotations Bankers asking 1895 Y for
sterling, and Shy 515 for francs At these rates
specie may go out and shipment of $4,000 expected
by the Kangaroo
The triAng advance in the stock market yesterday
brought in number Of parties this morning as sellers Of
cash stock and prices generally declined The commits
sion brokers continue to report utter absence outside
orders Never according TO their report the public
dstrust of railway property more manifest than at
present Nor indeed in the face Of such events the
payment Of the last New York Central dividend the
backwardness of the public be wondered at The opera
tons Of the street obbers who buy and sell every week
twice much stock there is in the street, conrve to
keep prices up but to outsider who has just received
his dividend Central and who through the decep
tons pracsed by the directors of that company the
temptation to sell at the present high price must be
severe. If Central were unexpected Panama, or
New Jersey Central there ncongruites the
reports, and no papabe conceaments perversons Of
the truth In the published statements Of the company
the regular four per dividend morally certain
be paid, and earned, every six months, then eighty dol
lars share would be its natural par value. Who
can wonder, then, that prudent outsiders should
embrace the opportunity Of every little rise in
the stock to sell ouH Central sold this morning ex-
dividend, and decline Of per cent was reazsd from
the highest price yesterday Sales made sellers
option the second board, low 1871 Reading was
active today at decline Of per cent. It freely
phans losing their faith in the stock. The contest
Pacific Mail continues TO be interesting To-day the bulls
had the advantage again. At the first board the stock
rose under the influence of orders to buy, to AN it
apsed aerward 1874 but recovered at last nearly to
the highest price of the day. There nothing further in
relation to the contest The Western stocks active
at Yesterdays prices. We understand that the Illinois
Central Company is about completing the arrange
ments for a loan in England, to enable them to
pay the spring interest on their bonds aud to make
up the deficiency in the revenue of the road.
With this aid il is believed that the compa-
ny may reach paying point; at all events, II will be
cafe till next year. There sale Of the new loan this
afternoon 1929 but apprehend that this quotation
is higher than the state Of the market will justify In
the bond market there is change. The closing quota
tons OF the day -Mi-eours, s4,x 81; New York
Central, 7sA Is; Erie, ls94 X; Reading, ak u;
Michigan Central, 491S u; Southern guaranteed 45T
~ Panama. 1l51 x; Pacific Mall, TAX rs; Illinois
Central, 66S II Galena, $50 q; Rock Island, COZ
~ The market closet steady.
The business of the Sub Treasury as follows