The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-11-18

The fail in Northern exchange at New Orleans has long
been expected; will shortly lead to the commencement
of the usual southwark or specie Al present
receiving gold freely from Philadelphia; today
$3.50 900 in silver arrived from Vera Cruz, per Wdfre
The Sub Treasurer this point has disposed Of drafts
the Sub Treasury at New Orleans for $500 oo0 The pro-
ceeds will be used the purchase Of cotton bills With
regard the high price Of Eastern exchange at Chicago
of the local papers gives the following not '"@
The Illinois and Wisconsin bank notes are not readily
converted into coin exchange. The banks of those
States furnish almost all the currency in circulation west
Of Indiana They opposed on principle to redeemmg
their Rsues and the brokers of Chicago favor Of
high rates of exchange, enables them TO realize two
three times the legal rates of interest By oaning to
their customers short time Western currency, and
making them pay back in New York funds they derive
20 TO 80 cent interest," instead OF TO- which the 10 al
lows. The banks only redeem at the tail end of tedious
chancery suit but their issues stock secured
they are considered ultimately good and consequently
pass freely.
The Stock Exchange was quieter day and its general
tone dull The prAcpa speculative stock, Panama, was
per cent lower al the FIRST board, fell heavily aerward
and closed 1909 bid in the afternoon decline of TX
since yesterday. The advance had been too rapid
to be substantial, it had been based
on more solid grounds than II was. Hudson
River about steady, without much activity. Pacific
Mail opened strong this morning on the appearance
OF the annual statement. showing surplus Of million
dollars but fell of the Of the safety of
the North Star According TO the doctrine Of chances the
disaster among the California steamships should fall
upon the Nail Company The stock closed this evening
rs bid. The Western stocks generally rather lower
expected that the second weeks earnings the prin
cpa roads viii not show well those of the first week.
The Galena took in s2s $780, against $685. oo7
year, showing increase Of $2,4o3 the Michigan South
$40 900 against $40 500 year. The business in
State stocks quite light In the afternoon the market
was rather lower and stocks closed weak the following
quotations-Assouri per cent, 4;s a. Canton Com
tany liz Is Cumberland Coal Company preferred 10
~ Pacific MAJ: Steamship Company, 7Sa q, New York
Central Railroad 500 ss Erie Railroad, u; Hudson
River Rareal, @s2i q; Harlem Railroad 10 i; Har-
lcm Railroad preferred, IS IL Reading Railroad s73<
os5e Michigan Central Railroad, All y; Michigan
Southern and Northern Indiana Railroad, 6 ~ Mich.
gan Southern and Northern Indiana Railroad guaranteed
l7lt u Panama Railroad 1904 l3l; Illinois Central
Railroad, 6osl 81 Galena and Chicago Railroad Tx q
q; Cleveland and Toledo Railroad, lex COX Chicago
and Rock Island Railroad, 62x AK
Rumors have been current for some time 10 the ec
that the Panama Railroad Company have obtained from
the government Of New Granada extension Of their
charter for thirty, some have said hundred ad
dtional years AT present as the public aware ex
pjres, and Tie New Granadian government acquires the
right Of purchasing the road at less than cost at the end
Of twenty years from its date. For time most per
seyering energetic efforts have been made both by
the Panama Companys officials here and by their friends
In England 10 obtain extension Of their charter but we
have to believe that they have been successful
The reversonary interest owned by the New Grana
dian government the railroad about the best property
ths government possesses The railroad creating for
itself business which, by and by will render quito in
dependent Of the California trade and will yield
an enormous return to its stockholders, Il can.
not be expected that the statesmen Of New Granada will
deliberately throw away 30 fine property. On the
contrary It natural 70 expect that thcywho see the
great vae Of the road plainly than people do here
are quite resolved 70 the letter Of their bond
and TO make this enterprise support their government
The new loan OF 81 0o authorized at the late gene
raj election, Is soon expected upon the market.
Our marine underwriters have suffer "a heavy Ioacs Tho
past week. Nine ships, one bark and one brig are TO-
ported lost, making loss of nearly two million aolars
The Custom House clerk Of Booncn Graves A. ca has
With 80, 7e2 reward OF 5000 Is offered for
hs detection
fhe Boston papers state tha Messrs. John Mansfield &
o. boot and shoe dealers, OF that city, suspended on
Monday Liabilities $2o0,oO0.
There was rumG OF q small failure here to-day in |
he shipping line, but it has been contradicted.
The exchanges at the Bank Clearing House day were
% 536 $40 81, ana the balances 81 ,oo7 ,O95 o.
We have received letters from San Francisco urging
demonstrate with shippers here against sending
oods to market already overstocked This an evil