The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-09-13
$2S7 ,l72 2Ss,949 139,6s4
519,305

Decrease. SIG 3O5
This increase of SPECIE in view of the heavy export of
the week, was quite unexpected. It can only be ac
counted for on the theory that last weeks average which
was considerably less than was expected was also less
than the reality AS the California steamer arrived this
morning with over 100000 in gold the banks must
hold at present $2S 600 oOO and exchange thus far
shows no signs of returning animation During the
ensuing fortnight the New York city banks can
afford to lose three millions of dollars by ex
port without drawing dollar from the interior. At
this season, remittances OF silver and gold may be ex
pectee from the South aso for the West, unless the
price Of breadsus revves, likely that the purchases
OF Western merchants in the seaboard towns will keep
the exchanges in favor Of the CITY, Altogether the state
ment is highly conservative one, and must prove emf
nenty satisfactory to the mercantile interest
The money market continues extremely easy is al
most impossible to place large of money without
granting concession from the established rates. We
hear of some 5 per cent loans being paid off, though this
seems rather an exceptional Foreign exchange has
not opened yet for Wednesdays steamer from the look Of
the market seems possible that the leading drawers
may reduce their fraction tomorrow The course
of the exchange market justihes the remarks
which we have made than once in
this column, to the effect that the unusually
heavy shipments Of gold which have been made this
year from this port to Europe have qudaed of
debt to the foreign world than usual at this season.
The reaction so confidently anticipated by dealers at
the Stock Exchange has not yet come to pass though
Fridays and Saturdays markets certainly seemed TO
foreshadow less buoyant period There are reasons
why there should be reaction The late advance Was
very sudden, and generally arge and the rule that
when stocks have advanced 10 per cent, decline of
two or three must usually be hoped for Again the be-
lief that there is going to be reaction SO generar
that commission brokers, operating for the rise the
long rum persuadng their customers postpone
their orders for day or two thus deprving the
of its chief support But, while these causes are ope
rating against prices, the great which underes
the present upheaval in Stocks and without which Wall
street could have witnessed the advance which
has already taken place-to wit, the substantial
recovery in general business and railway traffic
is continuing slowly but increasingly to operate on the
market The great public, not only in this city bat
throughout the country at large witnessing the rev
val which is in progress and though doubt many are
awaiting themselves of this opportunity TO throw over
load of which they weary though many of street
buyers have sold out their interest and realized their pro-
fits, there yet remain buyers enough, seems among the
outside public to maintain prices in the face of the ex
ceent reasons for decline above mentioned 1t is easy
to understand how this works When New York Central
reached 80 many who had bought stock all the
way from 20, thought the time had to realize and
sold out The price declined to 49, This instantly ava
kened circle of operators who came into the street
with money, and, in anticipation of "the reaction
which everybody foresaw," ordered their brokers to
buy, limiting them to 7S None OF these orders were
executed. When the stock fell 1884, buyers appeared
in the Market and in spite of very vigorous efforts both
by foes and friends of the property price advanced
from that point To-day of the parties who wanted
to buy at 49, receiving glowing of the September
traffic on the road, lost patience, and bought at 1917
1919 So with Galena. When Galena rose to a. parties
who had bought ten per cent below that figure concluded
to realize their profits the price declined under their
2per cent and the street oraces advised their Gus
to wa for the reaction" This morning the earn.
ngs of the first week Of September hand show
ing increase in week of $1S o0o which provoked
number of buyers into the Market the price ad
vanced to 1914. Operators must remember that stocks
may be said to be recovering from decline which
has lasted at least couple of years, and which every
clear headed observer must admit in many
cases excessive It is reasonable to expect that
the recovery will be proportonate that stocks which,
under the empire of the BEARS unduly depressed
will now, under the rule Of the bulls be excessively in
aed that roads which during the stagnaton of last year
did little business, will show surprising increase
when business revives and that the operators who
bought stocks six eight months ago. because they had
fallen or per cent lost money freely, so now opera
tors who sell because stocks have rsen may meet the
same fate.
State stocks we're rather better though the business
moderate At the first board the most active stocks
Central, which advanced to 7s1 and Galena which
to 75X These stocks in good demand throughout
the day. and closed at 791 and 751s bid respectively.
There was less brskness in other Western stocks but
prices were steady. Hudson River stronger. The
market throughout the day exhibited considerable
strength, though the Stock Exchange, as body, APP
pear to be in favor OF decline in prices In the after
noon the market was shade better, and stocks closed
steady at the following quoations-Mssour skies, s4s
q; Canton IS IL Cumberland Coal IA 4; Pacific
Mail, SIX 49, New York Central, 79a< q; Erie, AZ
81 Hudson River 365S 81 Har lem, 1Oi4 u; do pre-
ferred, 81 III Reading, ASK 46; Michigan Central,
461k x; Michigan Southern, Ga x; do guaranteed,
23l "a; Panama. 1l7& 1ls14; Illinois Central 671s a
6s Gaena and Chicago, 751s Y; Cleveland and Toledo,
25I &c; Chicago and Rock Island, 69s< 70.
The following the business Of the ubTreasury to.
day
FOR customs. 1000 w
Total pay mehts Ioitoo ~
Balance 4oSl ,094 ID
The exchanges at the Bank Clearing House this morning
were 1913, sos &c. and the balances 1881 1853 So
The following the earnings Of the Gaena Railroad
during the first week of September
1858. 1852
Freight .........................$30 $780, 63 $i1 900
Passengers ...................... 1850 5000
Mail. NEUTRALITY-SUSPICIOUS.. 1,250 900
Total. .$44 1893 $57 ,00l
Last year Observation-Disclosures. A,29
Increase this year .$l2,707
The semimonthly steamer Star Of the West, with the
California mail matter and treasure OF August co. arrived
here this morning The remittances by this steamer
heavy, amounting in all to s2o46,OoS. Financial matters
had undergone little change. Messrs VIM. I. Coleman
Co S circular says
There has been fair demand for money for the en-.
suing steamer but unusual strngency has been OBJ
servabc On the other hand at the Of writing
the market is perhaps easier than the of our last
reference On good collateral the rates ~ per
har In nj mr. nd thu