The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-08-23


Increaae..... sls2loo se5.67e i,7is,2es
Decrease. 10l 1897 -
This statement is about what was expected
We presume that in view Of the increase of specie
it wOud have required superhuman strength of pur-
pose in the banks to have reduced the loans. The
public will be grateful that the increase is no
greater. The banks will receive this week nearly
two millions from California, and no less than
s775 900 from New Orleans so that the next spe-
Gle average is likely to show large increase I'm
less sudden Improvement should take place in ex-
change the South is likely to supply nearly much
specie as will be required for shipment for some
weeks to come. Whether under these circumstances
there is sagacity enough among the great banks to
keep the loan column down, remains to be seen.
There are many who, remembering the experience
of 1857, and perhaps too skeptical of the common
sense of our bank managers, expect new expan-
sion, to be followed, as a matter of course, by a
sharp, severe and perlous contraction in October.
1t is said that in conversation several leading bank
presidents have avowed their belief that the banks
will have 1925 900 900 of loans on lst October.
If this be so, it will be safe to expect the banks
TO hold less that sl0000,000 in specie on LIST No
| vember.
Bank managers must remember that in the
| months of October and November large numbeC
| Of perfectly sound mercantile houses in this city
| will require accommodation from the banks aud
| that if they cannot get it, at one price or other
| many of them win break. And bank managers must
also remember that these same mercantile houses
and their friends have the power to break the banks
rs they proved in 1857. If, therefore, by foolish
end comparatively Improbable expansion in August
aad September, when money is barely worth seven
per cent, they ncapacitate themselves from per
forming their proper duty of aiding solvent mer-
chants in October and November, they will know
What they must expect.
Money is very easy to-day. We hear of call loans
below 6 per cent, and the bulk of the business in
paper is at T. Names which week ago were
hardly current at s, now go readily at Z. Ex-
change continues fat. The correspondents Of the
Rothschilas hold at I10l for 60 days sterling bills,
and 5.l42 for francs; but these rates are consid-
erably above the market. We hear of no specie
going to Europe by the Boston steamer of We'd
uesday.
The excitement in the stock market continues,
and prices are again higher, with fair business
doing. The brokers still complain, however, Of o
want of orders from outside. Michigan guaranteed
is being freely taken, it is said, by party of CAPT
talists at Boston; various conjectures are aiioat
with regard to the cause Of the movement.
We can trace none of these to any reliable
source those who are familiar with the
history of the stock seem to be expecting some de-
velopement which may justify the recent advance
The stock opened to-day at 26, and was fully sup
Piled at that price by prominent holder; it after
wards rose to 269, reacted in the afternoon, and
closed at 244 bid. II is understood that jobber
who has for some months been operating largely
and successfully for the fall in this stock was toda
unable to fulfil his contracts 1t is to be hoped that
the bears, who have taken SO much M pey ont of
the pockets of their opponents, will not, on the
first turn of fortunes wheel against them, end the
game by defaultng their contracts. Rock Island
was better to-day The stock sold freely at 64a
and closed at 64S bid The companys agents here
have been teegraphed that the business of the road
already requires new freight train to be put on.
Galena was also higher and is freely bought by its
friends Toledo advanced to 49, closing at that bid.
New York Central rose to 49, and closed at q bid.
The Convention at Niagara agreed to raise freights
on the third and fourth classes ten cents per
hundred, or 81 per ton; the arrangement will
not, however, be carried into effect until
some Western connecting lines have met
| and ratified it. meeting has been called for
eHNi8Nay iOAt ~ OlcFclduQ. Inc preSlUeHuS Vi
the three trunk lines represented at Niagara
parted on excellent terms with each oher it is the
belief of those who should know that there is no
Danger of any renewal of competition this year at
all events. Pacific Mail was more active to day at
moderate advance. The company's relations
with the Commodore are in etdt,. que. We have
reason to believe that there no truth in the story
about the reopening Of the Nicaragua route
Quhe number Of individuals say they are going
TO open it; but people had better not be in any
hurry to buy through tickets via that route 1t is
extremely doubtful whether the Nicaragua route
Will ever again be permanently opened for bus
ness until United States troops are quartered in
Nicaragua, or until that country is Americanized.
there is no movement in State stocks; railway
ponds are more active. In the afternoon tire mar
het was queter, and stocks closed nanimate at the
following quotations Missouri SIS, S21 al; Can
ton, is a 4; Cumberland Coal, 1871; New York Cen
trail, 70 !; Erie, 81 a G; Hudson River, 322 4;
Harlem, 81 10; Reading, Al a 2; Michigan Cen
ual, 43! A; Michigan Southern, z! 8; do. guar.