The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-10-15
Facts and Hints TO Men Of business.
10 THE HnITOR QF TIE uKRALn


The actual amount OF specie in the banks Monday
morning under eighteen millions
The expected California remittance Of two millions will
probably be exceeded by the Of specie shipped
Europe this week.
The country has been drained of gold by tho city Of
New York. that little be expected from that of
supply.
The large shipments OF specie st week we're caused by
large cash receipts from the importers to pay time pur
oLass Of exchange made from tho foreign banking firms
in July and August These time purchases are male
forty to forty five days time. The importers funds
pay these time purchases Of exchange by receipts OF
cash from the late auction sales These receipts
the have enabled importers to their pay
ments without asking the usual of discounts from
the banks. and made them quite independent of the
money market
Banks and capitalists have In consequence since July
been compelled with three or four rewd auction
borrowers, instead of about TO two hundred
importers The result has been that all FIRST class Dor
have had decidedly the vantage ground in money
negotiations.
The price for money has been kept lower than would
otherwise have been by these causes and by the
readiness with which foreign bankers willing to
loan money call at low rates.
The shipments Of specie will continue The rate Of about
two millions a week till December
The amount of specie shipped last week was increased
in consequence of private letters per Persia advising it,
simply as prudential, cauonary proceeding, and is not
likely to affect unfavorably the New York market.
The newspaper cause assigned attributng 70 the in
creased rates for marine Insurance, wrong. The
large shippers do insure The large shippers did not
send one dollar more IN consequence OF extra marine
risk.
The foreign bankers are using every means in their
power to keep the money market in New York easy and
free from excitement They literally selling 60 days
exchange on tme and granting four months credits
business paper.
This process virtually giving America extension Of
60 days or four months on the payments falling due on
the importations made in the spring
The shortest credit which importers buy from
Europe is four months from date of shipment houses
in credit buy moths. Payment in gold or pro-
duce by America the , import begin before
December. Remanccs fall duo monthly in about the
amounts entered at our Custom House.
The average loss on dry goods sold at auction this fal
is rot less than 80 per cent Prices at private sale We're
a shade better chiefly caused by extended credit The
last Southern buyers left New York Monday Sept s.
The North Carolina trade and the home trade are the
only buyers doing anything.
The strong Western houses shipping nothing hut
domestcs and say they have orders 10 duplicate any
of the few foreign goods they bought in July and August
They seem determined to keep their stocks small until
their customers pay up They say there are no pay.
ments OF any amount being yet received for the goods
sold by them IN the spring.
The Western Northwestern States that arc in a bad
position are Indiana Ohio, Illinois, Wisconsin, Mlchi-
gan, Minnesota, Iowa. They are are paying nothing
sprpg purchases Missouri ia iolrshpg The Utah war
and Kansas and Pixies Peak and overland to California;
and the Of these things have brought numbers 10 St.
Louis and right through the panic and Often caused large
trade and cash receipts Property in St. Louis has risen inn
mensey in price, and many old merchants and business
houses have specuated in lots in St the vcn
The speculative spirit Is almost as great as that in
Private letters from the Northwest say that the amount
OF the growing crop much exaggerated The highest
estimate is to bring IL up to that of 1857.
Parties there advise greater caution than IN credit
ing buyers from the West their bankers deter
mined to realize all possible this fail from those already
indebted to them, and have refused