The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-08-30
We Cannot too strongly
FINANCIAL AND COMMERCIAL,
WEDNESDAY, August 29-

WEDNESDAY, August 29-6 r. NJ.
The steamship Persia sailed to-day with $iij, $50
in specie on freight-rather more than was expect
ed, some shippers having determined at the last
moment to divide their shipments between the
Persia and the Saturdays steamers. Exchange
closed steady; the rates at some Of the leading
drawers are above the market, in consequence Of
an unwillingness to draw at present.
Money continues in pretty active demand; to-
day some more produce paper made its appear
ance in the street, and went OF at slight adj.
vance. The banks, money brokers and lenders
are doing all in their power to create alarm, in
order 10 raise the price Of money; and, as usual,
for a time their efforts partially successful.
II is not likely, however, that any material ad-
vance in our money market can hold. The wants
OF the West may for time deprive the banks Of
the means of lending a. much as usual at low
rates in the street; but there is plenty Of
capital here outside Of bank, which q seven per
cent money market will bring ont, aud which
Will more than supply all the Legitimate wants Of
the commercial community. Besides, the advances
which are made 10 the West will very soon come
back with interest The West needs goods even
more than the East and Europe need food; very
little of the money now flowing Westward will re.
main thirty days out of the city While therefore,
the present increased activity in the money mar
ket may be viewed as a satisfactory symptom ind
eating q contraction on the part Of our banks, II
should not be regarded as premonitory Of danger
In the future or as ft subject for present uneas.
/ ness
| Stocks were dull this morning, and. under very
| vigorous hammering by the bears, some con.
cessions were made from yesterdays prices
| The bear party is now fully organized. and con.
sists of some of the Oldest and most experienced
members OF the Board. Their argument is that
the effect OF the crops has been discounted in the
market thu, the pubic are not buying stocks, and
that the price OF railway property will rule very
low this fall mainly In consequence of the strength
! and wealth Of the bear jobbers, who are
arrayed against the market. Their opponents, on
the other hand, seem to think that the iobbers
have lost the control they once exercised over the
market, and that the effect Of the crops, so far
from having been discounted has hardly been felt;
that the roads arc going TO prove by the practical
test Of dividends the real worth of their stocks,
and that in the present scarcity Of desirable in
yestmcnts, those stocks are likely TO be eagerly
sought after by the public. To-day, as we said,
I the bears had the advantage, and, comparing the
/ prices current yesterday afternoon with those of
! this afternoon, we note a decline Of in Central,
/ ! in Erie ! in Hudson River, in Harlem pre-.
/ ferred, in Reading, in Michigan Central, in
/ Southern old, in guaranteed in Panama, in
/ Illinois Central l J in Galens, l in Toledo, IL in
Rock Island. The following were the last quota.
tons Of the dsy;-yrgnia 6's, 30 J; Missouri 6's,
slal; Pacific Mail, TsI !; NewYork Central, s4l
q /; Erie, ISL a I; Hudson River, 81 1; Harlem,
isal do. preferred, 45i 4; Reading, 45i /;
Michigan Central, IA I; Michigan Southern and
Northern Indiana, 2li I; do. guaranteed, IS I;
Panama, 12ii l26; Illinois Central, s6A I; Ca
lena and Chicago, 7sI 70; Cleveland and Toledo,
ga l; Chicago and Rock Island 81 l.
The sales at the Mining Board to-day were;-
rs sb. Minnesota. s. 200 shs Gardner. beo TX
| 200 Columbsu.... q. 100 Isle Roysie. loia
| 200 silver Hill. see. q 300 do......... lo1,
The exchanges Mt the Bank Clearing House this
morning we're fle.lll,l7s e5, and the balances
l 81 0lT 200 a.