The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-08-07
4l6,l34
81 013 $40
o7l,5s7

expand to accommodate their customers, both in
the city and in the country. Money is needed both
for the import trade in this city and to move the
crops in the country. If the banks had been pru.
IDENTIFY managed, they would have met the emer.
gency with reduced discount line, and strong
specie reserve. They were imprudently managed,
and now we find them with over $3.50, 900 900 of
loans in the first week of August losing specie and
deposits, Increasing their circulation and increas.
ing their loans. 1t is plain our bank managers
have learned nothing since 1857.
There is no change of consequence in the money
market. Money on call is abundant enough at
81 per cent, and prime short paper goes very
readily at the same rate. For four six months
paper a 81 is the rate where there are two first
class names, and 81 q for single names, or two
names less generally known. The recent failures
in the hide business have made some parties sns-
picious of hide paper; but there is so little of this
class Of paper afoat and the strong houses in the
Swamp are so strong that the uneasiness has had
as yet no practical effects. The Sub Treasury did
small business today; the receipts were sl2l $50,
the payments l29,s1O; the balance this evening,
81, 55l 1852.
Foreign exchange is reported rather irmer to-
Ito for sterling, and 5.13, for francs. There will
not probably be heavy business done for the
Canada from Boston on Wednesday.
This has been the most exciting of the many ex
citing days we have had of late on the Stock Ey
change. The outside orders, judging from the ope-
rations of the well known commission houses, must
have been very general and very large this morn
ing, the Western stocks being, as usual, the
favortes. We shall give some idea of
the extent Of the movement when we
say that at the morning board Michigan
Central advanced per cent; guaranteed, q;
Toledo, .; Rock Island, 8; Gaena, 2; Illinois Gen.
trail, q; Burlington, 1; New York Central, 2;
Erie, l. Between the boards there was slight
pause, which was mainly due TO the enormous bu-
sincss in the way of transfers which deyolved on
the operators. In the afternoon the market was all
alive again, and stocks closed firm at about the
highest quotations of the day. II is probable that
the Geographic advices of further advance in
the British grain markets had a good deal
to do with the movement in stocks this
morning. Our grain dealers are accused
of having been large and successful ope-
rators on the, Stock Exchange this season,
and it is possible that they realized the effect Of
parties. OF the stocks which advanced, there Is
very little that is new to bc said. We have ad.
vices from the West of the commencement OF the
grain movement and il is probable that il will tel
upon the earnings Of all the trunk lines this week. 1t
viii make no little difference in the receipts of the
roads leading into Chicago. Tie Michigan shares
arc moving apparently without the aid ofany clique;
the common stock OF the Southern has not moved
n proportion to the preferred. The Toledo stock
is assisted by rumors Of settlement of the
floating debt. 1t is currently reported that the
sagacious and wealthy operator who has raised
Hudson River from 20 10 81, and is about TO sec his
labors re Eardod by the commencement Of divi-
dends on that stock has been induced to take q
leading interest in Toledo: the mere mor attracts
buyers. Gaona, notv thstandng the decline in
receipts, las friends enough TO keep il firm at the
advance: Illinois Central is put up by similar
means. Rock Island appears 70 be LEFT good
deal to the public, but advances rapidly on the
strength Of the increase and future prospect OF
traffic. The stocks OF the trunk lines were in re-
quest today the Central rose D per cent. The
only stocks which moved adversely TO tho market
were Pacific Mail and Panama, which declined
4 per cent. The street Is full Of rumors
about Mr.. Marshall O. Roberts and his line. II has
been boldly stated, by persons who should have
known better, that the TAuantepec route was TO
be opened at once, and that steamers we're no,
only being bought, but were being built, for the
services today the story Is that Nicaragua is TO be
opened. We regard all these tales "a mere stock
jobbing inventions. The only purpose they serve
is to prove how utterly unsafe property Pacific
Nal i TO hold. The demand for state stocks
and bonds continues brisk, and prices adj
vance. The Lake Erie and Wabash bonds are ia
request at higher prices. The following were the
last quotations to day:-yirginia 6's, 81 ;; Mis-.
souri, C's, 81 I; Canton, lei a 20; Cumberland Coal
preferred, il a Is; Pacific Mail, ~ as New York
Central, sc a ,; Erie. 2il 2j; Hudson River, 50
4: Harlem lC, !: Harlem preferred, 20 }; Road.
ing. AL j Michigan Central, C5i CO; Michigan
Souihtun and Northern Indiana. Is a 4: Michigan
Southern and Northern Indiana guaranteed, Al
Z; Panama, 1928 j Illinois Central, 7ei 2: Ca
lena and Chicago, az IS; Cleveland and Toledo,
As q 4; Chicago and Rock Island. 50 b
We have received several reports Of railway ,raf-
&c for Jolly, and present them. as usual in tabular
form