The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-01-24
1888 SIT 4s2,62s

Increase. s2Sa,sl7 4s2,e7s ,,o.s, 0'Sis
The movement in money since last week led
most people to anticipate larger increase in the
Bank discount line The smallness of the in
crease is satisfactory symptom; nothing would
assist trace II It's present recovery SO mlc@
as general belief that our banks were going
to be cautiously ana rrudently administered. Nor
would the banks themselves be losers by that
general belief As the Superintendent Of the
Banking Department shows in his last report,
banking has ceased to be profitable business since
1857. If the banks want to see it profitable again,
they must pursue a cautious policy discount no
thing but short double name paper, and never lose
sight Of future in the chase after present profits In
III specie column the increase is about what was
expected, being the difference between the Sub
Treasury gain and the million placed to the credit
of the Assay Fund.- and thus liberated. Our banks
must strengthen themselves by every means in their
power, for specie must sooner or later flow south
wayd, and in March April it viii be safe to look
for heavy shipments to Europe.
Money continues very easy, and the bankers and
brokers are unable to use their funds at six per
cent on call. We hear, however, OF no loans below
that figure nor of any discounts even, Of the best
very scarce First class business paper, with two
good names, a months to run, goes at and s;
and at s . very wide range of paper is negotia
BILE. The ease of the money market uotwithstaud
ing an accumulation of over eight millions in the
Sub-Treasury indicates inactivity in business cir
cles and superintendent supply of capital at this
point.
The foreign exchange market did not open with
as much strength anticipated. All the lead
ing banking houses were willing to sell at 100, but
the demand at this rate was rather slack. Some
business was done at 1854 T. and the indications
are that the bulk of the sales tomorrow may be at
the latter figure. At 5l7a 1871 there was fair
| demand for frsrcs, without an excessive supply.
The market continues bare of Southern bills.
There is not much business on the Stock Ex-
! change, but quotations are well maintained. The
Western shares are becoming scarce in the street,
and parties who have sold them find it necessary to
hammer the market from time to time to prevent a
gradual advance; this method, 1t Is needless to oh.
serve only prove effective when, as at present,
there is not much buying on the part Of the pub
lie. New York Central continues to be injuriously
affected by the advices from Albany and operates
as q drag upon the market Letters from Albany
state that the Clinton League" have secured
majority in both Houses, and that both the tolls
bill and the pro rata bill are likely to become
laws. II seems very doubtful whether the latter
be constitutional. If the Legislature has a
right to fix the fares on railways, why not also
steamboat fares, and the price Of beef and bread !!
Considerations like these, however, do not weigh
much with the hungry politicians who constitute o
majority in the Legislature Of the State Of New
York. Nor can these persons be expected to feel
much concern at the prospect-now 80 imminent
of the transfer of the trade between the seaboard
and the West from New York to Canada and
Pennsylvania. One result would flow, Is matter
Of course. from the passage Of the pro rata bill:
the Erie Railroad Company, which has just been
reorganized aud is about starting afresh on ne
career, with fair prospec. of doing well for its
owners and creditors, will be utterly ruined. 1t
would, we presume, become necessary to
stop running the milk train, which, at pre-.
sent, remunerates the company Handsomely.
| without pressing njuriously on graziers
or consumers. Other short trains, which are now
run for the accommodation of the public, and on
which remuneratiye fares are charged would In
like manner, become Improbable, and would be
stopped If the company were bound to charge no
higher rates in proportion to the man who travels
ten lilies udu are pau W ulm VINO travels three hun
bred. These results are, however, disregarded by
the enlightened body which is now in session at
Albany. There was time when the Legislature
never thought it had done any work unless it had
passed an act or two TO worry the banks: it is
the railroads turn, and the prospect is, that as the
banks never really became sound and prosperous
TIL the Legislature le. them alone, our railway
system will decline IN public favor until IT, too, no.