The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-09-11

l5l.ss3 2s5 ,s7S

This statement must be reglDded as an exceed
mgly strong one. The curtaiment in the bank dis
counts since the 25th August Is nearly three mil
lions of dollars; yet there is so much money in the
country and so little real inquiry for it, that the
arst stir over, the money market Is no more strn-
GENT now than IL was a fortnight since, when the
loans were 90 900 900 heavier This is pretty efec-
nal answer 10 the theories Of those who looked for
new crisis this fall on the strength of the condition
Of the banks. II Is satisfactory TO know, at the
name time. that this large curtailment has been
effected without inconveniencing commerce or
denying to the West the assistance needed for the
movement of the crops. The money and note bro
kers report no undue increase of produce paper in
the street. from which it may be inferred that the
bankers are granting accommodation as freely as
1t is needed. The decline in the deposits and the
small increase Of specie betray the drain that has
set in westward. At Chicago, Milwaukee and Gin
einnat the want Of currency win probably continue
FOR some time to affect the condition Of our banks,
though of course the ultimate result Of this condi-
ton of things must be beneficial both to the coun-
ny and to the city. A California steamer will ar
rive this week with nearly million In gold,
and unless exchange should advance the next
specie statement may show further increase.
At the opening Of business this morning lead
ing drawer advanced his rate Of exchange on Eu-
rope; but the demand ceasing altogether at the adj
vance, he abandoned it, and subsequently other
houses were willing to draw at material conces
sion from the rate current per the Vanderbilt.
First class BANKERS bills on London are offered to-
day at 1895 and brokerage. On Paris, sight bills
are offered at Gill and brokerage. At these rates
II WIN be seen, on comparing the price Of gold here
with the price in Europe, that there is no prof.
in shipments Of specie to Europe. There is hardly
any profit on shipments against bills at 1898; any
thing below that involves o positive loss to the
shipper. As, therefore, even at the decline the
demand this morning is qutemoderate, it is fair to
presume that the shipments of specie this week
will not be very large. The amount of produce
bills in market is about as large as last week.
Money is quoted easier by most Of the brokers
and banking houses. Call loans were offered to-
day at 81 I, and late in the day loans were made
o. low as 6. The contraction Of the past fortnight
and the advance in the rate of interest have brought
money into the street, and the supply is becoming
larger than the demand. The want Of desirable
paper is a common subject of complaint among bro
kers Considering the general business prospect and
the enormous increase production, good CONNER
cial paper is siDgularly scarce, and choice names,
with 40 Goa 70 days to run, would 60 readily today
ut q 81 per cent Each day weakens the faith of
the public in the Oft repeated predictions of .
monetary crisis this fall.
The stock market was active this morning, and
the tone of the dealings buoyant. After the or
ders Of the day had been filed an effort was made,
with some success, to depress prices, and between
the boards the market was dull. In the afternoon
stocks rallied and closed steady. The New York
shares were to-day more popular than the Western
stocks. New York Central advanced in the
morning, closing $685. against SO on Saturday; Erie
advanced l, Hudson Z, Harlem !. Illinois Gen.
trail, Rock Island and Galena were about steady in
the morning, but . shade lower afterward.
foolish story was current in the street to the effect
that the Rock Island would pass the fall dividend.
We understand that the dividend check book
has been ordered the only question is whether tho
dividend shall be 8, or per cent. The last divi'
dend was one per cent less than the company had
earned and might have paid at the time; the re-
cent large increase In the earnings and the pros.
pect for the future, In consequence OF the opening
Of the Mississippi and Missouri road, ought to In.
duce the directors 10 be more liberal this time.
The shareholders seem TO consider themselves en-
titled to Eve per cent this fall. The Michigan
shares were steady at the nrst board, and In de-
uand afterward. We understand that rather more
than half the holders OF the second mortgage
bonds Of the Michigan Southern express their
willingness to accept the offer made by the com.
pany last week; the official notices viii shortly
be published. Reading was better today. Pacific
Mail was steady. The business In bonds to-day was
fair; prices vary bat little. The following were the
closing quotations OF the day:-virginia 6's 81 !;
Missouri SIS, 81 7; Canton, 10 20; Cumberland
Coal preferred. 49,: Pacific Mail, s2A 50; New
York Central, seq I; Eric, 29i ]; Hudson River,
ssl 90; Harlem, ISL d Harlem preferred, al
-; Beading. Az q !; Michigan Central, III ~:
Michigan Southern and Northern Indiana, 2sa . q;
do. guaranteed, Asa I; Panama. l26l . l2T; Iui-
nois Central. 81 |; Gaiena aud Chicago, 7sl . 4;
Cleveland and Toledo. AZ a l; Chicago and Rock
Island, MAJ.
The Secretary Of the Treasury, I, seems, has
taken the alarm from the movement in our money
market, and has abandoned the idea OF throwing
upon his successor the onus Of borrowing under
the act OF 1850. From the following notice Il viii
be seen that he wants 40 900 900, to be paid in by
the 22d November next, and that he offers in ex.
change for tho money per cent United States
bonds, with ten years 10 run. longer bond
would have commanded better price; and Ncvem.
Der n the worst month In the year next TO October
70 negotiate such a loan. The bids, by the way,
must be made In October; 50 that the government
"a, have TO contend with all the adverse circum-
stances v,sllch affect the money market IN the
Can Of the year We presume. however that
the bonds can be sold at small premium. The
following h the notice.
SEALED proposals wiz received a this Depart 1sn.
anal ii osc,ork. noon, Monday, the 22d day O
01ober pext for N millions Of dollars Of stock ~ ne
ur,s states 10 be issued under the act Of Congress
he "a Of June ast authorizing lean AMI psovau Ior
D. rcscmoton or hsasury noies at which tine ibs pro.
pcssh VIII be- opened and decided The stncs IN ~
reimbursabie 10 years from the LIST day Of Jlrsv
next and viii bear interest ave per oenlrm per ananm
payable semi annually, IN the iH days o. January AND
Iulp Of each year.