The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-10-23

Incresse...... l,8aid0 1,732,2 36
This Is an extremely strong statement An in
crease Of over three millions and half in specie
and deposits, coupled with decrease of loans, is
showing as gratifying as ii is rare. II indicates
purpose on behalf of the banks to prepare them
selves for the great commercial activity and gene
raj prosperity which are imminent next spring, SO
that everything shall start squarely and on solid
basis. The curtailment in loans since the middle Of
August now amounts to nine millions Of dollars
There is no change in the money market The
loan is producing no effect whatever II being uni
versally understood that the bulk Of the payments
will be made In Treasury notes. Call loans range
from 81 per cent, six being the general rate in
the street; short first class acceptances go ats,
and long paper of the highest grade at T. The
Sub Treasury business to day was active; the re-
ceipts including sl35 900 from customs, amounted
to 1897 2Os the payments to SAIL OOO balance this
evening, "a, 2s0,s5l.
There was very little done in foreign exchange
to-day. Bankers bills are to be had at the unpre
cedentedy low figure of l0sa, the best street rate
being l0S5 4, and there being fair supply Of
mercantile bills at los q /. very small further
decline, unaccompanied by q fall in the price of
gold here, would probably lead TO sone expert
ments in importations of gold.
The stock market was better this morning, and
prices advanced all round. The amount of bust
ness done, however, was small and soon as the
first board had adjourned the bears re-established
their sway, and hammered prices down. At the
second board the market was panicky again.
marked decline took place. and stocks closed quite
heavy. The most active stocks Of the day were
Central, Illinois Central and Galena, for all Of
which an improved demand seemed to have sprung
up this morning and to have fallen Of this after
noon. Central did not vary much at first selling
in the mornng at s6a 4 afterwards It fell to s5a,
and closed that bid, against s6S at the close on
Saturday. At the morning board Galsna advanced
per cent; Rock Island, Il Illinois Central, Il To-
edo, 1; Michigan Central, !; guaranteed, 4. In
the afternoon these stocks were all lower again;
Toledo fell three per cent. Cleveland and Pitts
burg fell OF, per cent. Pacific Mail was shade
lower, with moderate sales. State stocks con-
tinue steady at last quotations, without much
activity. Southern State stocks not
affected by political movements. At the
close to-day the following were the quotations
United States 5s 1874, 103 l. Indiana State, oily;
Virginia 6's, 90l a a; Tennessee 6's, SCI 4; Mis-
souri, 6's, ga I; Canton IL 10; Cumberland Coal
preferred, l2i q 49, Pacific Mail, 90 a 1; New York
Central, S5} q; Erie, 81 1; Hudson RiT err, 60 Il
Harlem, ISL q 1; Harlem preferred, Az & 49, Rea-
ding, 454 a 4; Michigan Central, 64l a Z; Michigan
Southern and Northern Indiana, 10 l. dc. guaran-
teed, 44A a 4; Panama. 1891 l24; Illinois Central,
79i so; Galene and Chicago, "a o 4; Cleveland
and Toledo, 80 a 1; Chicago and Rock Island 69i
20; Chicago, Burlington and Quincy, 81 T. Illinois
Central bonds, 9ca
The politicians seem much distressed jest now
~ tl,a al IF
the Presidential canvass, and each party appeals
to the terrors of the mercantile class in order to
curry favor for its own candidate. Thus. in Lin
coin organ we find long TRADE az aiust trade With
the South in which the astonishing ground is taken
that our commercial relations with the slave States
are actually hurtfal to Is, and that New York
would be better of IL IT were not the great mart
for the sale Of Southern cotton and tobacco and
foreign dry goods and other wares. Such ignorant
fanaticsm scarcely merits reply. Whatever
might he the effect on the country at large there
is no question but any stopp ace of the supply Of
cotton would be disastrous 70 all our large cities;
for cotton alone constitutes nearly one half our
exports, and pays for nearly one-half our i'm.
ports. II is the profit made On the exchange
Of these products which constitutes the wealth
Of Rev York, Boston, Philadelphia and the
~
not only our large cities which would be affected
by any disturbance Of the trade between the North
and the South; the whole country II, in com.
mercial point OF view, one harmonious machine.
working together for q common purpose; II any
single wbse. In the machine be disturbed, the whole
will be thrown ou' o. gear aud stopped. Each
part Of tie country has IT. function 10 perform.
The South crews cotton. the West corn and pork,
the East produces wares; each il necessary TO all
the Others We could not pay for the foreiga goods
we need without Southern cotton; bat neither
could the south pay for the Yankee boots and
shoes, dry goods and spades Il needs. unless we
stood ready to buy that cotton. 1t l. hard 70 say
which section would suffer the most by any check
that might be given 70 the commercial intercourse
which has grown UP In the last half century
among u. And for politicians 70 assert, as
they are doing, that either section could In
any contingency be gamer by the losses Of the
other i TO display profound ignorance Of the com.
monest principles Of trade and political economy.
Wemay notice, at the same time, some silly stories
which indiug their way into the papers, about
the southern banks refusing 10 discount 10 conse.
quence Of the prospect Of Lincolns election. These
stories have q basis Of fact Most Of the Southern
banks Ike several Of banks here-are str aiming
every nerve TO facilitate the movement Of the cot
ton crop, and have not dollar TO spare for other
borrowers. - soon As the cotton crop Il moved,
these banks win be very happy TO lend money TO
any customer who can offer the usual security-no
matter who i President. Southern bankers have
their political preferences, no doubt but they will
not carry tAem 30 far as TO neglect earning dividends
In the meantime. IL any well established Southern
house wants accommodation. and cannot get II at
home "in consequence Of the prospect Of Lincoln's
election we beg to state that money ia uncom
monly abundant Ia Wall street Just now, and that
prime paper, with two good names-democrsts,
republicans or disunionists, II matters not-goes
mite r,a,ilr al seven per cent per annum.