The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-12-16
The London None, s;..k.,


The anticipated reduction Of one per cen. ~, made
10 The bank rate Of discount ii the weekly corrt to-day
smc perfectly IN accordancr with The lndicai furnish
cd p the last Gazette return, and although H. heay cha
raatT z o'r go,n fmrSatons, AMI ne ry4.t q some
Tinted State from 1siai panic, preclude Ne probability #
og cary a'''dcn' ~ ne si2qy p no'ey there = every
reason or confidence that the market win for tho next
lev months ." free on incoDys nient pressure violent
tuctuatiore
The Fneish funds opened this morning with 4 arm an
pcarance and manifested great steadncss tnrous hou
the Day, the only quo consos for money which
eft ~ Yesterday at o3 being s3s X. For the 10th
dividend The reduction OF the bank rate had no effect
except 70 confirm the general stability tho market,
TANK stock left OF at 232 ga Reduced and three
per cents, elzs 81; India stock, o22k 22+E India
nVe per cents lo3A = India bends s. A.. discount
ard eAchequer bills, ~. a Is. discount.
There WAS fun average demand for discount ut the
bank to-day after the alteration IN the charge made
known. IN the stock Exchange the supply for loans
government securities Is ample at per cent.
The discount establishments have reduced their allow
aAce On deposits from Az to per cont for money
CAL, and fr IN to- AZ with seven days notice. The
cntsock banks have also lowered their terms from AZ
u per cent, tie London and Westminster however
giving per cent Ga sums only Of $500 and upwards,
and on smaller amounts.
raasrired this evening that private dispatches
from New York have been received bringing news
then tina, already polished, although the date in both
purpors 10 be the evening Of the I7,h Of No
vomhcr The published despatch quotes lniros Central
been further fall 10 55s4 This makes total decline
q nearly 20 per cent in les than fortnight Il also
stated that tie quotaton Of exchange England had
ceeed TO loa 105 That remittance had been made
10fe, ahG that orders have been FOR specie b.
ta SHIFTED 70 New York from th.s side. The anomaly
90 The Atlantic steamer being reported have sailed
from New fotk on the 18th With $4,000 n specie FOR
r gland must be accounted FOR, presumed by the
4,pposition that the amount consists II Mexican dollars
There Is no ground however to suppose that il the
rate at New York for bankers bs snail found 10 ha
descended 10 l0ls any considerable amounts of gold
VII be sent hence The srddcn 81 tn iuctnaon5
already reported shows The uncertainty tha, would At
tena any such operators kad II i unqlesticnable that
with the constant arrivals from California would
anISt Immediately change the whole character Of
the market, II Il moi found that tho
panic had alrea y fu!ly subsidized IN this po.nt
g the panic Of 1881, attic h Al that prud the alarms
Unlike that Of tho present NJ, based upon valid
ard 70 - mo extent permanent car,cs Tie existing diff
hcufy results Neither from trading nor failure IA
from one section o. the country t. Tho ou consequent
upon Iirchcr~ions OF 4 run uIOa certain banks and
also temIs dstrus affecting he ordinary facilities
" the internal cSchDg TIE % r0dir ,nsiriy oli'
ID, and ne o,Ificn If nsriy political influences The
mari Is uSdNg Of SHIRT duration The Immense
e which has taken place In tn leading speculative
riios y easily accounted for by TACT that large
anornis are commonly held by Of borrowed
money and that when such loans suddenly called in
therc 10 alternative brt u force these securities % sale
~ any sacrifice
IL IL reported that the Sarnian government have re
solved t. ISSUE 81 600 0OO of Treasury bonds.
The Bdnic M1sra inc furnishes the returns ~ the cir
cpat'on Of tn private ani joint stock banks England
These returns, combined with the circulation ol the
scotch and irish banks fcr the period and the
age circ at Of tn Bank ~ Fngand for the four weeks
cndi the l-' Of Dctober-thc nearest date furnished
~ their rcturnswll give the following results Of the
eli EQUATION Of notes in the United Kingdom when
rod will h4 nrpxsi