The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-12-19


Nothing has occurred in financial matters to-day 70
vary the sereotyped duness that has prevailed for the
past week The banks condne their transactions 70 re-
cevmg deposits paying checks buying whatever little
struggling exchange makes its appearance and distributing
among their customers good piece Of business paper
for discount would be regarded with almost wonder In
the meantime currency Is accommodating and with pre-
sent prospects the surplus II not likely To find en-
pIoyment Otfr city bankers are carrying an immense
amount OF IT, and are OF losing the interest on
H. while the uterers Of it expect receive ON the LIST
o. January or as soon their bonds mp to old figures
their interest at eight per cent on their invest
ment while the people are paying ten cent premium
Tor exchange. Let our banking law be SO amended
that few sharpers cannot make very handsome IN
come on what they owe the public Exchange to-day has
been quiet at former quotations Buying OK selling,
10 per cent premium. Customers only are supplied
Outsiders have 10 per cent above current rates
TO customers. The general money market easy. Pro-
badly II was never more in the history Of the city
First class paper could be placed 10 per cent outside
the banks and 10 is per cent is about the range for
any that would pass at all There scarcely any first
class paper Offering.
By the steamship Etna at this port have received
London papers to the 4th inst When they printed
the intelligence from this country the goth of No
vember, after the appointment Of committee on
the part of the banks for the purchase Of k50o Of
sterling exchange Upon this subject the London Times
remarks
The question arises, Glow will the proposed purchase
Of $500 600 AFFECT this country Some impression prevail
ed that was the intention Of the banks to remit the
bills forthwith to Barngs with orders 10 have them dis
counted, and for the amount TO be sent back In gold
Other letters however, affirm positively that they do not
contemplate any summary proceedings Of this kind but
will simply send the bills for collection at maturity and
meanwhile from time TO time the exchange rises sell
their own drafts against them. the latter course be
pursued the result will be that gold movement will
take place, because the bank drafts would be sold
persons having 10 make payments to this country If,
however, the rate Of interest which had just ranged
between one and two per cent per month should be
maintained at high point, the banks possibly will be
disposed TO order amounts in gold TO be sent TO
them forthwith In any the affair is not likely
have very important influence market while the
erect OF the arrival in New York Of 1900 600 f300 900
from this side coupled with the steady receipts from
California may be estimated not only by the experience
Of 1857 but by the fact that the drain from the North
to the SOUTH which has caused all the present confusion
is believed not TO have greatly exceeded half million
sterling With regard 10 the political question: there had
been no material change but the probability N that be
fore the close of the year the people in both sections OF
the country will be looking for Of excite
ment and eager 10 get rid OF the present difficulty by
any dexterous compromise that may be offered
The banks Of South Carolina make the annexed report
for November