The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-12-04
FINANCIAL, AID COMMERCIAL,
MoEDAY, Dec. SIS P. N.


Dcar,ess ~ Oil 16A4ss -
u was hardly expected that the banks woaid
show decrease Of specie, As remittance IRON
California arrived the day their previous average
wa made up. IL must be presumed that the pre-
vions loss rad been heavier than was supposed.
Some gold. also, went last week TO strengthen the
banks OF New England and Of this State. We are in
ofined TO think that our banks will have Ia aban.
don the idea OF carrying New England through the
present crisis. Ire banks OF Massachusetts and OF
the other New England States are iaeXcusabiy
,oor Ia specie at me present time. The cheek I'M
para t. nsanuf. turing industry by the polinca
s.itse.rs of the day must tend to weaken their POI
ition am impair the value o. their assets; and
Che whole, however the alternative may be de-
plored we cannot but think tina. our banks will
consult their own safety best by abandoning the at
tempt to carry the New England institutions On
their backs. Our money market has been greatly
straitened during tie past week by the large de-
Rsuds for money from New England. IL /, time
thai these demands ceased. If New York is 10
weather the storm in safety sue can oaly do 80 ny
looking out for herself letting the rest Of the eoun
Sry lake care OF themselves. II we attempt 10
Sustain the whole North shall all 30
down together. The increase il bank loans
and deposits IL unprecedented. II proves two
things- first, that the banks faithfully carry
ing ont the promise they gave the merchants ten
days ago; and, secondly, that the merehants are
returning the compliment by leaving tn money
h bank On deposit. It will no noticed that the in
crease OF deposits Is nearly as great IA the in
crease in loans, though the renittances OF coin TO
tha interior tell against the deposit column. This
statement is on the whole, calcuatedto strengthen
confidence, and, combined with the news of the
Union efforts at Washington, to impsrt more
cheerful feeling TO mercantile circles.
There is no change in the money market, and
very little doing. Money caa be readily borrowed
on call en- the pledge Of good stock security, at
seven per cent, but paper continues a. hard o. sale
~ ever shrewd capitalists, who are not afraid of
abe future are picking up the choicest gilt-edgen
At l, II aud per cent month Our market
would be much essier were il not FOR .he influx "
borrowers from the interior and from New Eng
land who are rayenous for bans at any rate Of in.
terest The interior banks have not yet got ont Of
she trouble into which they thrust the usalyes be-
lore election, by overlooking themselves with pro-
duce paper; hey arc very pressing borrowers in
Wall street. The South is not remitdny money or
meeting its paper, 8 rule, aud this diminshes
the resources OF lenders The enforced contrsc
ton Of the New Orleans banks j. causing many
failures in that city.
There Is fair demand cday for mercantile bills
Of exchange Al 1913 per cent; tie leadiog drawers
AK 1906, bat dad few purchasers. Francs Ozark.
ersD range from 5.J7i to 6.45. The market has
hardly opened yet for the Wednesdays steamer.
We hear by telegraph that al New Orleans ,lir
business IL doing in sterling with bills Of fading at
tachod, ut lo2 lo2i improvement. Oar peo-
Die must he buying In that market; sight exchange
Gal1 nd fl. tad 20.
day ct IL per cent discount. This rate leaves
lair profit on shipments Of gc'd fron here, and
speeie viii flow accordingly. Al Savannah ana
Charleston business continue, stsglant. Ths
Suspension u the Georgia aud souih Carolina banks
viii assist The merchants; but IL win increase The
difficulty Of importing food irom the Norlh and
West, and will thus sSgrsysts the position OF the
planters.
The amount Of business done On he Stock *.
change to day vss snsll, but, on the whole. the
tone Of the market was better. Az we in,'ma'ee
IN this MORNINGS paper, the mpossibi;y Of
using money safely IN merchandise il tempting
merchants To look to Tie stock market as lie oaly
mari where, st present, money can be made ~
earn interest. Not few msrcan lie men who
have balances al bank would use them in the put
aliases Of exchange, were Il no. for tie dread o.
may carry down the strongest houses and cause
an enormous depreciation In all kinds OF orodrce
Uader the circumstances, dividend payiag stocks
appear about IS safe al investment ~ there s.
bot thus far lie outside purchases are barely more
ihzn sui 1isns 10 maintain prices. We uote today
an advance Of IN Pacia, Man, of in Nsw York
Central, and In Panama; ihs Western shares
we're generally lower, exoep; ninois Central
which was IN better demand. H1dron River vas
steady. State stocks were wanted at rather
better prices. Tho least CLEAN Of lgh.
N the horizon would start speculation
m stocks which would be even more iope-
nous and more startling than the decline. A: the
olcse to-day here was fair inquiry FOR dividend
paying stocks; the speculative shares rather
seglected. we subjoiu the closing quotations OF
Me day.-United States So Of 1874, 81; virginia
e. ~ 50, Nisecuri e's, T0i !; Tcnaessecs, 70 .
a. Caaton, I4t a 4, Cumberland Coal pref. red, "A
10; Pacific Mail, sl4 a 81; New York Central, Isl
1. Erie, Isl 20; Hudson River, - q 1; Harlem
l4s a I; do. preferred, % 3 I; Reading, g.. J;
Michigan Central, 5o4 /; Michigan Southern and
Northern Indiana. lat 4: do. guaranteed, SlA Z;
Panama, ia !; Dliao.s Centre, $50 . I; Galcla
and Chicago CO a @; Cleveland and Toledo, 2el
al Chicago and Rock Island. 53l l; Chicago.
Burlington srd Qpincy 7OSss.
Tie chef eGcrsy IN tAe pscsoat pJ'ilcal en-
sarrassmsat arises from the extraordinary haste
sslihited ey sCaih Carolina In her desire q sepa.
rate nom the Union. Ter dhaaon Convention
meets On tho 18th inst n f9r right- eni senator
hammond say OF ue $50 the state viii b, o.; 81
che Union. Other South Carolin, authority, equal
iy entitled to respect specifies the 10th the day
on which the merchants ~ Charleston wiz begin
~ refuse 20 pay duiies 20 ne general government
rhis precipitation Involves an nltics which We
should tiink must strike lie mind ., even Tic mos
sr1snt scccsaonist II iepdycs .he other sou,sern
State VI the power 81 &c operating with South
Carolina, even n they we're - inclined. L closes
he door % argument reasoning aud ca, aladOn 81
all kinds. Il does not leave lie No,ii chance ~
MAILING = Liz mann. IL ~ Nnnth Carllna m hrAnr