The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-11-02
FINANCIAL AND COMMERCIAL.

SUNDAY, Nov. /, 1868.
Wal street has been in very unsettled apd ex-
eited state during the past week. ana the indications
are against any Immediate change Tor the better.
Yesterday afternoon the stringency In the money
market was sharper than at any time previously,
several prominent brokers not having made up their
bank accounts at four O'Clock, At which hour an
eighth per cent commission, in addition to the legal
rate OF interest was offered for loans on government
securities This monetary pressure was all the more
disturbing because Of the expected comparative
ease which is usually felt on Saturday, owing to tho
anxiety OF lenders employ all their available funds
FOR the sake Of the two days interest involved in
loans made over sunday, and 1t was regarded as q
very bad sign OF the times The Broadway Bank was
reported 10 have called in about three millions Of its
loans in order to meet the drafts OF the City Chamber
lain III payment OF interest on the bonded debt OF the
city and IL payment OF the principal and interest OF
other bonds, the whole amount OF payments to be
made hy the city on and after tomorrow being
$3lI5,zsO, OF which the following are the deails:-
CitI stock for docks and slips, S50,00O Volunteer
Soldiers Family Aid Fund Redemption bonds
$500 oo0 bonds for the repayment OF taxes $45a Oo
revenue bonds OF the city and county, $l05,3 in
terest on the same, s2524o, while the City Chamber
Jain pays 81 80 in interest the regular bonds
Of the city, exclusive of revenue bonds The money
markets IN all the leading cities East and West at
present inst as stringent as our own, and hence
efforts being made to draw back the
funds sent to this centre when the srlngency
was ls' felt here, ana the drain Southwark to move
Che cotton crop has yet TO be met while provision
mas also to be made for The pork crop. The state
nent OF tue associated banks OF this city for tho week
Is decidedly unfavorable 10 return Of monetary
ease, aud Is considerably for borrowers than
was generally expected. The legal tenders show
decrease Of $780, 1885, the deposits OF S. 800 and
the loans of 264 while In the specie there is
Increase OF $1,066 943 and in the circulation in
Grease OF s59,272 The liabilities OF the banks in
deposits and circulation aggregate 62ol, 1851, the
legal reserve Of twenty-five per cent upon which
would be S54,050,439, or $2,459,491 in excess
or the amount Of legal tenders actually held. The
epecle ought not to be counted In with the legal ten
uers, but there is reason to believe that 1t frequently
ts and hence 1t 10 uncertain how far 1t be relied
upon a. a separate resource. Moreover, it is a no.
tori0us fact that the banks include in their returns
Ill the specie deposit or in their ownership how
ever much OF this may be loaned out to the mercan-
tile community and Wall street. The demand for
discounts Is fortunately light the supply OF CONNER
cai paper being small and hence the mercantile
community in this city outside of the Produce Ex-
Change felt little or no inconvenience from tho
scarcity Of currency. The best grade Of paper Is
nomInaig quoted at per cent. The totals of the
Ast two statements are as subjoiued:-