The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-09-26


Assuming that the heavy shipmcntof
tell against the bank average Of r ~ W.,
lnc should show moderate incr $50. i ~
changes in favor Of the cit" ~ W. sh,rsn, 49,,
Boston on "Wednesday nor susr, ,rov, ~. IN. Ia,
specie average was s2l6 Assso California steamer win
be due tomorrow or ,xtdsy with upwards Of two mil
Aonsc freight; so sAea Che banks win hold this week
nearly as much as they held last The Sub Treasury has
gained 'r 0ries Ahs week, in consequence OF the
tries Of the cargces 'f;he Persia and Kangaroo the bal
ancc stood YESTERDAY at $50 against S. oe7 277 at
the close Of Rst week. The the exchanges with
Tie West bas M the present set at rest the question
drain gf specie Westward. Though gold much needed
IN sowc Of the Western Cities though produce
ing forward freely tho purchases of goods by West
ern merchants keep New York funds premium, and
FOR the present the New York banks against loss
ofgcd in that direction. Much diversity OF opinion exists
as usual with regard to the Of the banks in
gard to loans Last Monday they showed an expansion
Of nearly million. To say that this expansion wholly
unwarraned merely to echo the sentiment Of the
tire mercantile community. The time has not
yet arrived for the banks to expand aid Of the import
crs AV first class house obtain money at the dis
count brokers at below tho legal rates of interest
Money is, on the whole, decidedly cheaper than II
thirty or even sixty days ago. The banks therefore,
not plead IN extenuaton Of their that they
bound to expand their loans to obiyc their customers
Should the loans Tomorrow show additional increase
the public will naturally take the alarm confidence will
again be disturbed and the bank managers will
be enabled realize that their folly has unsettled
| the legitimate of trade.
Within the past day brokers report rather in
creased demand for money arising from the withdrawal
from the market Of the funds Of parties whom the last
bank statement and the heavy gold shipments of yeser
da tHaa uuahl IN
any substantial advance in rates. Demand loans range
from TO per cent, according TO the nature of the
rty offered and the necessities Of the borrower First
class short paper 40 60 10 days. short acceptances
go at 50 per cent Seven is the standard for first
class, endorsed, long paper. We hear Of some very
prime eight months paper going at that figure, but
imagine that the proper rate for anything months
is per cent Second class paper goes at IL, &C
| cording TO quality, date, &C., &c.
Foreign exchange has been rather duh throughout the
week, though the scarcity Of good commercial bills
enabled the bankers TO advance their rates For Satur
days steamers the asking rates 1l0h q for
| GO day sterling bills, ITO Ills llOx for sight bills
51215 1aA for 90 day bills Paris and $40 s. IL
for sight drafts. The business done the highest Of
these rates has been moderate The leading bankers
are buying cotton bills freely, and in short time tho
supply will be hrge enough TO enable them cover their
bills without shipping specie. Some orders for Western
produce arrived by the Arabia; supply Of exchange
may be shortly expected from this The ship
men yesterday was due not to any particular demand
exchange but to the fact that the rates insurance are
raised after this date.
The Treasurer at this point continues TO dispose of
retail lots Of 6 per cent Treasury notes The financial
condition Of the government renders these securities
very desirable investment. But for the storm the re-
ceps for duties last week would have been heavier than
they were.