The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-06-06
8,05l,870

since January $zo, ool 6Io
The specie shipment only about onehaf that Of last
week. nor IL likely that the average will for the present
rise much higher than that Of the week which has just
ended The bank statement Of 70 morrow which looked
for with good deal Of anxiety will feel the full effect
Of the shipments yesterday; will, however, be affected
by the remittance Tuesday Of $4,000 TO Boston,
against which the banks have received about million
from the country and about $3.50 900 from the Sub rea
sury. Az the average shown last Monday declining
one there many who look to the specie
Of the banks reduced 10 the neghborhood Of
Others again. make out thai they will not show less than
$23 GOO 0o0 Last Monday the banks showed $ 1922
How long the shipments may continue on their present
scale no can tell the leading drawers to Trunk
that they will be moderate this week. California steam
will arrive before the close Of the week. with the usual
remittance, and large amounts expected from the
South where they have specie than they need
than they retain With their present consumption Of
foreign merchandise The Sub Treasury holds "a 32 1885,
against os4 at the close Of last week. decline
the bank discounts confidently expected Thus far but
little inconvenience has been felt by the moderate oontrsc
ticn Of the banks; it is evident that the discount
line may be further reduced without causing any serious
embarrassment. From all that we can learn, the mer-
chants generally in unusually snug condition. their
liabilities smaller than might have been expected, in
view Of the heavy imports Of the spring II seems quite
possible that the bank might be allowed TO fall TO
the Of twenty Millions and the discounts 10
one hundred and twenty without creating anything like
the panic which such a cursament would have caused
previous To the crisis Of 1857.
Money is reported firm at the advanced rates lately
quoted There is difficulty in dscounting first
paper with two well known names, at per cent,
even when the paper has Eve six months 70 But
second class paper, names less generally known,
NJ hao
been paid in cases. where the names IA
mar to tine usual buyers Of paper Short very prime
acceptances pass At six per cent On call the
euppy continues abundant at five. At bank six Is
asked and ly obtained, but there is difficult
ty in borrowing at i've good securities 1t is
able expect that the drain of specie will for time
create come activity in our money Market and 1t would
not be surprising rates advanced one or two per
beyond their present point But there 80 little demand
for money in Wall street, and so few borrowers, that
advance per cent would not create any grea
disturbance Exchange closed yesterday quite dull and
heavy, though without change OF rates. The heavy ship
mens Of the previous ten appear for the time TO have
exhausted the demand for bils and, besides, not few
importers renting specie instead Of bills. We quote
90 day bills (bankers) sterling, Ito Vi francs, blo
sight bills, sterng, 1l0%; francs, OK.
very large number OF sight drafts being sold the
correspondents Of European houses who buy in the be
lief that their principals may require the money A any
price. 1t Ia evident that have not yet got the
furry caused by the outbreak Of the war.
The government 10 etill in the market as borrower
though very little has been done in Treasury notes during
the week Altogether, perhaps three Millions Of the
notes have been put in circulation but for more than half
of these the government received only the old overdue
notes. The banks glad TO take the notes. bearing
Ave per cent interest, at par 1t is probable that Mr.
Cobb may presently call in the 81 900 still due of the
OF 1863 The Sub Treasurer does NO. anticipate
any difficulty in working along through the with
the receipts from customs.
The Of the stock market during the past week