The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-10-17

The specie movements of the week have been against
the bank average. The shipmen. by the Cunarder
Wednesday was smal-only 1921, 75s-and yesterdays
Shipment usual, will not tell against the average But
to the shipment Of Wednesday must be added that Of
Saturday, the Sh-$727 9S1-so that altogether there
million TO be deducted from the last average. The Sub
Treasury balance does not vary much The Star OF the
West arrived to-day with 81 $40, which should have
arrived early last week. and small parcels ofcon continue
to arrive, especially from the South. 1t is likely that the
average shown to will be the smallest of the
SON. from this date the banks should begin accumulate
bullion. il is supposed, from the growing Of the
money market, that the banks have been increasing
their discounts again The scarcity Of short paper said
to have compelled those banks which think of nothing
but dividends to discount spring paper and the public
told 70 expect an increase In the loans column
quencc Sound policy would dictate tho pursuance of
steady caution by the banks at this season. but tho last
years experience teaches look for anything but wis
dom caution from the banks For the sake Of making
their usual dividends they have half ruined the dry goods
Importers 1t is not unnatural TO believe that the same
motive win induce them TO adhere policy which
will lead TO further mischief Events will ultimately CON-
pei the reduction Of the bank loans the neghborhood of
one hundred millions but before the bank managers sub
NIT to this necessity be expected the public will
suffer.
The ease in the money market which first noticed
at the close OF last week has since then become
cded. Money is scarcely dearer than it sixty
days ago. Well known brokers have money left with
them on call at five per cent and find officially in
lending out on stocks at six. Six is the rate generally
asked by the bankers, and in exceptional cases
seven is obtained but good collateral money can
be had in any quantity below SIX At the discount houses
money s working easily, and the complaints that
desirable Is Short first class acccptancos
go easily 6 Mt the legal rate OF interest good paper
at "A months is readily taken and fair names, with
months TO run, are done at as Names less known
are current at TO- according to character, &c.
Tho foreign exchange market has been inactive through
out the week, though the money led to another
better demand for yesterdays packets The leading
drawers asking 10 ll0h for 60 day bills, and
110ta s. for short sight, London; and 513 SIS
for GO day bills and IL for short sight Paris Very
little business has been done at the highest rates quoted
above The supply of cotton bills is increasing and the
foreign bankers drawing against them instead spe
Gle; at this the specie shipments usually fall
and exchange declines The unusually large importaons
Of dry goods may perhaps, mpart unusual strength
to the exchange market this season.
The domestic exchanges work TO offer no induce
ment for movements Of con At Boston and Philadelphia
the exchanges are about even with New York At Chica
go the movements Of produce have sight exchange
on New York TO decline to u per cent premium when
corn of which the crop promises to be largo begins to
come forward freely, further decline may be expected
At New Orleans, GO day bills New York are at Il.
per cent discount at which epece cannot flow south
ward with profit to the shipper. Exchange will na,u
rally fall however, the movement in cotton becomes
more active.
The following has been the Of the stock arkc.