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

sry have been heavy, and the balance now stands at
against IS o 4o7 at the close of last week
mat part Of the loss by export thus accounted for In
order TO protect their bullion reserve the banks have
pursued cautious policy throughout the week restricting
their discounts 10 short paper and accommodating only
ner regular customers They should thus show
row material reduction in loans, which by last
statement $llS0Os,762. As trade becomes active We
must look for further reductions both specie and in
tho loans Of the New York city banks Specie now
much staple export of this country or provi
SONS and whenever the importers their purchases
OF goods from the other side, corresponding increase
In the export OF specie must be expected When the in
crease OF mportaons excessive as has been the case
TINS year. the export of specie will exceed tho product Of
the mines Even without any extraordinary overtradng
on the part oil the Importers must look for sch
export OF bullion viii enectually prevent the banks
from accommodating fifteen millions here or say forty
millions in the four leading cities This quite enough
gold for the banks 10 have provided they prudent
enough TO reduce their loans within reasonable figure
Without desiring TO endorse the banking law Of New Or
eans We are bound say that the of the banks
In that city may be probably studied by the institutions
OK this city Their loans quic double their specie;
yet trade obtains all the accommodation IL needs
Money has been in active demand throughout the
week, bu. the supply continues SO large that it
is with difficulty that the advanced quotations are
maintained. The only parties who have been
seriously Inconvenience by the stir in the
market have been the holders Of long paper This
cisy where the names we're not very generally known
has been quite hard Of SALE and twelve per been
paid in some instances by holders of very good paper
Short paper from sixty to ninety days, goes easily
seven per cent, with few exceptions at OK where the
names were strictly first class We have heard Of some
very good three TO four months paper going seven
per cent but the ratio for this class really nearer eight
than seven The brokers have been well supplied from
six to seven per cent call Parties who have seek
money, especially railroad stocks securities for
which there is not ready market pay per
But lenders who choice in the securities on which
they lend have rarely been able to obtain over eb
per cent. After this fall il is not likely, il it to be
hoped that money will rule for any length OF time below
seven PER cent IN this city.
Foreign exchange has fallen since last week. The
curtailment by the banks has checked the de
mand for bills, and the leading drawers have
reduced their rates to 40 110 for sterling GO day bills
and llca u for short sight, in francs 5l3 5.l6 for
60 day bills, and 510sS II 4 for sight AT these rates
after making allowance for freight and Insurance.
parson Of the price of bullion abroad here shows that
barely pays the drawers their bills by shipping
gold. Cotton bills already coming to hand pretty
freely in short while shall have large supply
as will be needed for purposes Of remittance.
The following has been the of the stock market