The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-10-31

The export movenenof specie, which win tell against
tomcrrow's bank average, Qncludng the shipment Of
saturday, I'D and exclusive Of tho shipment Of yestcr
day indicates oss Of 90 ,OO0 against which the
banks received, ON 26th Of u S7l 65l per Baltic,
from California The domestic exchanges are all In favor
Of tho city, and small parcels Of specie continue 70 como
in by express though this is less available than
has been At this Of the year il usual to look
for movement Of specie southwark in order 10 move the
cotton CROP thus far the exchanges have not justified any
such movement Nor there any prospect the present
time Of gold flowing WESTWARD Chicago sight exchange
on New York has actually advanced during the week.
The last bank average Of specie 500 eO7 Oe7 mode
rate reduction is expected tomorrow Tho Sub Treasury
balance does not vary much. stood yesterday at
1906 against $3.50 at the close Of last week.
The receipts from duties light, but the Treasurer
manages TO dispose Of sufficient amount of Treasury
notes to meet the drafts which reach him
from Washington 1t Is generally understood that
tho banks will show increase OF loans
Their last statement prudent and conservative that
people seem TO think it would be expecting much
their virtue 10 look for equally sound to
Certain is that, If the banks have increased their loans
during the week, they have done by lending money
low rates Of nterest-n other words, by forcing the
market We are rapidly approaching period Of the
year when the banks to dividends will be forced
thrust loans the public They did year since, and
the consequence has been an importation of nearly
500 900 of foreign dry goods in ten months and the
loss to the dry goods importers Of nearly all the profits Of
two good they repeat the experiment the
suit will again be the year ago the banks went
about seeking borrwers at four and five per cent per
annum on paper which they should have dis
counted at ALL If they have increased their loans during
the past week they have lent their money five
and efx tha~yv barn
great deal OF paper which should have been left the
discount houses. Adherence to this policy is violation
Of the first law Of finance which declares that the profits
Of banking establishments shall be in proportion to the
profits of general trade Our city bankers in defiance Of
this law have determined that their profits shall BIO tho
same In dull In flush tmes-that their dividends shall
DO tho same whether money be worth five nine
per cent per annum They have succeeded this year.
the grevous injury Of the dry goods If they repeat
the manoeuvre, we shall have mischief done during
the season Of 1850.
The money market settling down the rates current
last midsummer. Money more percepdby in
Of investments than ii is at present Demand
loans range from to per cent; but money is left with
established brokers in Wall street low AZ per cen,
per Very choice prime acceptances under sixty
days, go at SIX per cent; under four months, with
two good names at 8; long paper, first class, two
names, ut Z single names, strictly first class, al
short date, per cent. names less known, en-
dorsed six months paper, 10 lower grades OF paper
Ga IL l5 according to standing &c. Throughout the
mercantile world money is very abundant. The general
reluctance to engage in speculative enterprises Of any kind
places unusual amount of capital at the disposal Of
money brokers' not only here, but in London Paris and
other financial centres.
Foreign exchange opened at the commencement OF
the week with some animation, and the leading foreign
bankers advanced their ratios y per cent At the
advance fair business done for the Cunard steamer
Of Wednesday. Since then, the demand has subsidized ;
and though the chief drawers have not relaxed their
rates. business has been greatly curtaled. We quote
sterling bills at 11o4 u for 90 days. and lloH Y for
sight francs $40 for sight and 512k l3X for 80 days.
At these rates. small profit is left shipments Of specie
10 cover bills drawn here.
The following has been the course OF the Stock Ex-