The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-05-14
NEW YORK HERALD, MONDAY, MAY IA, 1860.

reliable opinion. The amount of land planted ID
very large, and II no accident occurs, sanguine
authorities look for crop Of 5000 600 bales; but
complaints of frost and drought are heard already.
The advices per Asia Of . scarcity of cereal food
in Ireland, and Of an advance in most Of the Euro
pesn markets, impaired some vitality to our grain
and hour markets; prices rose, and some heavy
purchases were made for export The advance,
however, tempted holders who have been holding
for long time to realize their stock d. I prices
declined almost immediately. The West is pushing
forward its surplus stock wit despatch, and there
10 no likelihood, thus far OF .ly want of food in
our markets. The o nifty Of wheat and corn
which is coming o.s. ard from Chicago is almost
unprecedented. II the new crop turns out Is well
as it promises at present, it will restore the West
to prosperity, aud the indications are fair that
even with large crop the wants Of the foreign
world will prevent prices declining below paying
rates. The weather in England has thus far not
been very propitious.
The advance in sugars, which we noticed week
ago, has been followed by reaction, and prices
are lower again. Southern advices, however,
speak Of short crops Teas have improved, ON the
rumor that the rebels menacng the district from
which Shanghae derives Its supplies Coffee is dull
and fiat There has been good business In pork
with pretty large sales, at a small advance; beef is
steady. Brandy and other spirits are quiet Spices
are dull Tobacco is dull and depressed, with the
exception of fine grades. Wool is more active but
there is sti difficulty in bringing about fair agree
ment between buyers and Sellers the former insist
on concessions. There have been heavy arrivals
OF Scotch iron, and the price is lower In conse-
quence.
The banks tomorrow win probably ahow de-
crease of specie, though in consequence of the
arrival of 81 242,39l yesterday from California,
they viii hold considerably more than the average
they show. Their last average was $23 ysl5, TAG,
which was an increase of over half million over
the previous statement. From this must be de-
Quoted at least part, and probably the whole, Of
the heavy shipment Of May s, together with any
portion of the shipment Of May IL which was
taken out Of bank before yesterday morning. On
the other hand, the Sub Treasusy has been losing
money to the banks, and considerable amount
has been received from Philadelphia and points
further South. The Sub Treasury balance stood
last evening at So $50 4ll against s7O4943 at the
close Of last week, and Sc o20420 at this date last
year. The bank specie is approaching the point
at which it stood year ago at the corresponding
date to the present, the average was $25, 1885,
The loans are expected to show an increase to-
morrow. A week ago they stood at sl27,479,52O,
which was an increase of 1898 s53 on the week pre-
vious; year ago they stood at l2s,6sO, 40s
Several of the banks complain that they cannot
get near as much desirable paper as they want.
They are, accordingly, using their means in Wall
street, and in the purchase of paper which is not
strictly choice Were the rule of the Bank ofEngland
to be adopted here and the rediscounting Of paper
at bank by the large discount brokers and note
shavers TO be abolished the bank line Of loans
would decline several millions, and money would
at once advance one or two per cent 1t il the
facility which most discount houses enjoy of fall
ing back upon their banks for loans in case of
need which emboldens them TO discount as freely
as they do.
Money closed yesterday easier than it was at
the close of the previous week. On Monday last,
the news Of the recovery in the cotton market at
Liverpool, and the healthy condition of our com.
merce, dspelled the alarm created by the heavy
shipment Of May 5, and capitalists who had with
drawn their funds from market made haste to
seek fresh employment for them. We therefore
quote, as . fortnight ago, call loans on stock or
ceptions at a a where the lender seeks the Dor
rover, and at 81 q where the colaterals are not
favorites. We quote commercial paper, 81 for
60 days double name first class; 81 81 for { q 6
months double name, strictly prime; 6A for the
highest grade Of single names; as 10 a IL for
lower grades and names less generally known. As
stated in last Mondays HERALD, the New
York money market may be subject TO
momentary fits and starts, occasioned by
transient panics, which may cause the price
of money to advance for o time but until
there are more borrowers in the market than
at present. there can hardly be any permanent aud
material rise in rates.
Foreign exchange closed easier yesterday than
It did the week previous. We quote bankers ster-
ling bills 1904 for sixty days, and llol a for
short sight; francs 513l for sixty day bills, and
5ll for short sight These were the highest rates
yesterday, and RENTERS were generally unwilling
TO give so much; there were few produce and
other good bills in market at much lower rates.
This dulness in exchange is the natural reaction
from the advance and activity Of the week ending
Mays. The price Of exchange for the Vanderbilt and
City Of Baltimore was higher than was justified by
the movement OF our foreign trade; IL was an un.
natural advance, based partly on the advance in
gold bars which was caused by competition among
the bullion brokers, and partly by desire on the
part Of cotton shippers to strengthen the hands Of
holders on the other side. These causes have now
in measure ceased to operate; there is less active
competition for bars; and the holders of cotton at
Liverpool have shown that they are quite able to
hold II without help from this side. Hence, the
inquiry for bills at the advance has fallen
OF II would however, be erroneous TO look
for any material decline in exchange at the present
time, or for an actual cessation Of specie shipments
10 Europe. II il neither probable nor desirable