The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-04-30


and jobbers. The West and North are buy
ing freely and with judgment. The purchases OF
INK and dress goods have been ve'y light; hut cot
ton' woolen and linen goods are in active demand.
oone houses assert that they are so Ing - much
10 Inc West as they did in 1857; this 10 not true
WIN regard to the aggregate business Of the city,
out 'here Is no doubt that the West ia buying much
more than last year and buying mors judiciously
IMAM ever before. If the importatons continue to
decline, the dry goods importers will have chance
TO make up some of their spring losses.
The export OF specie has now fairly commenced
for the season, and we must look forward 70 1.
brisk movement Of gold to Europe, though il is
not likely that it viii prove as heavy as that OF last
summer. In April last year shipped Sc $50 1877;
in May $ll ,42l ,O32; in June $7,496 ssl, making
shipment Of $25 l6s $50 for the quarter. 1t i. not
likely that the export during the corresponding
quarter of the present year viii exceed two
thirds or threequarters Of the above Still, ii has
fairly commenced now, and we must look for the
usual consequences. The banks viii show
reduced specie reserve tomorrow, though
the average will be an improving one,
in consequence of the arrival of 1885, 1897
in the Northern Light on Friday. The last
average was $23,233,3l4; this time last year
the banks held So, $780, sos. The Sub Treasury ba
lance does not vary much it stood yesterday at
$75ds, 723, against $74l3975 at the close Of last
week. and $6,56s,Gsl at the corresponding date
last year.
No reliable opinion can be formed with regard
to the movement Of the bank loans during the past
week. It is hoped that, in view of the uneasiness
which prevails abroad with regard to money, and
especially in consequence of the revival Of specie
shipments, that the loans win show no in
crease but the scarcity of paper and the slack
demand for money are suspicious indications.
Last Monday the banks showed SIPS, 44s 1868 OF
loans, against $l2s ,706,7 05 at the corresponding
date last year.
Money is without change since last week. We
quote, as before, short first class paper, per cents
months, with two first class names, 81 6; sin
gle names, G a g.; second class paper, . 10 IL,
&C.; call loans per cent The furry in the Lon
don money market is purely local in character and
has found no response here. The extracts from
the London papers, which we published in yester.
days paper, and our files by the Vanderbilt, all go
to show that the trouble arises in great measure
from the contest between the private bankers and
the Bank Of EngAnd-just such a fight as took
our banks in October, 1857, which ended. as every
one remembers, in the defeat of the latter and
general bank suspension. The Bank of England,
seems, is likely to fare better. The sympathies Of
the mercantile community are said to be enlisted on
its side, and as they are the only parties that can
be injured by the present imbroglio, that fact
would seem to imply its victory. Meanwhile, the
contest has led to strange anomalies; money on
call being worth "a 3, while long paper cannot
be discounted under Z per cent. This state Of
things, 1t is needless to add, would not have oc-
CURED had the trade of England been moderate
and within the usual limits. 1t 50 happens, how
ever, that the British purchases of cotton and raw
materials this year have been unusually large, the
manufacturing activity unprecedented, and the
sales of goods on long credits greater than ever
before. This business activity has created de-
mand for money greater than can be supplied by
the ordinary banking facilities of the British me-
tropolis and the consequence Is the same conflicts
between the private bankers and the Bank of Eng
land as occurred here in 1857 between the foreign
bankers and our city banks, when trade in like
manner, was unduly expanded.
Foreign exchange rose considerably last week.
Bankers bills on London sold for the Saturdays
stcoiucIs ~ iV07 iOr SiALy Jay piils, ana ilOf
for short sight; francs were quoted at $40 Cess
q quarter) for short sight, and 5l23 Qess quar-
ter) for sixty days. Some business done at these
rates for the Arago, and the market will open not
lower than this for the steamer of Wednesday from
Boston. At these rates bankers can afford to draw
against specie, allowing the usual portion for
insurance and freight; and it may therefore be
taken for granted that the usual summer drain has
commenced. 1t is not likely, from present indca-
tons, that it will prove excessive; though there
mains but little cotton to go forward, there are a
vast quantity Of bills held at New Orleans and
fair amount of exchange will be supplied by the
exports of produce, tobacco, provisions, &c. The
latest news is favorable to an active spring export
Of cereals.
In the domestic exchanges there is no change to
note Money continues to move towards the in
terror for the commencement of the spring bust
ness, but the movement thus far is moderate.
The course Of the stock market during the past