The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-10-01
NEW YORK HERALD MONDAY, OCTOBER ], 1860.

BE 1T for use. These :ae.s have led to increased
a-mness in CIR grain markets; dunng one Or ~
| days last week business was transacted a. con-
siderable advance On previous QUOTATIONS. ~
hardly likely, however, that any advance 10 wheat
| or foup win be permanent. Considering the great
crop In the West prices are already 100 high; ca 70
England. we have already sent good deal Of stuff
across the wa,er-nearly $4,000 900 worth more
than we sent during the corresponding period Q I
ls59-and Russia and Austria are likewise in
creasirg their shipments to British ports.
The alarms which were prevalent few weeks
since with regard to the mischief done TO III . grow
ing cotton crop by the drought in the s. ,uth have
al length been allayed, and Southern CORRESPOND
ents are beginning once more to ind Age in san.
gaine estimates Of the crop of 1860, 1t will pro
baby turn cut tina. the tales Of injury by the
drought were greatly exaggerated and that the
| crop, though perhaps not gro ater than that OF
/ 1850 VIII prove very large ae. Oar markets
like those OF England are boo ysnt; in Manchester
tie demand improves weekly. Nothing can pre-
vent very active demand indeed for cotton in
Europe, and, in all proos .bility, an advance in
| prices during the next tw Give months, eycep,
general war growing oct Of the perIing comphca-
| tons in Italy. Another war would, of course, af-
| feet the market as thu war of 1855 did And per
SONS Of large experience confess nat they do not
see hcv the Papa al ficulty can Se pesceably set
ted. But the reasons for avoiding war, especially
those which concern France, ere 50 potent, and
the season is Eog SO far advanced, that most PEG
PIE inclined 20 believe that Il viii be avoided.
The moven.ant Of specie during the past week
sss been IN favor Of the bank average On Eun-
day sum c. 81 ,675 arrived from California,
and since ten nearly half q million has come in
from the Scath and Philadelphia TIE export, in
GLIDING that of Saturday, 22d, and exclusive o.:
that of yesterday, has only been about s730,0e0
The SUE Treasury has lost money; the balance at
the close Of last week stood at ,&s5s0i, against
s5l05,c96 at the corresponding date last year. The
, last bank average Of specie was sls,a ,6Ol-an
increase Of s27 s5i ON the week previous a. the
same date last year the banks he'd tl9 $50 l26 in
; coin. 1t seems probable, from tie complexion OF
the foreign exchange market, that the drain Of spe
Gle las been checked for the season. and that the
specie reserve in our banks will shortly be-
, gin TO increase; but in the course OF few
weeks, il must be remembered, the South
. WI begin to draw gold from New York
to move the cotton crop. The last
leans average Of our city banks slc5 SOC GA
decrease Of 81, 200, s04 from the week previous
and decrease Of nearly S. 900 900 from the ex.
, pansion OF August Is. At the corresponding date
last year the banks had loaned tlls 00s ,7j2. Ne
curtamen. OF the past month has been effected
without disturbing the commerce Of the country,
or creating any serious embarrassment among bor-
rowers. Moneyis quite az abundant now at the
higher rate Of interest as it was few weeks ago
: at lower rate. Some trouble has occurred in the
dry goods trade; but this has arisen mainly of tie
losses Of last fall and 1851 This year thus far trade
" has generally been healthy, and profits have boeE
such that with ordinary business tact and prudence
merchants have run no risk Of serious losses. We
: have reason 10 believe that the umors which have
been current within the past few days with regard
10 leading houses are not consistent with the facts.
Tie money market has not varied since our last
weekly review. On call, money is worth per
cent; but the old houses in the street have money
left with them at lower rates, and, on government
OF State stocks, II is always easy to borrow al ga
per cent. The best short paper goes at @ per
cent: months notes, with two first class
names, Il single names, strictly first class, n;
names less generally known, saloal2. The BE-
ginning Of October, when large quantity Of mer
camille paper natures, usually witnesses an in.
creased activity in the money market. This year
the ordinary course Of events will be colnerac,ed
to some extent by the relaxation in the British
money market. consequent on the improved crop
prospects and also by the early movement Of the
Western grain crop, which has taken the place Of
money to a large extent in our settlements With
European creditors
Foreign exchange was very dull all last week.
Tie leading bankers ask 1921 for 90 days AMI llOl
for sightbills London 5lsl for 90 day bills and
STA for sight bills on Paris. But the market
is pretty well supplied with exchange at lower
rates Than these. Excellent BILLS are offered al
1904 a for sterling and sis for francs The move
ment in produce has this season supplied our i'm
porters with nearly $40 900 600 more Of mercantile
exchange than was offered last year; the fact has
not been without its influence on the course Of tic
exchange market. Gold has fallen in price; but
even AZ tie decline il Is not easy to make a profit
by shipping specie against bills drawn at the mar.
kei rates.
The following table will show the movemen, OF
tie stock market during the past week and
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