The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-05-07

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trade Is over for the season. II has, ON the whole,
been very profitable both to che importers and the
jobbers. The South is rich. has bought largely, |
and pays promptly, What with money paid for
dry goods and negroes and land, however, the
planters are not keeping much Of the proceeds Oh
their enormous cotton crop.
Much speculation exists In Wall street In reie
renee to the bank statement, which Will be made
public in Tuesdays HERALD The last specie
average shown by the banks was $23,279,S09. In
this average, the last remittance from California
81 ASS 1877 ounted but once. Last week the
California gold counted six times but on the other
hand there shipped to Europe, as above stated
q sum Of s2,356,lIs. The banks win therefore pro
badly show decrease tomorrow. They may, how
ever, show small increase by counting Saturdays
shipment as still in hand, in which case their real
condition viii be worse than their statement re-
veals. They have gained money during the week
from the Sub Treasury, in which institution
the balance yesterday stood at s7,04s,l43,
against 81 56S,72 at the close Of last week, and
45l 642 at the corresponding date last year. The
banks last year held more specie than they do; at
the corresponding date to the present their specie
average was $26, 0s6 ,632.
With regard to the bank loans, further expsn-
sion is generally anticipated, though some of the
large institutions profess to have been reducing
| their discount line. Money was certainly easy
enough last week to justify the opinion that the
banks were expanding; and after three weeks of
curtament and prudence, q movement in the oppo-
site direction appears to be natural. This time last
year the bank loans stood at $l29,5l9,9O5; last
week they we're 1927 Os5,6G7.
There was pause in the money market yester.
day, occasioned by the heavy specie shipments,
and some lenders withdrew their funds from mar
ket, in the hope of provoking an advance in rates
What success may attend the endeavor remains
to be SEEN Meanwhile, rates closed yesterday pre-
cisely at the point at which they stood week be.
FORE CAN loans are quoted at per cent? very choice
short paper, s. first class endorsed, 1 Q months
paper, 81 81; single names, strictly prime, Z;
second class paper, 10 IL, &C., &c. These
rates about per cent higher than those which
ruled at the corresponding date of 1852 1t is
| possible that the revival Of specie shipments
may, for time at least, impart. more activity TO
the money market, and aid the purposes of lend
ers. But in the end the scarcity Of borrowers and
the heavy accumulation of capital at all the nan-
cial centres, are sure to interpose barrier to q
1
money market before the crisis of 1857. Before
1857 our banks were considered safe if they held
twelve millions of bullion, and besides very &C.
tive commercial community, the street was full of
! swollen railroad companies, manufacturing COM
panies mining companies, and ell kinds of enter
prises, which were eager and Unsuitable borrowers
/ at to to per cent month Now the
banks begin to quake when their specie
falls below twenty millions, and the great
borrowers Of 1856 and 1867 have disappeared, TO-
gether with most of the securities on which they
used to borrow. Until commerce becomes Is &C.
-proportionately to the real growth Of the
country and the increase in our national wealth
as it was in 1861, and until . new army of Dor
rowing corporations and individuals spring up and
bring their wants into Wall street, the prospect is
that the money market will, a general rule, re-
main quite easy enough for the comfort Of the fair
trader.
Foreign exchange rose last week, and closed
yesterday steady at the advance. The actual
| closing rate for sterling was about 1891 1921
though some bankers who did not care
about selling asked 1904 sight bills
were held at llOi. Francs closed at 5.lli
for short sight, and 5l3l for sixty day
bills. At these rates, when gold ia shipped TO
1 CONeT eACuuuBep prOut remdluS 10 inc
| shipper, after paying freight and insurance. We
note accordingly sudden increase Of specie ship
ments It must not be supposed, as some mer-
chants seem to do, that this is an unhealthy symp.
tom. II Is, on the contrary, q perfectly satisfac.
tory and usual occurrence. BY this time last year
had shipped from this port to Europe SIC 900
Of gold; thus far including yesterdays shipments,
We have only sent away $9,l74, 662. It is just SO
much LEES that we have paid Of our foreign debt this
year. II is true that the shipments Of cotton have
been much heavier this year than last but they
are drawing to a close, and the season is approach
ing when our staple export is gold. II would be
very extraordinary and alarming If 1t did not go
abroad. With ordinary crcumspection on the part
Of the banks, no evil consequences need be appre-
bended from the revival Of specie shipments. We
may count this month receiving from o., 900
10 100000 from California, and probably
o. 500 900 from the South; and our average ship
ment Of specie in May, for the past four years. has
not exceeded IS 600 900. In May OF last year. It Is
true, we shipped ell AL o32; but this, a. every
one remembers, was purely exceptional case,
arising nom enormous importations and very
light expectations Of produce. The country can
well afford to spare s25 900 600 Of specie in the
next four five months, and II Is not likely that
the export win far exceed that amount
The course Of the stock market during the past
month has been as follows