The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-05-21

date Of 1855 Ihe advice3 from Europe continue
favorable; the decline caused by the money spssm
in London has entirely subsidized, and notwihstand-
ing the large stock In Liverpool they do not seem
TO have any more cotton than the spinners will
need. 1t Is evident that If peace be maintained,
crop Of 5000 900 bales will be consumed next year
without causing the price to decline. There were
large purchases Of breadstus last week for export
and we look for pretty lively movement in wheat
between this and September. The latest arrivals
from England report better weather, and conse-
quently quieter tone in the breadstuffs market;
but the state Of things IN Ireland shows clearly that
some food will he needed from this side. Happily,
the baance OF last years crop is coming forward
finely, and the indications are fair for a very large
crop next fall The large immigration is giving
new life to the West while cotton Is making the
South richer than ever.
The banks will probably show an increase Of
specie tomorrow, as they received 81 242,ssl from
California May IL, which arrived tso late to al.
feet their last average. Against this there is no
thing but moderate loss to the Sub Treasury, the
shipment per Teutonia on Tuesday -$l6sy O0o-and
whatever proportion Of yesterdays shipment was
not counted in the average Of that day. Their last
specie average was $22, $50 1874, which was de-
crease ofnearly 100 900 from the week previous;
at the corresponding date last year they held
SIG 900 COS. The Sub Treasury movement wa'
light last week. The balance yesterday stood at
s6,s64,l4s, against $6,5394l4 at the close Of the
previous week. and IS 1856 1894 at the corresponding
date last year.
The last loans average was tl26 ,ls4 532, which
was decrease of over Q million and quarter
from the previous week. The indications afforded
by the movement of money and the light offerings
at the discount brokers favor the expectation that
the banks will show an increased expansion to.
morrow. moderate increase Of loans would,
after the recent contraction, be viewed without ap-
prehension though in the present condition Of the
money market, 1t is hardly needed by the business
community. If the banks intend to carry q dis
count line of over sl25, 900 O0O through the sum-
mer it viii be safe to look for even lower rates for
money than those which obtain at present At this
time last year the banks had discount line equal
to sl2s, 7O1 ,553.
We are unable to quote any change in the value
of money We quote call loans on good securities
S per cent; short first class double name paper,
s.; "A months paper, highest grade, 81 . 6A;
single names, very choice, 9 7; names less
known, asa 8; second class, 8 a l0s IL, &c.
careful movement of the mercantile community,
and the absence Of new enterprises, keep money
down to rates which were hardly ever known be.
fore the crisis, when every one was borrower, and
we were building railroads and steamers in every
direction. The only new demand for money which
has sprung up lately ia from the State Of Virginia,
whose advertisement Of the new loan we published
few days since. Even this viii probably be 70
managed - not TO affect the market. Should Con-
gress decide to fund the Treasury notes by the
issue of new five or ak per cent stock-as con-
templated In the new Tariff bill-this might create
some activity in the money market; but II u OK
tremey doubtful whether anything Of the kind wiz
be done. The Senate wiz Of course reject the pro.
fectionist tariff which has been concocted by the
republicans in the House, and Mr.. Sherman win
then probably fall back upon . measure
authorizing the Secretary of the Treasury to
keep his $2oooo0o0 Of treasury notes aaoat
In the course Of q year or two the commerce
of the country IL likely 10 receive such develope.
ment that the tariff Of 1857 VIM supply eli the revs-
nue. needed for tho service OF the government, II
economically conducted: and before Ahs s,ass -
the term OF the next President the chances that
the Treasury win be enabled TO pay Oh good
many of in outstanding notes. II ID unnecessary to
add that this would be better in every way than
issuing loan which the government would proba-
bly, be buying in, few years hence, at II 20 per
cent premium. We suggest, however, that all fu.
ture treasury notes bear Fixed rate of interest,
and that they be disposed Of judiciously BY some
one who Is familiar with the fluctuations In money
in our market, and the regular laws on which they
depend.
Foreign exchange was inactive al last week.
The leading bankers continue to ask 1895 a Z for
sixty day sterling bills and 512} 13i for francs;
but remtters not very willing to give so much.
There were a good many fair commercial bills sold
at l09l a 4, and SIS. The moderate importstions
are affecting the exchange market, and operating
against the export Of bullion. At this time last
year leading bankers bills such as are dull Of sale
now at Io9l-were stiff at lilo, and We were ship.
ping over two millions q week of gold. II h now
TO be desired that the export Of gold may In
crease. II Ia TO our interest that our
customers IN England and France shall do
q prosperous business. and be enabled to buy
largely Of our cotton, and proviions and tobacco,
and 80 forth; they cannot do 10 IL supply of bull
lion on which they have relied, and which they alb
solutely need to eounterbalancc the export drain
Of silver to China, be suddenly cut on We can
well spare all the specie we shall receive from
California for some months to come.
The course Of the stock market during the past
month has been A. foIIows:-
Apr n. lp1 %. Nays kayia Maybe.
Me- YorS Central 90 sss sse al. ~