The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-03-19

trade OF the port Ior the week and since Jan. L.
| InPoRra
II, he Week. 1853 1860. 1850
General merchandise. l.s56'ia 2,oeOsos saio'ss
Total for the week 81 ses,s.. 2,7ss 200 ssse,ssl
Previously reported 1e, 969,431 as 7O5 ASH 235
sirce Jan. s2l ,a6s 2si 4s65s, 405 $685., s22
EXPORTS, EXCLUSIVES on SPECIE
| 1868 1859. 1860.
Previously reported sSSss sssss1s 1851 i So
Since Jan. l..... sl. .sl lsl iOasOa1s iS,scs,0so
Ss s, ss %s' asps,sd s :ss5s ss
Since Jan. 1...... ss,sS5,sle 1874 1856 san ,Ssl
The specie movement has been in favor Of the
banks, the export having been quite moderate,
while on Sunday, the 18th, remittance Of
$ll9s,7ll arrived from California, and further
sum Of $l52,000 by the Vanderbilt steamer. The
Sub-Treasury has lost money during the week, the
balance yesterday evening being O99 409 against
sS207 900 at the close of last week. The last bank
average of specie was s2l s6l $50; It is probable
that tomorrow the average viii be at least
SO 100000. At the present rate of exchange
specie cannot flow to Europe the shipments which
are now being made are on account Of foreign
houses.
1t is difficult to divine what may have been the
average policy of the banks in regard to loans
during the past week. Some institutions have
called in their loans; others have been seen seek
ing paper and temporary investments at low rates
of interest in Wall street. The probability is that
the statement of tomorrow will show an increase
Of discounts. Very few bank managers are far
sighted enough to allow their action to be govern
ed by general principles or broad theories of
finance. Each bank president tries to earn as
much IS he can for his bank, regardless
of the future interests Of commerce. Each
bank vies with its neighbor in Offering fa
cilities to traders or stock operators; and
thus, among them all, the volume of bank dis
counts is swelled to preposterous figure. The
last bank average Of discounts was 1927 1901, IT'S;
the highest ever reached, which was in 1859, when
the banks held over twenty-six millions Of specie
was rather over 1929 ,000 II seems quite likely
that, this year. the figure $50, 900 will be ex
ceeded. 1t is hardly necessary to observe that If
this expectation be realized money will remain at
low figure until past midsummer, and the impor-
tatoa of foreign goods, stimulated by the bank ex
pansion, will be in excess of anything heretofore
known, and will entail results as disastrous to the
importers as to the banks which furnish them the
means to import.
Money has grown cheaper since last week. We
hear of lines of six months paper going at 81 per
cent, and of short paper at s. Both Of these are
exceptional cases. The regular rates for short first
class endorsed paper are 81 q 6, and for 4 o
months approved prime paper, with two names,
a6a. Call loans rule at per cent, with excep-
tons at A., where the lender seeks the Dor
rover, and is fastidious as to security. Several
banks have been free lenders on well known
stocks at per cent. This time last year, was Q
high rate for money; most of the lenders were
quite satisfied with 4. If the United States govern
ment were to offer the projected new loan at pre-
sent, it would command premium.
Foreign exchange has been dull throughout the
week. The asking rates at the leading bankers are
losi 100 for GO day sterling bills, and 5.le4 5.l7A
for francs. But very little business has been done
at these figures. Most of the sales of sterling have
been at 10s2 I, and francs at 5.173 q $40. At
1881 first class Southern bills with city endorse
ment were freely supplied on Friday and Saturday
and the leading drawer Paris was ready seller
| at 5l64. Some surprise has been occasioned by
| the dulness of exchange and the low rates
| which have ruled this season. It must be borne
lions more exchange this year than last and that
other staple exports have been equally in excess OF
former years. These additional supplies of bills
combined with the slowness of sale Of many
branches of dry goods, are quite sufficient to &C
count for the low price Of foreign exchanges.
| The domestic exchanges rule in favor of the city
The West is waiting Nj the opening Of navigation
to send forward produce, and bills on New York
are throughout the West at premium of a
per cent for gold and . q per cent for the de-
based currency which circulates in the leading
cities of the West. In the South the ex
change on New York has risen 4
since last week, and all shipment of specie to the
South is at an end. The Southern people have
bought so many goods here that, Notwithstanding
their enormous cotton crop, the exchange is nov
in our favor, and very small additional rise would
render it profitable to ship specie from New Or
leans TO New York.
The course of the stock market during the past
| month has been as follows