The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-02-21


The increase of specie was not expected; the
increase in loans was anticipated, and in view Of
the prospects Of the banks this week will probably
be excused. But the expansion should 60 no fur
Their. At the present season of the year, and with
the present prospects Of trade 900 of bank
loans are too much. Notwithstanding the specie
gain which the banks will derive from the redemp-
ton of the overdue Post Office certificates the pre-
sent discount line is quite high enough and cannot
be increased without risk Inevitable trouble will
grow out of the over importations of dry goods
last fall and this spring; and that trouble
will be greatly increased if the banks, in order
to protect themselves, are compelled to
contract faster than merchants can make ready for
the change Of policy. Every additional million
that is loaned out now will involve an increased
pressure this fall, at the very time that merchants
are most in need of bank facilities. We presume
that the bullion reserve will now rapidly run up to
twenty-five millions.
Money is, if anything, rather easier to-day, espe
cially on call loans which in excess of the de-
mand at six per cent. Some paper has also been
done below six and half. The Sub Treasurer has
not yet begun to disburse anything under the Post
Office Deficiency act, but he has advices of draft
Of 50 500 900 in favor of the Post Office Depart
ment, which will probably be. here tomorrow.
Drafts from that department in favor of its creditors
are now daily expected
The foreign exchange market opens with more
steadiness The principal bankers are asking 100 q
l09s for sixty days sterling bills, and l092 a for
short sight; francs are offered at 5l5 5l7A for 60
days, and 5l23 l32 for short sight The prospect
is fair for permanent advance in bills-such we
have right to expect at this season. but thus far
the demand continues moderate, and the supply OF
| cotton bills larger than usual at this season.
The stock market opened with great firmness
this morning; but the demand for stock was not
equal to the supply at the highest prices of the day.
and the market gave way for time; it subsequent
ly recovered its tone, and closed with frmness.
Pacific Mail continues to attract especial attention.
and the merits of the settlement are eagerly
discussed on the street. The stock opened at "a
cash, was freely offered at that price, declined to
90 at the close of the morning session, and closed
in the afternoon at that price, against 9la bid on
Saturday evening. New York Central opened at
u, declined to III, rallied and closed at 72l,
against 7la at the close on Saturday The advices
from Albany to-day are favorable to the passage of
the Tolls bill, even in its present shape, but un
favorable to the chances Of pro rata. 1t is init
Udteu tudt OONeTuUI gun - u Atuc dSuauleQ OF
having allowed himself to be made such Q tool by
the country politicians, and that he would, if he
could consistently, retreat from the absurd posi-
ton taken in his last message in favor of taxing
traffic. It Is doubtful whether any retrograde
step would retrieve the character he threw
away by conserving, against his judgment,
to become the mouthpiece Of the petty rural
politicians. The Western stocks were generally q
shade higher, but inactive. The business of the
Board was moderate; the orlers for State stocks
and good bonds were, as usual on Monday, few in
number. In the afternoon The market was fairly
active, and stocks closed quite firm at the following
quotations:-virginia6 s, 90 /; Missouri 6's, 500
a 4; Canton Company, 162 all; Cumberland Coal,
Is Z; Pacific Mail, SO 80; New York Central,
72l al; Erie o. al; Hudson River, 4oa . 4; Harlem,
81 /; do. preferred, 334 a I; Reading, 400 a &;
Michigan Central, 372 SO; Michigan Southern and
Northern Indiana, 81 J; dc. guaranteed, la l5;
Panama, 1881 q 1874; Illinois Central, 56l 1; Gale
ma and Chicago, IS a /; Cleveland and Toledo, 1si
Z; Chicago and Rock Island, 625 So; Illinois
Central rs, ssl az
The business Of the Sub Treasury was as follows
to-day
Total receipts ACKNOWLEDGEMENTS. $24S, 632 90
Iosa pay menB ACKNOWLEDGEMENTS. 21 ,O70 AZ