The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-07-16

Previously reported co 1871 l2Abeoes2 f7ooss $50
since JAM l. se4 ,e27, $50 lso,sso,ss2 l2s,4S7sso
Exrox,s OF PRoprcs AND MERCHANDISE
Fer ss:, ,ss s;'. reported IS .s.s1
Since Jan. .ss4, ~ ,ssi So sls 4slA a5l
ExroRrs OF SPECIE ana.
For the week $685.. 1851 $40 24ss,2 800 GOO
Previously reported la,oss,7se aeale4se 22+oa,sso
su,e JAM l. sia 7a7 o2s IS, so4,74s 2s,7oasso
The advices from all parts Of the country are ia
vorable for the growing crops. Rain has fallen
freely at the South and all apprehensons Of injury
| to the cotton crop have been aIayed. The first
bale arrived at port on Sd nst.-s indication OF an
early CROP Unless the first frost should occur at
an unusually early date in the South, the crop will
probably come UP to the planters estimate OF hve
million bales. In the West the harvest news is very
cheering. The wheat is being cut as far north as
the latitude of the Rock Island Railroad, and the
Weld is everywhere, north of forteth parallel pro-
nounced TO be fully equal to general expectation.
The dreaded enemy of the prairie farmer (rusD
does not seem to have been felt this year, and the
ravages of the fly in the regions where il rs found
| have created little remark, and may
| hence be presumed 10 have been less destructive
| than usual The news from Europe has
led TO liberal shipments of food from this side.
Advices by the last steamer state that the season
has been 30 wet and cherries both in England and
France that even the finest weather, from the date
Of writing 70 harvest time viii not render the crop
an average. II rhs be the case, it will be safe TO
| look for an active export movement In breadstuffs
this fall and next sprng, and probably also an ad-
vance in prices. The prospect is satisfactory to
/ AZ "a INIT IN ano OILS A scrO
failure in England rs injurious to us as well as to
the English II paraiyzes commerce, dersnges the
money market, checks consumption, knocks down
the price of cotton, and raises the price Of money.
should the bad weather in England have proved as
disastrous az Is reported our trade with that coun-
| uy-whch is our largest and best customer-must
| suffer severely. and the extra profit reaped by
Western wheat growers will be no adequate CON-
pensationsfor the injury.
The banks will probably show a handsome in
crease in specie tomorrow. The only export
which will tell against the average was that Of
Saturday, 7th, which waS>ess than half million;
10 this must be added the sub-Treasury gain. say
nearly half Million On the other hand, consider
able sums have been received from the East, and
/ something from the South: besides which, on
Thursday morning, the California steamer arrived
/ D
500 Isl eel against 500 $40 at this time last
year; many expect that tomorrow the banks will
show not less than s23 500 900. At any rate, the
average will probably be rising one. The move
ment of bank loans, usual, involves considerable
uncertainty. Several Of the large Institutions
complain Of q scarcity Of paper; others, on
the contrary, assert that they have curtailed
their aid to the mercantile community 10
order TO maintain strong position. The last loans
average was si27 244 24l at this time last year the
banks had lent out only tl2o ,4o5 ,65s As commerce
becomes more active, and the progress Of internal
enterprise more ourishing II stands 10 reason that
the loans of the New York city banks must In
crease in volume. In such matters there Is no such
word as fnality. AT the same time, banl managers
must remember that the development Of trade
and commercial finance, to be safe, mist be slow
and gradual. II Is better that few should suffer
from want Of bank accommodation thar that the
community at large should be involved In danger by
prodigal discounts Everything indicates a very
heavy importation Of foreign goods this fall. In
dry goods, especially, II Is already clear that the
importatons will be in excess Of the largest
ever before known. This implies an active demand
FOR money. and pretty sharp pressure
| upon the banks for accommodation. Everything
tends TO encourage importers TO increase their or
ders. The cotton crop promises TO be very largely
in Of that Of last year and the wheat crop,
which is now, a general rule, beyond the reach
Of ham, 10, we know, much the Largest ever grown
in the country. This excess OF production will
stimulate increased commercial activity and conse.
quently increased appeals TO the banks for loans.
The managers Of banking institutions will consult
their own interest best by yielding slowly to-not
by courting-the pressure. They will serve the
community and themselves by using their eGorts TO
: Keep the price Of money up 10 a reasonably high
standard, and by exercising sound discrimination
| in the selection OF paper. They need be under no
| alarm az 20 their profits; Is approach
! ing during which money win be more lucrative
| than IL has ever been.
The money market II easier than was week
since We quote at present, call loans S 81 per
cent, with occasional transactions below these
rates where the borrower II sought by the lender;
shor, first class sccsp,ances, per cent, long paper
highest grade, 81 per cent; good double name
paper, q Z: names less generally Known o 9 o
10, nc. II usually takes from week 10 fortnight
for dividend and interest moneys 10 find their way
back into the ordinary channels of trade after being
accumulated in bank: in the course of next
week further relaxation in rates IL generally ex.
pected. The money market has been held in sus-
pense by the uncertainty which exists With regard
10 ,e policy Of the United States government IN refr