The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-01-31
120,15S
$157,305
827,245

Increase. Increase. ''''. s27,245 ~ 4e,a55
The above is, on the whole, very good state
ment. The banks probably hold considerably more
specie than is shown in the above return and their
average is rising one. The movement of exchange
at New Orleans has checked exports of specie
southwark, and it is possible that the banks may
hold twenty-five millions of dollars before the ne
cesstes of the importers cause such an advance in
foreign bills as will revive the drain of gold
to Europe. The contraction in loans should
be persevered in. 1t is not safe, it is not
wise, for the banks to extend their loans just now
thus rendering severe contraction in July and
August inevitable. Merchants will have anxiety
enough this year from the politicians and the over
importations of dry goods: the banks should spare
them repetition of the blunder of 1857. We hail
the above statement as decidedly healthy symp.
tom at this season. -.-.-----
We have again to complain of the illegible man.
ner in which the bank returns are copied for the
press Surely the Clearing House could manage
better.
Money continues to be very abundant at G per
cent on call, and in special cases at 81 on ap-
proved securities. At the discount houses there is
very little doing in consequence of the scarcity of
really desirable paper. Undoubtedly first class
paper, a months to run, goes at 8 per cent;
short paper, Z, with occasional exceptions in the
case Of very choice short acceptances at 81 a Z.
Second class names go at 0 IL, &C., according to
quality.
This has been dull day in the foreign exchange
market. The bankers ask 100 for their bills on
London, and Sig for bills on Paris but importers
seem reluctant to give these rates. We hear of
sales of some Southern bank bills at 1851, and some
mercantile bills at 1854 as. There will doubtless
be an active business done tomorrow.
The deposits bids for the 81 100 900 of the loan
Of 1858, to be awarded tomorrow at Washington
were made at the Sub-Treasury to-day. At the re.
quest Of many bidders who Complain Complain saat the pub
LEGATION Of the amount of their bids gives the Wash
ington bidders an unfair advantage, the SubTrea-
surer declined to state how much had been depo.
sted. The whole amount of deposits is believed to
be over SIS 0O0 indicating an amount Of bids equal
to 81, 5O0,O 900. Most of the bidders have offered
from par to per cent.
There was better feeling in the st,ck market
to-day and prices advanced on all descriptions.
The advance was partly due to the general belief
that the House of Representatives would organize
this week, and that the three or four millions now
lying idle IN the Sub Treasury would be disbursed.
New York Central opened at 73;, sold as high as
a. and closed at IA bid against 73 at the close
Saturday. The Western stocks were generally frac.
ton better, with the exception of Michigan South
ern preferred, which fell / J per cent. Rock
Island was strong, closing at 63s bid, against 63!
at the close on Saturday. Galena was steady There
was fair business in Missouri and other State
stocks prices remain pretty steady. After
the first board to-day prices improved; in
the afternoon the market was quite active,
and stocks closed firm at the following quota
tions:-virginia 6s, 90 a 4; Missouri e's, So 1;
Canton, II Il Cumberland Coal preferred, Is
J; Pacific Mail, II a !; New York Central, 74l 1;
Erie, 81 a {; Hudson River, All 4; Harlem, % a
]; do. preferred, 33a "a; Reading, 3ss !; Mchi-
gan Central, 37A 49, Michigan Southern and
Northern Indiana, 4; do. guaranteed, 14l !;
Panama, 1909 !; Illinois Central, 57i J; Galena
and Chicago, SO !; Cleveland and Toledo, 20 a 4;
Chicago and Rock Island, G3s I.
The following was the business Of the SubTrcasu
ry to-day
Total receipts. $3541I %
-tor CUSTOMS ..-..-....-..-.......... iSoou "
baiaGCe. ois'f,'"V W
The exchanges at the Bank Clearing House this
morning were s2i,s57 OF, and the balances
u ,I9T, Gs4 SO.