The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-01-17
FINANCIAL AND COMMERCIAL.
MONDAY, Jan. l6-6 Pm.
The bank statement Of to-day compares - fol-
iah hat ~ Iar H..

Jan. H.. l23,bS2Sh lS74o,e6o S,esOo4S 70 oco 7u5
Decrease .,ols2o i,ssls
Increase, - s77ls2 l,olb,4os
THIS statement il, on the whole, as favorable as
was looked for. The decrease in the loans is IA
vorable symptom, and should be fol!owedup. the
present condition Of affairs, $l20O0o,000 Is an
aTple line Of discounts for the New York city
banks to keep out Every additional million
that lent out by the banks at present will involve
a contraction hereafter which will press heavily on
the commercial interest. The gain in specie is
satisfactory; another California remittance will be
due by the time the next statement is being pre-
pared and as there is no export demand, our banks
would begin to accumulate coin il Congress would
only organize and get to work. II will be noticed
that the banks gain little or nothing by the disburs
ment by the assay fund 70 day, the payments on ac
count of treasury notes having exceeded million
Some of the banks continue to expand, while their
specie is being taken from them; on the other
hand, others are making Themselves strong, 10 view
OF the uncertainties Of the future. We notice that
the Chemical Bank, this week, has reduced its
loans trne, and has increased its specie from
1863 ,6a6 to $767Ol3.
A telegraphic despatch was received to-day
from the Secretary Of the Treasury, authorizing
the transfer of a million Of dollars to the Assay
Fund, as recommended by Mr.. Cisco, and az men
toned in our last article. The transfer led imme-
diately to copious disbursem ents on mini certif
Gates; the payments on this account during the
day by the Sub-Treasurcr amounted to nearly Q
million. II is due to Mr.. Cobb to add that the nom
receipt of this despatch Saturday was the fault
not of the Secretary, but of the telegraph, which
was not in working order.
Partly from this cause we note considerably in
creased ease in the money market Many of the
brokers are lenders at seven per cent and the sup
ply at the money brokers is considerably larger
than it was We hear Of some business done at 6 q
CO call, but the true rate is still T. The amount
of first class short paper which passes at seven is
however, increasing; and if, as people seem to ex-
pect to-day in Wall street. the House organizes this
week, we shall have as easy marke. as ever IN a
few days. small failure is reported to-day in the
metal trade; also Philips & Moseley, of Boston,
hardware dealers, with large liabilities
Sterling exchange is higher to-day. leading
house put their rate up to 1888 for sixty day ster
ing bills, and sold at that figure. Most of the bust
ness of the day has, however, been done on the ba-
sis Of 1854 for sixty day sterling and 5.ls3 5.2l
for ffancs-city bankers bills in both cases. Some
heavy purchases of Southern bills have been made
in the Southern cities by agents of New York
houses at los J.. The probability is that we have
seen foreign exchange at its lowest point for the
season.
Stocks felt the effect of the Improvement in the
money market; all descriptions advanced, and the
business done was pretty large. Missouris ad
vanced rapidly to 79A and closed at 79 bid against
1ss bid at the close on Saturday; Virginias and
Tepnessees likewise improved. Central opened at
IA, advanced to and closed at bid, against "a
bid on Saturday evening Galena rose one per
cent, and Rock Island as much; the prospects of
early dividend on these stocks render them favor
ties. The Michigan shares advanced Ia /. Hud-
son River was firm at Saturdays best price; the
thirds are now selling at 81. Panama was sharply
attacked by the bears, and did not advance a.
much as other descriptions; it closed at 1874 bid,
against 1865 on Saturday. The indications are
that, when the parties who sold out their stocks
in consequence of the recent pinch in the money
market try to get them back again, it will be
difficult to do 80 without causing considerable
advance in prices. In the afternoon to-day the
market was active; after the board, however,
there was slight reaction, and stocks closed dull
at the following quotations. Virginia 6s, oil 4;
Missouri 6's, 794 a &; Canton, lGA II; Cumber-
lanu COal pTeIeITed, 1875 10; facLnc MAI, Io3
I; New York Central, 74l o q; Erie, 81 a 1;
Hudson River, AA q 1; Harlem, 9 q J.; Harlem pre-
ferred, 323 33; Reading, a73 q Z; Michigan Cen
trail, SO /; Michigan Southern and Northern In
diana, g.; do. guaranteed, Isl l6; Panama, 1874
al; Illinois Central, 57A Z; Galena and Chicago,
GIL a CO; Cleveland and Toledo, 191 90 Chicago
and Rock Island, 623as.
The belief in an early organization of Congress
cansed demand to spring up to-day for Post Office
certificates, for which 95 per cent bid, and SO
asked. They have been current in this market, as
lately as last week, at 9l4 go.
The following statement of the business of the
Sub Treasury today, shows that both the disburse
ments and the receipts were unusually large -
lothi reeePe.'. lOl 10
IoI oue'"nr' Zl,VU w
loth pay uents. l,l0Z,3o& II
ba1n0e' I,tSi,oSA oO
By the arrival of the Europa at Halifax and the
Jura at this port We have two days later news
from Europe. Consols and breadstuE are both re-
ported steady; cotton firm. Details of the news
will be found in another column.
Tho Rank NJ Euo1and rofurpo yroot on5