The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-04-16
NEW YORK HERALD, MONDAY,

here from ths interior, led TO marked advance
last week In beth Aeur and wheat Some heayy
purchases were made fer expectation, and Me
market closed with cheerful tone, especially for
Sour. The receipts at Chicago last week, both Of
flour and wheat, were unusually light, being cons-
derahy less than the receipts Of the corresponding
week Of last year. just At this season, before ma
vigation opens, there is always some interruption
to trade. We are assured that twoffths, at least,
Of the wheat grown west Of Chicago still remains
in the hands Of the farmers. The prospects Of the
growing crop are as good as could be expected
Where the farmers have done their work Mo-
roughly, nature has assisted them generously;
where the sowing and ploaghing have been care
less, the prospect is peer.
The dry goods dealers did better last week. The
cry that goods were being sacrificed brought in
new buyers, and the accidental decline in the in
portations led to the same result An advance in
dress goods ia reported, and healthy inquiry for
oil descriptions Of staple goods The manufacturers
Of New England are doing better than ever; their
purchases of cotton this year are largely in excess
Of former years. We look, however, for increased
importations of foreign goods toward the close o.
the month, and for sacrifices compared to which
those Of the early weeks Of the year will seem tri
vial, This country is used by the European manu-
facturers as vast auction store, to which they
send all their refuse stsck-the leaviDgs Of their
home jobbers-in the hope that it may sell at some
price or other and make reen for new goods next
season.
There is not much activity in groceries. Sugars
are arriving freely, and further decline in the
price has been the result. The grocers are buying
moderately, In the expectation Of still lower prices
Teas are quiet; rates quoted as unchanged, but
there Is very little doing. Coffee u steady, and
some brokers report an increasing demand and
hrmer tone to the market. Spices are dull. Brandy
continues firm, but business is very limited. There
Ia very little doing in wool. Tobacco is quoted
weak, with little business doing. Provisions are
dull; pork is rather lower, and beef has o down
ward tendency.
The banks viii probably show an increase Of
specie tomorrow. They received on Tuesday
$l,l46,2ll, per North Star, from San Francisco
and the SubTreasury has lost money to the banks
the balance last evening standing at $7,A3,975
against $7,562.s85 at the close Of last week, and
$7,e79,61l at this time last year. The last bauk
average Of specie was s22 500 1884, since when the
export, Is shown above, has been merely nominal.
This time last year the banks held $25 47s,lO7 in
specie about the highest point which the reserve
touched that season. 1t must be expected that the
reserve will decline from this time forth.
We are assured by several bank managers that
the loans will show no increase tomorrow, and
perhaps small reduction. The statement Of last
Monday, showing an aggregate discount line Of
$1S0,606,7 3l, produced bad effect on the public
mind, and tended to unsettle confidence. Whatever
may be said about its being the duty Of .
bank president not to let his deposits be
idle, it is clearly dangerous for the banks
to startle the public by expanding couple Of mil
lions in week, and by forcing the rate Of money
down to five per cent, at time when public conf
dence requires nursing. this policy be persevered
in, people will expect panic this fall, and the
late expectation win 60 far toward producing
Bank presidents ought to remember that bust
ness Is healthisst whom money is worth at least one
per cent more than it ID at present. and that unne
cessary bank expansions on an extremely easy
market are calculated to produce over importa-
toas, excessive gambling in produce and stocks,
and disastrous reactions.
The week closed upon very easy money mar.
ket. The current rates are For call loans, 81,
are not generally popular; for first class double
name paper, 40 a 60 days to run, per cent for
same quality paper, months to run, 81 q Ga
per cent; single names, . 2; second class paper,
and some not generally known, . 10 . IL. There
never was time when there were safer borrowers
in the country, and so many lenders as at present;
and, notwithstanding the predictions Of many high
authorities, we see no reason for expecting any
response in our market to the movements Of money
abroad.
The stringency In the London money market
which had lasted when the Persia sailed about
three weeks, and which had caused money to rise
in Londen to the value at which it stands in New
York-s ascribed by British journals to various 10
cal causes, none Of which, however, suffice to ac-
count for . phenomenon so unexpected and SO sin
gular. The probability is that these writer's over
look one of the most important sources of the diff
Guilty, which is the decline in the shipments OF
coin from this country. Our export Of coin this
year has been unusually small. The following are
the figures for the past six years -
EXPORTS OF SPECIE.
Fr'm l't Of January TO 18th Of April
D. DO. DO. 1857 ...;s 4,6si
Do DO. do. 1852. II, 1854 ,297
Do DO. Dc. 1850. .4,SO3, 2s5
It viii thus be seen that We have shipped this
year less coin to Europe than we did six years ago.
when trade was much less active than it now is.
This falling off, coupled with the decline in the re-