The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-09-24

frcvputly FoPofAu. ioosuYoho oo,ASp 100
since Jan. l....-- ns.so7,oe 67lo2.ss7 os,ool $50
Our grair man1ets were much agitated last week
ey the adViees of recovery In the British harvest
prospects. 4 decline Of 6 cents al Chicago and
Of 10 IL cents here per bushel on wheat was the
lmmed,ase result Of the intelligence for time the
Corn Es change was under the sway OF positive
panic Il seems that some OF our grain spectators
had esen buying heavily on the expectation OF
much higher prices abroad; the astounding news
MAI :he British crop might prove almost an ave.
rage must have been very disastrous 10 them. We
have already taken occasion 10 observe that what
ever may be the fate Of the spectators in food,
sbe improvement in the British harvest and the con-
ssqaent decliae in prices here matters Of gene
ySI congratllaton; cheap food is the first condition
necessary for general prosperity and profitable
commerce. II is a mistake TO suppose, how
ever as some appear 70 do, that decline OF
Sen or even twenty cents bushel in the price
Of wheat i going TO check the movement OF the
Western crops. In fact, the farmers are more
Eaely 10 hoard their crops on a rising than on a
Aning market But II is utterly absurd to expect
sAa, there will be any boarding At 70 so cents
bushel at Chicago, which are the latest reported
Prices, wheat pays a magnificent profit TO the
grower and even if the profit less the farmers
could not afford TO do without it, for they must
have money. 10 suppose that the Western wheat
growers, who have been in the greatest want for
,hree years, viii now hang back and refuse 10 fill
sbeir pockets with money because prices
hn ten or fifteen per cent, is not TO
display any extensive knowledge Of human
saMre or the ordinary springs Of human
conduct. Nor is such theory consistent with
rbe facts. During the week ending on Wednes-
day the receipts at Chicago were 1852, 33s
bushels grain, against l,s0s,27s the previous
week, and SOS ,364 the corresponding week of last
year: and, notwithstanding the advices from Ea
rope, the export movement from this port il
hrsk a. ever. According TO the laws Of supply
and demand, breadstuas are still too high, and
prices will yet fall. But those who expect that the
producers are in condition to withhold their sup.
piles, or that much lower prices than those now
ruling will not pay tie cost Of bringing the stuff 70
market, viii discover their mistake before many
months eapse.
The movement Of specie has again been against
ne oank average. The loss BY export, including the
iipmeut OF Saturday, 18th, and exclusive OF that
Of yesterday has been about $780, 600 against which
he banks have received some parcels Of gold from
he south and also nom Baltimore and Phlade!.
phia. The Sub.Treasury has lost money since last
week the balance last evening standing at sj,4i6,-
so4 against SIS 636 3G5 al the close Of the previous
week and IS 100 so at the corresponding date last
year. Last Monday the banks showed specie
average equal to ss $50, 40, which was decrease
Of goo ,9t4 from the week previous; at this
date last year the specie reserve was stated
10 be so go ,l36. The last loans average
was sl21 OO2 ,72s-a curtailment OF s991,
i'll from the previous week; a. the cores
pondlng date last year the loans were only
ais ,3S7 $40. The contraction has now lasted
month, during which nearly four millions have been
deducted irom the aggregate bank loans, without
inconvenlencing the mercantile community or de-
priyIng the Western banks and produce dealers OF
the aid to which they were entitled. The circum.
stances prove the utter unreasonableness Of the
previous expansion. lad II been legitimate, IL
would have been impossible thus 70 curtai without
causing great Inconvenience and many failures
The banks may thank fortune that the general
prosperity Of the country and the bountiful crops
OF The West, enable them to commit error after
error without compromising their own safety.
The steamship Ariel. which arrived yesterday
from Aspnwan, brought 81 ,2o2 eI5 in specie.
The money market was easier a, the close Of last
week than il was when last weekly review
penned. good deal OF money was seeking EN-
ploymeni on Friday and Saturday at 6 a6l per
cent on call, and though when broker goes in
quest Of money he i expected 10 pay seven, the
well established houses have as much money as
they need left with them at lower rates The note
brosers say that the circle Of "a per cent paper
Is enlarring and that the holders Of choice short
acceptances are unwilling 10 pay seven per cent
-Four or six months paper strictly first class, goes
ct seven, and some paper which was not current
under eight a pine week ego can now be passed
81 seven per cent Our money market has been
affected ~ the news from Europe The recovery
q the wheat crop In Eagland has exercised some
influence On the London money market and orr
market, a. usual. anticipates the eject. Had
the Bitish crops proved general tab
Gre, as vas Al ulae appre4cnded, money
would have commanded . high a price
In London that 10 would have cared 10 send
funds here. a i !. the prospect : that the rate
OF nicres, II England viii iaIl. and that W. shall
derive the bener, d large remittance. d British
moneys to be used IN me purchase u American
securities.
Foreign exchange closed yesterday a. DAN >, i
was veck ego. notwithstanding the concessions
made ~ drawers. The La .aies we're For
bankcrs bills on London, io.1 a Tor 60 days, and
no. for short sight; FOR bills on Paris, 5.l3g a
10 Tor dxty days, and 5.lil W for short sight.
AT tlese rates there j. no maggin Cor profit on
shipmens q gold against bill Il tho usual rates
are pad igr freight and insurance. Some Of the
leading foreign bankers continue - ship CON- aud
We presume they coutriye 10 make i pay. But
the bullion brokers declare that they cannot
DO . without incurring loss. The heavy
shipments q produce continue 70 supply some ca
charge 70 the bankers, and il : reported that some
oils haye been sold against certain railroad stocks
Which he English have lately be en- baying. For.
tans,ey foT The banks the importaions have been
. n. hst he demand Tor eychange j. not sun
a. - t4 kaon m rrf~au