The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-03-12

The movement of specie has been in favor of the
bank average, the export having been nominal,
while the receipts both from the interior and the
Sub-Treasury, have been moderate. The balance in
the sub-Treasury last evening was $s,207 900,
against 49, 734, POS at the close of last week. The
last bank average of specie was $23,Os3, sl2-s2,-
3l2,9l6 more than the banks had shown week
previously; many persons expect an increase to
the neighborhood of $23,5OO,OOO tomorrow. The
steamship Atlantic arrived this morning with
si,ies,7il in specie on freight, SO that the bank
reserves may fairly be expected to rise to s25, 00o
600 within week. For some time to come 1t Ia
not likely that the Sub-Treasury, heavy as
the duties are, will take much coin from the
banks; of the $6,2000O0 placed at the credit
Of the Post Office Department il the
Sub-Treasury here on the passage of the Post
Office Deficiency bill, only about 81 200 900 have
been drawn, leaving 50 100000 still over due on &C.
count of last years service. This money will be
drawn gradually in the course of the nex few
weeks large increase in loans ia looked for to.
morrow. Several of the heavy banks have been
anxious 10 place their funds as low IS five per cent
On call, and have done their best 70 clear the
market OF all the good paper Offering. The last
loans average was sl25 7O0 this time last year.
the banks, with s26,769,965 OF Specie had sf25.
22l .o67 of loans. They rapidly increased their
loans to the neighborhood of $3.50 900 900 in April
and thus gave an impetus to the commercial move
ment, of which the principal phenomena were the
unusual export Of specie last summer, and the
over Importation Of foreign goods last fall
Money Is easier again. We now quote call loans
s per cent, with few rare exceptions where the
securities are not particularly available at 81 a 6.
First class mercantile paper, 60 q 90 days, goes at
6, sometimes with brokerage included; good bust
ness paper, with two good pames, 4 q 6 months,
goes readily at Z, and. single names, very choice,
IN 8; houses less known range, as usual, from a
10 IL. There is very little market for what is
commonly know as second class paper; the course
Of trade warns lenders to be their guard against
paper whose value depends upon the profits Of
commercial speculations Of the day.
Foreign exchange has been dull all the week.
There was no first class steamer direct from this
port; hence some importing houses postponed
their remittances till the Cunard steamer of We'd
nesday next. The closing rates Of the week are,
for bankers bills, l0s2 100 for 60 days on London,
and 1904 al for short sight; for france, 5.l5s q
517a. Mercantile bills in the market at 1854
for sterling, and 5175 5.lsl for frances the sup
ply Of Southern paper has been more liberal during
the past week than for some time previously It is
needless to add that at these rates gold can be
shipped against bills. This time last year we were
shipping million week, and the foreign bankers
were holding at fully one per cent above their
present rates. The movement is later than usual
this year, but it will come soon enough for the
banks and those who depend on them.
The following table will show the movement on