The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-03-19


The increase Of specie and deposits is rather
heavier than was expected, and renders the accu-
nulstion Of 0,000, 900 in specie In the bank
saults q matter Of certainty within o few days.
he gold which came in the Arabia and by other
recent arrivals has not begun to count in the
averages, and will not uptil it has been recoined
IN this country. The increase of deposits and the
decrease of loans continue to reveal the sad con-
sbtsn Of the commerce Of the country. At this
season We should be using every dollar that can
be got, and it ought to be struggle with the
banks how to keep their loans within reasonable
limits, and yet perform their duty to the commu-
mtg. The year 1861, like 1858, is evidently going
- be o bad year for holders Of bank stock.
There is nothing new in the money market. Gilt
edged paper Is much wanted, and can be passed
81 s per cent. Some Of the brokers have more
money left with them at than they can use. In
he open street is the general rate.
Foreign exchange advanced again this morning
on the strength of the recen4 gold arrivals. Lead
ing houses asking l07 for their sterling bills,
and good mercantile bills go as high as LOG.
This will be good news for the mercantile comMu-
witty in England. 1t must not be supposed, how
ever, as the London Times and some other foreign
journals seem to do, that specie is likely to flow
hack TO England within Q few weeks. Even with
the rate Of interest in London at ana here at 8,
exchange must advance fully two per cent above
The present rates before specie could be shipped
proftably to cover GO day bills. And it is mani
Sest that "a soon as the drain to this country
seases, the Bank Of England will yield to the
camille pressure now exerted upon it, and will
lower the rate Of interest. II is possible that in
July next, when the cotton shipments fall OF and
she end Of the breadstufs year approaches, bills
may rise high enough to enable the bankers to
cover with bullion. But even this cannot take
place unless our internal trade improves msteri-
ally and the importers obtain the means to remit
20 the other side
The stock market continues dull, in the antici-
patton of positive news from Washington on the
pending issues between the government and the
Southern confederacy. The mails per Africa and
Australasian, which were delivered yesterday and
This morning. contained few orders to sell stocks
and some 10 buy-probably fully rs many Of the
one as Of the other. The expectation that foreign
holders OF American securities would sell their
stocks on the news Of our political troubles, and
that bankers on the other side would use them az
q remittance, has thus been disappointed. The
English, at all events, do not to consider Erie
and Illinois Central any the worse property in con-
sequence Of the secession Of the Gulf States.
There was an active demand for United States Sc
curities this morning, and fair business was done
al a slight concession from the extreme prices a
Saturday. virginias and Missouris also declined
*, while Tennessees advanced 4. Among rail
way bonds there was some inquiry for Fries, the
fret and fourth mortgages especially, and for the
issues Of the Illinois Central and the Harlem all
advanced fraction. The general speculative list
shows little change. New York Central declined
u; Erie, "a; Hudson River, "a; Michigan Central,
=; guaranteed, Il; Toledo, 4; Rock Island q.
Illinois Central advanced 4, After the board
the market WAS dull, without material change in
prices. In the afternoon the market continued
dull, and closed heavy, the following being the
quotations. United States SIS, 1874, s9IS 9o Ten.
nessee G's, 74h 74ss; Virginia 6s, 7s a 1917;
Missouri 6's, 60 o 86; Canton, AZ 10; Cumber.
land Coal preferred, a so; Delaware and Hudson,
s9% 30; Pennsylvania Coal 50 a 500; Pacific
Mail, e. a s511s; New York Central, 7s9s 1871;
Erie, 32h 321s; Hudson River, a A5; Har.
lem, 1871 III; do. preferred, 5sss 3s94; Read.
ing, 43s4 A; Michigan Central, 81 571S; Mich.
gan Southern and Northern Indiana, 1G a 1871; do.
guaranteed, 3e1s 3e3.; Panama, ll51l JIG;