The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-08-26
Since january l .S45, 1O2 -2l0 "a ,257,797 1856,


The public will look to the hank statement to be
made up Tomorrow for some trace of the recent
negotiation with government. The last statement
showed nothing on the subject. The specie ave.
ragereturned $40, 1888 $3.50, increase of 81 l03,
s74 from the previous disguised the fact that
$500 GOO had gone into the Sub-Treasury in pay
ment Of the first nstaent the $50 goo 900 loan;
the loans-sl0S ,734, decrease of 81, 2C6, sos
from the week previous-reveaed nothing regard
ing the loan of fifty millions made on
18th inst. TO the Treasury Department;
and the deposits - 500 ,04G ,30s, about the
same as the week rrevious-showed that
the banks had not yet credited the government with
the amount TO be placed to its credit by the recent
bargain. People look to the statement to be made
up tomorrow Tor some light on these points. Were
it not for the loss to the Treasury, the banks
would show further increase Of specie TO- morrow,
as the California steamer arrived on Friday with
81 ,l76 434 in treasure, and the Mint continues to
supply the Sub-Treasury and the banks with some
coin. In like manner, but for the loan to govern
ment, the bank discounts would naturally show a
further decline Tomorrow as the liquidation in bn
siness is daily diminishing the volume Of mercan.
tile paper
The money market is generally called more ac-
tive than it was. Brokers report more ia cility in
placing money at a 6 per cent. Still money is
left with established houses at per cent, and
there is no difficulty in meeting first class short
ceptances at 8. Second class paper and single
names are scarce, and rates very variable. Some
leading dry goods jobbers are buying their own
fall paper at 10 per cent, and spectators continue
to purchase names not generally popular, at all
kinds of rates, from to per cent month. The
course Of the money market during the remainder
of the year will be governed by the public loans.
Much will Of course depend upon the popularity of
the new seven and three.tenths per cent Treasury
notes, and upon the course pursued by the Western
State governments. Thus far the States of Illinois,
Ohio, Indiana, Iowa. &c, have declined to borrow
at the only rates at which money was offered them
by our capitalists, aad have met their press
ing necessities by dsposing Of the six per cent
Treasury notes supplied to them by the general
government under the act of last session. As the
war progresses these States will act imprudenty
if they do not find means of keeping their treasu-
ries full even though they have to pay high
price for money. If they perscverc in refusing
bids below so IS cents on the dollar they will be
compelled to resort to direct taxation to obtain
money.
Foreign exchange is rather frmer than it was
week ago. Bankers ask l07H q for their ster-
ling bills and 5.25 30 for francs. Mercantile
bills Of the best grade are offered at I06a4a 1917
for sterling and $50 IS fer francs. At these
rates there is no profit on the importation of coin
from Europe after freight, insurance and commits
sons are paid and allowance is made for the loss
of interest. Bankers in hopes that the gradual
improvement of business may give rise to more
active inquiry for bills. But the prospect is that
our trade, pending the war, will be mostly con-
fined to the interior of the country, and that
consumption of foreign goods will be less than it
has been for some years.
The following table shows the course of the stock
ma At during tho m OF weeL md month.