The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-04-02
$2O2 ITO 1888 ,262

Increase. $2O2, ITO /, 9ls 262 50 329 1877 675
Thus the only change of consequence since last
Monday has been increase of nearly two mil
lions in the specie and not quite as much in the
deposits The specie column is now several mil
lions higher than it ever was before, and next
weeks average will show further increase still.
The award of the new loan will for time reduce
the bank reserve; but the government is in no
dition to hoard money, and the gold will find its
way back into bank in very short time. Next
week the banks will have an opportunity of in
creasing their loans by advancing money on the
new federal stock. II WILL in this respect, prove
godsend to them.
The New York bids for the new federal loan of
SO 900 900 which is to be awarded tomorrow, at
Washington, were made up at four Z. NJ. to-day.
Two leading city brokers have gone to Washington
to bid in person; but the bulk of the bids were
sent by mail in the usual way The brokers and bid.
ders have affected unusual mystery concerning this
loan but still ii seemed pretty generally understood
this afternoon that the aggregate amount of bids
would be more than twice the amount asked for by
the government, and the rate offered more than two
per cent better than the average rate at which the
loan of February % was awarded. SO far as we
could learn, nothing was determined, at
late hour this afternoon, respecting a combina-
ton bid by the banks. Several large banks,
among others the Bank Of Commerce, will bid for
themselves and their customers, and perhaps q
round-robbm may be telegraphed to an agent at
Washington tomorrow morning. A combination
bid for something like $4,000 600 is understood TO
have been made up by Messrs. Ketchum, Son &
Co., and others for smaller amounts by Mcssrs.
Whitehouse, Son & Morrison, and Read n Drcxel.
II seems to be supposed that most Of these bids
will range between 92sS and 90. According to
the street rumors, the public have been bidding
pretty freely, and large number of bids have
been forwarded at rates ranging from 90 to %.
1t is hence inferred by parties who are accustom-
cd to judge of these matters that very little, if
any, Of the loan will be awarded below about 9234
while considerable amount will go above 90. It
is certain at any rate that the government will be
offered much more money than it needs. Mr.
Chase has been urged in many quarters not to
award any stock below a certain fgure-say 95--
but to issue Treasury notes at par for any money
be may need over and above the sums which may
be offered him at o. This would be very good
policy for Wall street, but very bad policy for the
government. Wall street wants as many ncgota
lions of government loans as possible and the lower
the better The governments interest IL that nego
tiations Of loans should be few, and the price OBJ
tanned for its securities high as possible. This
interest will be better served by the issue of
twenty years stock than by that Of Treasury notes
which will come back upon the Secretary for re-
demption in the course Of one or two years, when,
perhaps. he may be less able 10 borrow money than
now. Mr.. Chase will commit an error If he rejects
any bids tomorrow on the ground Of their being
too low. II IL unfortunate that the public credit
should have fallen, but there Il lodging the
fact and the part Of wisdom now Is to make the
best Of 1t, and keep out OF the market az much IA
possible until government credit stands higher.
Money continues abundant, and at the same
rates a. quoted on Saturday. Foreign exchange
ia irm at 1887 for sterling, and 5.224 for francs
with very little demand and not much disposition
on the part Of bankers to sell. The New Orleans
bankers have about three millions sterling in re-
serve here to draw against Gilt edge paper Is
very scarce at 6aI.
Tie stock market opened dull this morning, bat
improved after the first board, was better in the
afternoon. and closed verv steady. The govern
ment &c fell or x this morning, Missouris "a, Ten
nessces "a, virginias per cent The wes'ern
railroad shares we're generally bettcr. Galona