The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-03-25

weeks ago would not pass under 2 per cent Q
month, are now current at about7. On CALL the
money market exh1bits Increased ease. Some
brokers refuse to allow over per cent for money.
and at s the supply Is beyond the wants Of the
street. 1t is evident that we are going to have
very easy money market all summer.
There has been another movement In foreign ex-
change since our last weekly review. Commercial
bills have almost disappeared from the market.
The Southern banks are holding back their bills in
the hope of getting hereafter better price for
them than they could at present, and consequently
the bankers have had to look elsewhere for ex-
change. Rates have risen, under this pressure,
from log last Saturday to l071< yesterday--at
which price the market closed firm. Comparing
the price of gold here with the mint standard in
London, and allowing for loss of interest, freight
and insurance, 1t appears that until the Bank
Of England reduces the rate Of interest, specie
could be shipped from here to London
without loss against exchange at 1887. IT, there.
fore, the market should advance another one per
cent this week, we may witness some specie ship
ments before Saturday next. This, however, sup
poses that the Bank of England does not reduce
its rate-a very unlikely thing. Private letters
from England state that the recent advance in the
Bank rate caused great dissatisfaction in mercan-
tile circles, and that, ON the first ntimaton Of an
advance in exchange here, the Bank would re-
verse its policy. Since then, bills have risen
here from TX to per cent. 1t Is evident that
the reduction in importations at our ports must
diminish the demand for exchange this summer.
We Published in yesterdays HERALD the call
for new government loan of So, 900, 900, under
the act of February8. According to the terms of
the advertisement the stock to be issued win bear
per cent interest and run twenty years; the bids
must be sent to the Treasury Department, Wash.
ington, before I'd April, and the money must be
paid by 18th Of the same month. On ed Febru.
airy last eight millions of United States stock were
awarded under this same act. The amount of
bids was nearly double the sum wanted,
and the stock was taken at an average
of 9OI. 1t is now worth 9511 90. Capitalists
who may feel disposed to bid for the new
loan will do well to remember that the necessities
of the government give them the power of exer.
cising very salutary pressure at the present time
The interest Of capitalists and of all parties who
may become bidders for the new loan. is that the
Morrill, tariff should be repealed, and that some
settlement Of the pending difficulties should be
had. Before they offer their money to Mr.. Lincoln
would it not be well to ascertain how far he is
disposed to meet the views of the public in these
respects? 1.-THE commerce of the North is to be
ruined by the Morrill, tariff, and the country is to
continue trembling on the verge of civil war, it
will be very inconsistent for the capitalists of New
York to lend money to the government.
The following table shows the course Of the
stock market during the past week and month";