The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-01-14


Epoxrs or SPECIE
1889 1860. 1861.
For the week. ..sl ,0b2,55 sbOSo None.
The specie in the New York city banks must
continue TO increase. Last Monday the state
ment showed specie average Of s2i 1893, 475-an
increase of 81 ,564,4l7 from the week previous.
AT the corresponding date last year the banks
held only sl7 s63,734. During the week about
5000 in gold arrived from Europe and Havana;
last evening 81 4462l in from California; we
have advices of 81 100000 more on the way from
Europe Since last Monday, however, large pay
ments have been made to the Sub Treasury, on
account Of the recent award Of Treasury notes,
and heavy shipments of specie continue to 60
South, mostly to New Orleans, where the ex-
change Is still against the North. The Sub-Troa-
sury gained money last week, but the transfers
to points South were so heavy that the balance
stood last evening at 5s4 455 against 50 Gas 43z
at the close of last week. and l62 at the
responding date last year. The South is not accu.
mulating specie, notwithstanding the large ship
ments from the North. Since the suspension Of
the Southern banks, Southern buyers of produce
in the West are obliged to pay for it in gold, and
our remittances Of specie are thus finding their
way up the Mississippi about fast IA they travel
South. This movement, coupled with the i'm
provement in State stocks, must tend before long
to equalizc the exchanges between the West and
this city, and thus to restore business relations in
that section to a natural footing. The last bank
statement showed loans average equal to $780,
COS 465a decrease of 81 $50 1888 from the week pre-
viors. The tendency Of the money market il an
sisting the banks in the curtailment which the APP
proach Of the LIST Of February renders necessary.
The demand upon them for aid is not as pressing
as II was.
The money market eased up considerably last
week. At the close Of the week some names on
short paper were current at seven per cent. The
proper quotation, however, for first class paper ID
. a 10; and for IA months good business paper.
IL Is. The range of negotiable names Is widen
ng, and this will afford more relief than decline
IA rates. Unless civil war should break out, the
chances are that we have seen the most of
the stringency in the discount market, though
houses in the Southern trade will Of course be re-
garded with suspicion for some time to come.
Collections In the cotton States are extremely diff
cult, not to say impossible. to make. On demand
money IL abundant at Q a per cent. Some heavy
purchases Of stocks by spectators during the past
week have rather tended TO quicken the inquiry
for money on call. bat the amount Of means seek
ing employment is still in excess Of the probabls
wants Of the stroet,
Foreign exchange closed yesterday firmly -
about 1867 for sterling and 5.35 for frsncs-for
bankers bills in both cases. Mercantile biIlss
which are scarce, sell at 1887 loi11. the supply
rom New Orleans is fair, though less than would
be necessary to keep prices down. The recent I'D.
vance in cotton and breadstufs Ia likely to stimu-
late expectations and V increase the supply q