The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-03-18
NEW YORK HERALD, MONDAY, MARCH IS 1861

Of 1857, $50 from the week previous. The Sub
Treasury balance stood yesterday al So, TO- OS,
against 81 ,52l C97 at the close of last week. Add
ing the Sub Treasury balance to the bank average,
we find that the stock Of specie in this city,
exclusive of what is in private hands,
amounts to over $40 900 900; at the corresponding
date last year the banks and Sub Treasury together
held about $29;SO0G0O Further additions were
made to the stock of coin in this city by the arrival
last evening OF the North Star, with $Sl5 ,524 from
California, and Of the Arabia, with the Australia
sian Is mails, and about 81 200 900 in British gold
The course Of the foreign exchange market rem
ders IL probable that, after next week the flow Of
coin from Europe will cease. At the same time the
season is now approaching when gold generally
flows 10 New York from all parts of the country
Unless the usual course Of trade be reversed this
year we shall witness an accumulation OF over
forty millions in our banks by June next. The
bank loans swelled, according to last state
nent, from an average OF sl2l ,Se3,963 on
March Q, TO an average Of sl22, 705 ,O9t
on March 0. The increase was caused by the
award OF the government loan, large amounts OF
which were hypothecst in the banks. seems
doub ful whether the statement to be published
tomorrow will show further increase The
banks are making great efforts to secure all the
good paper that is made but liquidation proceeds
so fast That even by running the discount brokers
ont Of the field, it is doubtful whether they viii
succeed in keeping their line up. We are going to
witness period like tue summer Of 1858, when
money was worth four per cent and bank cashiers
went into merchants Offices to beg for single
paper.
The money market exhibits no great change
since last week, though capitalists lind it perhaps
rather more Difficult. 10 place their funds. Several
leading commission houses which receive money
on deposit aid allow interest therefor have as
much and more than they can use left with them
at five per cent. People who go in quest of
money, however, continue to pay 5lI and
8 per cent. Paper is very scarce indeed. A few
exceptional names 90 at per cent, and what is
generally known as first class paper at 6 a Z. Sc
cond class names, and names generally known to
BE- connected with trade in the Gulf States, pass
with difficulty at IL "a per cent. Though the
money market is infinitely easier man it was, it
cannot be said that mercantile confidence has In
creased. The price of all leading articles Of mer
chandise is nearly as low as it was in the worst
period of the panic, and very heavy losses indeed
must fail somewhere. We hear Of bat one failure,
however, during the week-a commission house in
general merchandise.
We have to report further advance Of "a per
cent in foreign exchange since the close of last
week. Yesterday the closing rates were, for
sterling, 1861 for bankers, and los a p for
mercantile bills: for frances $50 332 for bankers
and $3.50 a IS 371a for mercantile bills.
Southern bills are more readily sold in our market
than they were some time since. The Southern
banks have been RENTING pretty freely Of late,
and the difficulties about clearances being APP
parenty removed, there seems TO remain no
reason why they should not recover their old
position in our market. AT the present rate Of
exchange II does not pay to import specie from
England, the loss Of interest being greater than
the gain flowing from the difference Of exchange.
The following table shows the course of the
stock market during the past week and month";