The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-07-29

The banks wrl probably show decrease Of
specie tomorrow Over $4,000, 900 have been paid
into the SubTreasury for Treasury notes since Mon
day last, and some money has gone West. Some.
thing less than three millions has been received
from the Mint, thus leaving an apparent balance
against the bank average Of over @ million dollars
Last Monday the banks surprised the public by
showing specie average Of SAG, 802 ,205, being an
increase OF 81 ,5S6 ,459 the week previous; at
the corresponding period last year they held only
s23,443, ga in coin. AS the Philadelphia and Bos
ton banks are paying at least part Of their SUBJ
scripion to the Treasury notes to the Sub-Trea-
surer at this point, it may be expected that our
bank reserve will run down for a week or so. The
bank loans showed last Monday decrease Of
$359,434 from the week previous, the average be-
ing $ll2 ,0S6, los, including the first batch of
100000 six per cent Treasury notes taken by
banks. 1t is supposed that they win show an in
crease tomorrow, as since last Monday they have
taken over 100000 of the new notes. Much,
however, depends on the rate at which the mer.
chants are Withdrawing their mercantile paper.
Liquidation is going on so fast that the supply Of
government bonds and notes Issued by the Trea-
sury barely fills the vacuum left by the curtaument
OF the volume Of mercantile paper.
In some quarters there was rather more inquiry
for money last week; but it seems to have been
causeess movement, and it produced no material
change in quotations. There is far more money
seeking employment in Wall street than the brokers
or merchants can use, and until trade reviyes
efforts to mpart more tone to the market by calling
in loans cannot lead to any substantial result We
quote call loans at4 per cent short first class ac-
cap "a 7 par Ipin nc
the highest grade from upwards Second class
paper cannot be quoted at any fixed rates. Most
capitalists are unwilling to buy at any price.
Others, more adventurous, are purchasers at ], 2
and per cent month An impression prevails
that the dry goods houses and many Of the grocers
have not seen the worst Of their troubles and that
the fall will witness more suspensions than the
spring did. With the exception Of q few large
cities in the West, and the older States of the
North, the country is paying very little of its in
Gebtedness to New York; Southern debtors, OF
course, with few light exceptions, are repudatng
shamelessly, This state of things continues to
yield its natural fruits Another heavy dry goods
housc suspended yesterday, in consequence Of the
impossblty of etlecting collections and the gene
raj stagnation ia trade.
Foreign exchange advanced last week TO 1919
for bankers bills on London, and $3.50 Cor bankers
bills on Paris. There was, however, but little
business done at these rates. Bankers cannot buy
good mercantile bills under 1917 "a and at these
rates they cannot import gold without loss. Poo
pie are therefore looking either for a general
stngnaton in the foreign exchange business or for
decline in rates. The importers have imported
so few goods from Europe, and many of them are
so crippled by the cmbarrassments among the job
bers, that the demand for bills FOX remittance is
unusually light. Many Of the bankers expect that
when the fall trade has fairly begun The non-ship-
ment of cotton must lead to an advance il bills
and some expect to see exchange rule at points
which will leave margin for profit on Tie export
alton of cc;n Before this can be The case, how
ever, there must be marked increase in the i'm
ports of foreign goods-an occurrence not yer.
probable in the present aspect of mercantile
matters
Tie following table shows the course Of The stool