Financial affairs in New York.
--It will be seen by the following, which we extract from the New York
Herald's money article of Monday last, that the citizens of that once prosperous metropolis are becoming plunged deeper and deeper into the embarrassments fastened upon them by their masters at
Washington:
‘
The banks have lost money heavily during the week, notwithstanding the large receipts of gold from
Europe.
Some six millions have been paid into the Sub-Treasury on account of the recent award of Federal sixes, and about a million must have gone to the
West, during the week.
It is safe, therefore, to look for a considerable reduction in the specie average to-morrow.
Last Monday the banks showed an average equal to $39,622,791--an increase of $84 811 from the week previous; at the corresponding date last year, they held $23,431,773 in specie.
The bank loans may show an increase, as they are lending on the new Federal stock.
Those banks which confine themselves to the negotiation of mercantile paper must show a falling off in loans, as the amount of good paper seeking discount is being daily reduced.
But the negotiation of Government and State loans, and the business of stock exchange, still enable the more enterprising among our bank managers to earn dividends.
Last Monday the bank loans were reported to be $118,141,356--a decrease of $1,866,450 from the week previous.
Money continues as before to be extremely easy on demand on the right sort of collaterals.
But the circle of names which are negotiable at the discount houses at seven percent., or thereabouts, is exceedingly limited.
An opinion prevails that our mercantile community have not yet begun to realize the stupendous disasters which have befallen the community, and that their own sufferings have hardly commenced yet. It is believed in many quarters that with few exceptions the existing mercantile houses of New York,
Boston and
Philadelphia, which have been engaged in trade with the rebel States, must go to pieces.
Thus far only a small per cent-age of these houses have failed.
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