The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-06-10
MONEY! WARKEv.

Congress, aud the announcement that Gen. Taylor
had been nominated for the Presidency by the whig
convention PhladelphiA. the stock market opened
and closed exceedingly heavy The fancies are going
down faster than they went up, particularly Harlem
which has within the past three days fell off four per
cent The decline in this stock puzzles great many
operators and from the fact that transfers Of any
consequence made the books of the company,
should judge that the stock sold from day to day
was borrowed by the sellers trusting to further de-
cline to buy in to return when called for Purchasers
at high prices are not alarmed disposed to sell at
present prices At the first board to-day Harlem fell
Of y per Ct Reading Railroad y. Treasury notes ad-
vanccdL.
The American steamship United States for Havre,
takes out nearly Ave hundred thousand dollars in
specie
Sterling exchange is rather quiet the high rates
ruling preventing any very extensive operations We
quote prime bills London IL and liz per ct pre-
MUM.
The confirmation Of the peace treaty is now settled
beyond doubt. Both houses of the Congress of
Mexico have ratified il, and hosties between the
two countries have virtusly ceased Our army is to
be immediately withdrawn and all the preliminary
matters relative to the payment Of the indemnity will
be arranged The President of the United States
will the fact in official shape. when
all doubt regarding the affair will disappear. There
have been 80 many premature amour cements that
the treaty had been ratified that much doubt exists,
oven yet, in the minds of largo class and nothing
short of special message from the President will
vince them that war no longer exists between the
United States and Mexico There will be for some time
a ull in the political world Both parties have mad.
their nominations for the Presidency and Vice Presi
dency the war having been disposed Of the new loan
Of $lo,O00,000 secured at q fair premium beyond a
doubt there question in agitation calculated
to create any excitement for some time to come
The value of cotton exported from the port of Savan
nah, Ga, for the month of May $4Ss.7e4 In April
the value ofdomestic exported to
S6l6033 making the aggregate for ths two months ST.
l04s27 The duties foreign articles imported in
the first month (ApriD amounted to 81 SOS; specie
and bullion imported month. So 2s5. or the ex-
ports Of cotton in May 2.53l,3 1895 lbs. Uplands and
1853 392 lbs Sea Island together at sls272
exported in American vessels. while 47lS567 lbs Up
lands and l0l 453 lbs Sea Island valued together at
S3o5 622 were exported in foreign vessels The exports
of cotton this May considerably exceed the exports in
May. lS4., there being none in American vessels in
that month Of last while in foreign vessels the
Uplands reached but 642 693 lbs and the Sea Island
305 00 lbs valued together at $1360l7 while total
exports Of May 1877 in value but S151 6sS, t.
s4ss79i the corresponding mouth Of this year
very important has lately been decided in
New Orleans which appears to have created consider
able excitement in that city and the decision will IL
confirmed BY the Supreme Court Of Louisiana lead to
revolution in the system of drawing drafts upon this
and other Northern cities 1t that certain bank.
Ing firm in New Orleans had drawn several bills,
at sight upon their correspondent banking establish
mentin New York which bills not paid prese
ton, the drawers failing between the time Of the
ing of the bills in New Orleans and their arrival in
New York The bills were protested on the Hrst day
of presentation and refusal to pay and returned
against the drawers The latter being sued
plead in defence chat three days of grace not
allowed the bills and that the dema nd and protest
should have been made the third day following the
first demand The holders of the bills replied that by
custom Of merchants in New York days of grace
upon sight bills given, and that it usual to
protest first refusal and offered to prove this by the
evidence Of a number of exchange dealers. To the
introduction Of evidence to this effect the defendants
drawers Of the bils) objected because the eeme
writer's aud the various judicial dcta hsld very posi-
lively that days Of must be given sight drafts
and no evidence Of custom could be admitted to
troll vary positive law The learned judge concurred
with the defendants counsel nd the plaintiffs holders
Of the bills. were nonsuited.
1t appears that the parties purchasing the bill
pected to have it paid upon presentation and it is
also probable that the drawers under stood it, II
sight bills be taken, but the custom has been to
pay them upon presentation. This custom has been
adhered to when it suited the circumstances ability
Of the party upon whom the bill drawn but in
tight times when money was scarce, and the rate of
interest ruled high the three days grace claimed
and the law sustained the position. The three days
grace are merely taken as matter Of convenience;
but when draft drawn at sight is not paid upon pre-
sentation it is customary to accept it, only for TIC
purpose Of binding the party upon whom the draft
drawn, but evidence Of the time OF prese
The best way to draw a draft, when its payment
is required at sight, is to make 1t payable on
demand as 1t is the law that when me of payment
is expressed it is payable presentation without
any allowance Of days of grace The parties in this
city upon whom the draft alluded to in the suit in New
Orleans drawn, in failing circumstan ces and
Of course. avaed themselves Of every allowed
by the law; and we should judge by the circumstances
must have failed before the three days expired
meeting of the stoc khoders of the Philadelphia nd
Reading Railroad Company will be held at the office of
the corporation, Philadelphia Wednesday the 14th
Of June for the purpose Of taking such action as
then and there be directed in regard to the
ofthc Legislature Of Pennsylvania authorizing the
company exchange preferred stock six per cent
bonds in liquidation of that portion of the companys
debt which falls due prior to the year 1850 1t has
officially stated that the required to complete
the conversion has been subscribed for within one mil
lion Of dollars appears by recent reports that the
receipts Of the company have been larger in the past
five months than they were during the correspon ing
period last year. and that the earnings the
rent twelve months estimated by the mt
at eight per cent upon the entire cost of the road
The receipts Of the Connecticut River Railroad for
tbs month Of May, amount to SIS As, vix-for
freight, 81 664 oil passengers, S7199 90 from other
sources, S263 0s The receipts of the ng
month Of last year s9,791 So Increase, 81 per
cent.
The receipts Of the New York aud Erie Railroad
Company for the month Of May 1s47 aud lsis were as
annexed
NEw YORK ERIE RAILROAD
1871 1913. Increase. 1saS
FROM freight 80. $1,000 80 1891 As 1870 10