The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-02-25
FINANCIAL AND COMMERCIAL

FINANCIAL AND CONNER CiAL..
FRIDAY. Feb. 4--6 T. NJ.
The SubTrsasury drafts are very slow in ar
irving; the Sub.Treasurer to-day only received ad-
vices of small drafts, and the balance is still over
nine millions. Judging from the slowness with
which the redemption Of the Post Office certificates
is proceeding, the pressure upon the Department
cannot have been 80 very sharp as was pretended,
or the Treasury officials are treating the public
creditors with shameful negligence.
Money ia rather more abundant, both in the
street and among bill brokers'; but there is thus
far, no change in the rates. We still quote six per
cent as the standard rate for the choicest
short acceptances, and seven for first class a G
months paper. On call the regular rate is
6, though loans are made every afternoon
at a ST. Some of the up town banks were
seeking to place funds to-day in Wall street. and
the impression gains ground that in the course of
week or so we shall see money easy at S on call
The foreign exchange market is inactive, without
much change in rates. Most of the leading draw.
ers ask 1904 &c. 60 day sterling bills, and ITO for
short sight; but, at these figures, there is no bust
ness doing to speak Of An ingenious correspon
dent theories on the heavy exports of cotton and
the balance ''elast year in favor Of the United
States and argues that the usual law of trade is to
be imperative this year, and that bills will not rise
to the specie shipping point before midsummer
at earliest. This might perhaps prove 80 if
our imports of foreign goods were moderate;
but our correspondent will observe that large
az is the increase in the production
and export of cotton the increase in purchases
of foreign merchandise, especially dry goods, is
equally marked. The more we sell the more we
buy. During the first seven weeks of 1858 we took
IS, 424oO0 of foreign dry goods; during the same
period in 1859, $2l 092 900; during the like period
this year, $25 ,650,000 The increase in the con-
sumption of other articles of foreign merchandise is
equally large especially in the cotton growing
regions. The South will this year consume con-
siderably more goods than ever before; the West
will consume more than she has done since the
spring of 1857 This is the natural course Of trades
and desirable as it would be to check the extrava.
CANT expenditures of our people for objects
of luxury and fnery, it Is hardly likely
that hsrmonzing will work any change.
Certain it is, that so long as the consumption of
foreign dry goods in this market alone amounts to
ten millions month, and over, it will take all the
articles of export we can send abroad-gold in
cluded-to pay for them. The gold export thus
far in 1850 has been unusually light-the lightest
for the period for many years; but we must wait
till April and May have passed before it will be
safe to talk about cessation of the drain.
There was rather better demand for stocks this
morning, and more business was done than for
some days past. Pacific Mail was active at an
advance of 2 per cent; it was wanted apparently
by outsiders. We understand that, not withstandng
the settlement, both Mr.. Vanderbilts boat and the
North Atlantic C0mpanys steamer will sail on
the 5th of March for Aspinwall. After that
date it is expected that the new scheme of sailing
thrice q month will be carried into operation.
New York Central was q shade better, though
severely hammered by the bear jobbere. The
closing price was II, against 70g ct the close yes
terday. AS we stated in yesterdays paper, there
is no foundation whatever for the stories which
have been circulated with regard to an alleged re-
newal Of the war between the four lines. The'only
road which is seeking business by carrying freight
and passengers below paying rates is the Grand
Trunk line of Canada, whose stockholders will
need very long purses not to be ruined in the
struggle they are undertaking. There was fair
business in the Western shares q. yester.
days prices. Galena was rather lower: the earn
ings for the third week in February show
week of last year; the decline is said to have
arisen in part from the tempestuous weather. The
inquiry for first class bonds and State stocks con-
tinues active-the latter especially are much wanted
Southern planters are investing freely in Lousi-
anas, Tennessees, and other State stocks. This
afternoon the market was very active, and stocks
closed steady at the following quotations:
Virginia 6's. 92s a 90; Missouri 6s, 500 q /; Can
ton, LIZ I; Cumberland Coal preferred. Is
}; Pacific Mail, 934 J; New York Central, II q /;
Erie, 81 a 8; Hudson River, 39s &; Harlem, a 1;
do preferred, 32a S3a; Reading, 404 .; Michigan
Central, s7i J; Michigan Southern and Northern
Indiana, CT Z; do. guaranteed, Is /; Panama.
1874 a Il Illinois Central, 56} 4; Galena and Chi
cage, 56s 81; Cleveland and Toledo, 1s} j. Chi
cage and Rock Island, G25 az.
The business of the SubTreasury to-day was as
follows:-
Total receipts. Observation-Disclosures. $57,704 81
.,for customs ........................ 600 90
ao,s payments OBSERVATION-DISCLOSURES. 4l0,S55 go
baiancc..... e,o23,7l5 80
The exchanges at the Bank Clearing House this
morning were $40 439,503 Y, and the balances ST..
12l $50 50.
AT q meeting Of the Bank Clearing House Asso-
citation this afternoon the committee reported in
favor of the application of the North River Bank
for readmssion to membership in the association,
and resolution in favor thereof was adopted.
The Chicago Press of Wednesday gives the fol-
lowing statement of the movement of produce at
that point
The receipts and shipments OF produce live stock &c.
during the past week. will be found in the following
paratiye table
c-RECEIPrs@ c-sHIPNENrs-,
Pas Prer's SINE .ek Past Prer. Sme rE
Flour ssls ss isss 7sss lis ' ISIS , isss
Wheat, bushels "a 6St 5OO83 72S2l 1904 1929 6312