The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-12-03
FINANCIAL AND CONNER IA..

ane the exports Of specie also less the exports OF
Domestic produce were In excess of those OF the
corresponding week last year by more than mil
lion of dollars. Our exports since January
are $50 600 900 in excess Of those Of the same pc
Rod last year, our imports of foreign goods over
e SOC, 600 less The contrast is in every way in
favor Of the country. The following are the com
parative Custom House tables of the trade of the
port for the week and since January Ii
For ne Seek. 1858 1869 1880.
S S;s.. ssSs: ss's 81 a asa 81
preyouS, reported 49, So Oh iss aoi sS
Since Jan I. $3.50 lsoo si 2le 447 $50 an ,o6s Ss2
E1ros1s PRoDueS
Previously reported 80 ssi 2so 50 as 7i2 IS isi $50
Since Jan. l... 800 900 $40 90 e62 COS 30 OLD l2o
Exrolrs or SrncE
1883 1859 1890
For the wtek ..... &ia3 500 7l9 900 60 $50
Previously reported 2sosi els 81 iss ess a. 1874 500
Since Jan. i... s23 2l5 40 81 $50 ess 43 IS, i4o
General business is completcly paralyzed. There
is little buying of produce on the Corn Exchange
and the movement in cotton shows signs Of reco-
very, both here and at the South. But general
business is stagnant and to sell for cash is almost
an impossibilty. La.terly, indeed, the unwilling
ness TO buy, even on time, il so marked that enor
nous concessions are offered by sellers without ef
fecting tions The cotton movement up 10
the date of the last circular showed decline in the
receipts equal TO l5s 900 bales each week falling
behind the corresponding week Of last year. 1t is
much feared that political agitations may now in.
terfere with the movement of the crop TO the ports.
Altogether nearly l,l00,0 600 bales have already
come forward leaving 900 900 bales veto arrive.
The effect Of the crisis here and its consequences
in England upon the prize of cotton in Liverpool
continue to be one of those problems which puzzle
the mercantile mind.
The banks will probably show an increase Of
specie tomorrow. Last Monday they sho ged an
average equal TO SIS, 159 373; but as this was ex
elusive Of the California remittan se OF Sunday
25th, and as the average was a rising one indie.
pendenty Of this, increase may fairly be looked
for. They have, besides, been gaining money
from the Sub-Treasury, in which institution the
balance stood yesterday at 1892 75l against
81 sos 6G8 at the close OF last week and s. 43s
at the corresponding date last year. Specie be.
gan on Friday to flow South; but as the New Or
leans banks hold over eleven millions in gold a,
the present time, and as the suspension Of the
other Southern banks will strengthen them, the
drain will not, in all probability, be very heavy.
Gold began to arrive last week from abroad over
800 900 came to hand on Friday from the West
Indies Cold viii probably begin TO arrive from
England in about ten days and the hope seems TO
he generally entertained that our banks will accu-
mulate twenty eight to thirty millions by New
Year.
The bank discounts viii probably show large
increase to morrow. Last Monday they showed
an average discount line for the week previous of
1922 ,57S 454, decrease of 1902 $40 from the pre-.
vious statement but il was well known that the
average did not fairly represent the actual expan-
sion as the heaviest discounts had been granted on
Friday. Since then the banks have been quite
liberal TO their customers, and it seems TO be ex-
pected that the statement Of tomorrow will show
an unprecedented increase.
Notwithstanding the bank discounts, money is
appreciably dearer in mercantile circles than ii
was a week ago. No one seems willing to purchase
mercantile paper even at very high rates;
every one who has money appears anxious to hold
il under his own control, at all events for the next
thirty days. Hence, while money Is quite abun
dant on call at per cent per annum, the best
short acceptanccs are passed at twelve, and very
excellent paper indeed not better than fifteen or
eighteen. Al bank, regular dealers are supplied
with money enough; and accordingly, notwith
standing the crisis, we hear OF few failures The
general idea among merchants appears TO be that
will no. be safe 10 embark In any mere antile en-
terprise, or to incur any obligation whatsoever,
until have received the recoil Of our crisis from
the other side, and until the South Car DINA Con-
vention has adjourned. We may expect the worst
news from England about the 18th OF the month:
the South Carolina Convention meets on the 18th,
and on the 18th, according to Senator Hammond,
that State will be out Of the Union. Between
this and then II Is safe to predict that
business and finance viii be stagnan., and
that merchants will pursue steady course of liqui.
dation similar to that which took place In October
and November. 1857. Owing to the remarkably
healthy condition Of trade, that liquidation can
now, in all probability, be perfected in about six
weeks.
Foreign exchange improved last week. Al the
close Of tho business for the Saturday packets the
asking rates at bankers were l04i los, and mer
camille bills Of good character sanged from l02 to
lO3 AT these prices there was better demand
than there has been OF late. At the South there i
more currency for bills. We hear OF fair business
at New Orleans and Mobile at loli lO2 for docu.
mentary bills. and at Savannah at 100 l0l AT
Charleston nothing i doing, the revolutionary pro-
cecdings which have taken place in that city hav.
ing lad the effect Of frightening away buyers oar
importatons continue very light, and our exports
OF produce quite heavy, 50 that a; present there
seems TO be very little prospect o. a Substantial
advance in bills.