The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-04-14
FINANCIAL AND CONNER GAL.
FRIDAY, April l3-e P. n.


FRIDAY, April l3-e P. N.
The extraordinary coincidence Of a stringent
money market at Al per cent in London, and an
easy money market at in New York, is naturally
creating great deal Of comment in financial cir
cles. Hitherto money has usually been 2 to per
cent higher here than in London. The cause Of
this difference has been obvious In London the
supply Of money has always been propertionately
in excess Of the demand; here the demand has
been in excess Of the supply. There have always
been in London more people seeking investments
than substantial schemes seeking money; here, on
the contrary, schemes in want Of money have
always been more numerous than capitalists in
search Of employment for their means.
1t looks, just now, 90 though this state Of
Tugs, which has existed so long that our financial
Authorities have come to consider it fixed fact and
an established condition, might be on the eve of
change. The explanations given by the London
papers of the existing stringency in the London
mosey market are all extremely unsatisfactory. In
fact, they do not merit moments attention. No
ouch results as are recorded could have been pro-
/ auced by the Savoy question, or by preparations
or the settling day. or by the present condition Of
commercial affairs, or by the state of the stock
iarket. The advance in, the rate Of inter-
st. in London, and the active demand for
,Dey at the advance reported by the Persia, must
5 ste some deeper and more serious cause than any
these.
Without pretending to solve the problem, 1t is
1rthy of remark that the commercial relations
tween the United States aud the rest of the
gid hive altered materially since the crisis OF
IA. Tie annual contribution of this country to
L y yUnr 'c hoa -.
en-, while the annual consumption of the people
II the United States has, in consequence of the
onomies practised by the people of the West and
birth, ntner decreased than increased. The ag-
eeate importaioDs of the two years, 1853 and
80, we're less than those of 1856 and ls57-the
g,egste expectations much larger. Three
~ ars ago cotton crop of 3,250000 bales
considered very handsome /; the crop
ymr will be over 100000 bales-s difference
,ne article Of about ss5 100000. Ofthe product
the gold mines of California, three years ago,
rge proportion was needed for use here, in the
Enlistment of banks and objects Of luxury;
: we are establishing no more banks, and the
sumption of jewelry and plate is much reduced
annual export Of miscellaneous articles, domes
ny goods and other manufactures has doubled
past two years. On the other hand, three
ago, this country was full of great labor and
ay consuming enterprises, on which millions
liars were spent every month. This drain has
been checked; no more railroads are
built, no canals, very few steamers, and
fewer ships. Here is great saving. We
Il pursue the argument to great lengths, but
ave probably said enough to show that since
this country, by reducing its expenses and in
ing its income, has been gradually rising into
osition Of o creditor of tho world at large. If
or evidence of the fact were needed, it would
and in the low rate at which exchange on Eu-
is selling and the postponement of specie
hents for at least one month beyond the date
Itch they usually begin. Has any one reflect
on the consequences Of change which should
New York. and not London, the centre of the
lercial world? If we go on as we are doing, pro-
h more than we consume, spending but little
y here, and supplying Europe with gold and
South America and China with dry goods
kver, and all the world with provisions aud
ls kinds of manufactures, the exchanges must
favor of this city, not against us; and among
neequences would be some such course in
q as we now witness.
e is no change here to-day in money. Loans
cred very freely at per cent on call, and
pr first class double name paper. The banks
so far as we can learn, increasing their
discounts, though they are not reducing
heir next statements, it is expected, will
w much change in this respect, but the spe-
INN will show an increase. The Sub-Trea-
lance continues to run down; the receipts to-
80 $1s5 SIT; the payments, sos ,049; balance
ming, s7,27O,3i3.
en- exchange was inactive atlast quotations.
hing bankers ask 10s5 100 for 60 day ster-
IS, and lOsf a 2 for short sight !; for francs,
5.l74 for 60 day bills, and 5l3i SIS for
sight. These rates are, however,
above the market. Very good
offered at 1854 I for sterling and 5ls}
Is. Some Of the bullion brokers have sold
Int bills, chiefly on Paris, and are shipping
g to cover. The several steamers which
orrow take something like 100000.
flowing are the last quotations of sight ex
IN New York at the cities mentioned, the
IS being in all cases for gold
OBSERVATION-DISCLOSURES u premium
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hs...'....'.'......"...X dis. o =
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e-......., ..............pAr.
49,.
L.. q lilo d}5
rease in the Cleveland and Toledo earn
be arst week in April is $500 over Las
ock market continues very active, and
decided daily increase of speculation