The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-11-28
slDoe January 1. $50, coo $40 eo66a,cc3 sodie,I7


For the weer....... s.lb $40 LAS 951 Isn ~ ~
Previously reported 5b 81 $50 6s,2ss,hs esiss soo
upos January !, sss,ses,sio eo,esg,sca sosio,lse
Considering the dead ock in bills of which we
have heard so m0cb, the above ia rather sur
prisipg exhibit /, seems that notwithstanding the
comparative impossibility of selling exchanges, We
continue to ship nearly twice as much produce
a. we we're shipping at this time las. year.
The fact tends 10 confirm the view which we have
expressed more than oncethat the present crisis in
foreign exchange arises at least as much from the
act that New York is becoming the centre Of the
commercial world as from any other cause. We
have been going along unsuspectiugly all year,
not dreaming that instead Of owing money 10 En-
ope, as usual, The debt was on the other side;
now, when the fact bursts upon us, a panic is the
result. Included in the above aggregate is about
81 800 900 worth Of produce shipped 20 Great
Britain cotton and breaastaGs being Of course the
principal items.
The offerings at the banks this morning were
very much less than those of last week; at the
Commerce, American Exchange, Metropolitan,
America and the other large banks, the discounts
were liberal, being generally in excess of the
receipts. The new bank policy is pronounced
q success by the bank managers. 1t Is hoped
Mat the New England banks will be able TO
sustain themselves andwe presume that, in case OF
need, they VIII obtain some aid from this city.
Bot il Is not intended to make money so cheap here
rs 10 tempt the whole country TO lean upon New
York. In the street to-day paper is very hard of
sale. First class names go az 10 a " l5-the me-
drum figure being a lair average. On call on first
class stocks there are lenders at per cent. Much
of the present trouble in paper has arisen from the
pernicous habit of the banks in lending on call TO
the discount brokers on the pledge of bills receiv-
able. Brokers with capital Of $50 600 thus carry
half million Of paper, and whenever pinch
comes, and the banks call in their demand loans,
the paper is thrown ca tie market and sold for
anything 1t win fetch. II ii happens that buyers
are not ready 10 pick it up instantly, first class
signatures will sell at 10, Il, Is, or even lsper cent,
and the quotation thus established creates panic
10 the whole market.
We have TO report an Improvement in the de-
mand for exchange. Al the closing Of the mail
most Of the leading drawers asked los; we hear of
few actual sales at that figure, and Of fair bust
ness az 104 o !. This is a sensible advance upon
the rates which were current for Saturdays
steamer. Good mercantile bills were bought n
lo2 q 1903. At New Orleans the rate, as reported
by telegraph, is l0l J. One Of our leading houses
autographed o-day 10 Charleston TO renew pur-
ohases of bills there; it is probable that docu.
nentsry bills may be had there aud az Savannah
at about 100. When our bankers begin 10 buy
again freely ut the South business will improve In
that section. The Bank Committee for the pur-
chase Of exchange are doing nothing; they Do not
want 10 compete for bills; and the market now
seems 10 have righted itself
The stock market opened with a very heavy
feeling this m,rning, and all descriptions were
lower After the first board rally took place
mainly in consequence OF the scarcity Of cash
stock for delivery; in tho afternoon the market was
better, huS closed unsettled. State stocks were
pressed for sole this morning at decline equal TO
Aper cent "a North Carolinas, 2 per cent on Mis-
souris and n on v'reinias. Railroad bonds wesa
also lower, and when The general railroa I'd list was
reached The declre was very market. New York
Central IN 10 ~, rallied after the board 10 7ll,
men sold al "a and Is, finally closing at IA bid
sgaiuF, Is at the close yesterday. Pacific
Mail fcn cG per cen, In the morning.
IN the afternoon I. closed 20 bid, against 80
bd * the close yesterday. At present prices
his stock Il cheap considering the receipts Of
the company and the prospect of dividends The
Western shares were generally a fraction lower
ihis morning; in the afternoon they rallied and
closed about where they were yesterday. Tie
following we're the closing prices Of the day
United States SIS 1874, 96s Z; Virginia es, Is
%; Missouri &c, 60 I; Tennessee e's, II 7sl;
Canton, Is a u Cumberland Coal, preferred, pa
il. Pacific Mall, 70 a so; New York Central, 70r
rs; Eric Isl 20 Hudson River, l3i "A; Harlem,
lig Is; do preferred, 80 25i; Reading, 81!
I; Michigan Central, t0i 7; Michigan Southern and
gosthern Indiana, Is t. DO. guaranteed, 81 n {;
Puama, llii li5i; Illinois Central, IS a j Gale
~ ard Chicago, 63l !; Cleveland and Toledo IA
I; Chicago aud Rock Island, "A !; Chicago, Bur.
hngton and Quincy, 60 a 20.
II there be any here who still question the sin.
certy of the Sort arn people In their present revo
lutionary mtyC lent, we recommend them 10 de-
vote some attention 20 the coarse Of the Gotten
trade. Yesterday uii1ling uplands was quoted at
10 cents al Mobile, at l0l at New Orleans at -
Of Charleston; ut Savannah and Macon business
was reported as stopped alto yether. At the latter
place our correspondent writes that there had not
been bale OF cotton sold FOR a week. Now tho
Hrst killing frost Of the season took place a week
ago, aud % good authority estimates the crop this
year II over 900 600 bales. Under these crcuu.
political aEtations, miadlug uplands would have
been worth at present fully twelve cents pound
o the leading Southern markets. six weeks ago
ZONE Of the mos; experienced memberso OF the trade.
reasoning upon an estimate Of 10000 bales, pre-
iictel an advance in middIing upands 70 10
\ IL cents pound IL The Southern ports.
Their reckoning was based partly on the
In the supply-say COo,o0o bales-and
partly on the increased demand arising nom the
developcmeni Of trade eai industry thtougho1.
Europe. Those premises we're sound enough. Il,
however. we coaten; ourselves wi,h the assamp.
Jon that the ordinary laws OF trade, had they not
been interfered with, would have caused The price
II middliag upiands TO be twelve cents pound a,
he present time AZ the southern ports, W shall
Irrve az she startling conclusion that tie pending
evolutionary movement N tho south has already
90. IL a. eeestan ~ Fnunfrv ttvo egnfa "a ronn ,w