The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-10-29

Ios e. 50 Sss d, "a 20 e.
Since ,ss F. ..ia5 65sIsi ie9 IA 800 io5 900 81
gercrTs on PRopucs AKaca Hp.ss
Dor the vess...... uas7aso 1ao 69y 574 2oiso,7
rrevious,y reported 50 ass $40 5000 SOB 76aai.as4
sroe Jon. .... ,Sl,74a zoe 53,737o7I 800. 4al
E1rosIs o. SFRciE -
Pc, u, .s.s SIS. 1885, so 1872 ios sqa $50 "a sos
rr,viaus reported a ,89I sa7 cleo ga A22e7 do
Since Jan. h.. az 400 si7 e27ss Oh AZ s28 ,i23
The exports Of breadstafs and cotton continue
very large and the exporters are doing fine BUSH
ness. The cotton market has no. felt the effect OF
The pending political disturbances as yet. It will
be curious 10 note what effect they viii have. Ga
Tie face Of H. threatened stoppage Of the cotton
supply should have a tenaencyto cause an advance
n The price Of the article. For time, therefore,
~ first, such a prospect would operate-like the
well known tales Of frost aud blight which are so
ismiAar 20 Enthusiastically TO the planter
After little while however, the disturbance would
necessarily work both ways. civil war or pre-
rarahon for civil war at the South would dsar-
range all the existing machinery by which
cotton is picked and sent 70 marke.. large pro.
portion Of the labor now usefully engaged ia the
production Of cotton would be diverted from that
pursuit and devoted TO military affairs; the fnan.
eial machinery by which the Staple is moved AMI
cent abroad for sale would probably be stopped,
And-as was the case In Chicago in ls57-it would
be found impossible for time either 10 turn cot
ION into money or 10 send II to a place where il
could be turned into money. This Of course would
operate 70 The disadvantage of tn planter, would
disable MIN from paying lis debts 70 the North,
and would iuGict a severe blow upon the trade OF
Northern cities, which Is always more OF less de-
penden; upon the cotton supply. Ultimately the
6outhern planter would come out best from the
ipbrogio. England woud require his cotton,
and 10 get it, in flew weeks, Liverpool would pro-
vide money and labor to get il to the seaboard,
whatever was the condition OF the Southern coln-
Try; whereas, The Northern creditors would pro-
badly lose the sums due TO them, besides losing the
profit respei from moving the cotton and dis.
posing Of il here. Il is not likely that brealstuas
would be much injured by any political trouble.
In the event Of civil war the South would need to
supply herself in advance with large quantity Of
Western food. We notice that the Illinois Central
% doing an enormous business, and that the Missis-
sppi Is crowded with boats carrying food South.
ward. Political trouble could not check this de-
mand, nor could Il interfere with the European
trade IN breadstufis.
The movement of specie during the past week
cannot have made much difference TO the bank
reserve. Last Monday the statement showed an
average Of t22 lis 22s In coin. Against this must
be Settle shipmen. of Saturday GOTH $3.50 600; and
on the other hand. the banks received on 2Jd
$50 .225 In specie from California. The sub
Treasury balance does not vary much. though the
tendency is toward reduction OF the govern
nent funds; the balance yesterday stood al
81 So 003 against 81 ,l5ls42 at tie close OF last
week. Adding the Sub. Treasury fund TO the bank
reserve we find that there Is in the city at the pre-.
sent time nearly $4,000 900 in specie, against
s25 GOO. 900 at the corresponding date last year.
snm Of 81 200 600 Is on the way from California,
and from the complexion Of the exchange
market here seems 10 be fair prospect
Of an accumulation Of gold in the banks. II j.
probable that The political agtatoas Of the day
may induce the banks 70 persevore In the policy Of
cgrtailment which they have pursued since August.
Had il not been for politics Il would have been
safe 20 anticipate q relaxation and consequent
decline In the rate q interest; under The cifcum
stances aud in view o. the uncertainties % The n.
ture, bank managers viii probably be guided by
prudence and will keep themsclye. IN a strong po.
sition.
Money grows easier, both In the street and at
the discount houses. on call, the supply, al six
per cent Is In excess Of the demand, AMI good
short paper 4 wanted at The same rate. Four
SIX months paper goes readily enough al seven per
cent, though within the past day or two some
capitalists have been shyer Of long paper than
they had been previously. The heavy imports
Of breadstuas into England, consequent upon
tie crop failure a already beginning to disturb the
= - 49, aaVsaWw H.
the increased sri,gency' to the revival Of the
drain Of gold 10 France. But this Is q matter Of
old standing and too chronic 70 justify alarm al
airy particular time. England requires silver for
the paymen. OF her debts 70 India and China; she
buys dis silver from France and pays for i ID the
gold which she receives from this country and
from Australia SHE has been doing this for many
years aud win probably continue - DO 50 until, on
The one hand uc Asiatic countries arc persuaded
10 consume European manufactures to the extent
q their exports Of produce; or on the other 'he
continental supply % silver Calls 20 lovas 10 check
az export. Tue real cause IL the trouble ii Eng.
land a. ne present time q what VIC have pointed
o. 70 frequently % late tho crop failure whi,h
WI Increase tho foreign Imports 81 Great Britain
from thirty t9 forty millions q dollars tbs year.
our heavy exports % produce continue Is 4He.t |
TIC foreign exchange market. which i lower than |
v ever was "a ihis season before. Tho best bankers
bills arc selling ~ l0-l for sterling and 5.I7} Tor
francs; md very excellent bills q uadoubtol va,ae.
sre In the market n 1914 anl 20. Comparing de
quotation q gold here viii DO last quotation tom
nc other side, i appears that q would bar,uy bs
possible 70 import specie probably asains, bills
drawn here at l07l. But should any further De.
elm take place. and The market : extremely don
ard depressed. gold might come. IN ls57 gold
VS. Imported when exchange was selling here a.
loi u. tneed hardly be added Mat reversal
81 he ordinary Gov Of specie Eastward Is not an