The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-09-20
FINANCIAL AND coMMERC lAL.
WEDNESDAY,, Sept. ls-s M.

mort paper, S seven per CENT; p1t somo 0aiAsoc-
lions continue to be made, In exceptional cases,
1t 81, and occasionally even lower. The business
of the subTreasury to-day was large; the receipts
were $224,2 9l, of which Sl3A.Ooo from customs;
Abe payments, $353,24s; balance this evening"
$6,A4s, COS.
As usual on Wednesdays, there was nothing
done in foreign exchange to-day. The market
does not look very strong.
On both the produce and the stock market this
morning there was a further decline, which Is
sseribed to the effect of the harvest news from Eu-
rope. The people who believed that q short
crop in England would be a biessing-in-
stead Of great iDjury-to this country
are now terrified beyond measure at the recovery
of the wheat in Great Britain and say they believe
that this great good fortune Of our best customer
win ruin this country. The decline in wheat with
n the past three four days is equal to about Is
cents bushel, and the stocks Of the grain bearing
roads have also deprecated materially in price.
The only steady stocks on the list today were
New York Central aud Erie, which were in fair
demand throughout the day, and closed this af
temoon, the former at ssl bid, against So yester-
day. the latter at SO, against same bid yesterday.
All the Western shares were lower, and some OF
them were pressed for sale at the decline by par
hes who do not like The appearance Of the
Bood markets As compared with the closing
prices Of yesterday, the latest transactions Of the
day show decline of in Galena, in Toledo,
In Rock Island, in Michigan Southern guaran-
teed, 4 In Southern old, / in Michigan Central,
In Harlem preferred, and in Harlem old. Illinois
Central and Hudson River were both pressed for
sale in the middle of the day ct further de-
cline but rallied in the afternoon and closed at ar
advance CT each over the closing price Of yester-
terday. Panama was 1 lower, Pacific Mail bet
Yer; both were inactive. The decline in State
stocks continues, and Missouris dropped to-day to
79s. TIE decline in these issues rather puzzles
fnaneiers. The general business to-day was gate
large, and the market closed steady at the follow
ng quotations. United States SIS 1874, 1927
lO3; Indiana, 90 a 93 Virginia 6s, Oh 9la; Ten
nessee 6's, 90s 900; Missouri 6's, 79s 79l; Can
Ton, 22 2eA; Cumberland Goa. preferred lsa g Is;
Pacific Mail, Sll a So; New York Central, ssl
ssl; Erie, SO 33l; Hudson River, 6lI q cal; Har-
lem, ISL a 10; do. preferred, Ash 40; Reading,
IS aAct; Michigan Central, 7ol 7ol; Michigan
Southern and Northern Indiana, 22a az; do.
guaranteed, All as; Paname, 126 1864; Illinois
Central, ST. . s7l; Galena and Chicago, 7sl 7si;
Cleveland and Toledo, l73 q AS; Chicago and
Rock Island, so . 500; Cichago, Burlington and
Quincy, 81 OH; Delaware, Lackawana and West
ern, 90 q 95; Illinois Central bonds, 90 o 99&.
The annual cotton statement published In the
HERALD Of Sunday is in many respects suggestive
Of eonfratulation as well Of attentive consdera-
tion The figures of this statement show that the
production of the country has gained upon that Of
1878 fully fifty per cent, and upon that Of last
year over twenty per cent, the yield Of 1S59-60
having reached the enormous total OF 4 ,675 40
bales The distribution Of this crop has been easily
effected, Great Britain having taken, without more
than temporary monetary Inconvenience, nearly
Eve sixths of the increased production, the CONT
uent of Europe about eighth, and the United
States about four per cent while tie the prices OBJ
tanned ut the shipping ports have been highly re-
uunerative TO the producer. The progress OF con-
sumption Indicated in the state cnt, ID the more
satisfactory when the adverse circumstances OF the
wear are taken into view. In Europe, political
dstrust, advancing values in food, and threatening
weather during spring and summer, diminished
trade with India and Q war with China; In this
country, the Western trade remaining, until quite
lately, within the merest consumptve limits, checks
having been experienced In the Southern trade by
political and food questions, our East India trade
In o limited compass, and many mills closed
by drought during GUNNER. At the close OF the
season we find ourselves In the presence Of the
facts that our own spinners hold much smaller
stocks than at the end of the previous year, and
Mat Great Britain Ia working down her stock Of
cotton IN q ratio which viii leave her only about
ten weeks supply on hand when the arrivals Of the
new crop In Liverpool begin TO be important. Not
the least interesting portion Of the statement that
referring to the production Of the country tributary
70 Memphis. This point, being now the recipient OF
almost as much cotton as the united production of
Texas and Florida, and Doing direct export bust
ness to the Northeastern States by means of COM
plete chain Of connecting roads and steamers, Is
well entitled to the distinct position they assigned
% II. II would appear that the production
Of the country around Memphis IL likely 70 tend more
and more towards the North by inland routes.
sketch Of the comparative cost Of laying down in
Liverpool cotton bought in Memphis and forward
ed overland to Portland, and thence by steamer,
end bought in New Orleans and shipped as usual,
recently drawn up by Addison q Chapman, Of
Memphis, and demonstrating saving Of three
eightls Of penny per pound by the former route,
has, we see, sstracted . good deal Of attention In
Liverpool and ve learn that arrangements are In
course Of completion by which cotton will be
brought through 10 tbs city by rail and steamers in
about eight days from Memphis, Of an expense
equal TO about fve-eighths Of cens per pound, 20
that with the aid Of screw steamers hcoce TWIN be
possible TO lay cotton down in Liverpool within
three weeks Of leaving Memphis. The Swing to
the Manchester spinner in ordering the SAME cot
ton through New York instead Of New orl ,sans
would be Gin the smaller charges, ocean fres vt
and interest) three-eights OF q penny per pound,
or about fifteen shillings sterling per bale. We /
may reasonably look for an enlarged cotton trade |
centreing in our city, great connections with
the growing region become better understood In |
Manchester and Liverpool, and planters perceive 4
that we can offer relatively higher prices tor the !
staple than are currentin New Orleans
Via N,o Criorns VIA Neg Jwk.
Freight from Mem Freight 70 n Y, SAY ~ 20 /
pHs........:... 81 % Insurance Y per II