The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-01-07

Bhermun's friends in the House Of Representatives
are conierring ON the public. Had they suffered
the House to be organized with temporary
Speaker, the four millions due TO the
mail contractors would now have been
disbursed, and money would have been
fairly easy at per cent, instead Of being very
active at s. Considering everything, the dis
turbance in the money market, and the injury done
10 Northern trade with the Southern States by the
prevailing excitement among the Southerners, the
republicans are certainly laying the merchants of
the North under . debt of gratitude which It will
be difficult to pay. At this rate another year or
two Of Northern antislavsry agitation will eisctu
ally destroy our trade with the South, and oblige
the Northern consumers and exporters of cotton to
pay for it with specie. Should the Southern peo-
ple-whose present state of excitement and fury
we're in their refusal to consume Northern goods
and deprive themselves, for few months only, Of
the Northern manufactures which they now pur-
chase of us, the North would have to pay the
South, between this and next LIST September, about
one hundred and fifty millions of specie. To what
condition this would reduce Northern banks, bank
ers and merchants it is needless to explain. Il
would be paying pretty dear, at any rate, for the
crazy philosophers and impractical politicians.
The exchange market continues depressed,
though fair business was done to-day the basis
Of 1854 1904 for bankers 60 day bills on London,
and lO9a for short sight Francs range from
5l7a to 5lsl for 60 days, and SIS 6l6l for short
sight There are plenty of Southern bills in mar
ket at the usual reduction from these rates. 1t Is
hardly necessary to add that there viii be no ex-
port of specie tomorrow.
Exchange ON New York at New Orleans has
risen from II to discount. At this rate it will not
pay to send specie South from here, and
hence, until exchange falls again, our ship
ments of gold to New Orleans may be con-
sidered as having ceased. The rate Of exchange
on New York at Chicago is now II premum-sui-
GENTLY in favor Of this city to draw specie, il there
were any in the West to come. For the present,
therefore, the domestic exchanges are working
satisfactorily.
marked change took place in the Stock Mar
ket to-day. The demand for money being active,
in the morning, stocks opened without much acti.
witty at yesterdays closing prices, but as the cali
progressed demand sprang up, which the Offer
ngs Of the bears did not supply. After the board,
q small advance took place, which was fol.
lowed by Q further rise in the afternoon, and
the whole market closed firm at o consdera.
BILE improvement Central sold as low as 733
at the opening, but advanced to 74a, closing 74s
bid against 73s at the close yesterday. Rock Island
sold as high $50, buyers option, closing 62g bid
for cash, against 6l2 yesterday. Panama sold at
1874, closing l27 bid against 1855 at the close yes
terday. Galena was injuriously affected by the re-
port of the December earnings, which foot up
$50 ,9s7, against $s7 0s2 same month of 1858; the
stock sold down to 622 closing So bid, against $50
at the close yesterday. Thus, for the FIRST time in
their history, we believe, the Rock Island shares
are per cent higher than those Of the Galena. The
decline in the Galena's receipts for the last two
weeks Of the year was expected by the friends ofthe
property. December and January are always
light months on that road; in 1857, December yield
ed $50 1885, in 1853, 0s2 in 1859, $s2 1887. Michi
gan Southern guaranteed advanced per cent; the
December earnings foot up $l4997s, against $780,,
727; increase $l0,25l, which would have been
s. 600 more but for an amount received last year
from the Michigan Central, which went TO swell the
monthly receipts. State stocks are lower and dull
In view of the condition Of politics and the pros
pect of fresh issues by Missouri, Tennessee, Virgil
mia, &C., the temptation to buy State stocks is not
strong. The following were the closing quotations
of the day. Virginia SIS, 904 81; Missouri 6s, 70
a !; Canton Company, l63 II; Cumberland Coal
preferred, l33; Pacific Mail, 75} q Z; New York
Central, IA I; Erie 81 Q I; Hudson River, All
]; Harlem, &; Harlem preferred, $50 "a; Read.
ing, All o Ii; Michigan Central, s74 !; Michigan
Southern and Northern Indiana, Ct I; Michigan
Southern and Northern Indiana guaranteed, l6s a
II; Panama l27 /; Illinois Central 5sA q !; Ca
! lena and Chicago, 63 a /; Cleveland and Toledo,
20 /; Chicago and Rock Island, s2t 63.
The Sub Treasury receipts on account of Treasury
notes are light; we presume Mr. Cobb is not press.
ing the takers for money, so long Congress fails
to organize The receipts for duties to-day were
heavy. The business Of the day was as follows
$3AS U35 ~
-rV CuetVuS ZtZ,OO0 W
PoJ co'S'. lo0,oIo w
The year commences with heavy import of dry
goods-$I ,562 900 for the first week of the year,
against 81 27l 900 same week Of 1852 and $5Ol 900
same week of 1858. At this rate, especially if the
Southern market fails there will be heavy losers
somewhere before the year ends.
The Erie Company have given notice that, as a
,SH>so 80