The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-04-10


1t will thus be seen that the commercial move
nent Of March, 1860, was in excess of that Of
March, 1858 and 1859, in regard 10 imports of
foreign goods and exports Of domestic produce,
but less than that OF March of last year in respect
to exports Of specie. The increase 10 the imports
does not seem as large as one might have imagined
from the course Of trade. But the fact is the i'm
portatons Of the spring of 1859 were so largely in
excess Of those of previous years, that no one ex-
pected that those Of this year would exceed or even
equal them. Our dry goods importers especially
have ordered and received 90 many goods
from abroad, that were it not for the
enormous increase in the foreign demand
for cotton and our other staple exports, all the
gold in our banks would hardly suffice to pay for
the goods they have imported. The increase in
the exports Of domestic produce from this port will
be noticed. This increase is chiefly in cotton, pro-
visions, domestic dry goods, and miscellaneous
ticles few years ago, no one would have be-
leved that New York could have exported ten
millions worth of produce, goods and merchandise,
IN o month, without sending grain or -four TO Eu
rope. But the course of trade is steadily changing
Every year we are consuming more cereal food
at home, and manufacturing more goods for the
foreign world. The day is not far distant--espe-
ciay if the silver fields Of California and the coal
fields Of Illinois be speedily developed-that our
foreign exports will consist almost wholly Of cot
ton, specie and manufactures.
This time last year the financial and commercial
world was in feverish state, in consequence of
the threatened in Italy. It will be remembered
that in the last week Of March Austria agreed to
European conference, on the strength of which
pacific indication the British funds rose to 96&-two
per cent higher than they are now-cotton ad-
vanced !, and all foreign securities consider
ably in London and Paris. At the same time there
was o general conviction in well informed circles
that the difficulty could not be settled without an
appeal to arms, and consequently there was q
general dissemination to undertake new enterprises.
Money in New York was quoted at a for call
loans, and q s for first class paper; foreign ex.
change ruled at 1893 ITO for 6Oday sterling bills
Specie was being freely shipped, and an impression
(Which was probably baseless) had begun to pre-
vail that large purchases Of specie were being
made by foreign bankers here for the account of
European governments. The import trade had
been profitable, as a general rule; the South had
bought literally, both of dry goods and general mer'
cbandiss. The West, however, was disappointing
merchants, by practising rigid economy. The hopes
which had been raised in the early part of
March by a partial increase of traffic of the
Western roads, were proving delusive; the
earnings on all the roads were declining,
and the public was being prepared for the
enormous falling off which occurred in April
and May. Most Of the speculative stocks were
considerably higher than they are at present Mis-
souri, skies, Gaena, Reading, Michigan Central and
Southern were all selling at s per cent higher
than they do now; New York Central was worth
about much as it is today, and Rock Island, To
ledo, Panama, and one or two other stocks, were
lower. Foreign merchandise was, as rule, rather
higher than is at present; great sacrifices Of
dry goods had yet taken place. Both cotton and
-four were higher than they are at the present
time.
The following tables will show the movement of
trade at this port for the nine months which have
elapsed Of the current fiscal year, as compared
with the corresponding periods of the two previous
O.