The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-12-02
FINANCIAL AND CONNER GAL.


We are exporting nome and we are importing so
little as to be hardly worth considering. The rate
of exchange which ruled in October last would
have enabled our bankers to import ten or eleven
millions of gold in November; but by general con
sent they prefer to let the money lie on the other
side, as there is no very active demand for money
here, while it would inconvenience the London and
Paris markets to lose any specie at present. Trade
is generally in healthy condition; almost all ar
ticlcs of foreign growth, and nearly every descrp
ton of dry goods, selling at prices which
neratc both the manufacturer and the merchant.
The following are the official trade tables for the
week and since January L.
IMPORTS.
Dry goods . SSH 1888 94l 7ls 9i2 100
General merchan'e 2e25,ssl 2,4i2.s7e 1,7oO 800
Total for the w'k sa437 $3.50 as54. 5o4 2els,4os
Previously rcpord 1903 200 973 1890 AT
Since January 1921 900 s72 5e7 1893 ss5
EXPORTS or PRODUCE AND MERCHANDISE.
1859. 1860. 1861
Previously Fro s%s rspord sasasSi
Since January $50 es7 ,6s2 90 5e6oas le COZ SIS
EXPORTS or SprcE.
For the week. 80. $719 900 SO $50
Previously repord s1,sii,sss 42,a72'so4 aa5o,sss
Since January l. so2 $50 2s3 4245s,7l4 325oss5
The bank statement which was published last
Monday showed specie average for the week pre-
ceding of SAL 500 063, the average having re-
NAMED about the same for five weeks. No mate
rial change is expected tomorrow California
remittance went into bank on Monday, which would
swell the average, and some small sums have been
received from Europe; but on the other hand, the
FRI hal hos ctn hirhp tbon anal
during most of the week. The aggregate in bank
and Sub Treasury does not vary materially. The
gold paid out by government goes straight into the
banks, from whence it is drawn as the Sub rea
sury balance declines. The loans average stood last
Monday at 1853 ,46O376, being an increase of
$2l, l5l TAI over the week previous. The increase
was caused by the negotiation of the recent
$50, 100000 loan, of which our banks took seven
tenths at about 924. If the whole amount was
placed to the credit of the government on Saturday
10th, on which day the loan negotiated, the
loans should show q decrease tomorrow. 1t is
probable, however, that the actual entry in the
books of the Associated Banks was not made till
day or two later, and hence the discounts may
show further increase tomorrow, as well as the
deposits. The actual amount standing to the
credit of government in this city at the present
time is S45 500 O00-a sum of $50 500 900 having al
ready been lent to Mr. Chase on 100 Treasury
notes and per cent United States bonds. The
actual amount on which the government is paying
interest to our banks at the present time is nearly
$50 O00 being seven-tenths of $50 900 OO0 less
seven-tenths of the amount of 730 Treasury notes
taken by the public. In another month the banks
will decide whether or no they to take the
third fifty million Of 100 notes. Before that time
arrives it is probable that new financial situation
will exist, and that the political aspect of affairs
will also have undergone some marked change.
1t is therefore impossible to say at present whether
the banks will exercise or forego their option. As
the case stands at present. they are in a safe and
strong position, and they earning dividend on
their entire capital out Of their negotiation with
government, independently of their mercantile
business.
Money is very abundant indeed, and paper is
so scarce that, contrary to all precedent,
loans on call are dearer than choice short
double name paper. The latter is quoted SIX,
whereas the great lenders decline to advance on
stocks below per cent. We presume that this
incongruty will regulate itself in the course of
few days. There Is not enough business doing on
credit to employ the capital lying idle here, and it
the fact and realize also that the rebellion is not
going to be the ruin of the country money will fall
in price. By February next, in all probability, we
shall call loans as low as a per cent. On
the continent of Europe money is about the same
price as here in London it is per cent cheaper,
notwithstanding the distress caused by the cotton
famine and the want of market here for British
goods.
rising tendency, which puzzled most observers. No
one could understand how exchange could advance
in the face of declining imports and increasing
exports 1t was only known to few that some Of
the smart exchange Dealers assisted by the bears
of the Stock Exchange, had contrivcd a
scheme to corner the exchange market.
The project was carried into effect on Monday
last. The leading bankers, surprised at a sudden
increase for the demand for bills and unable to buy
enough to their exchange, put their rates up
to 1897 %-within one-quarter per cent of the
rate at which specie might be shipped. The spe
culators, most of whom are foreigners, and very
slendery attached to the country in which they
live and make their bread, were for few hours
jubilant at the prospect Of revival Of specie
shipments. Bat the scheme rested on too absurd
basis to be permanently successful. On Tuesday
the importers, thoroughly understanding the state
of affairs, withdrew altogether from the market,
and rates fell, simply because there was no one to
buy bills. Instead OF selling the bills they had
bought at profit to panic stricken public, the
spectators have got them yet, or have been
obliged TO hawk them from Office to office at a loss.
The market closed yesterday at about 1881 a
100, with downward tendency. Importers who
owe to Europe will lose nothing by deferring theil
purchases. Until we begin to import consderabl,
more than we are doing, exchange must rule con-
siderably lower than present points.
The following table shows the course Of the
stock market during the past week and MONTH
Noe. 2. Nor Q. Nop. TO- Nor %. Nop. 80
Missouri 6's..... ~ 43A Az 43k az
Now York Central. 70 7Sx 81 1914 7S7I
Reading ssx sSs ssssh az az ss4,}5i