The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-01-26
rINANc,A, AND COMMERCIAL.
FRIDAY, Jan. 25-6 p. NJ.

change in rates. The California steamer arrived
to-day with 81 ,246 o37 in specie on freight; over
million will arrive tomorrow from Roston The
flow Of specie from Europe is likely to be arrest
ed by the advance in foreign bills to-day, though
some sales were made early in the day at 1867;
all the banking houses put up their rates in the
afternoon TO l07, and asked 1857 for short sight.
The advance is not due TO any increase in the de-
mand for bills, cut solely TO the scarcity Of COM
mercial exchange. Most of the bankers have.
ceased buying cotton bills al the Southern ports
in consequence ofthe difficulties about clearances
and they are consequently unable to cover any
bills which they may sell. In connection with
this subject we are permitted to publish the fol-
lowing extract from a letter received to-day from,
Savannah by leading banking house Of this
city,
SAVANNAH Jan. 81, 1851.
You would hear today that Georgia out Of the,
Unisn Saturday II Is to be hoped as the league grows
stronger that moderation will prevail and no attack be.
made upon the forts as At Charleston and Pensacola.
There at present no difficulty in getting ships to
from Savannah everything in port has federal clear
ance and the revenue and postal relations TO be
maintained intact until some provisional arrangement is
concerted by the Convention there may be resigna-
,ons OF United States ofcers for month to Our
bar and harhor buoys, lights and beacons are undis-
turbed. Vessels have difficulty in getting and out
and premiums Of insurance are not enhanced
The stock market was rather better to-day,
with a moderate amount Of business, and after
several slight fluctuations closed steady in the
afternoon. Mssouris advanced per cent, and
Tennessees "a; virginias declined 70 per cent.
New York Central advanced 81 Erie q, Hudson
q, Harlem Il, Reading 4, Michigan Central l.
guaranteed r. Panama "a, Galena y, Rock Island
"a. Illinois Central fell of "a, and Toledo and
Burlington were steady. Some people are buying
Central the strength Of the victory Of the com
rany in the suit brought by the State for back
tolls As We understand the case, the failure of
the Attorney General will be likely to lead to a
renewal of the attempt to toll the road in
the Legislature. The earnings Of most Of the
Western roads continue to increase. The Iii
nos Central took s7S, l07 the third week in
January, against s54, $50 same week last
years increase, s23 1927. We mentioned yester-
day the enormous increase on the Galena. At tho
close of business to-day the following were the
quotatons:-United States SIS 1874, % a a. Vir~
ginia 6's, 76 II; Tennessees, 7434 a. Missou-
ri 6's, 50 60; Canton l4% Is; Cumberland
Coal preferred, 81 a 81; Pacific Mail, SO a 80;
New York Central, 794 a "a; Erie, 3534 a SO; Hud-
son River, 44a4 45; Harlem 1871 a "a; do. pre-
fcrrcd, 3s% SO; Reading, 45s4 q; Michigan
Central. sex u: Michigan Southern and North
ern indiana, l51s p; do. guaranteed, 3316 a II;
Panama. 1l41I lis; Illinois Central, so so; Ca
lena and Chicago, 70 a II Cleveland and Toledo,
344 a ~ Chicago and Rock Island IS x; Chi
cago, Burlington and Quincy, 70 q a.
The public mind has at length become familiar
lied with the present condition Of political affairs,
and though much embarrassment and some fail
ures continue to take place among houses which
have been engaged in the Southern trade the
general feeling Of commercial men on the pending
political squabbe has become quescent and
almost Indifferent Nobody asked his neighbor TO-
day whether Louisiana had gone out Of the Union
or stayed in; no one seemed to care what she had
done. The news from Washington, lately so eager.
ly expected, has ceased to affect the stock mar
ket, even to attract general notice. The ankle
ty so intensely felt short while since for the
adoption of some scheme Of settlement appears to
be subsdng, and the fears of civil war have for
he present at all events, completely vanished. IL
would not be safe, perhaps, to say positively that
we have seen the last of panic on this question.
Political panics are intermittent. and events are
changing the situation from day to day. But
at the present time it may be confidently asserted
that the business community Of New York has re-.
covered from the alarm and anxiety which pre-
vailed thirty and sixty days ago, and looks for
ward to the future with cooness If not with cheer
funess. However the present trouble may end
people seem to have made up their minds that
New York is not going to cease to be the great
commercial centre Of the country. II the pend
ing squabblc terminates in compromise, or if, in
any way, the Union is peaceably preserved, New
York will, of course, be as prosperous as it has
ever BEEN and the periodical recurrence Of politi-
cal panics-growing out Of the disunion business
need no longer be apprehended. II, on the other
hand, separation of the States takes place, the
necessities Of commerce will, after time, restore
to New York the Southern trade which some small
Southern towns have hoped to take away from hef
and, in a commercial point Of view, mat.
tors will go on just as they have always
done. 1t is not in the power Of the politicians to
sever the commercial chains which bind the North
and the South together. As our trade with Great
Britain has grown since our political separation
from her just as rapidly as it could have done had
the United States remained colony, so the inter-
nal trade between the slave and the free States
will suffer no sensible dkninution if we split into
two confederacics. The pain Of the parting has
already been endured-so far as New York ia con-
ccrncd. We have suffered all that dsunon can
inhict. Henceforth commerce must steadily inn
prove. There are still some unsettled questions
growing out of the movement of the cotton crop.
1t remains to be seen how the difficulty about
clearanccs is to be overcome, and whether most of
the crop will not come North for shipment if
the Collectors at Savannah and New Orleans
resign. Possible difficulties may grow ont Of
the hostile claims TO the ownership Of the Nissis-
sippi waters. But, so far as New York IL con-
cerned, however the. politicians may settle their
quarrel, mercantile men seem to have made up
fba;r TINT n ia not In their IN
further injury this city or it's trade, and that,
with thirty eight millions Of gold in the banks and
the Sub Treasury, vast Western country overflow
ing with grain and provisions, fair average immi-
grafton and generally sound condition of business,
the future cannot, in any event, have further
serious commercial disasters in store.
The business of the Sub. Treasury 70. dau rna 90.