The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-10-03
FINANCIAL AND COMMERCIAL.
WEDNESDAY,. Oct. 2-6P.M

"WEDNESDAY, Oct. I'd r. M. 7
Money continues easy on call at FIVE six oer
cent; paper il very scarce, and little busin sss ia
being done at the discount houses.
The stock market il becoming more e.otive. and
the tendency Of prices is towards II aproyement.
There was not much change this mo ming, but such
as there was was upward. New fork Central was
active at Is advance; Michigan Central rose n
Erie "a, Illinois Central u, C.alena H. and SO on
throughout the railway list. very shrewd and
experienced observer, VITO has just returned from
an extended tour three gh the West reports that,
though the yield per acre ia less than last year,
the area sown was much greater, and hence the
aggregate product will be as large he likewise re-
ports thnt the roads will all have during the COM
ing year as much to do as they can manage. State
stocks were steadier to-day with the exception of
virginias, which declined q per cent. Govern
ments were all firm; two year Treasury notes were
sold at 9914--an advance Of Il per cent After the
board the market was steady. At the second
board it was firm and closed steady the follow
ing being the latest quotations United States
SIS, registered, 1881, 9l14 a 9l1l; do. 6's,
coupon, 1881, 9lT a 90; do. SIS, 1874, sl1s a
slA Indiana SIS, II 10; Virginia 6's, 46 a
AS Tennessee es, 4o7S Al; North Carolina
6's, 5s1a a 5o1a; Missouri 6's, 4l1s a41ss Pa
cifc Mail, s994 90; New York Central, 1871 a
1873; Erie, 1874 a 255s; Hudson River, 339S a
33ss; Harlem, loA 1917 do. preferred, 20 a
25A; Reading, 342s a 34s4 Michigan Central,
Az AZ; Michigan Southern and Northern In
diana, 1879 1917; do. guaranteed, 3lI a
80; Panama, l13 1l5 Illinois Central, 65s4
a &C; Galeua and Chicago, 6osS 691S CIeve-
land and Toledo, 1914 1914; Chicago and Rock
Island, 45% 45s4; Chicago, Burlington and Quin-
cy, 61s4 621as; Delaware, I.ackawana and Western,
66 6s; Milwaukee and Prairie du Chen, l724 a
Is; Illinois Central bonds, rs, s71l &c.
The prospect of a renewal of specie importatons
from Europe is engaging attention. We have al
ready received $40 GOO 600 in gold this year from
Europe, in part payment of the breadstuhs which we
have supplied to that continent. It seems that the
wants of the Europeans are compelling them to
purchase more heavily than ever, and hence ex-
change is rapidly falling to point which will again
leave a handsome profit on imports of gold. The
gradual effect of the war the trade between this
country and Europe is well described in recent
financial circular issued by New York banking
house. Our importations will show decline this
year Of $50 900 O00--the articles ceasing to be
imported consisting mainly of manufactured cot
tons, woollens silks, linens hardware jewelry and
objects of art and luxury, the products of British
ard French industry. The war thus costs England
and France market for $3.50 600 900 worth per an
nun Of the products of their industry and saves pa
an unnecessary expenditure Of like sum. On the
other hand, our exports omtting cotton from view
for the present-will show very large increase
over former years, they being articles of alb
solnte necessity, with which Europe cannot
ry~..Ax
so Independent and self-suficing coun-
try that they can at moments notice re-
duce their consumption Of foreign goods one-half
without Inconvenience; whereas Europe cannot re-
duce her importations from this country without
inaicting a direct injury on her people. If this
war lasts two or three years IL will make New
York the centre of the commercial world and
London mere outpost. As long as the war lasts
our tariff and the temper Of our people will pre-
vent the consumption Of foreign goods here; and
thus, by the time the war ends, our manufacturers
will not only be as well prepared to supply our
home market as British manufacturers are to sup
ply theirs, but they will be ready to compete sue
cessfuly with Great Britain in the South American
and Asiatic markets. Thus we shall thenceforth
import nothing from abroad except articles which
cannot be produced here--such as tea, coffee,
sugar hides, wines, &C.; while Europe will still be
compelled to prchase here, as the cheapest market
enough corn, wheat, -four, provisions, cotton and
tobacco to leave handsome annual balance in
our favor. This balance will have to be paid in
gold. 1t may happen once or twice in genera
ton that general crop failure here, occurring
simultaneously with bounteous crop in Europe,
may reverse the ordinary course Of trade, and
compel us to pay for our tea coffee, sugar and
hides with gold. But the general rule will be that
England, after paying for all the tea, sugar, coffee
hides, &C., which we consume by bills on New
York, win still have to send us annually some
forty to fifty millions in specie to pay for the food
and the cotton and the tobacco which she cannot
help taking from US. The change has begun
already the signs of the future may be discerned
by all who study the history Of the past.
1t is reported by telegraph from Washington
that Messrs. Riggs 4 Co. are buying up United
States notes and presenting them for payment in
coin. Our financial community would be glad to
hear that Mr.. Chase had taken measures to compel
Messrs. Riggs either to take the United States
stock which was awarded to them in October last
and which they declined to pay for because it had
fallen IN price, or to adopt the course which is
usual here when banker cannot fulHl his obliga.
tions
The business Of the Sub Treasury was as follows
to-day
Total receipts $2l1 ,e06 %
Tor customs. 5000 90
Treasury notes Observation-Disclosures. 1o4 ,s6A IS
Payments ......................... T57156 IL
o4l ,zIZ "A
The pressure of freight to the seaboard is so
enormous at present that the Erie and Central
companies are compelled to refuse large quantities
at even advanced rates.
The firm Of Stebbins 4 Bloodgood, of the New
York Stock Exchange, has been dissolved. The
business will be continued by Mr.. Jas. II. Stebbins.