The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-11-27


Since January 500 e67 $50 90 500 oso l2l GOT 1913
Included in the above are 81 725, 900 worth OF
wheat corn and -four sent to Great Brtain-pretty
substantial security that the peace will be kept
toward us by that Power. Private advices from
Europe state that unless the United States keep up
their present rate of supply throughout the winter
and next spring an advance in the price Of food
will be inevitable. The above export aggregate is
about twice the aggregate of our imports, and,
therefore, supplied exchange enough to pay for two
weeks importations. The absurdty of an advance in
exchange in view ofthis fact is sufficiently obvious.
Money grows more abundant daily. Money can
be borrowed on call at a 5L, and some very
choice paper, with 40 a go days to run, passes at
the same figure. The banks complain Of the light
offerings Of mercantile paper.
The preposterous advance in exchange which
took place yesterday led to the natural result to.
day. Business was brought to q stand still. No
body in his right mind, in view of the general con-
dition Of the trade Of the country, is willing to give
as much for exchange now used to be given
when We were exporting only half as much as we
were importing. There were very few sales of
bills to-day, though the leading bankers would
willingly have sold at concession Of a per cent
from yesterdays prices; and the prospect is that
the market will be still lower for Saturday packes.
AS howev err, the cause which led to the advance
of yesterday, viz--the efforts of spcculators-may
produce the same effect again, it may be az well
again to remind our readers that we have exported
from the port of New York, since January l. near
ly 5000, 900 more produce than we have i'm
ported of foreign goods. Exchange can only
rise to the specie exporting point when
our imports of foreign goods exceed our
exports Of domestic produce. This year the excess
is the other way, and within the past two or three
months that excess is being increased week by
week, as our imports decline and our exports swell
1t is therefore gratuitous to expect that the legi
mate working of trade can cause such an advance
in exchange as will give rise to shipments of coin
1t seems to be understood that the advance Of the
past few days was due to sort Of combination
among bankers, who, besides being not too favora
bly, disposed toward this country and not ayerse to
disturbance OF public confidence, were naturally
anxious to sell their bills at higher prices. Such
combinations seldom result in gain to the schemers
Had our foreign bankers persisted in their strke,'
our banks would probably have supplied the pub
bic with all the exchange they wanted at reasona-
BILE rates. At the same time it is only right to OBJ
serve that moderate export of gold would not, by
one of the staple products of this country,
and an article of ordinary export, like -four or
cotton. Beyond a certain point there is no
advantage in accommodating gold in the coun-
try SO long as our banks have as much as
they need and there is no boarding going on, the
gold had better go abroad and buy clothing and
tea and Coffee than remain here idle. When the
war broke out it was deemed vital to prevent the
tof0 in r1 hiatt 10,
no risk of suspendng specie payments The
object attained by the new tariff, and the
general dislocation of trade produced by tie re.
belon. We have now been seven months at war,
and the nation has probably seen its darkest hour
yet the specie strength of banks has always
been adequate to their wants. and is now fully
double the old average. That there is no boarding
going on is proved by the fact that the New York
banks and SuL-Treasury now hold within SO 900 900
as much specie as they did on the 10th of August,
though they have supplied gold to Chicago, st.
Louis and Western Virginia, and have lent the
government $59,500,OOO. If, therefore, the banks
hold twice much coin as they need, and no
boarding is going on, moderate export Of
coin would surely afford no just ground for
alarm. We are receiving about s2sO0000 a
month from California. Since November last
we have received from Europe and from
California about s75 900, 900 in gold, the whole of
which has remained in the country. If the foreign
bankers, for the sake of effect or to strengthen
their correspondents abroad should ship few
millions to the other side, could they not be well
spared? The public must remember that there is
nothing to be feared in the present condition of the
country except revival of imports beyond the
capacity Of the nation to pay in produce. So long
as the imports keep down, the spasms Of the ex-
change market may safely be viewed with indifier.
ence.
The stock market was generally better to-day
The commission brokers had fair amount of bust.
ness, and the bears seem unwilling to increase the
Indignation which their course has brought upon
them by further demonstrations at present. The
market looks, on the whole, as though the lowest
points had been touched. All the speculative
stocks show an Improvement. 1t amounts to "a
on Central Is on Erie, on Erie preferred, X on
Hudson River, - on Reading, on Michigan Gen.
trail, 20 on Southern old, "a on guaranteed, Il
on Illinois, a on Galena a on Toledo, and
q on Milwaukee and Prairie du Chen The
exceptions to the market were State stocks which
were generally lower; Pacific Mail, which fell off
q, and Panama, which fell off a. Missouris and
Rock Island did not luctuate. At the close the
market was steady, the following being The last
quotations:-Unted States 6's, registered, 1851,
92I 80; do. 6's, coupon, 1881, 90 a q; do. SIS,
1874, 81 "a; Indiana SIS, "a 49, Virginia s's 4sL
Al; Tennessee SIS, 4lA ~; North Carolina 6's,
59H 60; Missouri 6's, Az Il; Pacific Mail,
s6H a y; New York Central 775s a 7s1S; Erie, 80
u; do, preferred, 521l a; Hudson River, se1I
q; llafl IN, llI l214; do. preferred, 29}l X;
Reading % 4; Michigan Central, 4s34 a 40:
Michigan Southern and Northern Indiana, Is a q:
do. guaranteed, 3Gh "a Panama, ll2L III;
Illinois Central, coz Gl; Galena and Chicago,
70a q; Cleveland and Toledo, 339s "a; Chicago
and Rock Island 52H "a; Chicago, Burlington
aud Quincy, $50 "A; Milwaukee and Prairie du
Chen 1917 a 20; Illinois Central bonds, rs, 81 q
ss; Delaware and Hudson Canal, 81 a Il; Pennsyl-
vania Coal, 70 80.
The banks paid s., 500 900 into the Sub. Treasury
to-day, $4,000 Of which were in Treasury notes.
The business of the Office was as follows
1ota receipts. 81 ,840,s 55 rs
customs.