The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1866-01-26
RICHMOND MARKETS.
THURSDAY, January Is, 1868.

1HUhsuA1I january 20, 1000.
There Is nothing of especial interest since
our last weekly report. No event of impor-
lance to the commercial world has taken place.
Gold has been advancing and retreating lit
tie. To-day II stands in New York at 81. 39B.
Here the buying rate is 81. 3sk selling, 81. 40.
American silver-sl.34, buying; sl.36, selling.
Mexican dollars, par with gold.
State securities are dull. We quote Vir-
ginia Registered at s4lQs4lh. These bonds
only sell in this city. The last quotation of
Virginia coupon bonds, which are only sold In
New York, was S75; but there have been no
quotations in the New York papers for some
time We add few quotations OF bonds sold
I'm this market:
North Carolina Bonds, 81;
Tennessee Bonds, IS;
Richmond City Bonds, 20;
City Of Lynchburg Bonds, 10;
Virginia Central Railroad Bonds, 81;
Orange and Alexandria Railroad Bonds, 30 |;
Virginia and Tennessee Railroad Bonds, 80.
Money Is very scarce here. In New York 1t
is quoted easy at five per cent. for best securi.
ties on call, while some balances are loaned at
four Commercial paper Is discounted at from
seven to eight per cent, for best; second rate,
eight to ten and inferior, twelve to fifteen.
The Bank Of England rate Is now eight per
cent.-the rate being put up to check the grow
ing spirit Of speculation and prevent the ex-
portation Of gold.
Late accounts from the South are much more
favorable as to the present condition of money
affairs. The supply Of cotton in the country is
much larger than had been anticipated. The
stock on hand in New Orleans at the beginning
of the year was not much short of that pre-
vious to the war, having accumulated 70 the
extent Of eighty-six thousand bales. This
unex pected supply gives our fellow citizens Of
the South somewhat the advantage Of our
selves In the replenishing of our lately ex-
hausted Golfers. These supplies have been the
accumulations during the Wharf.-The limited
means and the dangers Of expectation having
| kept the shipments much under the produc-
ton so that, in face of Government seizures
and destruction by burning, the stock remain
ing is larger than was supposed.
| Commercial circulars and prices current are
already specializing as to the amount Of the
crops of cotton, sugar and tobacco the ensu-
| ing year. These calculations must be vague.
1t is impossible to foretell what will be the
result of the new system of labor. Dis
cussions have been going on rs to the policy OF
making limited crop Of the staple articles
and cultivating an unusually large proportion
of the necessaries of life. Those who favor
this contend that a heavy export duty will
restrict the expectation of the staples very
much, and If the crops are much beyond the
consumption of this country, the price will be
reduced, while the planter will have to buy
food for man and beast. They urge the inn
portance of being sure of enough food first, as
great advantage, while half crop of cotton
will likely bring as much aggregate money rs
whole crop.
/ There is certainly plausibility in the argu-
ment 1t has high authority in the example
of the Northern manufacturers, who, in the
enjoyment OF Government protection which
! gives them the control of the market, have
formed combination TO keep down the stocks
by running mills on short time. This delibe-
rate system of preying upon the consumer is
now quite in vogue among the wolves and
yultures OF the manufacturing world OF
America The project mooted at the South is
very innocent in comparison with it, and GER
! tainly cannot be open to the complaint Of the
shoddy communities.