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This will barely make up the average of the four previous years; whilst after Christmas, unless we have an unusually mild winter, the imports will cesse for four months, in consequence of the frost.

The shipment of breadstuff: has been large, and it has been supplied from the interior, by rail and water, with great freedom; insomuch that the prices have not advanced under shipments that have carried the exports of the port of Ver York to a grade never before reached, and which have gone far towards equalizing the trade of New York, by overcoming a portion of the great disparity which exists usually between the imports and exports. This disparity has arisen from the fact that a large portion of the imports are for the account of that section whose exports go forward mostly direct, but whose returns come through the port of New York. In the present year the Western productions have come forward with a liberality, and have been appropriated to the discbarge of debts in such sort that, although the exports have been increased, there has been no answering return of imported goods. The supply of capital has been large and prices lower, the more so that the usual political circumstances that attend a Presidentiel campaign hiave caused some hesitatio: about employing capital. The stock market, which, under such circumstances of abundant means and abseace of speculation or commercial demand, became so active at advancing prices, as noticed in our last, lost its activity and more than the whole of the advance that had previously taken place. The nature of the change is seen in the following figures:

-October 10, P-Nov. 19.Capital. Price. Value. N. Y. Central... $24,182,400 81 $19,000,000 90 $21,780,000 70 $16,927,630 Illinois Central... 25,000,000 60 15,000,000 87 22,000,000 56 14,000,000 Erie......

11,000,000 17 1,870,000 40 4,400,000 26 2,860,000 Hudson River..

3,770,926 46 1,734,200 64 2,360,000 48 1,809,615

4,217,100 12 530,000 20 843,400 14 614.34 Harlem, preferred. 1,500,000 37 555,000 50 750,000 33 495,000 Reading.

11,737,041 40 4,494,816 46 5,382,000 33 3,763,223 Michigan Central. 6.057,840 46 2,760,000 78 4,200,000 48 2,907,763 Mich. So, and No. Jud. 6,081,800 10 608,180 24 1,520,420 13 790,634

2,893,610 23 667,000 50 1,446,800 28 811,208 Galena and Chicago...

6,026,400 61 3,750,000 77 4,620,000 57 3,435,018 Cleveland and Toledo. 3,343.712 30 1,010,000 47 1,551,000 25 835,928 Chicago and Rock Is.. 5,693,000 67 3,752,000 78 4,366,000 51 9,857,1730 Milwaukee and Miss.. 3,696,693 175,000 15 025,000 9 3,336,973

June 15

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$120,077,112 $55,906,196 $75,746,620 $55,444,947 Average

45
62

46 The advance took place almost altogether in railroad stocks which are not dividend paying, and which were borne upward upon the speculative purchases of those who anticipated, through the returning traffic of the country, a restored value in those securities. The progress of the fall trade showed, bowerer, that these expectations were, to say the least, premature, and the passage of the dir: idend by one of the companies of which the strongest expectations bad been entertained, “ broke” the market, and a declining tendency set in which was favored by the operations of the “ bear" party, on the plea of political dangers, until the whole of the advance was lost. The decline involved the fall eren of the Federal and State stocks, and in the midst of a general abundance of money. The apprehension of political evils came seriously to affect general busiuess, showing itself in the demand for gold for the South. The growing panic caused United States 5s to sell at 97. Virginia State 6s at a fall of 16 per cent;

Missouris 10 per cent; Tennessees 13 per cent; Ohio 6s 5 per cent. Under the circumstances the Treasury Department issued the following notice :

Washington, D. C., November 17, 1860. Joux J, Cisco, Assistant Treasurer, United States.

Such bidders for the loan as, on or before the 22d instant, shall have paid up one-half of their offers, I have decided to allow 30 days from that date to pay the other half. Inform such bidders as may ask extension of time.

HOWELL COBB, Secretary of the Treasury. The general abundance of capital in the country is marvelous, when we reflect upon the immense amounts absorbed in railroad building during the last ten years. It is the fact that each road opened has developed, up to this time, more capital than it has cost, by enabling labor and fresh land to add their joint production to the circulating capital of the country. The number of freight and passenger roads in operation West was about 260, having cost $1,088,000,000, and the gross revenues of these roads was $111,203,245, or 11 per cent of the gross cost. This revenue was composed of fares, freights, and mail charges, and leaves about 6 per cent vet on the gross investment. That vast sum has been gathered from traffic that has been created in the last twenty years, by the operation of the roads, since they have opened new lands that have received new settlers, and their labor has been the basis of the business. These roads are but now in running order, while the settlers on new lands are hardly yet ready to supply the full amount of traffic of which they are capable; but every year of the next ten will probably show an addition to the business of the roads, while few will be built. From a railroad work recently published, the following facts appear in relation to the railroads of the New England and Middle States :-Number of miles in operation 9,851 Receipts from opening $666,662,148 Cost of miles.... $485,991,781 Expenses..

438,104,907

Receipts, net...... $2:28,557,241 These are aggregate figures from the opening of the roads to the present time, which will average twenty years. In that time, therefore, the vast sum of $228,557,241 net has been derived from railroad traffic--a trafic which did not exist before the roads were built. This traflic has returned the capital advanced for their completion, and 50 per cent in additiou. How large must have been the sum of industrial products which has paid that sum! While railroads have been thus active, steam tonnage has been no less so. If such has been the case in the last twenty years, what may we not expect from the continued opera. tion of the same causes, actuated by abundant capital, in the next twenty years, provided that the comtry is not torn by the dissensions excited by place-hunters? The effects of disturbance began to be felt early after the election, manifesting itself in growing discredit at the South, and consequent uneasiness as to the ultimate effects of hesitation in payments. The money market, therefore, has declined in price for long dated paper as follows:-

Single

Not well 09 days. 4 a 6 inos.

good. known ar. 15th...... a 54 5} a 6

74 a 8 8 a 94

15 a 18 Apr 1st..

a 55 a 64 51 a 6 a 6$ 54 a 71 9 a 10 Il a 13 Apr. 15th...... a 55 a 64 54 a 6 a 6 6 a 74

11 a 13 May 1st.

a 6+
a 64 5
a 64 64 a 77

11 a 12
a 64 5
a 7 64 a 77

10 a 12 June Ist... 44 a 5

a 61
a 7 of a 7

9 a 10 June 15th 41 a 5

4} a 5 a 54 55 a 6 6 a 71 8 a 9 July 1st...... a 59 63 a 6

54 a 6 a 73 8 a 9

Indorsed -

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On call.
Stocks. Other.

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10 a 12

5 5 5 5

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May 15th

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Indorsed. Single Other Not well
Stocks. Other.

good. July 15th..... 5 а б 52 a6

54 a 6
7 a 7

8 & 9
Aug. lst..
a 6 6 a 7

a 64 65 a 7 74 a 83 9 a 10 Aug. 15th...... 51 a 6 6 a 7

a 61
a 7 6} a 79 8

9 a 10
Sept. 1st.
6 a 7 7 a 9 61 a 7

8 a 9

a 12 12 & 24 Sept. 15th... 6 a 7 63 a 7 7 a 71 71 a 8 65 a 74 9 a 91 10a 101 Oct. 1st...

61 a 7
7 a 8 64 a 7 6} a 74 8 a &

12 a 20 Oct. 15th..

64 a 7
7 a 8
64 a 7

64 a 71 8 a 8} 9 a 10 12 a 20
Nov. 1st..
61 a 7 7 a 8

64 a 7

7 a 7} 8 a 9 10 & 12 12 a 15 Nov. 15th... 7 a 8 7 a 9 8 a 9 a 10 a 12 14 a 15 15 a 24

The short paper continued to go freely, but long dates were without takers to any considerable extent. The capital usually employed in the purchase of bills: by individuals, was withdrawn; although capital was offered to the brokers at 7 per cent, they dare pot employ at any terms. Paper was sold at 12 and some at 21 per cent, which 3 months before would have been done at 64.

The exchanges of the South fell to lower rates on New York, and the banks and remitters were reluctant buyers. In consequence a current of specie set southward in degree somewhat greater than usual even at this season. The loss of credit, growing out of political derangements, hy causing a change in the usual mode of moving the crops to market, produced much difficulty. The series of obligations depending upon the flow of payments in ove direction becomes disturbed when the commodities on which they are based seek their destination through new channels. The comparatively large exports of the port of New York at this season of the year have caused an unusual supply of bills at a season when gold is generally depended upon to bridge over the supply of the cotton crop. Tbe rates of bills have therefore fallen to very low points, with loss of confidence, as follows :

RATES OF BILLS IN NEW YORK.
London,

Paris.

Amsterdam. Frankfort. llamburg. Berlin. Jan, 1.. 9 a 9 g 5.184 a 5.171 418 a 415 414 a 413 364 a 364 73 15.. 81 a

9 5.214 a 5.184 411 a 414 411 a 417 369 a 36 g 734 a 731 Feb. l.. 87 a 9 5.188 a 5.174 411 a 417 418 a 414 31š a 36$ 734 a 73

15.. 8 a 9 5.181 a 5.174 41% a 411 411 a 418 365 a 361 739 a 73 Mar.1.. 85 a

9

5.17a 5.15 4if a 414 418 a 413 36% a 367 756 a 733 15.. 8% a 87 5.17. a 5.15$ 415 a 414 415 a 414 365 a $64 73+ a 733 Apr.l.. 8 a 87 5.184 a 5.161 41° a 414 414 a 41$ 369 a 36$ 731 a 733

15.. 8 a 83 5.164 a 5.171 41% a 414 415 a 114 361 a 3 ti$ 737 a 735 May l.. 97 a 97 5.135 a 5.124 411 a 414 41} a 42 364 a 361 73 a 734

15.. 93 a 5.134 a 5.131 41$ a 417 413 a 42 364 a 37 73 a 731 Jun. 1.. 9f a 98 5.13} a 6.121 414 417 411 a 42 37 a 371 734 a 731

15.. 91 a 99 5.13% a 5.12 418 a 414 415 a 42 368 a 37} 735 a 737 July 1.. 9 a oy 5.138 a 5.13% 41% a 414 415 a 42 364 a 37 734 a 731

15.. O} a 97 5.138 a 5.13$ 41% a 413 414 a 411 364 a 37 734 a 73 Aug. 1.. Ofa 91 5.134 a 5.131 418 a 414 415 a 42 364 a 37 734 a 73

15.. 9 a 10 5.138 a 5.13$ 414 a 413 417 a 42 365 a 375 734 a 733 Sep. 1.. 94 a 10 5.14% a 5.13} 418 a 413 411 a 42 36} a 37 73% a 737

15.. 94 a 97 5.145 a 5.13$ 415 a 414 414 a 42 36ý a 36} 736 a 737 Oct. 1.. 9 a 9 5.158 a 5.144 414 a 414 415 a 41} 868 a 361 734 a 734 15.. 81 a

9 6.171 a 5.15$ 411 a 414 415 a 414 364 a 364 735 2 731 Nov. 1.. 8 a 8g 5.20 a 5.174 411 a 414 415 a 4136} a 364 72 a 73

15.. a 64 5.30 a 5.231 403 a 403 404 a 414 354 a 36+ 727 a 725 These rates were nearly nominal-some sales were made at par. The wants of produce shippers were very urgent. At the West exchange rose to 10 per cent; bank accommodation ceased, and collection became impossible. The re. ceivers of produce who sold to shippers could not get paid, because bills were unsaleable, and as a consequence could not meet Western paper. Some efforts were made to draw the gold from abroad for the bills. That cost time and money.

The general abundance of money has favored remittance, and the lower rate of bills, now accompanied by a cessation of the export of specie, would indicate not only no great balances due abroad, but also that there is no disposition to remit foreign capital. The question of safety being settled, the circulation of the market promotes the influx of capital, seeing that the rate of money rises, and the lower prices of bills tempt investment. As compared with last year, the specie movement has been as follows:

GOLD RECEIVED FROM CALIFORNIA AND EXPORTED FROM NEW YORK WEEKLY, WITH THE

AMOUNT OF SPECIE IN SUB-TREASURY, AND THE TOTAL IN THE CITY.
-1859.

-1860.
Specie in

Total
Received. Exported. Received. Exported. sub.treasury. in the city.
Jan. 7......
$1,052,568

*85,080 $7,737,965 $25,600,699 14.... $1,376,300 218,019 1,788,666 88,482 7,729,646 26,470,512 21.... 567,398

259,400 8,352,485 27,585,970 28.... 1,210,713 467,694 1,760,582 81,800 8,957,123 29,020,862 Feb. 4.....

606,969 94,569 427,457 9,010,569 28,934,870 11...... 1,319,923 361,550 1,476,621 92,350 9,676,732 29,464,299 18.. 1,013,780

692,997 10,012,572 30,603,762 26.. 1,287,967 358,554 1,393,179 202,000 8,955,203 29,729,199 Mar. 3..

1,427,556 382,503 667,282 8,734,028 31,820,840 10..

933,130 307,106 1,198,711 115,473 8,237,909 30,139,089 17..

870,578 152,000 429,260 8,099,409 31,271,217 24..

208,455 895,336 465,115 8,122,672 31,408,876 31.... 1,032,314 1,343,059 155,110 706,006 8,026,492 $1,447,251 Apr. 7.....

576,107

310,088 7,562,885 30,162,017 14... 1,404,210 1,637,104 1,146,211 630,010 7,714,000 31,640,982 21.... 1,496,889

241,503 7,531,483 30,764,897 28.. 1,723,352 1,680,743 1,455,337 1,774,767 7,668,723 30,848,532 May 5.

2,169,197

2,355,117 7,041,143 30.856,889 19.. 1,480,115 1,926,491 1,382,753 633,881 6,539,414 29,319,801 19.. 2,223,578

1,251,177 6,864,148 30,599,341 26.. 1,938,669 5,126,643 1,519,703 1,317,773 6,982,660 30,414,437 June 2..

2,3 26,972

1,719,138 6,621,100 31,195,553 9..... 1,513,978 1,877,294

1,54 2,466 6,620,622 30,406,203 15..

1,669,263 1,385,652 2,526,478 6,426,755 30,537,000 22. 1,620,731

1,417,767 6,326,894 29,677,815 29..

2,041,237 1,861,163 1,541,580 1,962,776 6,253,357 28,717,607 July 9..

1,398,885

1,160,773 5,187,468 27,939,162 14... 1,736,861 2,495,127 1,514,884 1,283,135 5,404,367 28,156,061 21.....

2,030,220 675,290 1,624,280 5,432,789 28,876,433 28.. 2,145,000 2,314,040

1,880,497 5,112,94? 28,212,668 Aug 4..

1,484.855 988,676 1,739,259 5,659,922 27,658,011 11.. 1,860,27+ 1,505,389 1,006,283 1,357,198 5,732,534 27,312,274 1,694,933

2,183,281 5,902,350 26,911,000 25.... 2,126,332 1,584,879 798,832 1,730,696 5,985,545 26,105,279 Sept. 1...... *962,030 509,649 950,000 1,302 266 5,607,627 24,642,700 8.. 2,046,006 2,363,385

1,198,893 5,333,650 24,721,300 15...

1,764,331 791,660 1,088,923 5,636,367 24,597,300 22. 2,042,363 2,727,194

533,843 5,448,804 24,435,400 29.

1,414,590 1,202,657 900,700 5,223,432 25,400,400 Oct. 7.. + :2,350,670 727,981

689,419 4,991,575 25,139,300 15..

1,883,670 1,430,833 1,971,645 16,679 4,496,881 24,770,669 20..

1,109,603 810,25 1,038,439 4,554,642 26,669,870 27.. 1,871,554 2,059,492

361,808 4,887,003 27,685,500 Nov. 3....

1,519,673 1,241,939 188,750 5,639,258 27,834,100 10...... 1,568,107 1,668,407

195,320 6,733,746 26,862,100

18..

Total..... 37,751,665 65,858,69 1 29,638,925 41,418,258

* From New Orleans,

+ $300,000 silver from Mexico.

The exports, it appears, have dwindled to an insignificant sum, as compared with those of last year, and the aggregate exports are, since January, twentyfour-and-a-half millions less. The receipts of gold from California have also been correspondingly less. The large sales of Western produce, after the onfavorable balance of the ledger, caused by the difficulties of 1857, shall have been corrected, will tend to cause an increased demand for the metals. This, however, by the same causes, will be supplied by retaining the gold in the country, which, but for the outgo of breadstuffs, would proceed to Europe. The operations of the United States Assay-office have been as follows :-

NEW YORK ASSAY OFFICE,
-Foreign-

United States.

Payments
Gold.
Silver.

Silver.
Coin. Bullion. Coin. Bullion. Gold. Coin. Bullion. Bars. Coin.
Jan. 14,000 13,000 11,200 14,000 2,478,000 1,800 20.000 647,000 1,910,000
Feb. 5,000 28,000 6,500 24,000 951,000

7,500 939,000 90.000 Mar. 8,000 15,000 23,400 5,500 267,000 1,100 2,500 180,000 142,500 Apr. 8,000 32,000 14,500 10,000 183,000 3,700 3,800 187,000 70,000 May 11,200 20,800 25,500 18,000 176,000 7,000 16,500 230,000 45,000 June 12,000 19.000 10,000 4,000 147,000 1,750 2,750 158,000 38.500 July 9,500 18,000 12,800 8,000 169,500 1,200 3,000 140,000 72.000 Aug. 12,000 14,000 16,000 14,100 208,000 1,000 3,900 190.000 Sept. 13,000 41,000 7,500 14,000 323,000

8.500 350.000 57.000 Oct.. 7,000 10,000 6,400 38,000 1,183,000 1,000 12,600 300,000 958,000

Tot. 99,700 109,800 133,800 49,600 6,075,500 18,550 83,030 3,314,000 4,750,000 '59 105,000 110,000 393,980 67,900 2,768,600 12,900 90,120 2,699,000 1,128,100

The deposits of gold this year, as compared with the last, are very large, and there has been paid in coin to a far greater amount than last year, when the export of bars was much more active than it has this year been, or is likely to be. As a necessary result, the Mint shows a far greater degree of activity than it did last year, particularly in the coinage of gold, as follows:-

January
February.
March
A pril...
May.
June...
July
August
September
October.......

UNITED STATES MINT, PHILADELPHIA.
Deposits.-

-Coinage.--
Gold. Silver. Gold.

Silver. Cents.

Total $200,000 $41,000 $1,024,563 $41,000 $24,000 $1,090,568 1,838,578 35,573 1,632,160 21,600 24.000 1,677,760

144,478 82,255 317,451 182,989 29,000 479,440 281,891 49,764 252,756 38,431 30,000 321,188 90,828 72,468 133,004 81,100 35,000 249,104 54,893 54,676 63,718 97,160 24,000 184,878 97,041 14,181 101,975 87,000 16,660 205,635 132,133 22,741

No coinage. 2,174,100 29,537 2,181,460 36,000 4,000 2,221,460

457,750 45,829 357,373 54,673 10,000 422,019

Total, 1860... $6,291,689 $458,004 $5,964,451 $589,859 $196,660 $7,464,082 Total, 1859... 1,232,514 772,496 1,153,941 887,996 290,000 4,336,947

There has been, it appears, an excess of coinage this year over last of nearly $1,000,000. The quantity of coin in circulation is now probably larger than for any time since the panic of 1857—the effect of that event having been to draw off coin in default of other means of payment. The operation of the banks at the South does seem to have been widely different from last year. The New Orleans banks held almost the identical quantities of exchange, week by week, through October, that they held last year. They last year, however, increased their loans in that period $2,000,000, while this year they have not increased them at all, the specie being $3,000,000 less. The cotton movement has also

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