The New York Herald Newspaper, January 4, 1860, Page 13

<> Ba heat gs — 7° Jeoaary. en Review of the Year 1859, Turspay, Jan. 3, 1860. ‘She ealendar year 1859 ended on Saturday even- {ng last, and we hasten to lay beforo our readers ‘varyous statistical tables, showing the foreign trade ef the port of New York during that year; the ftuetuations in money, exchange, bank loans, specie | avd deposits, imports and exports, and the price of stocks, cotton and breadstuffs; the traffic on the principal Northern and Western railways for each month of 1859, as compared with the same months 1868; and the movement of prices on the Stock Exchange. The following tables, (which will probably be is- sued from the Treasury Department at Washington some time in March or April next), will show how ‘the foreign trade of this port during the year 1859 eowpares with that of the three previous years:— TOTAL EXPORTS. Months, 1856. 1857. 1988. 1359, January... $5,616,064 6,192,116 9,435,950 6,419,096 February. 6,810,552 7,710,512 7)920,497 6,107,069 Marsh... 11,287,640 11'190,856 6,017,054 9,219,678 8,761,320 9,026 }960 6,746,211 13,063,863 9,691 843 12,300,199 17,335,782 18,172,470 i ete a 9, Seprember 11,360,828 Oxiober .. 11,329,006 November 10,755,189 NEW YORK HERALD WEDNESDAY. JANUARY 4, 1860.—TRIPLE SHEET. FINANCIAL AND COMMERCIAL, | houses here could have supplied them; but tho | Prospect that there will be a fair demand for our | idea prevailed that the jobbers and retailers | bad been too long at the mercy of the importers, and they resolved to emancipate themselves, with what success their ledgers must show plainly enough. Still, notwithstanding | the losses of the past year (which have fallen raost | heavily on the importers of fancy goods, especially silks,) from all that we can learn the prospect is | fair for a heavy import of dry goods during the | early months of the current year. Importers argue that both the West and the South are able to buy, and that the demand riext spring will consume all the goods that can be imported, as well as the large stock now wintering over. From obvious reasons, it is likely that in many instances this ‘calcu- lation will preve erroneous, and that, should the spring importations of 1860 prove as large as is anticipated, the foreign dry goods trade will be un- profitable, and heavy loases will again by realized by importers. It is agreeable to notice that while the trade in foreign dry goods has become unprofitable, the domestic goods business has paid handsome profits ! throughout the year. Never since the first fac- tory was established have our spinners done 80 well as in 1859, Almost every article of their manufactore has commanded a ready market at handsome prices. This has been due in some measure to the increased demand for export to India, South America and China, but more directly to the successfal competi- tion of our spinners with foreigners in the home market. The fact isa conclusive refutation of the obsolete protectionist theories which are still urged in certain quarters. At the present time, every mill in the mannfacturing section has orders enongh to keep it busy till spring. The import of foreign merchandise, though large, is below that of 1857. As a general rule, it is Beecmber 10,676,393 8 117,724,849 85,639,543 137,872,733 Exvorts or Dowmsnio Propvor, INCLUDED IN THE ANOVE. 4 543,842 4,208,806 3,702,132 5,299,202 3,709/870 3,283,592 7,904,481 4,503,371 5,377,840 5,162,160 6,518,117 8,960,921 6,046,043 4,262,789 5,180,662 5,895,312 6,382,939 4,880,395 4,273,696 4,771,082 4,938,005, 4,289,479 4,600,272 5,150,710 4 p21 99 4,946,612 4, 4,752,779 6,323,811 Deeember. 8,246,568 5,760,000 ‘Total. ...879,254,195 61,503,235 58,949,703 69,296,960 Foamen Pronuces Re-Exrortsp, INcuopep IN THE ABOVE. January., $253,500 r 1, 851,800 Febrosry. 197,100 549,500 483,600 45: Meare) ©. 659,000 1,111;300 677,300 y 109,904 586,700 413.600 509,600 347,800 327,000 374,100 520,100 383,900 672,000 ‘Total... $4,413,300 11,560,900 5,688,500 —§,317,500 Exports ov Sprcte, INoLoDed IW THR ABOVE. 6! January... $104,834 2,305,598 2,371,427 3,813,677 6,259,107 11,421,08: 408,981 10,061,019 At 202, 6,409.7! Mepember 3,788,547 8,287,681 Osseber... 4,996,680 5,844,159 November 2,955,839 4,393,128 Deeessber 1,779,181 2,593,995 Dota). ..$37,218,766 44,360,174 26,001,431 70,217,7 TORAL IMPORTS. Danwary $15,576,064 8,105,719 19,377,054 19,006,782 25, ‘Pebr: - 16,036,286 Maren... 20,250,068 84 10,592)606 13,844,625 ‘Total... $213,566,049 280,618,129 152,807,007 245,847,479 (Iurorts or Dry Goons, INcLUDED IN THE ABOVE. 10,3864 2,858,234 10,676,607 + T4118 5,658,793 10,616,005 10,664 5,518,445 10,561,967 8,147,136 2.644.879 8,010,668 4,292,329 3,154,806 5,067 608 2,800,673 13,815,250 ,039 see: haeet ames “tee r 016, Tse. 4,958,1 3,892,851 Rovember 5,211,891 4.015. Beeember. 5,416,256 4,483,320 Bota}... $93,832,462 91,034;947 60,005,228 Derorts or Specie, INcLcDED 1x THe 54,364” 986,509 72,AT ni Apova. 300,572 3,131,787 $3,683,654 3,478,471 February 3,576,919 3,325,598 4,382,107 3 bas oh 3,164,011 BEE e538 ~ Total.$36,756,119 | Total. .* It-will thus be seen that both our import and eur » ort trade was more active in 1859 than in the ‘feat year 1857—that is to say, than in any pre- + “otal. $38,219,107 ~~ tous year. Never since New York was a city were so mfavy foreign goods imported at this “sport. The aggregate import of foreign goods at » this port—$245,347,479, a8 above—isin excess of {the usual two-thirds imported at New York, assum- ing the aggregate import of the whole country at $350,000,000. As, however, we hear that New Or- Jeons has been importing heavily this year, it is poesible that the whole volume of our imports may preve to have been largely in excess of any pre- vious year. Should it tarn eut that New York has = aly imported her relative proportion, and that the other ports of entry have received neither - more nor less than usual, the total imports of the ’ peountry will foot op something like $368,000,000. The chief increase this year has been in wy goods, of which the aggregate imports - this port for the year, stand at $113, , \2,624, against $60,005,238 in 1858, $91,034,047 1857, and $93,832,662 in 1856. This remarkable ‘erease followed naturally upon the light import y 19¢3. In the later months of 1857 most doscrip- © of foreign dry goods sold here for less than \2y could bave been manufactared abroad. Hence, 1858, nobody imported. Toward the close of at year the necessities of consumers revived the vemand, and it may be said that all the goods \\ #hich were imported for the fall of 1858 and the Spring of 1859, paid a fair profit As a natural con- o— ce, by midsammer last every one was im- ig, the banks aiding the movement to earn ynds; and, to add to the complication, the war in Italy threw vast quantities of European goods #-pen our markets, which were thus glutted, to the w.‘evous loss of the importer. A large number of and even retail houses commenced last import on their own account, thus swelling gregate imports, and destroying not only , but the importers’ market. They could doubtful whether merchants made much money by their imports of groceries and other foreiga produce last year. There has been a great deal of divappointment in many branches of trade. Téas, for instance, of which the import has been large, were expected to advance considerably in consequence of the new war with China. They have not done so, thus far; and though they are firmly held, and the stock is not excessive, they are not paying any cabstantial profit to importers. Heavy losses were realized during the summer months¢n importations of sugar. Most descrip- tions sold here for Jess than the cost of importation. Within the past two or three months an advance bas been realized, and importers have done better; but it is doubtful whether, on the whole year’s business, the account shows any profit. Coffee, thongh high, a* an average, in this market, has paid no profit to the importers, in conse- quenee of the high prices which have ruled at the places of production. Very few cargoes of this year’s importation have paid cost. Hides paid well for ashort period at the beginning of the year. The price soon declined, however, and for some time past they have been selling below the coat of importation. We merely allude to these articles in illustration of the above statement that the im- ports of general merchandise this year have not, as a rule, yielded a fair profit to the importer. There will be found very few exceptions to the rule; and as there has been no reduction in the ex- penses of living, the fact is suggestive, and should prompt caution in dealings this year. The export movement of 1859 compares very favorably with that ef previons years—the total aggregate being about seventeen millionsin ex- cess of 1856, and twenty millions in excess of 1857. It must be observed, however, that the excess ia in specie, of which we exported in 1859 nearly thirty- three millions more than in 1856, and nearly twen- ty-six,millions more than in 1857, The export of specie during the year 1858, was unusually light in consequence of the vety moderate imports of foreign goods that year; hence there was a large surplus remaining inthe country on Ist January, 1859, being the difference between the produet of the mines and the export—aay $10,000,000 at this point. During the year 1859, we sent abroad al that we received from California, nearly $40,000,000, the surplus remaining over from 1858, anf about $20,000,000 of our previous stock besides. The country is thus, so far as specie is concerned, some $20,000,000 poorer than it wason Ist January, 1858, It is hardly necessary to remark that, for all practi- cal purposes there is no article of domestic produce with which the American people can dispense so easily as specie; that, practically, it is far less useful and less beneficial than cotton, breadstuffs or other agricultural produce; and that, according to sound economical principles, its export is really as advantageous as the export of the other staples which our country produces. But, on the other hand, it must always be borne in mind that the great public is not composed of scientific econo- mists and financiers, and that public prejudices must be studied as closely as the fundamental laws of trade. Public prejudice in this country considers banks unsafe when they cease to hold a certain pro- portion of specie to their liabilities; and as no bank ever holds specie enough to redeem all its liabilities in coin—though it engages so to do whensoever re- quired—it becomes a matter of the first importance to guard against any pepolar impulse which might lead to 8 general demand for specie redemption by the banks. Such an impulse—as we know from ex- perience—would result from a decline in the bank reserve of specie below the point to which the pub- lic mind is accustomed. It might be unreasonable. No practical injary would flow from the entire de- pletion of the bank coffers, if only the public mind could be kept easy and panic be prevented. Bat ae experience teaches that this cannot be expected; that, on the contrary, the moment the bank reserve feil below a certain point, every creditor of the banks would demand coin for his deposits; and’ that the result of such a run would inevitably be a general bank suspension, and a sweeping and ruin- ous commercial revulsion; it becomes of the high- est consequence to guard the bank reserve froma general drain, and to keep it, at all hazards, at a point which the public shall agree to consider safe, according to the popular notion. Hence it is that the export of specie, which in a commanity excla- sively composed of experienced financiers would be increased by every possible means, becomes, when pushed beyond a certain limit, a decided evilin a community consisting of the rank and file of man- kind. Should the specie export of 1860 prove aa heavy as that of 1859, thirty milliens will be abstracted feom the banks and the specie in general circula- tion, over and above the receipts from the gold mines. It is very doubtful whether such an amount could be spared without sefions mischief. The best prospect for 1960 is connected with our export of domestic produce. It will be noticed above, that, though our export of cotton in 1859 was large and at high prices, the aggregate export of domestic produce feli two millions and a half below that of 1857, and twenty millions below that of 1856. The deficiency in 1859 was owing to the almost complete cesssation, daring the first nine months of the year, of shipments of bread- stuf to Europe. in 1858 had been excellent; oura bad been scant in quantity and very poor in qimlity. Shipments of breadstuf% from the United States to Engiand daring the last three months of 155s, iv- variably netted a loss to the shippers. Hence. from January to October, 1859, no cereals Worth inen- tioning wore sent to Kurope from thiscomntry. We commencé the'new year with better prospects for the breadstaffs trade. The Furopena harvests in 1859 were considerably below an average, aod though the largé stocks on hand at most of the comm ceptrea_ have v The Karopean harvests | wheat, flour and corn in Great Britain throughout | the year 1860, and that the export, without causing prices to advance to famine rates, will figure hand” somely in the trade returns for the present. year. The prospect is equally good for cotton. Not- | Withstanding the very large supply, the Euro- | pean demand continues, and will continue active. France is consuming more cotton than usual, and it is likely that the eonsumption of Germany, Italy and other parts of the Continent, will likewise show au increase. The | first effect of revivals of prosperity—such as may | be anticipated from the settlement of the Italian | question and the permanent restoration of peace— is an increased demand for cotton. Of our other staples the export does not vary much; it increases | steadily from year to year. We shall export in 1860 more tobacco, rice, forest produce, &e., &¢., than in 1859, just as the export of 1859 was in ex- cess of that of 1858. Our export of provisions daring 1859 was very large, and at high prices. The Italian war created a large demand for beef and pork, and stimulated speculation in those staples, when all other branches of commerce were inactive. For some time pork growers have been receiving such high prices for their pork that it has been a losing business to buy it in the West and ship it te Europe. The following table is the balance sheet of the port of New York for the business of the past four years with the foreign world:— Balamwe ag’ st Imports. New York, Exports. $79,254,195 37,218,766 Foreign produc: 443,300 Total export, ....$120,886,261 $213,556,649 $92,070,388 1857. Domestic produce.. $61,803,295 Specie 44,360,174 11,680,000 Total export.....$117,724,809 230,618,129 112,998,920 1858. Domestic produce... $53,949,703 ie 26,001,431, Foreign produce... 5,688,500 Total export..... 86,639,634 152,807,007 67,227,433 1859. Domestic produce... $59,296,959 ie 70,074,169 8,317,500 Total export.......$137,720,170 246,847,479 107,518,309 The balance against the port was heavier last year than in 1856 or 1858, bat less than in 1857. As, however, the export of cotton from Southern ports in 1859 was unusually heavy, and the price unusually high, the exchanges of the year for the whole country will probably foot up as favorably as those of former years. The following table presents at one view the fluctuations in money, the bank movement, the foreign exchanges, and the price of the leading staples at this point during the past year:— FINanciat FLvorvanions 1 1859. is 8 Sau0K jo suvoy yy Uysysodeq **yuriuay 9K BON “op ojoads jo suodagy our snotaead syrodaay ” “axa ALOK “NUT e104 » smoy ewig oupiedng: noyoo spuydn Sopp “WOpUCT UO S{IIq SENT ce 1S 49 xn 85°868'T goc'ore'et [z9c'vea It OFZ ES O'6TT GTE'FSS LET)” "$601 ad wi 1 F89'06 jes 9 bia) esysoe's coe‘ 1e8'88 066'92'28 XooL KY or os alg Yon wuss oLe‘sye'st e80'o9s' act tee's1z'ss Ur‘o1r'9z AY *e01 ‘02808 Z6U'ZOL'SZ1 oe Baia ser‘sez‘s8 ‘82'S a L1o'ere's. , 0s a oh ‘9 ‘o1e'st SBE ste'ze9'os Nom i ‘ wos" ete'os | LOT Tiss oes'si9'%s i 290‘ 196'ss. i wo big MeL TOOTH TT or9'ees'es SLL‘ LUW'BET. 994'900'S@T. 90L'90: Ure‘sze'es Ou 9 oo sm NOL AOU GTO‘ TSO'OT | 186‘96R's oet'9ee'1z | 120's00'Ke Z1v‘Lye' CLT 968 FLP FL, oe Na OIL wh p9s‘FOL'0 ory x1 an BLP TS NOI e82‘6ov'9 ‘asa‘svo‘ot | 16a'e10'Ke oon‘es1'sh 1 890'sSt'STL NOL “*4aqenO fo tan oF AW Ie 189'29¢'8. 'z92800'ST Sor‘ets‘on ooT'6se'6t ay ai 08 est tre's ‘L19°SE SersI¥ SIT Is1'es0'se Cat Nolt oe 9 w ‘esos ‘StF ‘L8U'231 89'DL id xe Xs eet 00" SL wo aig Non oor s¢0's09's, 199 602'6z6'8T 9F0°919' ST ‘PSF e8s'8L 0e3‘ez9'or The year 1859 opened with a plethora of money in the New York banks, and a general indis position to trade among merchants. Money went a begging at the unprecedentedly low figure of 3} per cent per sunum; the banks held $27,000,000 in coin in their vaults; cotton was going forward freely at prices which gave 12 cents for the pound of middling uplands, and consequently the best bankers’ bills on London were ja} per cent below the rate at which specie could be shipped to cover. The banks, however, which, by their rash policy, had, only eighteen months before, precipitated a commercial crisis upon the country, commenced | the year with an intense eagerness to earn divi- dends; and, accordingly, in the midst of a geno- ral stagnation of trade, they contrived, in Janu- ary, to lend $27,500,000, and in February $129,600,000, at rates, of course, considerably below what was legal, and on securities very inadequate. The chief consequence of this was @ sudden and enormous increase in the im | portation of foreign goods. In the months o January, February, March, April, May and Jone 1859, the importa of foreign goods were about double what they had been during the months of 1858, and about six millions in exogas of the imports of the first six months of 1857, Asa necessary consequence, notwithstanding the heavy shipments of cotton, exchange on Earope rose to 109} in March; to 110} in May, and to 1103 in July— | rates at which bills could be profitably covered by shipments of specie from this side. Hence we find the export of specie rising to over six millions in April, to nearly 11} millions in May, to 7} mil- lions ia June, and to 10 millions in Jnly—shipments anprecedented in our history. In the month of May the banks wok the alarm and began to con- | tract; their loans were redaced to $125,000,000 by | te Ist of June, to $122,400,000 by the Ist of July, to $19,309,000 by the Ist of August, and to 115,000,000 (about their lowest point) by the litof September, The curtailment was rendered iunperative by the reduction of the specie reserve, to fall still lower, Still, notwithstanding the bank curtailment, and the consequent advance in money from 3}per cent at New Year to 5 on 1st June, and 6 on Ist July, exchange on Europe was kept up by the necessities of the importers. From the Ist of Au- gust to the Ist November, the beat bankers’ bills on London ranged about 1104, at which rate the drawer makes a handsome profit by shipping gold to cover. Thus, throughout the fall months, notwithstanding the more prudent policy of the banks, the heavy importa of foreign goods continuing, so did the shipments of specie. In the month of September We sent $5,267,384 of specie to Europe—more, perhaps, than was ever shipped in all the previous Septembers since specie became a staple export. In November, as usaal, cotton began to go for- ward freely, and hence exchange on Europe fell, The foreign bankers here were able to draw against cotton bills at a lower rate than they could draw against specie, and bills de- clined to 109%, 109}, and at the close of the year to 109] a 109. Meanwhile the banks, tempted by the desire for dividends, began as usual to expand. The loans rose from $118,000,000 on the Ist of October to $118,100,000 on the Ist of Novem ber, $122,100,000 on the ist of December, and $125,576,000 on the Ist of January, 1860 ; while the specie reserve fell from $21,478,000 on the lst of September to $19,629,000 at New Year, 1860. Asa natural consequence moncy declined from 6 to 53a 5 per cent.; and thoughthe year closes ona6a 7 per cent money market, this is due to accidental causes, the demands of the federal government, a general settlement of accounts, &c., and not to the usual laws which govern the market. The prospect for the future depends on the couree of the banks. If they continue to expand, while their specie reserve declines or remains sta- tionary; if they contrive, in February next, to have $129,000,000 loaned out, as they had Jast February, it will be safe to look in March for an advance in exchange to the specie shipping point, for an easy money market, for large importations of foreign goods next spring, for heavy specie shipments next midsummer, and for a decline in the bank re- serve next August, to the old points which used to tule, in 1856 and 1857. If, on the contrary, the banks pursue a conservative policy, and keep their loans where they are now, or below their present point, people must expect moderate importations and good prices next spring, moderate exports of specie next eummer, and # steady and fairly active money market throughout the year. We subjoin a table of the monthly earnings of the ten principal railways of the North avd West for the years 1858 and 1859. It must’ be borne in mind that the earnings are given in all cases as es- timated—that is to say, as they are furnished by the companies to the press, and before the final setile- ments with connecting roads. The earnings for ‘ December, 1859, have, with one exceotion, been estimated by us, on the basis of the returns for the first three weeks of that month:— Comparative Srarkwent or Rauway Trarric ON TUR Laaping Norturrn axb Wesrexn Rattroaps ror 1858 AND 1869. January. February. — ——A—— . | 1859. | 1858. | 1859. 872,600 |}300,480]372,224 |527 304,707 1378, 0481301 593 £79,423] 175,773 492)167 |163'837|190,586 Harlem..,. 79,1: 1,990) 76,610) 92,060) 83,224) 88,278 Mich. So’n.106,728]104,179| 97,812] 106,059] 160,612] 142,454 Mich. Cent. 122.881) 141 ,386}107 602) 102,950] 165,936]151,864 65,21 637] 54,974) 56,779) 90,956] 76,708 4 116,470} 134,31) | 163,848] 154,815 4 74,189} 66,138) 103,911} 86,408 60,686) 55485] 82,830] 64,774 June. "1858. | 1950. 482,195]440,196 Erie... +558 ,129)3: 469,575) 349,950/334 378 |330,657 Hud. Riv. .112,614) (21,123) 128,182) 41,268] 95,219) 119,444 Harlem. 19,933] 82,585) 77.667) 91,868) 82,520) 89,239 Mich, 80’n 206 605) 144,512) 187,798) 193,518) 180,157 | 122,105 Mich. Cent.225,010/143,143/185,727 | 14,145] (70,847) 119,770 Clev. & To), $4,148] 62,294) 70,000) 56,112] 57,293] 53,400 tr 1,901 |152,271 161 000) 130,771] 154,192] 148,416 90,041) 157 988/119,321 |20,727/ 111,780 68,224] 78,809] 69,868] 87,817] 70,792 Galen 1 332, Rock Isi’d, 85,729) July. pe ‘1858. rl 1859, ,682| 91,189} 93,286] 100,118} Mich. So’n. 149,603] 102027 | 202,498) 149/435) Mich. Cont 143,000] 100,000] 176,060] 150,860} Clev. & Tot. 53,665) 45,900] 59,62) 62,465, TIL. Central 154,200} 139,407 | 202,983] 177 080) «.«167,286] 89,856] 122.360] 120,450 . 82,629] 65,831] $1,026] 84,146] November. 84,883) 97,218 224,776) 181,183, 224,574{210,837 83,388) 72.905 218,860} 242 085 161,949/212,260 80,111]114.784 December. ‘ae 1858. | 1859. 506,406 |520,000 892,292] 600,000 197,980| 232,432 92,100] 100,000 “924] 483 458] 446,101 (535,608 . Riv. .140,782]170,157| 137 094] 157,443 Harlem... 85,202] 83,221] 85,783] Mich. 80’n 211,600} 205,550] 168,000! 184,500! 139,432; 160,000 Mich. Cent. 200,868] 226,077| 166,298] 181,617/130,108| 185,000 Cle. & Tol. 79,400] 78,800] 75,608] 77,020] 71/315] 78,000 T.Central.184,776] 242/848] 156,088] 250,742] 140,038|178 000 141 652/198 884] 1¢3,818| 123,203] 87,0821 93,000 85,647 |122,640| 68,850 99/328] 60,216] 78,000 A careful study of the above table will be found useful in forming an opinion with regard to railway investmente, The railway traffic of the North and West culminated, for a time, in 1856 and 1857. Dur- ing those, years immigration and railway building in the West combined with unusually active move ments in breadstufls to feed the railroads with an exorbitant business, the leading trunk roads took in more money than they had ever taken in before, and more than they have ever received since. The crisis of 1857, coupled with the poor crop of that year, began to tell on the railways in 1858. Traffic began to decline early in that year. Owing, how- ever, to the fair corn crop of 1859, and to the be. lief—which was pretty generally entertained by the sanguine population of the West—that the criajs was mere nine days’ wonder, which would presently be forgotten, and of which no traces would remaia in a few months, neither the freight nor the passenger business of 1858 declined as largely as they should have done. It was only when the short wheat and corn crop of 1858 was an ascertained fact that the railways began to realize the effects of the crisis. During the fall months of 1858 the the grain receipts at Chicago began to fall off, and when, in winter time, the season arrived for the movement of corn, it was discovered that Illinois, Wisconsin and Towa ‘ad little or none of fhat staple to forward to morket. Hence a steady and progressive decline in the freight receipts of the Illinois roads throughout the first three-quarters of the year 1859, and a cor- responding decline in the revenue of the New York roads, which are partly fed from the West. Nor did the mischief stop here. Immigration had fallen off, and the Western people, at leagth realizing the catastrophe whick had befallen them, consed to travel; hence passenger receipts de- clined as largely as freights. The misfortane was aggravated in the case of the New York roads by an insane competition, which rednced: fares below the paying level, and landed at least two of the competing companies in. bankruptcy. Thus the summer elapsed. “Somé of the companies were able to reduce their expenses as rapidly as, or even more rapidly, than their receipts declined, so that notwithstanding the decline in gross earnings, their net profits for 1859 were as large as they were in 1858, But others were unable to contract as fast as the falling off in their business dictated; and these suffered very severely. It was not till the bountiful harvest of 1859 was garnered that any of the roads showed a fair in- crease. In the month of August, the New York Central began to improve on 1868, and the Rock Island, which runs through the fiaest section of the West, likewise ‘showed signs of recovery. The Michigan and Ohio roads, and, with the exception above mentioned, those in Hiiaoir also continued to show a decline. In Septera- ber, the recovery became general in Il!igoia; both the Rock Island and the Galena a@ioweda bandeome improvement over 1858, and the Lilinois Central—though under very uafavorable ciceam- 1 i | ! West to the State of New York; did better than in 1858~ much better, indeed, for it is reasonable to believe the assertions of their managers, that their | working expenses were less in 1859 than in the pre- | vions year. Deeember shows a similar result; and | as there is no doubt, on the one hand, that both the | wheat and the corn crops of 1859 were in excess of those of 1858, and, on the other, that the Western people are recovering their spirits and regaining courage, it is tairto presume thatthe recovery | will prove permanent, and that the traffic of 1860, | both in passengers and freight, will show a hand” some increase over that of 1859, The roads which terminate in this city did not share in the disasters of 1859. The Hudson River, the Harlem, the New Jersey, and the New Hayen increased steadily every month throughout the past year. These roads, it must be observed, are not dependent on crops or the fluc- tuations of commerce for a revenue. They are paseenger roads, and almost as much city roads as the horse lines through our great city avenues. Hence their business depends chiefly on the growth of the city of New York. The Hudson River road grows with the city; and so long as the Jatter increases in wealth aud population, the traf- fic of the road must continue toimprove. Nothing can fujure that and the similar roads leading into Jersey and Connecticut, but an actual decline in the population and prosperity of the metropolis. So far as the general Northern and Western rail- way interest is concerned, 1859 was a year of un- paralleled depression and trial. It may be hoped that no ench period will ever again be witnessed, and that those companies which have been wisely administered will enjoy, in 1860, a commencement of anew era of active business and remunerative traffic. ‘We subjoin a table of the fluctuations in the Jead- ing stocks on our Stock Fxchange during the year 1859—the quotations being given for each fort- night during that year:— i *a9Any woEpDHT se bated 06 yee | NIE eo 706 2m 69 | S09 " ney 8 & x g 288 me Neos 99 ng Sos Her 6L 8 a xo bs Ms , Feb 2 69 wu Not OD OL x19 N98 69 | 69 99 wy Xa oy 0g 08 bad »; yatd MeL We 8s | oo mo Aw 1g XO 98 oP rod @ 89 | 399 Xe is Xoo yor Nis Ne Ye0s Fob bat d ¢ cc) aD re NIg NB oo MeL "19 oF Nw Neo *t9 tr [art | Meer | Neat Meo 9% [Xeon Xoo “es eg) e99 Neo | Nt9 E89 Noo br) Xen 14S 9 Kes | xw $L » % wm Raid In 9 we | Neg Nee AIL NLU = xu Nee XS et Hen xis HCL 6 xD P08 6 oe XD Nan wes NsL ue It will be noticed that the fluctuations of the year have been considerable. The year opened upon an inactive market, with very little invest- ment business doing, and an inclination on the part of most of the jobbers to stand aside awhile and watch events. Early in February some of the Western railways began to show # small improve- ment upon 1858, Encouraged by the symptoms, some prominent operators began to buy for the rise. It was soon discovered, however, that the in- dication was fallacious, and that, owing to the short crop of 1858 and the paralysis of trade and industry in the West, the principal roads were not going to earn as much mbney as they had done in the previous year. On the strength of this dis covery, the principal jobbers in the street and at the board began to operate for the fall; and, assisted by the outbreak of a European ‘war. of indefinite duration and extent, sod checked by no purchases of stocks by the outside public, they waged against railway pro- perty a campaign of almost unexampled violence 10 success, A glance st the above table will | 432 Nn how laigea decline in prices followed their operations. It is not too much to say that they in- flicted an injury upon the railway interest of the vantry which is almost irremediable. For six months the sway of the bear jobbers was complete and andisputed. Stock after stock yield- ed to their attacks, and, in some instances, promi- nent securities fell as much as $25 the share, In August, with the news of the harvesting of the new crop, @ better feeling began to prevail, ' Friends of the various railroads began to bay a | few parcels of stock; the public, which had been waiting for an opportanity to speculate, likewise began to purchase; stocks rose suddenly and vigorously, aud nearly all the leading bear jobbers failed. Peace in Europe being short- ly after established, the advauce continued, till, in September, @ check was given to the market by large sales by parties who had 1 ‘been operating for the rise. Since themthe mar- ket has been inactive. Stocks have falien very h ee Exchange as one of the worst ever experienced by commission brokers. The snocessfa! campiign waged by the board jobbers against railw.y prc- perty ach eved the work which railway mismanage- ment had be..un; it.frightened the public out of the street. Never, probably, since railway stoc':a began to be dealt in, has @olittle Lona fide busi- ness been done in them asin 1859. It was at oue ‘time mooted among the old commission houses of the street to adopt some mea- sures to prevent the seemingly impend- ing destraction of their busine», Some Proposed to throw open the meetings of the board to the public, as is done in Pariy. Others were for Other plans to check the ruinous proceedings of the organized bear jobbers, who were destroying the credit of the entire railway system for the sake of their own operations. Nothing, however, waa done or even attempted, and the evil, as we have seen, corrected itself. When the tide turned, and railway business improved, the beara broke. The history of the year should, however, teach those houses which have a commission business the dan- ger of suffering the board to pass completely un- der bear sway, as that occurrence {s sure to put am end to outside business. There never would have been so great a collapse in stocks as was seen im 1859 had not some, at least, of the commission houses afforded countenance to the jobbers. Tvespay—6 P.M. The stringency in the money market continnes, owing to the shifting of loans and the New Year settlements. On call, money is seven, quick; and occasional loans were made to-day at even higher figures. But there is no very active demand from the merchants, and as soon as the usual dividends and interest, &c, are paid, the street will undoubted- ly obtain a supply as large as it needs. Foreign exchange continues very much depress ed. ‘The leading drawers ask 1094 for sterling and 5.174 @ 18} for francs ; but very good bills are im the market at 109, and 5.204 21}. The mail on Wednesday will be large. We hear of no specie to go by this opportanity. The stock market, as usual after tht holidays, eon- tinues depressed, and sudden cails for money caus ed some depression in afew stocks. Central sold as low as 64} this morning, closing 644 bid. Gale- na was done as low as 64j; it closed 64}*bid. Missouris were better; they were in demand at 804, or interest, equal to 83}. The general impression appears to be that after the presen’ squeeze in the money market subsides, the market will wear a more cheerful appearance. In theafter noon stocks were inactive, and closed dull at the following quotations:—Virginia 6's, 90; a}; Mis* souri 6’s, 80} @ 4; Canton, 163.17]; Cumberland Coal preferred, 13 a}; Pacilic Mail, 76a4; New York Central, 74¢ a 3; Erie, 8} a 3; Hudson River, 41 a4; Harlom, 83 a 9; do. preferred, 33} 34; Reading, 424 a3; Michigan Central, 37f a 385 Michigan Southern and Northern Indiana, 6] a }¢ do. guaranteed, 16{ 17; Panama, 126% a {; Winoig Central, 57} a {; Galena and Chicago, 643 a #; Cleveland and Toledo, 19§ aj; Chicago and Rock Island, 62] a 4. The following was the business of the Sub-Tres, sury to-day:— Total receipts + $587,250 —For custom: 61,000 Total payments. 541,393 65 Total balance .. $7,170,076 84 The Hudson River earnings for December were as follows:— . December, 1859. $232,082 64 December, 1858, 107,080 14 This is the more satisfactory, as the month of De- cember, 1858, showed an increase of some $60,000 over December, 1857. The Illinois Central Railroad earn‘ngs for De~ cember were $194,000 against $153,988 in 1858, am increase of $40,000. The collections in the Land Office were $61,310 in December. The exchanges at the Bank Clearing House this morning were $35,240,344 92, and the balances $1,820,617 94. The following dividends have been declared:—~ The Hanover Fire Insurance Company, a semi-an- pual dividend of six per cent, payable on demand; the Market Fire Insurance Company, a semi-annual dividend of ten per cent, payable on demand; the Nassau Fire Insurance Company of Brooklyn, & semi-annual dividend of ten per cent, payable om demand; the Mechanics’ Insurance Company of Brooklyn, seven per cent; the Mechanics’ and. the Manufacturers’ Banks, both of Brooklyn, five per cent; the Phoenix Bank of this city, three and a half per cent, payable January 3; the Market Bank, three and a half- per cent, payable January 10; the Grocers’ Bavls, three and a half per cent, payable January 9; the New York Exchange Bank, four per cent, payable January 10. Satterthwaite, in his last London Circular, says:— Since our last there has been an improved tone in the character of the market for American socuritice, United States and other State stocks remain quite firm. Money for investment continues to go into New York Central and Pennsylvania Central bonds. Michigan Central bonds ara more inquired for. The movement for reorganizing the Erie Company makes rapid progress—the improved ¢arn- ings impart great coniidence in the future aquirs of this dtreumstances have induced buyers of al? classes ot its ¥ {8 quite cleared of first and ‘Mortgege bonds; the thirds are very firm at 65 to 66. nois shares have improved to 38 discount they sellers at'18 digoount, Money very easy. Consols close 9855 to 5f ex-dividend for nooount) Stock Exchange. ‘Trmpay, Jan. 3, 1860. 100 I. Con. RR... 1000 Mich So2d mbs 40 1000 MichSo8k, a Cent bs. Fibs bs BEERCEE2 Se8sseks $0000 Meet sex diy BO}E 100 the Read 1000 MS sk, 1a ba ex iw 3” 100 do. 26 abs Bx’ diy 500 260 Pacific MSS Co... 60 do... ..030 Soperfine Western, Gommen to choice Extra Genesee... i u : H gz’ tl