The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-01-20
FINANCIAL AND COMMERCIAL.

W.
The City Of Washington which arrived here this morn
ing brings intelligence Of political msunder standing be
tween France and Austria, which had contributed to
cause decline Of u in the Paris Rentes and nearly
per cent in the English funds The overt act to which the
decline was ascribed in financial circles casual re-
mark made by the French Emperor to the Austrian Am.
bassador on New Years day; but the advces from Italy
are very dsquietng and to indicate the possibility
Of actual explosion at any moment Private advices
speak, also, Of the effect of the continued demand
for money, which TO have exceeded all cal
culatons. 1t is evident that the mercantile com
munity in Great Britain preparing for a season
OF much commercial activity, and that, in a very
short time, the Bank will be driven to raise the rate Of
discount. Cotton by this arrival is a shade but only
shade. lower; flour without animation parties being
dissatisfied with the state Of the market.
decline of about u u per cent has been established
In the new government SIS The best bid for them this
morning was 104 buyer 60, and it is doubtful whether
any considerable amount Of them could be sold even at
that figure Persons who likely be purchasers of
the remaining ten millions 10 doubt whether it will
average as nigh premium as three per cent. 1t is IN
lac'' decicedy unpopular among money men. Tpis is
DUE IN part to the decision of the Secretary in reference
to the July coupon. But the uncertainty which over
hangs the national finances the possibility that Con
gress may decide TO issue five or four and half
per cent stock to redeem the outstanding treasury
notes; the probability that still further loans will be
required for the ordinary service of the government ana
the chance that Congressional appropriations for potc.
objects may add to the national expenditure all combns
to check competition for the loan. AT 1927 1903 Der
cent the whole Of might doubt be probably taken
for the foreign Market but bids "for the whole or
none" will not be entertained, many bankers who might
have contemplated the purchase of the whole will not
now compete. Much may yet depend on the action Of
Congress during the week which has yet eapse before
the award. If there should seem TO be a fair
prospect that, in addition TO the ordinary ex-
pepses of the government, thirty millions
will be wanted for the acquisition of Cuba the temper of
capitalists will be altered accordingly IT. on the contrary
measure authorizing the Of the treasury notes
should appear TO be in fair way of becoming law bid
ders might be induced TO come forward with more
eagerness.
Money is decidedly denrcr than IL was few DAYS since
Some Of the discount brokers report that paper which wac
done at "A short while since cannot now be sold
lower than 5, and many Of the banks are avoiding long
loans almost at any price The stock brokers continue 10
be supplied on the old terms call Tue effect of the
new loan this time has been in any degree a,tclated
the public will not realize 1t until the money is drawn out
of the banks.
The Africa which sailed for Europe today took out
si'4,9oo IN bullion. The exchange market was quite
ffm most of the business done at 1O9sS a a.
We have TO record general decline in prices on the
stock Exchange. The rather unravorable news from
Europe naturally induced of the buyers sell
their stocks, and notwithstanding the resistance Of
leading operators the supply Of stock caused general
concessions on The part Of holders THIS applies
especially TO railroad stocks State securities were gene
rally pretty firm, and bank stocks and the best
class OF bonds. All the speculative stocks from 4
to per cent lower. Pacific Mail declined per cent
Reading, 1; New York Central, Il 81, and others in
proportion. The latest advccs from Europe report
continued decline In Illinois Central. If tho decline |
continues the other side. British holders will
probably be tempted 10 try this market The Michigan
shares pretty steady Gacna and Rock Island both
declined, but less than the general market The Ia |
Crosse securities steady Tho following were the
closing prices TO day ;-Missours, s6,S a vi Central,
s41S "a; Erie, 134 q; Reading, so9S u; Michigan
Central 61I 52 Southern, guaranteed, AK u; Pa
nsrna 1i6% III Illinois Central, Gs 4; Gaena, FOX
u Rock Island, b9% y. Tho market closed heavy.
The following the business Of the Sub Treasury -
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