The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-10-16
FINANCIAL AND COMMERCIAL.


Decrease. Mcsa,0i0 = 2aa,s45 s5a,las
At the present time the banks really hold about
TWO millions more gold than is shown above, as
ahc North Stars remittance-$l ,97l ,s45-arived
too late on Saturday to count in the average.
Taking this into consideration, the statement
must be regarded as exceedingly strong. The
continued curtailment Of loans, which pro-
crosses without causing any Inconvenience
10 the mercantile community, demonstrates
alike the strength of our merchants ana
the cautious spirit in which business IS being car
ried on. The curtailment since the middle OF Au-
gust is now about eight millions and hail. Next
week the specie win probably run up to twenty-five
millions, and the loans may perhaps show small
increase. The city banks have not for many years
been in so strong position as they occupy at pre-
sent.
The money market works very easily; the stan
aard for call loans is six per cent, and the class Of
paper negotiable at a 81 is expanding. To-day
the demand was quite light, both among the bro.
kers and at the discount houses; at two r. N. there
was large amount of money which failed to find
employment at the current rate Of interest. The
business of the Sub-Treasury to-day was moderate;
customs; the payments, $l97 ,45s; the balance this
evening, N,47s,4l5.
The exchange market continues in a lifeless con-
dilon. The leading bankers are asking 1913 for
sterling and 5.l5 for francs but the market is sup
piled with bankers bills at 1854 I, and 5.l64 a
l7a. We hear of some very excellent mercantile
bills at 1854 and $40. 1t seems pretty evident
that the market has decidedly broken down for the
season.
The stock market to-day showed strength with
ont activity 1t is probable that large number of
casual operators and purchasers for investment are
holding of in order TO what may be the effect of
the November election. Some persons still think
or pretend to think, that Lincons election would
be followed by trouble in the financial world; while
Others feel or affect perfect confidence in the
quiet acquiescence of the South in the de-
cree Of the ballot-box. Pending the uncer
sainiy, number of persons have ceased
operating and are quiet spectators Of the move
ment in stocks. Hence, while there is no stock
pressing on the market, and the October traffic on
the railroads satisfies the most sanguine of the
bulls prices remain generally steady, without much
real business. To-day there was fair demand for
New York Central, which advanced to 900 in the
close on Saturday. The managers Of the road
make no secret of their opinion that it will receive
81 900 600 and earn per cent on its stock this
month. Gslena was also active, selling ut 49, and
closing IS! bid, against 77i on Saturday. II ap-
pears that the smart operators who made such a
neat thing by selling Rock Island short, on the pr
waite understanding that the dividend would be
passed, have been selling Galena also. If all we
hear be true, they are not likely TO make
much by the experiment Our information
leads us to believe that the Galena will
earn more money this fall and winter than
il has earned since 1856. The other Western
shares were fairly active at small advance.
Pacific Mail advanced 81 per cent this morning
and "a more this afternoon, on rumors that Mr.
Vanderbilt is to enter the board and settle the
Roberts opposition. Panama continues steady.
The demand for State stocks continues lively.
There is better market for yirginas, Mssouris
and Tennessees than there has been before for some
time. This afternoon the market was active and
stocks closed irregular at the following quotations.
Virginia 6's, eoi I; Missouri 6's, 79t 4; Canton,
70 8 1; Cumberland Coal, I24 a IA; Pacific Mail,
- q 4; New York Central, 80 Z; Erie, 3ei q I;
Hudson River, "a a 1; Harlem, az ~; Harlem
preferred, 5oI 81; Reading, Al 4; Michigan
Central, 6si Il Michigan Southern and Northern
indiana, I'll 1; do. guaranteed, All a IS; Pana
ma, rs a 4; Illinois Central, 81 1; Galena and
Chicago, ISL a Z; Cleveland and Toledo. 46l d
Chicago and Rock Island, 73i Z; Illinois Central
rs, ga 1.
We mentioned in Sundays paper that one or
two OF the directors Of the Pacific Mail Company
were soliciting proxies from the shareholders 10
be used-at the election OF the lith November next
We are informed that the directors in question
have no ticket yet settled, and that the director
who is most anxious for proxies only holds thirty
shares of stock. We advise stockholders to exer.
else some caution in surendering their proxies be
fore they know the that Is TO be made OF them.
The exchanges at the Clearing House to-day are
Ss2 S5l $50 81, and the balances, 81 LIZ. 1874 90.
The New Orleans Picayme OF Wednesday last
reports =
Sterling heavy. The last tIegraphic dispatches
from New York quote decline Our market has re
.poaded IN osgree by buyers refusing pay
los a los for the cnrrent run OF gooi signatures
though bits bella nj ios and frsci above
rpe decline in eocameIt blis has not been 80 marked.
sales sreCted 70 day 81 i0Tt ioTI We quote
from lot loTA Francs were well sustained, We quote
from o. 2Tssc 81 s2hs for selected names on Paris d.
rect, o. Soc Ae 29ssc may be deemed - covering all
gtsaes
The Philadelphia Ledger says
MANY 81 our reacers viii he glad 70 iearp that the
authorizes Of Pntsburr have at length sko0wle1gef the
elaine of tie boilers 81 their railroad Ia this city
Indebtedness quite arre We learn
from she ssssug Chrvnsce ~ Fr,asy that the pre-
v,ous special meeting Of the Common Council
hed for the purpoee tskt scti ordinance
recently passed by the select Couac, ordering lew Of
four aEd q quarter miils dollar, TIE ote
rest Que IN the subscription CHARTERS Valley Rail
road when the finano ado 3ted by the Select COM
~ psssre nnsny, by sixteen 70 seven 80 toe ux has
beu evsra at see aod very uouoetome question has
ben 0istxcd of We. o. oourfe, take tbs action Of
councils ADMISSION q the fu Nan,y of the city, and
that provisions s follow for the payment o. interest o.
az he other bosds AZ least hope this tie under
ssabdig of tns present ectoa.
The Peoria Times says
IN. rev directors Of Peoria and Oluagks Railroad
ts., r1,rtd Noes Ha,drg % $500 COO FOR tho portion
a. rnaa het~e,n ssssaurx ard surIg ton, which vas
refusea ucss. HARDING % alleging tbAs they OBJ
tsin arger irOm the ,hic~go, burlington and
Osturx r.,ruaEv.