The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-09-07


e demand grows leAs, and paper Of desirable
quality IS becoming very scarce. Still. demand
loans must be quoted at 81 per cent, ths latter
being the general rate at bank and at the private
bankers. Finapniers still talk Of an active money
market for re next sixty days, bat Wings don't
work, someb Nv, as though there was goingto DC any
trouble. " the banks had pursued the rightcoprse
in April HR1 May, money would be drug u me
market st the present tn,r. The duties to-day
were 81 Is e01 total receiptsat Sub Treasury, $751;
$685. payments, slsl ,la4; balance this evening,
s5,5s,2 1893.
The foreign exchange bankers, as we predicted
have been compelled 20 reduce their rates; the
leadng houses are selling at 1897 net for 80 day
bills on London and 1905 for short sight; francs
5ls9 and 5.l0j At the decline the demand Is very
light sar some bills are being sold, and the Van
der*ift win take out some gold 10 cover them-per.
laps $50 900 a 81 900 900 though much depends
on the business that Is done tomorrow. Our large
exports Of produce and our moderate imports have
u.aced renitters in an unusually comfortable posi-
ton.
The stock marie. opened quietly this morcing,
but IS the cali progressed gained strength m
mari ed manner. Between the boards there was
quite lively demand for stocks in the afternoon
the market ives all better and closed very arn.
New York Central the most active stock Of the
day; between the boards it sold at s., and closed at
SAC bid, against So bid at the close yesterday.
The business on the road is sad 10 tax
the utmost capacity OF the rolling material.
Among the Western shares the most active were
Rock Island, which closed at 70! bid, against 7sl
bid at the close yesterday; Galena, which after
selling at 79s cash was wanted at .et the close,
against ISL yesterday; Illinois Central which sold
at Sc cash. closing that bid against 81 at the close
yesterday; and Michigan guaranteed, which sold
at asl, closing 4ei bid All these roads appear 10
be more popular with outsiders than they we're.
The earnings this fall on nearly all the Western
roads will be the heaviest ever received since 1876,
and on some roads they viii exceed those OF that
year. Pacific Mail is dull again at s2A In advance
of per cent from the price week since.
story is afoat to the effect that the advance is due
to settlement Of some kind between Commodore
Vanderbilt and Mr.. Roberts There IL and hes
been no conflict between these parties, and conse-
auenny there is nothing to settle. Mr. Roberts
has sent two steamers to the Pacific, sppa-
rently in order TO compete with the Pacific
Mail Company; II t1is be true, the best
thing for him to do now Is TO have them
towed to a safe place and there burned. There
is very far from being business enough for the large
feet which the Pacific Mail now has on that side OF
the continent; the two new Corners viii lose money
every trip for their owners, II, indeed, they do not
lind some moro sensible employment than plying
between San Francisco and Panama. The decline
in Pacific Mail stock is due to the decline in the
traffic between here and California, which is
~ ce Dali
way. The following were the last quotations of
the dsy:-virgnia 6's, 81 1; Missouri S. 81 4;
Canton, 10; Cumberland Coal preferred, IA Is;
Pacific Mail, $50 a 1; New York Central, sal 50;
Erie, 2sa !; Hudson River, 57l So; Harlem, III
a Is; do. preferred, 45a 46; Reading, as! l;
Michigan Central, II q 1; Michigan southern and
Northern Indiana, 2ll !; do. guaranteed. is, al
Panama, 1864 a \; Illinois Central, So (; Galena
and Chicago, 59l {; Cleveland and Toledo, 45i
/; Chicago and Rock Island, s9l at.
We notice that the people OF Pttsburg. Pa,
have invited the Prince of Wales to visit that city,
promising him "a cordial welcome and their most
generous hospitality" The last distinguished
foreigners who enjoyed the generous hospitali.
;y' OF the city Of Pitssburg were some unhappy
Germans, Englishmen and Frenchmen, TO whom il
sold bonds which it now repudiates. VIII not the
committee which conveys the invitation TO the
Prince Of Wales feel awkward II any Of the suite
should happen TO hold any Pittsburg bondss Had
they not better make sure Of the fact before they
venture on the missons The Duke Of Newcastle
is understood to have large msinvested In Ameri-
can securities What II he should take the opportu-
nifty OF suggesting that before the city Of Pitsburg
throws away money upon festivities, II should pay
mp its back interest, Il viii be Of no for
the Pit'sburg people to compare their city 10 Br
mingham. as their fashion Is; the Duke will remind
them sternly that Birmingham pays H. debts,
which Pittsburg does not Nor Will IL avail them
anything 10 brag 10 bis Grace Of the growth Of
their prosperity aud the spread OF their manu6rc.
lures; the Duke win AZ remind them that they
are mere fraudulent insolvenis, and that before
they boast they should pay M. II they do carry
ont their Intention, venture TO suggest that, a.
each American city viii present the Prince with
some characteristics memento Of his visit, pttsburg
should tender to bis Royal Highness protested
coupon. with fac smile Of the dishonest plea by
which The city now attempts TO eyade payment Of
iis debts.
Some more reports Of the August traffic on the
Western roads have come In. aud ne rcpublsss4 our