The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-09-08
FINANCIAL AND COMMERCIAL.

FINANCIAL AND COMMERCIAL.
FRIDAY, Sept. 7-8 P. NJ.
There is no change in the money market. Some
brokers are borrowing below seven per cent but
most Of the loans are made at that figure. First
class short paper goes at 81 al per cent; 4 Q 9
months paper, and upwards, according to
quality. Bankers continue to predict scarcity Of
CON- growing out of the necessary drain Of gold to
the West; but thus far there are no symptoms Of
any Inconvenience. The receipts for duties to-day
were si2l goo; the total receipts at The sub-Trea
sury, sl6s so the payments sls2 TIT; balance this
evening, u Sass The importation Of dry goods
for the week ending this day is sghtly below that
ofthe corresponding week last year. Himporters
are moderate during the remainder Of this month
and the next they viii obtain good prices for their
goods.
Foreign exchange continues very dull indeed;
many Of the leading foreign bankers are selling
little or noting. They ask 1921 Ito for sterling
so day bills, and lloi for short sight 5.l3} for 60
day bills on Paris and 5.l0i for short sight, Very
good bills are TO be had, however, at lower rates
than these; some first class bills have been
sold at second hand at o considerable con-
cession from the bankers price. The City Of
Baltimore and the Vanderbilt both sail for
Europe tomorrow; from present appearances
they will take about q million in specie. At l09Z
for sterling and 5l3i for francs, there is o very
small margin for profit on shipments OF gold after
freight and insurance paid. Below those rates
gold cannot be shipped except at loss, until the
price Of bars falls.
The stock market was buoyant to-day, and &C.
neral advance In railroad securities took place.
For some days past the public orders for stocks
have been on the increase; confidence has been
strengthened by the reports Of increased traffic on
the roads and increased investments in American
railway stocks in England. Among the most active
stocks this morning was Erie, which, AFTER closing
at Isl yesterday sold at 80 this morning. and closed
in the afternoon at 2si bid. The English seem TO
be Ssying this stock quite freely again. New
York Central advanced TO $50, closing s5l bid,
against s4l yesterday. Rumor states that the large
purchases which have recently been made Of this
stock were for Albany account. Michigan South
ern guaranteed sold at 4eA closing i7i bid, against
48l yesterday evening; the common stock sold at
ga, having closed yesterday at I'll; the second
mortgage advanced TO 67i. The advance in this
case may DO ascribed 70 the fact that ~; .av
Board Of Directors, which has been IN session for
some days In the city, this day matured plan for
the settlement Of the second mortgage over due 10.
terest. The company offers, and, - we under.
stand, the bulk Of the bondholdes agree, TO fund
four coupons on the second mortgage, including
the two which mature on LIST November and LIST
May next. This done, the company win be In
condition TO pay all its interest regularly, and TO
have something left for the stock. II b not likely
that any OF the bondholders viii, upon reflection,
refuse 70 acquiesce In scheme which ID evidently
the best thing for all parties. The first mortgage
bonds, which mature next December, win DO OK.
changed by the company for sinking fund
bonds, which, II Is expected, viii by that time be
high enough 10 render the exchange advantageous
10 the holders Of the first mortgage. The latter
only cover q small part Of the property. Illinois
Central, Toledo, Gaiena and Rock Island were ell
active and higher, as the printed sales win show
the bears In these stocks are likely 70 lose all the
profit they made on the recent decline. Pacific
Mail and Panama both advanced, the former ~,
the lssser per cent and we're Arm 1t the advance.
After the frst board there slight reaction from
the highest prices Of the morning but In the after
noon o large business Was done, and the market
closed steadily at the following quotatons:-Tenncs-
sees, soi "a; Virginia 6s, OIL !; Missouri s's, 81
4; Canton, 10 20; Cumberland Coal preferred, IA a
is; Pacific Mail, SIS q 4; New York Central, So 4;
Erie, ?eS a 1; Hudson River, ssh l; Harlem, Isl
a; Harlem preferred, AZ q 1; Reading, 4si q J.;
Michigan Central, III a l; Michigan southern and
Northern Indiana, 70 I; do. guaranteed, ~ ~;
Panama, l2ei III; Illinois Central, SCI 4; Ca
lena and Chicsgo, 7si . \; Cleveland and Toledo
s5A 4; Chicago and Rock Island, 7sl Il Chicago,
Burlington and Quincy, sol 20.
The exchanges ct the Bank Clearing House this
morning were cal ,4es ,sls 50, and the balances
81, ill ,3e7 90.
The sales 81 the Mining Board today were:-
100 shs lsse Royse... iex 800 shs silyssHnLbso ~
s sSS s ssrSst s.s i .Ssc Am %
The tolls for The fourth week Of August are
sei 900 over the same week Of 1859. The excess
this week Il greater than the entire receipts Of the
fourth week Of last year.
The Atlantic Fire Insurance Company, OF Brook
lyn, has declared dividend Of ten per cent, pay
able on demand. ...
The movement Of the banks In the four principal
cities OF the Upioa In which weekly reports arr
made, As shown BY their last statements, 10 % FOL
lows
T. rr. sep. us ss Ss7s R HSs. sis s :s
s S;i:: =: s. al ss Esa ss%Sss ss !:
L. -: ~ s1 n Is : sH is H Hss;
| The earnings Of tho Toledo, wabash and West
ern Railroad for Augussre sl2, go, against abou
e77 900 last year.