The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-12-21
FINANCIAL AND CONNER GAL.

\ THURSDAY Ice. GU IL W.
| The steamship Persia, which arrived this after
noon from Liverpool, brought over three millions
of dollars in specie-f632, 900 sterling. This re-
mittance was evidently much larger than was ex-
pected; the London and Liverpool circulars and
the newspapers predicted a shipment of about
f20O,OO0 Besides this, the Borussia brought
$780, and the Quaker City, from Havana
sl07,7ls. Judging from the general tone of the
public and private advices, it seems that, at the
time the Persia sailed ii was generally believed in
England that 'the American Monetary crisis was
about over, and that no more exports of gold
would be made from England to this country.
Within day two after the sailing Of The Persia
the faacy Of this theory will have come to light,
more gold Withdrawals from the Bank win have
taken place, and, "a necessary consequence, the
rate of interest will have gone up, and the
| price of merchandise and produce gone
down. The Persia reports a firm market
for breadstufIs, provisions inactive, and American
cotton I'D. lower. Money was freely supplied at
the Bank rate, and business generally looked
healthy enough. When the English receive the
news by the Canada, and the steamers which sue
ceeded her, they will probably begin to regard
| the monetary crisis in more serious light, and
| viii adopt prompt measures to protect them
selves. In sound mercantile view ii is we, and
not the English, who are the losers by shipments
| of bullion from England to this country, as such
| shipments are sure TO cause decline in the price
/ Of our staples-cotton, breadstuifs and provisions
| But il is very questionable whether the English
will at first take this practical view of the subject
/ AS each steamer from New York arrives with
| tdings Of the continued depression here, and of
the spread Of the revolution at the South it is
quite likely that London and Liverpool may have
their panic before they settle down to a common
sense appreciation of the emergency.
| In the meantime these receipts Of foreign bull
lion are producing an excellent effect here in re-
| storing confidence and strengthening the banks.
Nearly five millions have now come from England,
and 81 200, 900 will arrive tomorrow or next day
| from California; 80 that our banks are now in
position Of undoubted security and strength. We
are able to send--as we are doing-half million
or more each week to the South for the purchase
of cotton bills, and are thus helping New Orleans
and Mobile out of their troubles. Sterling ex-
change at New Orleans has been raised by these
remittances from 95 to 1917 1922 and the New
Orleans banks now hold nearly twelve millions in
coin. The telegraph informs Us that the banks Of
| Alabama have been authorized to suspend
| specie payments the Bank Of Mobile
and the Northern and the Southern bank have not
yet suspended, but will doubtless do so ere long.
All these institutions have had to struggle--drst
against short crops, next the political revolution,
and finally the holding back Of cotton.
Our money market is decidedly easier to-day.
| There is an active demand for first class paper,
which is not so abundant az was supposed. On
call money is drug at q 7per cent Liquida-
ton has been proceeding 80 vigorously, and trade
is generally so sound, that money can hardly fail
to be very easy in the course Of few weeks The
change will be Of Importance to the United
States government, which awards s. 100000
Of Treasury notes on the 18th inst. Yesterday
and the day before it was generally said
that the government would have to pay
ten per cent for its money; to-day seven per cent
seems TO be nearer the mark and If the present
feeling lasts till the 2sth, and political crisis oc-
ours, the notes may find buyers at six per cent.
We have to report another exciting day in the
| stock market and a general advance all round.
State stocks, railway bonds and railway stocks
| were all wanted by purchasers for cash, and ad-
vanced in a marked manner. Illinois Central was
one of the most active stocks. 1t opened at 65,
| sold up to $50 between the boards, and closed 90
bid, against 6494 yesterday evening. New York
| Central which is greatly over sold, advanced two
per cent in the morning. and closed 7614 bid,
/ against 7iss yesterday evening. Erie was higher,
| and so were all the Western shares. Com
| pairing the closing prices OF the day with
| those Of last evening, VIC note an advance
Of l per cent in virginias, | In Missouris,
| 2lS in Tennessees, pa in Pacific Mail, in New
| York Central Ia in Erie, in Reading, "a in
| Hudson River, Il in Michigan Central, ~ in qua
| ranteed, in Panama, "a in Illinois Central, in
Galena, "A in Toledo, 81 in Rock Island. The
market closed firm, the following being the quota
/ tions:-yhginia 6's, ~ IS; Missouri 6's, 20 Il;
Tennessees, II a IS; Canton. Ia a Is; Cmbcr-
| land Coal preferred s; Pacific Mail S21s s31%s;
| New York Central 7614 Is; Erie, 81 a "a; Hud-
| son River, 49, a. Harlem, II Il; Harlem pre-
| ferred. $50 "a; Reading, 80 "a; Michigan Gen.
| trail, 6s5. o 60; Michigan Southern and Northern
| Indiana, IL. IL do. guaranteed, 81 q "a Pana-
ma, lls a 100; Illinois Central GO "a; Galena
| and Chicago, IS a AZ Cleveland and Toledo, 29sz
az; Chicago and Rock Island, 505s 5llt; Chi
cago, Burlington and Quincy, "a a c51I; Illinois
Central bonds, 9oH o..
| Barring Bros, in their circular ~ the Persia,
| say
Prices have not followed the fall the United states
corresponding degree, and there has been disposition
10 buy the decline Some amounts have been realized
which were ON. the market for doceascd estate aud
these sales viii DO continued as purchasers are found
without forcing them IDtte1 states lVs
Sc e2k %; Kentucky 6s, % ga Maryland sterling
So ~ %: Massachusetts, Sc, 10l los; Mississippi
Union IL Ia Pennsylvania SIS, stock, s4a So bonds,
IS 81; virginia es, 30 80 Pennsylvania Central Rail.
read bonds, 50 OIL New York Central Is bond, sl
e2 OK coupon shares, III New York and Erie third mort
gage 70 n al shares IS "a Illinois Central bonds SO
So rhares - discount Some OF these quotations. are
nominal and In general no large sales could BE- rapidly
made Colonial stocks are steady, with little business
Messrs. d. Bell, Son h Co. report "a follows
There has been an active business In American secur
,Ies during the past week, and the market for state
| stocks In particular closes with great hrmness.
| The London Times of the 9Th says:--