The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-11-04

Pacific Maii...... 81 921s 9sH el& 90
The general market has improved since last
week, mainly in consequence of an increased
amount of outside business. People who have
money are unwilling or Unable to use it in the pur-
chase OF business paper or merchandise, and many
of them are buying stocks. The most popular
stocks Of the day to be Erie preferred which
combines the merit of novelty with very remark
able prospects of value--and Pacific Mail, which is
reported to be earning money Mt the rate Of forty
per cent per annnm on its capital, and which Is
about to pay another quarterly dividend Of five
per cent making twenty per cent for the year.
The popularity Of the Western shares is not uni
form. Galena is very quiet, large amounts having
been withdrawn from the market, and held, it ia
supposed, for much higher prices than
those now ruling. Toledo ia more active,
and seems to lave many friends among stock ope-
rators. This line like its connection, the Mchi
gan Southern, is feeling the effect of the blockade
of the Mississippi in largely increased westward
freghts. Merchants in the far West who used to
get their sugar and groceries via New Orleans are
now receiving them from New York by rail. Bur-
lington and Quincy, which has never been active
here--thc company being Boston concern, and
somewhat in the nature of close corporatioi--is
which come to market arc readily taken at adj
vancing prices. Milwaukee and Prairie du Chen
(the old Mississippi and Mwaukee) is likewise in
quircd for: the road is believed to be doing very
well under the new organization. A dividend on
the two classes Of preferred shares is announced,
and the holders of the common stock viii probably
| get something in the year 1852. Illinois Central
has been less popular: rumor asserts that instead
| nA1l -x,.
holders viii be calied upon to pay another assesS
ment in January or February next.
| curious feature of the market at the present
time is the price at which bank stocks selling.
| Most Of them still quoted at the figures which
ruled in August last when the financial policy of
| the government was an undetermined problem,
and no one could tell whether our banks might not
be obliged to suspend specie payments. besides
losing large proportion of their assets. Since
then the policy Of the government has assumed a
definite shape, the banks have adapted themselves
! to the condition of things, and have been
enabled to use, in government loans, the money
which the public DO not need. The $3.50 O00,0 900
1 loan has ceased to be all experiment The public
| have already relieved the banks of 0ne-haif o.
their advance to government and it is evident that
4 time win come when the banks, for the sake OF
employing their funds will withdraw the T.30 notes
from the market. Experience has proved that APP
prehensions of boarding, or of Withdrawals Of coin
from hank for transmission abroad or into the nte
rior, are gratuitous. The banks hold to-day fully
| S43 900 900 of specie--twice as much was con-
sidered ample year ago-and the reserve is on
the increase. As was forcseen when tho govern
ment began to borrow, the gold flows back into
bank as fast as it is withdrawn from bank for go
yernment purposes. With regard to losses
through Southern reputation, pretty care
full scrutiny developes the fact that about
five per cent of the bills receivable oil
our city banks is directly or indirectly depend
cnt upon the payment of Southern indebtedness.
or this amount the bulk Is city jobbers paper,
cured by deposits Of nearly double the amount of
Southern notes. If none of these notes should
ever be paid, our banks will lose five per cent Of
their capital--say, the ordinary earnings of eight
months. This loss, however, is liable to be re-
duced by whatever sums may be hereafter collect.
! Cd from the jobbcrs here, or from the parties
whose paper is deposited as collateral In the
| event OF on early termination of the war by the
success of the government, very large proper
Hon Of this suspended paper would be paid I'm
der these circumstances, and in view Of the excel.
tcnt dLu prOHldUfc UusiIlceS WHICH tAe U0iSN5 aIc
doing in lending money to the government at a
rate which will average over per cent per am
nunl--as the amounts loaned to the United States
AZ 7.30 remain several weeks undrawn--lt is not a
little remarkable that hank stocks should remain
as low they are. Take, as an example the
! American Exchange Bank, one of the soundest and
most conservative institutions in the city, which
has paid dividends of over per cent annually for
twenty years and whose stock invariably held at
! a premium heretofore can now be bought at about
50 cents on the dollar. The following the con.
dition of this bank on the LIST November
STATEMENT SHOWING TIRE COMPTON or THE AMERICAN TX
CHANGE BANK MORNING NOVEMBER l, 1861.
Resources.
United States stocks and Treasury notes. 6s1 81
Taxes next six months .................. .433 l3
Real estate, banking house AMI other 364, 739 30
Bonds and stocks with Tank DEPARTMENT
and other. Observation-Disclosures. GAO, sos 10
| Cash (hills and checks on city banks for
Clearing iouse) -. ................. 159 100 81
Specie 3044 ,G26 Ga
Total resources ..................S ST. 193 923 OF
liabilities
tartai ................ 50 900 600 90
| Circulation. ........,....., J,s9. w
| unpaid dNidcnds.. ......-.. o3l5 90
Duo dcpositors .............. S,2I4S53S So
| ----------si3, Al 100 6s
surplus ST. ,2l3 ~
The directors Of this institution, with their well
known conservative instincts, decided, a few weeks
since to look the situation sqnarey in the face. and