The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-02-26
decrease $c44,0s1 las 04S =
Incraage SS5.Ios 81 AGS
l45o4s
SS5,3,s

Increase SS5,IcS 81 ,AGS
We have probably reached the lowest point in
the discount line for the present. This week the
banks will have a fair business in loaning on GO
vernment stock, and the next statement will pro-
baby show an increase. As TO the specie column
il must continue TO increase. This week q steamer
will arrive from California with the usual remit
tancc and, after week or So the receipts Of gold
from England will again increase. In the course
of March the line win undoubtedly pass forty mil
lions, with less opportunity for its use than there
has been since the crisis Of 1867. Unless stock
speculation should arise, or some other accident
should come 10 the relief of the banks, they will
lind il difficult to earn dividends this year.
The money market was rather more active to-
day, in consequence Of the award Of the loan. At
two O'Clock there was pretty lively inquiry for
money ats G per cent. In paper we can notice
no change.
Foreign exchange is stronger again. All the
bankers asking and getting LOG, and a fair
business compared with that Of recent days, has
been done to. day. The advance of the past ten
days will be good news to our friends in Europe.
The event OF the day il the advance in stocks,
and especially in the government loan The latter,
which was awarded on Saturday at an average
rate Of about 30 $500, advanced this morning to
s31 I, and sold in the afternoon at 934. This very
remarkable movement appears to be due to the
fact that the shock lately given to the
credit did not proceed from any substantial cause.
II was originated by the gross and apparently de-
hberate Encouragement Of Mr.. Howell Cobb
who did all that Secretary Of the Treasury can
do to break down the government credit to pre-
vent the public lending money to the United
States, and TO place it out Of the power Of the
government TO pay its servants, or meet
the interest on its loans. The injury in
fictcd by Mr.. Cobb was aggravated by
the subsequent discovery that his successor,
Mr.. Thomas, and his assistant, Mr.. Clayton, were
both concerned in the movement for the over
throw Of the government whose paid servants
they were. And further blow was dealt at
public credit by the unwisc action Of tho New
York city banks in fixing twelve per cent as the
best rate at which they would take government
Treasury notes. Happily these causes have ceased
TO operate. The Treasury Department is now In
the hands Of . person who enjoys the confidence
Of Wall street The banks have so far recovered
from their fright that they offered, on Saturday,
TO lend the government all the money it wanted
at rate which would net them about seven per
cent. The causes of the decline in government
credit being thus removed the effect disappears,
and the result is an advance Of fully three per
cent in government stock in one day. Most of the
successful bidders look for further advance, and
talk Of holding for par. The fves OF 1874 ad
vsnced ~ per cent; Treasury notes, -; Ten
Hessce skies. ~; virginias, =, and Missouris n.
The advance in State stocks is mainly predicated
upon the general belief that settlement Of
the pending political trouble Is at hand. II
is not expected, of course, that the whole
trouble can be adjusted Mt once, but ii is
believed that compromise Is on the point
Of being adopted which viii unite the border
States with the North and afford a basis for ne
gotiating the quiet return of the Gulf States to
the confederacy. Railway shares were all better.
Illinois Central advanced per cent; Toledo, 2s.
Rock Island, ~. Galena, "a; Michigan guaran-
teed, 2; Reading, 2H New York Central, Ia;
Eric, ~; Hudson, ~ In the afternoon some Of
these were triHe weaker, but others again were
even better than in the morning. Illinois Central,
which, in consequence Of the very large earnings
and the prosperous condition Of the company,
naturally attracts the first attention Of specula-
tors, advanced "a In the afternoon, and closed at
bid. Eric was firm. The market was steady nj the
close, the following being the last quotations.
Tcnnessees, H14 "a; Virginia G's, 75T 76%;
Missouri 6's, 66 q n; Canton, 1i14 Is; Cumber-
land Coal preferred, OK as; Pacific Nail, IS . II;
New York Central, 1914 "a; Erie, 32s1 . 33;
Hudson River, AZ As; Harlem, l6h a q; do.
preferred, 40 a *; Reading, 441sa n; Michigan
Central SO a 50; Michigan Southern and Northern
Indiana, l47S Is; do. guaranteed, 80 q III Pa
mama, ia X; Illinois Central, 81 ~; Gslena
and Chicago, 7314 a; Cleveland and Toledo,
3514 a u; Chicago and Rock Island, 5sH a 80;
Chicago Burlington and Quincy, 721s 70; United
States SO 1874, seq ss7.
The following was inc business Of tho Sub. Trca-
sury to-day;-
Receipts. VsI W
FOR CUSTOMS. 50 600 90
po,-,ents .............. II