The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-09-05
FINANCIAL AND COMMERCIAL

came evident that the limit Of the physical ca
pacity Of the clerical force Of the establishment
had been reached. 1t was barely possible to-day
to count all the money offered to explain the mat
ter of the interest to each applicant, and to sign
duplicate receipts for each payment. These points
being represented by Mr.. Cisco to the Bank Com
mittee, that body held meeting this afternoon
and agreed to receive deposits henceforth on ac-
count of the loan. Parties, therefore, who pro-
pose to subscribe, can henceforth do so at any Of
the city banks as we'll as at the Sub-Treasury.
The success of tho loan was assured some days
since; each days experience only renders that
success more absolute. When it Is remembered
that no Treasury notes ready, and no subscrip-
tons received save at the Sub-Treasures of New
York and Philadelphia, the amount subscribed
seems enormous, and indicates that the whole fifty
millions will be rapidly absorbed as soon as tie
government is ready to deliver its paper, and the
people of every loyal community are afforded an
opportunity of subscribing.
Money is without change. Two year Treasury
notes are in demand in the street at 9S a u. First
class short paper would go very readily at sx 1t
is extremely scarce. There is nothing doing in
foreign exchange to-day.
Stocks were again better to-day, and higher
cover that there is any increase of purchases of
railway shares either for investment or for specu
ton by the public ut large. The commission
brokers report that they are receiving no orders
to buy and the light traffic the roads furnishes
an excellent reason for the neglect of railway
stocks by the public. Still, stocks continue very
scarce, and the bears, as usual oversell the mar
ket and put up prices on themselves. AT the
morning board to-day Galcna rose l, Rock Island
"A, Toledo d, guaranteed a. Michigan Central 4,
Hudson River a, Reading x, Erie q, New York
Central "a, and Pacific Mail l. The most active Of
the railway shares are Galena and Rock Island. The
Galena Company have 'ust concluded an arrange
men with certain capitalists interested in Western
railway shares, by which the s262 900 mortgage
bonds maturing in February next are provided for.
new bond, with twenty years to run, is to be
offered to the holders, and in the event of their
refusing, the new bonds will be taken by the CAPT
talists in question at par. 1t is undoubtedly an
advantageous negotiation for the company. Rock
Island is advancing on the improved earnings Of
the road, which is said to be benefited by the clos
ing of the Mississippi river. AT present prices,
however it is difficult to see how any railroad can
make money by carrying grain State stocks
tinuc TO improve. CALIFORNIA; rose per cent to-
day, Missouris q, and Tcnnessees "a. There
is likewise better demand for United States
stocks. The new skies rose q, and so did the
fvcs of 1874. For two year Treasury notes the
demand continues lively; all the sales this morning
were at an advance of q. The improvement in
these stocks indicates u recovery of confidence,
and a stronger conviction that the govern
ment will succeed in putting down the re-
bellion. The market was assisted to-day by
the rumors of the death Of JEFF Davis and the re-
treat of Ben McCulloch. This afternoon the market
was without change and closed steady, the follow
ing being the last quotations. United States 6's
registered 1881, $50 50; United States 6's, cou
pons, 1881, s9s+ 30; United States SIS, coupons,
1874. 79% aSe; Virginia G's, SAY a %; Tennessee
6s, 4314 n A. North Carolina 6's, Gl% GO; Mis-
souri, 6's, 425s a 43; Pacific Mail Steamship Com
pany, II 4; New York Central Railroad, 1894 n
u; Erie, 241a "a; do. preferred. AZ a As; Hud-
son River, 81 a ~ Harlem, 101s q; do.
preferred, 24s4 a 25 Reading, 341s q; Michi-
gan Central, AZ q =; Michigan Southern and
Northern Indiana, 1874 ~ do. guaran-
teed, 29H "a Panama, l0e a "a; Illinois
Central. 6424 65 Galena and Chicago, 67,s
a GS; Cleveland and Toledo, 2s1a q; Chi.
cago and Rock Island. Az. 40; Chicago, Bur-
lington and Quincy, COZ 6l;- Delaware, Lacka-
wana and Western, 90; Milwaukee and Prairie du
Chen, l424 IL; Illinois Central bonds rs, 92 a
"a; Delaware and Hudson Canal Company, SAX
$50; Pennsylvania Coal, rs a &c.
The great railroad war has again broken out
Some few days since the price of passage to Buff
falo by the boats and the New York Central was
reduced to Sc so; the Erie Railroad has followed
the example to-day, and now, we believe, passen-
gers can go to Buffalo by any route for Sc So in
stead of 80 rs formerly. This new war; like the
old ones, has grown out of anarrels about freight.
The Southern rebellion, it seems, has injured the
freight traffic between Boston and the West: and
some time since so active competition arose be-
tween the New York Central and the Erie for Bos
ton freights that both roads began to carry them
at loss. The fight then spread to New York and
Western freights WELL and the Pennsylvania
Central the remaining competitor Of the two
Northern roads, joined in the contest. Now, the
freight agents Of oil three roads carrying
freight for whatever they can get for it--in maMy
instances 50 per cent of the old rates. Fourth
class freight now only pays l6 cents per hundred
to Buffalo, and the Hudson boats refuse it al
together. The effect Of this new competition on
the earnings OF the railroads must be very
serious. Already the war had reduced their
| business in marked degree. Tho earnings
| Oh the Hudson River Railroad for August
show decrease Of ISL SOL, as compared with the
corresponding month Of last year; the three great
| lines Of steamers--th Stoningtoa, the Peoples
and the Troy iines-feil of about $40 600 in July
and $40 900 in August, compared with last year;
the New York Central earnings have fallen off so
heavily that tho managers have never published
them since June. If this was the state OF things
existing before rates were reduced, what win be
the fate Of the railroads that they are carrying
freight and passengers at reduction Of 20, 30, 40
and so per cent?
The business of the Sub Treasury was as follows
to-day.
Receipts 81 800 SD Ia
Fer customs ACKNOWLEDGEMENTS. 5000 90
BaflnCV IL ,5Il ,001 81