The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-08-03
FINANCIAL AND COMMERCIAL.
FRIDAY. Aupust &c

FRIDAY, August &c p. M.
The foreign exchange market for to-morrow's
steamer has not recovered tone. small business
has been transacted at about lO7 for commercial
bills and l07N for bankers francs ranging from
S.25 to 1881. The demand for bills is extremely
light. and the supply quite moderate. A clue to
the sackness of the inquiry for bills may be found
in the Custom House tables of the imports at this
port. During the week ending to-day we only i'm
ported 1888 OF foreign dry goods against
$2,S4l 500 week last year, and $42l0 ,02s
same week of 1859. Our importation of foreign
dry goods for the seven months which have elapsed
of the current calendar year is less than half that
OF the corresponding period of last year.
The money market continues very dull but with
out further disasters. The market is now quite
bare of paper, and the dulness of the stock maret
has checked the inquiry for call loans. People
who have money are waiting aLxiously to see in
what shape the new public loans will present
themselves. Letters from Europe per steam
ship Africa say that there will be no
difficulty in placing large loan ia
London, on quite advantageous terms, il it
should be needed. As. however, at the present
rate of exchange the money would have to be sent
here in gold CON- the London Times and other in
hucntia journals are laboring to prevent the nego
tiation Of any United States loan. If Congress
leaves Mr.. Chase's hands unfettered and does not
cripple him with absurd restrictions there will be
no need of going abroad for money. The Northern
Light arrived this morning with California re-
mttance of 81, 1873 249, which added to the amount
now in bank, will raise the whole sum to some
thing more than forty mine millions.
Stocks were better to-day, but the volume Of
business done continues limited. The act of Con.
gress permitting banks to retain in their hands
moneys subscribed to government loans, together
with the progress Of the committees on the direct
tax, impaired more confidence to operators, and
at the morning board general advance in prices
took place. Government skies led off with an ad-
vance of one per cent, and Missouris, which are
rising into favor by of the loyal proceedings
OF the State Convention also advanced X,
making total rise of "a per cent since the Con-
yention organized. Tennessees sympathzed with
the movement, and rose "a per cent. 1t seems to
be supposed that when the Kanawha valley and
Western Virginia generally are cleared of rebels,
an effort will be made to organize new State gov
eminent in Eastern Tennessee, in which event Ten
nessee skies would naturally attract the attention of
spectators. Among the railway shares the most
active was Galena, which advanced ~ per cent.
The bulls are evidently trying to repeat the recent
successful corner in this stock. Reading was also
active, and advanced I. The other shares sympa-
thized. New York Central rose 70 per cent,
Erie ., Hudson Harlem %, guaranteed q. Hi
nOis Central -, Toledo a. Rock Island Il. The
roads are doing a very light business. The ad-
vance is due to the operations of spectators,
sisted by the ease of money and the scarcity of
stocks. After the board the market gave way
fraction and was dull between the sessions. At
the second board the prices were rather lower
and the market closed weak the following
being the last Quotations:-United States Gs,
registered, 1881, s75s a S724; United States 6s,
coupon, 1881, STA s71a United States SIS, 1874,
70 1914; Indiana SIS, rs II; Virginia 6's, 5OH
5O14; Tennessee 6's, 4314 431a North Carolina
6's, 81 6l1s; Missouri 6's, 435s 4334; Pacific
Mail, 1874 IA; New York Central, 1919 1917;
Erie, s524 &c; Hudson River, "a 3411as; Harlem,
| lO34 IL; Harlem preferred, 2524 26; Reading,
3G5S 36}4; Michigan Central, 4224 1871; Michigan
Southern and Northern Indiana, 1879 IA; Mich.
| gan Southern and Northern Indiana guaranteed,
30 2914; Panama, 1862 lO7; Illinois Central,
63a4 Ga; Galena and Chicago, So a 63114; Cleve.
land and Toledo, % a 2s1s; Chicago and Rock
Island, 3o24 40; Chicago, Burlington and Quincy,
l
Milwaukee and Mississippi, IA l4A; Illinois Cen.
trail bonds, rs, s9A 80; Delaware and Hudson Ca.
nal, $50 Sc; Pennsylvania Coal, rs a So
Considerable excitement was caused by tho an.
nouncement in this mornings HERALD that the
Committee of Conference between the House and
the Senate have reported bill amending tie Sub.
Treasury act as to allow banks 70 retain In their
vaults any moneys subscribed TO government loans
! dad tba &C
The bill has passed both houses, and is law
1t amounts in one word, to aboiishing the Sub
Treasury for the time being. Heneeforth the
government will keep accounts with as many SOL
vent banks as subscribe to its loans. The banks
will find an additional reason for subscribing in
the interest which they will earn on the amount
Of their subscriptions so long as they are allowed
to remain in their hands. Instead of paying troops
and contractors, as heretofore in drafts on the
Sub Treasury exclusively, government will here
after pay them in drafts on our banks, which will
supply the people of the West with plenty of good
currency And instead Of regarding the Sub-rrea-
sury as their natural enemy, whose vaults become
filed at their expense the banks will now consider
that institution in the light of an ally. This feature
of the law is regarded with decided satisfaction in
mercantile circles.
We had occasion to REFER TO the unconsttuton-
atty of the proposed Iowa War loan, which was
frunessly offered for sale in this market about
three weeks since. Tewcre sharply taken to task
for what we said by most of the iowa papers, and
were fatty contradcted by report adopted at
meeting of citizens of Davenport, held to denounce
our article. 1t seems, however that there are peo-
pie in Iowa who do not deem the views we held
unsound. AT the regalar-Democratic State Con,
, -asa-E-Ss- - -