The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-10-08

| Week ending, Leans. Specie. CiycMn. Defosas
Oct 6.... 4Ss 39sO99 o1 1854 oo6 12o S4
Increase. So ,l62 lese,s4s 246,27e a4,oS6,e5l
| This statement reflects the second loan O
| $50 600 600 made by the banks to the government
| Of that loan our New York city banks took
s35 200, 900. The whole of this loan is not shown
In the statement it was not passed to the credit
of the government till two, orperhaps three. of the
six days represented in the above average had
elapsed. The increase of s24 900 900 in the deposits
and $22, AIT goo in the loans is, however, sgni-
fcant enough. During the next sixty days the
bank loans will run down until they again approach
$l25 900, 000 at which point the third fifty million
loan will again swell them to the point at which
they stood on August 10. 1t will be noticed that
the operation is an exceedingly simple one and,
unless some unforeseen disaster occurs, one which
will prove equally profitable to the banks and con-
venient to the government. The increase in the
specie column is rather more than was anticipated.
There is reason to believe, however, that the next
statement will show further increase and that
the banks will go on increasing their specie
strength, at the expense Of Europe and Of the Sub
Treasury, until the government balance in the lat
ter institution has touched its minimum.
Money is rather in less active demand to-day
than it was on Saturday and Friday, thoughmany
banking houses continue to lend all they have over
at per cent. The true quotation is 8 a6. Paper
continues scarce. The right kind can be readily
sold at 7per cent.
Foreign exchange opens heavily for wednes-
days steamer. We hear of a heavy sale of francs
(bankers) at 5.371l. Sterling bills may be quoted
1909 1917 for bankers'-with very little doing
at the higher fgure-and 1861 LOG for mercan-
tile bills, with brisk demand for good bills.
We have to report another buoyant day on the
Stock Exchange, and general advance in prices.
The cause of the present advance has been fully
noticed in this column that we need not advert to
it again at this time Suffice it to say that while it
has not taken our more experienced operators by
surprise, they would not have been astonishcd or
disappointed had a moderate reaction occurred to-
day, after the rise of Friday and Saturday. Each
day, however, seems to bring with it its budget o.
favorable news, and the bull party receives fresh
accessions Of strength daily. This morning the
mails from Europe contained much that was en-
couraging. The deficit in the haryests of Great
Britain and France is reported to be large, and
grain operators write that these countries will take
for eight months to come, ali the food we can
spare, paying for it, of course, in gold A
few orders for our stocks came in tie mails
chiefly Missouris, Tennessees, United States skies,
Erie and Central. Some Europeans are buying
our 7.30 Treasury notes; but most of the
letters seem to intimate that the European CAPT
talists will wait to whether they cannot get
seven per cent stock, with twenty years run, in
December or January next. Large amounts Of
money are being held ready for investment here
how b,ol, -.
purchases. Tho market to-day was strong frcm
the opening to the close All kinds OF government
securities were higher: the new skies regstered)
rose Il, and the coupons Is; the fves Of 1874 u,
and six per cent Treasury notes H Among State
stocks the most active were Missouris, which ad-
vaLced "a per cent yirgi1ias rose 81, on sale
of a single bond. All the railway shares were
higher. New York Central rose q; Erie, /; Har-
lem preferred, ~; Hudson River, N; Michigan
Southern, Ia; guaranteed, 2; Galena, |; Toledo,
Is and Rock Island. The demand for these
shares, which seemed to spring in pat frcm The
large traffic in breadstuffs, which is now
secured 10 rs, continued unabatod I'll Lie
close of business hours, though the bears, at The
second board, showed tendency to put out their
options with more freedom than they have done
for the past day or two. The following were the
last quotations Of the day:-Treasury SIS, two
years, $685. 991a; United States SIS, registered,
1881, 9z18 921t; United States 6's, coupon, 1881
1921 q 92ll4; United States 5's, 1874, e2l s2s5;
Indiana SIS, 70 a s01a; Virginia G's, AGA 4G5s;
Tennessee G's, AZ 4214; North Carolina Gs, 59la
a CO; Missouri G's, As 1875; Pacific Mail, 81 a
9l15; New York Central, 1914 1871; Erie, 29ii4 a
2G11.; DO. preferred, 47la As11aa Hudson River,
354 a 49, Harlem, Ii; do. preferred, 271a
rs; Reading, 35s4 SO; Michigan Central, 40 a
4G1I: Michigan Southern and Northern Indiana
1871 a 1914; do. guaranteed, IS 3514; Panama,
JIG III; Illinois Central GG5s n CT Galena and
Chicago, ~ 7l1l; Cleveland end Toledo, 80 a
3s1s; Chicago and Rock Island, Asa a 1871; Chica-
gc, burlington and Quincy, 6SA aGs1l; Milwaukee
and Prairie du Chen 10 IS: Illinois Central
bonds G's), SIX sS11as; Delaware and Hudson
Canal, e524 a Sc.
This has been busy day at the Sub Trcas ii s..
Nr Cisco has paid to tn banks 81 ,Gl0,t00 o. se-
count of popular subscriptions to the loan, and %
! other parties, on public drafts, further large
sum. He has called upon the banks for 6 per cent
additional on the first loan Of S50,000,0C0. Wien
the banks pay up this instalment tomorrow mo- a.
ing they viii have paid ~ per cent on The wne',
amount taken by them Oh August 10. It .ee Il
hardly be remarked that the heavy Disbursements
Of the Snb-'neasury 60 direct INTO bank, and thus,
that the specie reserve Of banks is this even
| ing considerably heavier than is shown above in
the bank staten ut. Several loan agents have
| paid into the Sub-Treaslry the amounts sub
| scribod with them. These gentlemen have re-
| ceived Instructions from Mr. Chase to continue TO
receive subscriptions for the 7.30 notes until he
| directs thea 10 cease dsing The public con