The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-08-08
FINANCIAL AND COMMERCIAL.
WEDNESDAY, August 10 P. NJ


There is nothing new in the money market, and
no transactions of any consequence are reported.
The new financial measures of the government are
earnestly discussed, but no one seems to under
stand them thoroughly. There appears to be a
general apprehension that, unless fortune favors
our arms in a very marked aud persistent manner
the government will find difficulty in borrowing
money under the $3.50 OC0 GEO Loan act The tariff is
generally accepted unpleasant necessity, like
the income tax Importers gIumble loudly, and
predict that the foreign trade OF this country has
received fatal blow; but their views are of course
deeply colored by their private interest The bids
for the Ohio State loan were opened to-day, but
the State agent not prepared TO state their
amount or rate, from which it may be inferred
that the negotiation was hiluIe. These Western
States--likc the general govonment-are so
nightly afraid of being shaved by Wall street that
they prefer doing without money TO borrowing at
discount. They would laugh at man who
resolved that he would not under any
circumstances give. over Fifty cents a
bGshel for wheat, or twenty-five cents a busae for
ccrn but they consider it quite proper 10 diseot
their agents not to give over seven per cent for
money. Nothing but hard experience viii teach
these people the memorable laws of trade.
Nothing was done in foreign exchange to-day.
The market promises to open steadily for The
Saturday steamers.
Stocks were better to-day, having been lower
yesterday. There was quite demand for South
erh State stocks, which appears to come from
Southern sources. 1t seems that citizens of the
rebel States, seeing nothing of Northern or foreign
papers, are still persuaded that England and
France are about to recognise them, in which
event slave State stocks would probably be good
property, as their war bonds would be assumed by
the Confederate government Hence q demand for
these State stocks, under which Virgnias this
morning "a per cent, North Carolinas per cent
Wssouris 20, and Tenuessees !. In the present
uncertain character OF the war the public cannot
be advised to buy any OF these stocks. The princ
pal interest Of these States slaveryis in q most
precarious position; if anything happens to
the institution, the States will be puzzled to
meet their interest The most active among the
railway shares was Rock Island, which was bought
on speculation by leading operator, and advanced
a per cent in consequence, causing Galena and
Toledo to sympathze to about The same extent
All these stocks are so scarce that the least com.
binaton for purchase causes them to respond
feyerishly; and in the present condition Of the
money market, and the stagnant state Of trade
such combinations must be expected New York
Central md Erie were both Il lower. is
understood that fares TO the West have been re-
duced to S. so and 81. Some operators think
this is partly stocljobbing trick, to induce the
bears to sell short with freedom, and that as soon
as the bears have a long line out prices will be put
up on them. In the present ease of money, either
Central or Erie could be cornered with great aeil
10
reported from Virginia, tie shorts would suffer
severely. The market closed steady; but there
was very little done in the street between the
boards. At the second board the market was hlrn,
very little business being DONE The following
the last quotations of the day:-United States IS.
registered, 1881, s774 ass; do. SIS, coupon, 1881,
s724 So; do. SIS, 1874, so "a; Indiana SIS 76
II; Virginia 6's, Sc 81; Tennessee 6s, 4514 1Ia
North Carolina 6's, 671a GS1s; Missouri 6's, 4s1s
a a; Pacific Mall 1874 a "A; New York Central,
1914 y; Erie, 25A "a; Hudson River, 1874 81;
Harlem, 1917 IL; do. preferred, 1914 rs;
Reading, 1925 q; Michigan Central, AZ
a "a; Michigan Southern and Northern In
DIANA 1879 q IA; do. guaranteed, 1874 a u;
Panama, lo7 a 10S Illinois Central, G3A
"a; Gaena and Chicago, 6Sa y; Cieve
land and Toledo, 29H %; Chicago and Rock
Island, 405s "a; Chicago, Burlington and Quincy,
IS 5S; Delaware, Lackawanna and Western, 20;
Milwaukee and Mississippi, Is %; illinois Central
bonds, rs, SO 80; Delaware and Hudson, e4>4
So; Pennsylvania Coal 79H 81.
The business of the Sub Treasury was as follows
to-day
Receipts. s21s,s45 81
For customs Observation-Disclosures. COCO 90
Treasury notes 43,9oo w
PaynentS. 4oi 200 20
Balance. o,9Zo,oo' 10
The exchanges at the Bank Clearing House to-
day were sl2 1871 i55, and the balances sJ26,693.
The Comptroller of the city Of New York has
issued proposals for one hundred thousand dollars
Of the Croton Water stock OF the city OF New
York, bearing nix per cent interest payable quar-
terly, and redeemable in 1883.
The trustees of the New York Life Insurance
and Trust Company have declared semi-annpal
dividend of FIVE per cent, payable or demand;
semi-annual dividend of three aud half per CEN
has been declared on the capital stock Of the Penn
sylvania Coal Company, payable at then office in
New York on The 18th inst.
The ordinary circulation of the loyal States, at
the last report of the Secretary OF the Treasury,
was as follows
Maine ....... "a i4o us Maryland. ..... 1,lOb,Sr9
New HAMPSHIRE. 8a71,ie3 Kentucky ..... l3.529,2u7
Vermont ...... $3.50 ,oS3 Missouri y,i8t,sSs
Massachusetts % 0so,S2e Nlihois. Si@SliI2S
Rhode Island. 500 ,.sS indana 5yit0,2fo
Connecticut 1851, SD ONO 1.'s3,ose
New York. ... % o59 500 Michigan 222 1917
New Jersey Ash ;So2 Wisconsin 4,i2yhh5
Pennsylvania. l3l32ie92 Iowa ..-....'... oo3,oVo
Delaware. ilo5,772 -
Total. 53Vo
me- ,auz Traaeury notes pJlDte1 81 national