The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-08-06
,92,721 674,540
261,226


This is rather an unexpected statement, in view
Of the large receipts of gold from the Mint the ar
rival from California and the loss of million by
the Sub-Treasury. The banks apparently have
been losing gold to the interior. The loss of depo
sits is singular too. The reduction in the discounts
proceeds from the causes pointed ont in this morn
ing's HERALD, and is an unavoidable occurrence
The bank discounts must continue to run down until
government begins to negotiate heavy loans. Mer
camille paper will continue scarce as long as the
war lasts.
There is no change in the money market. Good
paper is extremely scarce, and the discount bro
kers are doing little or nothing. At four per cent
any amount could be borrowed on good security
The suspension Of a house in the sugar refining
business is reported. We hear of no further trouble
among the dry goods dealers. The affairs of Ctaf
lin, Mellen & Co. is the subject of general con-
versation, and hope is everywhere expressed that
they may obtain the extension they need.
Very little business is doing in foreign exchange
and rates are fraction lower. Bankers are buy
ing at lO7 and selling at 1921 but We hear of few
transactions either way, Rates must fall fully one
per cent before it can be made an object to bank
ers to buy bills for the sake of importing specie.
Stocks are dull again and prices irregular Out
side buyers are too few to suit the purpose of spec
ulators,for the rise. To induce the public to pur
chase, bold operators take the advantage Of cheap
money, buy and hypothecate stock, give the market
the appearance of scarcity, and quietly await the
approach of some favorable turn in political or
financial affairs to bid up prices, when they sell
out. pocket their profit, and watch the receding
wave Of public confidence in order to repeat the
oIn 1oto 4,
considerable skill and dexterity, are beginning to
be understood, and the daily diminishing traffic Of
the Stock Exchange indicates its early participa
ton in the common destiny Of every other branch
Of business. The modification Of the Sub Treasury
law is used as an argument to stimulate specua.
ton, upon the hypothesis that its effect must be to
aid in the expansion Of the currency from the in.
creased facilities afforded to the solvent banks.
careful examination of the new law must, however,
lead to different conclusion 1t 10 an adrot de-
vice incorporated into the Loan bill to
WOO the banks to more liberal subscriptions
to the loans, upon the assurance that the specie
will not be drawn from the vaults until it is abso-
Iutely required for governmental purposes. There
is no change whatever in the Sub-Treasury law,
except only in 50 far as the banks subscribing may
hold the sum subscribed subject to the order of the
United States Treasury on demand, instead of pay
ing it in on the day designated in the official ad~er
tsement. When the sum is called for 1t must be
paid into the Sub Treasury in CON- precisely as it
is paid now Some banks may have the boldness
to subscribe for million of dollars Of the new
loan pass the sum to the credit Of the government
receiving seven per cent therefor, and afterwards
lend it to Wall street at five or sig, thus obtaining
double interest for the amount but it is hardly to
be believed that, "a in times like the present, or
those which cast their dark shadows over the flu.
ture, many banks viii be found bold enough to
enter into that kind Of business At the morning
board to-day the market was irregular, and the
volume Of business done was small The new 60
vernment ss fell of one per cent; United States
SIS were steady. The last steamer from Europe
brought several orders for United States stocks,
limited, however, below present prices. Treasury
notes did not vary. As general rule State stocks
were higher. Tenpessees advanced Il, North Ca
rolina's !. Georgias % and Virginia's /. Mis-
souri's were exception to the rule, and declined
"a. The railway share market was very irregular.
Erie advanced "A Harlem preferred =, Toledo q;
on the other hand, Gaena declined =, Rock Island
u Michigan Central 4, Hudson e, Harlem, old
u. New York Central was steady. After the
hoard the market was weaker and sales of Central
were made at 4 decline. AT the second board the
whole market was dull, the following being the last
quotations. United States SIS, 1914, 1914 a "a:
Tennessee SIS, l314 a Is; Virginia SIS, 81 "a;
Missouri SIS, 4s a \, Canton a rs Cumberland
Coal preferred, AZ q So: Pacific Maj, 70 a 4;
New York Central, 76A a "a: Erie 2aa "a: Hudson
River, 3sk q; Harlem, l0H q, DO. preferred
JA 26; Reading, 3eh -; Michigan Central
4lssa42; Michigan southern and Northern Indiana
! ~ a; do guaranteed 2ss. n 20, Panama, lO7
ls7>s; Illinois Central, "a . ~ 4alsas and Chicago