The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-12-20
FINANCIAL AND COMMERCIAL

THURSDAY, Dec. l9-6PM
The bank presidents met this morning at ten
O'Clock, and, after passing q resolution de.
claring that they would receive no money ON
special deposit sent for Mr.. Chase, to hear what
he had to say. The Secretary addressed them at
some length. He referred to the conduct of tho
war, and undertook to promise that, in the course
OF month, events would occur which would
entirely change the aspect Of the fnan.
cial question. He had money enough.
he said, to carry him through the next
thirty days, and it would then be time enough to
devise new ways and means As to his plans, he
referred the bankers to his published report.
Referring to the Mason and Sdell question, he
seemed to intimate that it would not be found in.
capable Of a solution by diplomacy arbitration;
and he finally assured the banks that, so far from
being their antagonist, he and desired to be
their friend and ally, and hoped that they would
cooperate together for the public good. At the close
of this speech, which seems to have disappointed
many members of the association, by reason Of
its failure to shed any light upon the Secretary's
schemes, half dozen members moved an adjourn.
ment. The motion was declared not debatable.
and was put and carried at once. Thus ends tho
conference between our banks and the Secretary.
1t has been, beyond question: less fruitful than
was eXpecleu WDen BF. SndSe Wab reQuebteO
to come to New York. The bankers ex-
pected Mr.. Chase to explain to them his
plan for raising money, and were prepared
to place him in position which would
have rendered it difficult for him to escape
assuming the responsibility of suspension of spe->-
Gle payments. This plot was defeated by Mr..
Chase's reticence at the meeting this morning;
and, on the other band. If Mr., Chase entertained
= -
any hopes that the bankers would make proposals
to him, this expectation was disappointed by tie
motion to adjourn. Both parties are thus LEFT
facing each other as they were, and truce for .
month has been declared The hope Of the more
sanguine among Mr.. Chase's friends s, that before
January Is our armies will have won such victories
that the cause of the rebellion will be plainly
| hopeless, and money will be rendered TO our 60
| vernment, not only at home, but abroad. In
this event. the Secretary may carry out his scheme
Of issuing currency based on United States So
curities, and will find no difficulty in floating all
he requires-two or three hundred millions during
the next six months If, on the other hand, the
expected victories should not be won, and the re.
bellon should not be rendered hopeless by Janua-
ry l5 Mr. Chase will Of course issue demand notes,
and will redeem them as long as be can.
The question will then arise, how shall the
banks deal with these demand notes? And, however
that question may be answered at first, it is evi-
dent that eventually the banks will be compelled
to receive and pay them out AZ money, to do
which it will be necessary for them to suspend
| specie payments. How much specie they will then
have In their vaults and how much it will be found
that they have gained by repelling the advice Of
the soundes fnanciers in the country and persist
ing in fighting the public and the foreign bankers
for the sake of an untenable abstraction, time
alone will show.
| The furry in the money market continues. Tho
banks refuse to lend on call even at per cent. and
good deal Of inconvenience il thereby occasion
ed This will remedy itself in day or two, as, II
the banks persist in keeping their means idle, the
depostors will begin to lend in their stead Money
readily be used in Wall street at per cent on
undoubted security.
Nothing was lone in foreign exchange to-day.
The asking rate at the leading bankers is Ill.
Stocks were considerably better at the opening
this morning, q general advance of l . TX per
cent having taken place throughout the list At
the close of the first board, however, and between
the boards, prices declined X 4 per cent,
mainly in consequence Of the spasm in the money
Market spectators obliged to sell their
stocks from the difficulty of finding money to
carry them After two o'clock better feeling
prevailed, and Central, which had sold
down to 75A, rallied to 76N, the price
of the morning. At the second board
the market was still better, and closed
firm, the following being the last quotations =
United States 6's, registered 1881, 85Z a s6Z.
United States 6's, coupon, 1881, s9N s9A:
United States 5's, 1874, so a 80; Virginia 6s, 46Z
Az; Tennessee 6's, 4OL Al; North Carolina
6s, SO a n; Missouri 6's, SIX a u; Pacific Mail
Steamship, slA 1917 New FORK Central Railroad,
76H a n Erie Railroad, 25H a 1874; do. pre-
ferred, 46 n; Hudson River Railroad, IS a X.
Harlem Railroad, 1917 "a; do. preferred 25L, q
| "a; Reading Railroad, 80 SO; Michigan Central
Railroad, 43T Al; Michigan Southern and North
ern Indiana Railroad, l7ss u; do. guaranteed, SIX
q So; Panama Railroad, 1917 1887; Illinois Cen.
trail Railroad, 56A 57H Gaena and Chicago
Railroad, ca 641s Cleveland and Toledo Railroad,
| 29Z 80; Chicago and Rock Island Railroad, 46 q
4611; Chicago, Burlington & Quincy Railroad, 52H
| SO.
The banks paid their instalment into the Sub
| Treasury to-day. The business of the Office was
| as follows
Total receipts JAP $50 u
FOR customs OBSERVATION-DISCLOSURES. 1000 %
On account Of loan 1888 500 %
Payments including redeemed pr Ct notes o.
Balance 1882 900 06
The National Bank Note Company has forward
ed to Washington about ten millions Of the regis
tered certificates of the 6 per cent stock. The
American Bank Note Company has forwarded in
all thirty-hve million dollars of demand Treasury
notes, and large amount Of the October 7.30
per cent notes.
The statements of the banks of the three princi-
pal cities Of the Union for the last week compare
with the previous one and the corresponding time
Of 1860 as follows
Yer. p.s j. ,! sts s sss;:s sT ssssss
Phila. Dec 6... a,l6OS0 n926,4z liz 2lS,43l
Total s2H7962 ls 100 1851 es Se476S6o i7Os2 sso
Last week.. 16 l2s606 8i367 $40 6S,Ol2750 l7xS0slS
Last year. 40 26i47o IFS 06 Is OD lS1loU
The Cleveland and Toledo road earned the second
week in December,