The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-08-22
FINANCIAL AND COMMERCIAL

FINANCIAL AND CONNER IAL. y
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WEDNESDAY, August 2l-6 Pm.
The money market is rather more active than 1t
was; 1t il becoming easier to place money at 8 &C
per cent. This is mainly due to the employment
for money which the government loan promises to
afford. Some of the dry goods jobbers are buying
their paper in advance of its maturity.
Nothing was done in foreign exchange to-day
The market continues steady.
STOCKS remain inactive, neither bulls nor bears
seeming to have courage to operate on large
SCALE The 6 per cent Treasury notes fell Oh
again, selling at 971S; the new skies and the fyes
of 1874 were firm at yesterdays prices. State
stocks were lower. North Carolinas led the de
cline with fall of 81 per cent Missouris fell 4.
and Tennesses "a. Prudent holders of these stocks
are getting rid of them as fast as they can:
| imprudent holders console themselves BIZ
arguing that the Confederate Congress CON.
not invalidate the debts of Virginia or Ten
nessee. When the bonds are confscated
it will no doubt be a satisfaction to the
despoiled owners to know that the confiscatien
was illogical and in defiance of sound theory. Rail-
way shares were inactive. The only ones dealt in
to any extent at the morning board were New
York Central, which advanced "a per cent, and
Galena and Toledo, which were steady at yester.
days price. Bank shares continue dull. At the
close of the first board to-day the market waa
strong, and better prices prevailed between the
boards. In the afternoon everything was firm al
the advance and closed strong, the following being
the last prices:-United States 6's, 1881, re-
gistered, s7% n; United States 6's, coupon
1881, SIX SO; Tennessee 6's, 42T 43; Virginia
6's, SO q 81; Missouri 6's, Ala a 4214 Pacific
Mail Steamship Company, 7O14 II; New York
Central Railroad, 1871 "a; Erie, 251l 26; HuA
son River, 33A q; Harlem, 1917 IL; do. pre-
ferred, 24% 25 Reading, IS SO; Michigan Cen
trail, Al a AZ; Michigan Southern and Northern h.
DIANA l234 Is; do. guaranteed, 20 a; Panama.
1861 LOG; Illinois Central 64H "a; Galena and
Chicago, 65H q; Cleveland and Toledo, 2sN az;
Chicago and Rock Island ssH a; Chicago, Bur-
lington and Quincy $50 SO.
1t is now pretty certain that the $40 Treasury
notes will have sheet Of five coupons attached,
the sixth interest payment being made when the
note itself is surrendered. This will be a great
convenience to holders and will facilitate the sale
of the notes abroad. The notes will not be ready
for few days; but the Sub.Treasurer is receiving
payments from parties who intend to become hold
first issue of $50 900 900 will bear date on 10th Of
August, when the first instalment was paid inte
the Sub-Treasury by the banks; parties who buy
from the SubTreasurer will therefore pay, in ad-
diton to the par amount of the note notes, what
ever interest may have accrued between the 18th
of August and the date of their purchase. The in
dications that there will be quite active de-
mand for these notes among the public. People in
moderate circumstances are already rendering
money to the Sub-Treasurer in all kinds of odd
amounts from IS 900 to $50; and when it is well
understood that every man who has $50 idle can
make them earn a cent day by buying Treasury
note, the applications will be still more numerous.
The following paragraph from the stock circular
of Messrs. Samuel Hallett & Co. gives some idea
of the amount of money which is available for tho
support Of the government
The ability Of the banks take the $50 900 900 b
AMPLE but they will probably be aided, to considerable
extent by the banks Of all the loyal states The capita
of the banks of the three cities $2O OO0of ali the
loyal States 1929 900 900. The banking capital Of New
England, outside of the city Of Boston, $S5 449 OIL
very nearly twice great as that Of its metropolis The
deposits the banks of discount the loyal States
$207 1888 618 The deposits in the savings banks
nearly large-those in the State of New York being
81 80 1o s
aggregate for the four States of $14 no. The depo
sits in all the savings banks in the loyal States probably
equal nearly 5000 900 00 and in the banks Of discount
and deposit fully $500 900 600 This vast sum is only
small proportion of the available capital of the country
but shows how ample the of people for
the vigorous prosecution OF the war.
1t is thus evident that, as the public are
thoroughly informed with regard to the nature Il
the loan and the high interest it offers, the govern
ment will be offered all the money it needs. There
is no investment that can be discovered in this
country which offers, with complete security, a
! income of $40 per cent except the government
Treasury notes, and in the nature of things the
5000 900 900 thus stated to be deposited in banks
of savings and of discount in the loyal States viii
in course of time find employment in this channel.
Many Of our leading foreign bankers anticipate .
lively demand for our Treasury notes abroad, not
withstanding the opposition of the governments;
but no foreign capital will he needed to carry a
the war.
We notice that leading dry goods jobbee
offers to buy all his paper maturing before Novem-
Der at 10 per cent per annum. This is an indica-
ton OF revival in the dry goods jobbing trade
which is extremely cheerful. Nor is it an isolated
instance. We find, on inquiry among the dry goods
Dealers that there is quite an improved feeling In
the trade and partial recovery OF business. SEINE
houses are selling o good many goods, mostly fer
cash, while others are receiving orders for goods
from the country. Our merchants are getting &C.
customed to the war, and by and by business viii
20 on as if nothing was the matter. We trust that
the lessons of the past will teach the dry gssds
jobbers that their credit system was founded upon
| unsound principles and certain to cause immense
disasters, and that the only sound basis for COM
merce is much closer adherence to the cash sys-
TEN, and much closer scrutiny of the capital ~
houses which undertake to do business on an ex-
| tensive scale.
The following was the business Of the SubTrea-
sury to-day
Receipts $2OS zoo y
-fOr Custofns WV "
Payments .'....'.. $4,000 "
Balance f,if4yoo4 -
The exchanges at the bank Clearing House this
morning were sl2,72 ,sl9 IL, and the balances
81, O46 $50 e5.
Every bank of this city has paid into the Sub
Treasury the ten per cent instalment upon the
subscription to the loan. The amount taken by
| each bank is as follows, and makes an aggregate