The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-01-01
SS36.O4I

Decrease. SS36041 =
Increase. 2,s4soss 3,4lo 1885, us
The decrease in the loans indicates the com
mencement Of preparations for the new order of
things which is to begin on LIST February-when
the banks will hold rs per cent of their liabilities
in coin. The increase of specie, though less, is
really less than the fact-much of the gold i'm
ported being still unconed. Taken as a whole,
the statement must be considered strong one,
and a further indication of the wisdom of the
policy inaugurated by the banks on 2lst No.
vember.
We note an increasing ease in the money mar
ket. Paper of the highest grade passed to-day at
. a 10 per cent, and there was some inquiry for
fair paper at IL Is. The news from England by
the Kangaroo is Unexpectedly cheering The
English had received advces of our worst days
here and yet they send us, in return intelligence
of an advance in consols, breadstufIs and cotton
and an unchanged money market In foreign ex
change the business doing is limited, and prices
tend downwards. After New Year it is expected
that the market viii mend.
The market for railway stocks and bonds was
more active to-day, and prices were universally
higher. The chief favorites of the day were Hi
nois Central, which, from CO at the opening, ad-
75 bid. Erie was also considerably higher, and
general demand developed itself for all the specu
ative shares. There was a moderate inquiry for
railway bonds also. In the event Of a plethora
Of money here, the recent robbery of State stocks
from the Department Of the Interior at Washing.
ton is likely TO direct attention to first class rail.
way bonds rs the best Investment Of the day. This
afternoon the market was strong, and closed
steady at the following quotations-United States
SIS 1874, 81 q 81; Virginia 6's, 7s "a; Tennessees
IS ~; Missouri SIS, 20 "a; Canton, IA a Is;
Cumberland Coal preferred, So "a; Pacific Mail,
s51I Sc; New York Central, 76 az; Erie, 3s54
49, Hudson River, 44s4 as; Harlem, 141% "a;
do. preferred, 341I IS; Reading, 361S a 81;
Michigan Central, so "a: Michigan Southern and
Northern Indiana, l414 u; do. guaranteed, SO a
"A; Panama, Ill liz; Illinois Central, rs d X;
Galens and Chicago, 671S "a; Cleveland and
Toledo, 3O24 81: Chicago and Rock Island, 32L
a 70: Chicago, Burlington and Quincy, 641[ 65k.
The intelligence that the Bank Of Commerce had
taken the remaining So 100000 of the So 900 900 OF
Treasury notes offered for sale on the 18th mpart-
ed cheerful feeling to financial circles. IL need
hardly be remarked that IL il of vital Importance
both In q national and in financial point of view
that the credit Of the United States be preserved
unstaned. II is therefore nc subject of congratu-
lation that the government Is now in position
meet both the interest on the public debt and
the maturing Treasury notes. We trust that when
Mr.. Thomas requires any more money he will Dor
row II more skiIfully than he has borrowed these
five millions. Even If civil war had actually
broken out, the United States government ought
be able to borrow money in New York at
seven per cent per annum-in an ordinary money
market. II was Mr.. Cobb's aim always to
give the most he could for money, and 10
borrow at the most inconvenent season: let IL be
that Of Mr.. Thomas TO pursue the opposite policy
during his sixty days Of Office.
There are no further Developments in regard to
the great robbery Of State stocks from the Depart.
ment Of the Interior at Washington. The journals
are full Of theories, and Gov. Floyd has sent to
Congress very ingenious paper on the subject,
the purport Of which Is that Russell, Majors 4
wadde we're losing money by their contract with
the government, aud that ii was true patriotism to