The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-11-11

gold now lying idle In bank vaults could be dis
trbuted throughout the country The loans last
| Monday showed q further decrease Of $3,247 ,62G
being decrease Of over $l2,000,000 in three
weeks. Even this vigorous contraction fails to re-
fleet the actual amount OF the popular subscrp
tion During his recent visit to this city Mr. Chase
stated that the popular subscription TO the 7.30
Treasury notes amounted to about million dollars
daily, the amount received at New York
afording no guide to the operations OF the
government agents in New England, Pennsyl.
vania and the West. The subscriptions would have
been more liberal here but for the red tape ar
rangements Of the Treasury Department, by
which q monopoly Of the one-ffth per cent was
granted to six individuals. The six were well
chosen, and have done well general rule. But
it, instead Of combining the agency to these gentle
men, every banker who was willing to receive sub
scrptions had been recognized an agent, the
amount received at the Treasury would have been
considerably larger, As it is, successful landing
on the Southern coast, or substantial victory on
the Potomac, would impart an impetus to the po-
pular subscription. Quite number of our wealthy
men have not subscribed dollar as yet. As soon
as they that the triumph Of the government is
assured and that the 7.3O notes are as substantial
q
before secession was heard Of, they will hasten to
subscribe.
The money market is easier than 1t was week
ago. The effort Of lenders to mark up demand
loans to seven per cent has failed again, and money
can now be borrowed everywhere at six. First
class paper rules at OK Z; single names, strictly
prime, at s 10 per cent; while jobbers' paper. Of
a lower grade, ranges from per cent a month up
81. A. A. r
the Losses OF our merchants through the repu-
diation OF Southern Indebtedness has now been
realized and that houses which have fairly
stood their ground up to this time can
no longer be justly regarded with suspicion. AS
to the future of the money market, there is but
one opinion. Money cannot rise above per cent
in open market so long as trade remains in its
present condition, and little business is done on
credit. 1t is not generally supposed, however,
that money can rule for any length of time much
below per cent, so long as the government pays
7.30 for all amounts which are offered.
The foreign exchange market is in condition
Of uncertainty. 1t closed yesterday quite firm for
bankers bins on London at 1917 a "a. and for
bankers bills on Paris at $50 5.3lL, with
very few bills Offering at the lower figures The
frmness of the market, however, arose less from
any briskness in the inquiry for bills than from an
unwilngness of bankers to sell. We are rapidly
approaching a season when shipments Of grain
must be largely reduced. Contrary to CUSTOM
we shall have no cotton or tobacco to send for
ward during the winter. The supply of exchange
will consequently be very limited, and bankers
are naturally unwilling to enter upon the winter
season with an adverse balance on the other side
Of the water. II by any chance a successful land
ing at the South should lead to the opening of
cotton port, exchange would rapidly fall, as there
is no inducement for any increase in our imports
at present. Otherwise the opinion of experienced
merchants appears to be that the exchange
market will remain inactive for some time to come,
and that rates will rather rise than fall
The following table shows the course of the stock
market during the past week and month";