The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-08-16
FINANCIAL AND COMMERCIAL.

bfs cOmmlttee were TINS day UNANIMOUSLY adoPteo
BY the meeting of bank presidents, held at the
American Exchange Bank. The government thus
gets all the money it wants, and on very reasona'
bic terms; everything is, in word, settled on
satisfactory basis. There will be no want OF money
TO carry on the war, and the government credit
will be sustained.
There Is no change in the money market, and no
BUSINESS doing Negotiations are generally sus-
pended ia view of the uncertainty heretofore at
taching to the forthcoming government loans.
Brokers are borrowing at 4a5 per cent, and the
best names would go readily at a on short pa
per.
Exchange opens without much inquiry, but the
vuppIy seems shorter than it was, and hence bank
ers are sitter in their views. The general rates
are 1917 for sterling and 5.35 for francs. The
real business of the packet will not begin till to-
morrow, however, and better supply of bills may
then affect quotations. Rates are not yet low
enough to tempt spectators to buy bills for the
purpose of drawing gold from Europe.
Contrary to general expectation, the stock mar
ket did not respond to the success OF the govern
ment negotiation this morning. Very NtAe bust
ness was done there was little or no buying by the
public, and prices varied SO little as to attract no
attention. New York Central, Illinois Central and
Toledo were quiet at yesterdays prices Galena adj
vanced a and Erie 2s with small sales; Pacific
Mail, on the arrival of the Champion, rose q United
States stocks were inactive ut yesterdays quo
tations; the two years Treasury notes, however
were in lively request, and sold up to 81, an adj
vance of "a per cent. OF the State stocks, the
only ones which varied were Tennessees and Vir-
ginias, the former rising "a, the latter "a per cent
The advance was caused by orders from the South
apparently predcated upon the bill to which we re-
ferred in this mornings HERALD. We learn that
the bill has been favorably reported in the Con
federae Congress; that it urges the Legislature OF
each of the Confederate States to instantly declare
bonds held by 'alien enemies null and void, and
that there is doubt Of the recommendation being
promptly acted upon. Savings banks and other
institutions holding money in trust will commit
grave error if they neglect to sell any Southern
bonds which they may continue to hold. After
the board the market was steady, without
shange of quotations. At the second board
general and rather expected decline took place
In the railway shares, State Stocks especially
Virgnias, being still sustained by the Southern
demands at one time the decline almost promised
to grow into panic, but at the close stocks
steadied up somewhat The following were the
last prices of the dayUnited States 6's, register
Cd, 1881, s7A So; do. 6's, coupon, 1851, sS1a
30; do. SIS, 1874 81 SO; Indiana SIS, IS "a 1919
Virginia G's, sc 5614; Tennessee 6's, 43a4 "A;
North Carolina 6's, 66 661l; Missouri 6's, 1884,
Pacific MAIL III q q; New York Central, 1873
"a; Erie, 264 "a; Hudson River, 1874 "a; Har-
lem, l05s IL; do. preferred, Is %; Reading, 3G
1867; Michigan Central, 421I 4224; Michigan
Southern and Northern Indiana, 1874 II; do
guaranteed, 2SL a 20; Panama, log lO7; Illinois
Central, Ga a a; Galena and Chicago, 65N a;
cleveland and Toledo, 2094 Is Chicago and Rock
Island, 3911a q; Chicago, Burlington and Quincy,
5sL 70; Milwaukee and Prairie du Chen, Is a 10;
Illinois Central bonds, rs, s9A q.
The London papers seem to be in frenzy OF
alarm lest United States loan should be nego-
tiated in England. The steamer which leaves here
On Saturday will relieve their minds, and will IN
form the British capitalists who were anxious 10
invest their means in United States securities that
they can only do so by sending ordtrs here to buy.
This country il rich enough to supply its govern
nent with all the money it needs, and it will do So
Before the war and its sequel are over the public
debt OF the United States VIII probably exceed 8
thousand millions, the whole of which can be con-
veniently placed in this country. BY that time the
merit and safety of United States stocks will be
recognized everywhere, and English capitalists,
who are now threatened with prosecution if they
seek to increase their income by subscribing to
cur new loan, will be buyers in this market at 4
handsome premium. The newspaper warnings
they are receiving will cost them from ten to
twenty per cent on their investment. The whole
course of the British press in reference to the civil
war IN this country illustrates the short-sightcd
character of British sellishness. In their i'll
concealed sympathy for Our rebels they
forget that the North is their chief custom
er, not the South and that whatever
Inconvenience might ensue from temporary
stoppage of the supply Of Southern cotton, much
gxaver mischief would follow a suspension o.
Northern orders for cotton goods. Delusiye hopes
of an extensive commerce with free trading
Southern Confederacy-based on the corner stone
Of slavery-have induced them to treat this coun-
try as though its strength was gone and its ruin
6xed fact the result of which is that the hands
Of protectionists here are greatly strengthened,
and the friends of free trade correspondngly
weakened And now the silly spite of politicians.
combined with the anxiety of bullionsts, induces
the press to protest against the negotiation of a
lean which never has been and never will be
offered in England the only consequence of which
folly is that Englishmen, who desire to get seven
instead of three or four per cent per annum for
their money, will have to pay something extra fox
premium and commissions to brokers in New York.
The business of the Sub-Treasury was as follows
to-day
Total receipts $SS. 1893 IS
From Customs ACKNOWLEDGEMENTS. 5000 GO
Treasury notes 10 500
Payments las 7SI OF
Balance ,064 9O2 2e
The exchanges at the Bank Clearing House this
morning were SIS, 2O0,693 Sc, and the balance
1886, 1853 30.
is interesting at this time to present in tabular
form the combined strength of the banks Of the
three cities which have so nobly responded to the
wants of the government
Loans, Sfseie: Circulate: Mt Dp's.