The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-08-01
FINANCIAL AND CONNER GAL.
WFpSFeDtY .IilIv

.>.~-.--..ol.D.no-u-
WEDNESDAY,, July 3l-6 P. N.
There is nothing new ia the money market.
sfbney is very abundant in6ced and banks and
capitalists ere yainly seeking employment sor their
means. The subscriptions for the per cent
treasury notes nearly amount to the $1,000 900
hfered, though the defects In the Loan act create
little uneasiness among inanciois and ndispose
noneye1 men from lending to the government until
hey see their way more clearly. The Mint sent
$500 Geo to this city this morning. Both the re-
seipts and the disbursements of the government
scEtiuae very heavy; the banks are receiving
nearly as much from the Sub Treasury as they pay
IN for Treasury notes and customs duties.
The foreign exchange market closed dull for TO-
3ay's steamer. Rates-seem to have q downward
tendency.
The stock marketwas extremely dull to-day.
The commission brokers are doing nothing, and the
operations of both blils and bears are extremely
limited. Both parties seem to be waiting for some
hing to turn up to affect the course Of prices. The
New York Central books closed to-day, and the
SOlders Of cash stock evincs tendency to make it
scarce. They talk'of an advance of 2 a per cent
before the books open. State stocks were irregu-
o. to-day. Missorris advanced x per cent, on the
sotion that the nov State government would pro-
ride for the payment of the interest on the State
iebt. virginias fell of q, and North Carolinas14 a.
Very little business is being done in these stotks
Railway shares were inactive. Illinois Central
snd Rock Island declined a rper cent, while
Toledo was 4 better. Federal securities
we're lower; TIE per cent Treasury notes
are OAe red at 3H discount, and the new
sixes at decline of Il from yesterdays
price. Between the boards to-day little or nothing
vac done. At the second board very light bust.
CESS was transacted, but prices were attraction
higher than in tie morning. The market closed
steady, the following bong trie lost anotation =
United States 6s, registered, 1881, ss1a e61; do.
coupon, 1881, sGA a 81; do SIS, 1874 19I+ 7974;
indiana 5's IS n; Virginia 6s 40 80; Tenne see
Ss, 42la 425s; North Carolina 6s, 6oHa sl1s;
Missouri SIS, Az AZ; Pacific Mail, n 70 aii94;
New York Central, 1914 a 755s; Erie, 232& "a;
Hudson River, S35a 81; Harlem, l011s loa&; 10.
preferred, "a 1914; Reading, 35H $50; Michi'
gan Central, lls4 AZ; Michigan soatAern and
Northern Indiana, 1874 1879; do. .ssparaDtced,
H% IS; Panama, lo6 1917 Illinois Cosstral, C2ss
621aa; Gsena and Chicago, GlH a 6JIs; Cleveland
sud Toledo, 26a4 - ~; Chicago and Rex. Island.
~ 394; Chicago, Burlington and Quinry, 80 a 50;
Delaware, I.ackawana and Western, 50 D. 10; Riil-
waukce and Prairie du Chen, Ii Is; Illinois Con-
:ral bonds, 2ss, s31S q 90; Delaware ana Hudson,
IS SO; Pennsylvania Coal, u a rs.
No copy o! Senator Fessenden's Supplementary
bill has rcachad this city. though it passed y til
houses of Congress- on Monday, and dozen IT.
gent requests for i copy have been forwarded to
Washington. 1t ~ understood that il does not n
terfere with the proyiso III the $50 coo 100
Loan act prohibiting the Secretary of The
Treasury from accepting bids for his
per cent bonds tslow per, and that it Sc
;tricts his authority 80 Issue per cent TreaAsry
aotes to So, 000, OGe. We need hardly say that,
ths being the case, tie bill is rot what Ia wanted.
What Mr.. Chase re.aly wants III power to supply
che government witiirusney to carry on this con-
test. Neither the $2,Ve00, 600 Loan act nor Fes-
aelden's Supplementary act bsstows that power
upen him. A dozen aiGercn, possible events
aiay render it imp,~sihle fw Mr. Chase
to sell his seven per cents at par
or tc negotiate $40 per- cent Treasury notes.
If any one Of these events occurs, The government
will be as completely begVTed-pnier the two
acts above mcntioned-as If Congress had never
met, and Mr. Lincoln win be compelled to recog-
USE the Southern confederacy for want Of means
to carry on the contest. Another de!eat like that
at Bull run wo Ill place 1t com ettely o2t Of the
power Of Mr. Chase To get dollar .,lnder the
$3.50 600 900 Loan bill Is prudent is i. consist
cut with patriotism OF common sense, fer Con-
gress 10 !eayc things IN this state, IND 10 make
provision whatever for the eyentu. Vty Of defeat
and disaster! An idea pervades some.Jniembers Of
Congress and OF the Cabinet that d, admt hds
below par for the per cents would aaord Wal,
erect an oppcstunity OF shaving the Govern.
ment. This ia 90 idle and as silly delu.
sos as the u2nry laws. Wall street Will
either take the new loan at such
rate as TO mshe fair profit on
II. Or it Gl not take Il at all How is the war tN
be carried on in the latter event. Tie price which
Wal street will give for the seven per GEMS de-
ponds on their current valve in open market. Be-
fore the battle Of Bull run a moderate amount of
them could haze been sold Lsrc at 8 u per cent
premium. Now they would barely command par.
News Of a brilliant success, o. Of preparations
which appear to promise succtSs, gould again rcn.
der them worth premium, while another defeat
would render them unsaleable exec ssa discount.
II this latter contingency should arise would the
government do without money? II Mr.. Cl1ase is
reahy 10 provide money for tie prosecution o. The
ar his hands must be uniettcred, and he mtSst he
lNyed to pay the market price for the article he i,
wants, lie must be authorized to sell per cents at
Is If pe5kie won't give par for them, at 80 if they
Won't give ',95, at So if they won't give COIN a
word, at a pm which will command money in |
my event and in Any emergency. He must be au.
horized to negotiate Treasury notes bearing such
rate of interest that people will take them, What