The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-06-25

Inc euae... 100 eyS -
This is about ~hat was generally expected;
many looked for specie average over forty mil.
lions. II must be inferred that gold continues to
flow westward The above average il, moreover,
rising one. The decrease ia the ioans tells
tale OF diminished business Ard declining trade.
AT this stason cur bank loans ought to be fully
fifteen if not twenty millions higher than thsy are
It is probable, however, that, 90 long rs the war
lasts, they will contpue to decioe, and that we
shall presently see the loaos column at even a
lower point than 1t reached in the crisis OF 1857.
The money market is unchanged At sac per
cent any amount can be borrowed on call; and
choice names go at Z on paper. We have to
report some more failures in the grocery trade;
three more houses, not perticu iar,y proIihent in
the trade, have gone to protest. The Cafifornia
steamer arrived to-day with $984, 900 in Specie on
freight She reports that she saw no privateers
The danger from This source may BE- considered as
past.
There is very little doing yet in exchange, aud
10 material change in rates
Stocks were irregular day. State stocks were
generally better. and railway shares generally
lower The progress Of the war seems to be in
ducing pretty general belief that it will shortly
lead to unconditional emancipation in Virginia
and Missouri, If not 10 other States; and thus par
ties who would not have bought the bonds Of
slave State as such, ut any price, are buying
VirgiDas and Mssouris, in the belief that
these Stases will be redeemed from ruin
in spite Of their inhabitants. We think
the experiment o very hazardous one, even
admitting the probability Of the abolition Of
slavery in The sta mentioned. The business this
morning in the several slave state stocks was quite
large. Federal stocks were rather better. In the
railway stocks very little was done, except in Ga
lena, which dropped off to about 5S11s "a. 1t
transpres that the directors had other reasons be-
sides those we mentioned for passing the dividend.
The old railway war has broken ont sftesh in Iii
nos and Wisconsin. The Racine and mississippi,
a competitor of the Gaiena, and broken concern
which il managed for the bondholders, has again
quarreited with the Galena, and passenger fares
are said to be on the point of being reduced to 81
from Freeport to Chicago, and freight from Is
cents to cents. This 10 very unpr0misiug quar-
rel. That the Racine and Mississippi Railroad
cannot live is proved by experiences the only
chance for the owners of the road is to force the
Gaena to buy them out, by competing with them
for business at ruinous prices. This they are try
ing to do. We believe that the managers of the
Galena saw the predicament in which they were
placed at least long since last June; they are
however, naturally 10th to buy property which
J has never earned any money, ana which would sink
! any little profit the GsIens union road can make
The future ofthese roads seems very gloomy indeed
Illinois Central which is also concerned in the quar-
rel, dropped eff to 6s; the other Western shares
we're likewise lower. Central was steady. Harlem,
old and preferred fell }, q. The directors have
| OF I'D t,a xrh;N n
them q year or more ago; they have made an
assignment of Gil their property to three trustees,
in order to proven, its being attached uudsr judg-
ments. II seems that the company owes about
half million fer back interest and other matters
| and has 10 means TO pay 1t. Bonds secured by
fourth mortgage are to be Offered to the creditors
| but from all that we can learn, measures are
likely to be taken TO terminste the long agony aud
| place the road in the hands Of q receiver as the
best proceeding for I'll parties ia interest Money
would have been saved had this course been pur-
sued year ago. now, in the present disturbed
condition Of affairs, there is use in protractipg
a vain struggle and wasting more money in law
! yers fees. The Harlem Raiir oad is useful line,
and the early mortgages are good properly; but
| its reorganization ought not TO be delayed any
| longer. Between the boards to-day little or
nothing WAS done. st the afternoon board the mar.
ket WAS dull. The following were the last quota
tions--pnited ates Sc, 1874, 1914 II; Tennessee
6's, 371l 371i Virginia 6's. 1914 q 4OA; Missouri
6's, 3e1 3s11s; Canton, 81 as'+; Cumberland Coal
| preferred, ~ q s; Delaware and Hudson Canal,
| 70 q &c; Pennsylvania Coal, 70 76; Pacific Mail,
e5H 65H New York Central, 7sH a
1874; Erie, 2214 2s; Hudson River, 80 q 32H;
Harlem, 81 a 81; do. preferred, 2oh a2OH;
Reading, SO 1914; Michigan Central, 42s 421.;
Michigan Southern and Northern Indiana, ny q
| IL; do guaranteed, 26Hs 26; Panama, lo7 Q
| 100; Illinois Central. 65H 65st; Galens and
Chicago, So. q 6s1s; Cleveland and Toledo. %
32n: Chicago and Rock Islapd, 3iH q 3l51<;