The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-10-22
FINANCIAL AND CONNER GAL!

the banks held between s45 900 900 ana SIG C0o,
600. Under the call of the SubTreasarer they paid
into the Sub-Treasury s2SO0,000 (making 80 per
cent OF te s35 900 900 paid up and received back,
prepayment ofpopular subscriptions, over million
dollars exclusive Of other payments govern
inent drafts OF the 81 500 600 paid into the SUBJ
Treasury, only sl5 600 were in six per cent Trea-
sury notes; the more prudently managed institu-
lions are glad to get rid of part of their gold at the
present time. The reduction in bank loans ia
heavy. 1t reflects the steady absorption of the 7.30
notes by the people. A victory or hopeful forward
movement would mpart an impetus to the popular
subscriptions which would be widely felt.
The money market is fairly active again, and
there is a brisk demand for call loars at ear per
cent. The best short paper goes at G z, with lew
transactions ~ the lower rate. Money is slowly
and steadily approximating to the government
/ standard Of 7.30 per cent? the sooner it reaches
that rate the better it will be for the government
and the more reliable the market will prove.
| Foreign exchange opens with dull feeling.
Bankers ask 1879 Y for sterling and $500 for
francs, but sell but few bills. Commercial bills
range from lo6 to lo7, and are scarce as yet.
| In the absence of political news of any import.
| ance the stock market is Irregular and the bears
are embodened to put out their Contracts This
| will prove hereafter element Of strength in the
market, when the public renew their purchases on
| more liberal scale; meantime it leads to sharp
| fluctuations. A, Tn opening to-day stocks were
generally better; at the close of the first board
they fell off and continued to decliue-the bears
| putting out their options with freedom-until
| the close of the :. cond board, when a
rally took place, and the market showed
| signs of having touched bottom for the
| present. New York Central advanced "A at the
| first beard, then fell back "a, and at halfpast
three sold at yesterdays price. Erie rose Il, fell
| back /, then rallied Toledo and other Western
shares rose in the morning about x per cent, fell
off u q IL the afternoon and closed at a mode
rate advance. The State stocks were generally
lower governments firm. Pacific Mail fell OH II
per cent this morning. The decliue VIII not be un.
welcome to the speculative friends of the property
who have been watching for an opportunity to buy.
The only reason why Pacific Mail, which is 20
per cent stock in the worst of times and 20
per cent stock in times Of activity, ever sold
below par, was the apprehension lest q
privateer might seize one of the ships on
this SHE, and 80 break up the line, Th.
apprehension is not shared by Commodore Wander.
bilt, who owns the ships on this side. He has had
his vessels well armed, and they are much more
likely to take the Sumter than the Sumter il to take
them. Moreover, as their business is the carving
OF gold and passengers, and not the fighting with
privateers, they have instructions to give wide
berth to all strange craft and there is nothing aoat
under the Confederate flag that can catch them
The stories which have been circulated with regard
to the danger of privateers in connection with
Paclhc Mail have emanated, for the most part.
from parties who wanted to buy stock, and who
bn,,nl IN, ~.
fact is that no such danger exists, and stock
holders may rely upon receiving a dividend
of at least five per cent quarterly At
the close of the second board to-day the following
were the quotatons:-Unted States 6s, registered.
1851, 1914 a "a; do. 6's, coupon, 1881, 9414a 94L;
do. SIS, 1874, s3N s414; Indiana SIS, so; Virginia
6's, 45H 4G; Tennessee 6's, 42A 43; North
Carolina 6's SO 60; Missouri 6's, 4asS a 43L.;
Pacific Mail, 924 92l1ls; New York Central, 77/
a TIA; Erie, 3l4 3lH do preferred, 5lls so;
Hudson River, SO a 3e11as; Harlem, l27S 10; do.
preferred, 3lA 3la4; Reading, IS a 3511ls; Michi-
gan Central, 40 a 4914; Michigan Southern and
Northern Indiana, l7s4 Is; do. guaranteed, 37a
37I; Panama. ll5 III; Illinois Central 651a q Sc;
Galena and Chicago 7024 a ~ a; Cleveland and To-
ledo 35ss 1914; Chicago and Rock Island, 501a
50ss; Chicago, Burlington and Quincy 62s4 a 63;
Milwaukee and Prairie du Chen, II a 1s1s; lii
nois Central bonds, rs, Ss1l Ss34; Delaware and
Hudson Canal, So sc; Pennsylvania Coal, rs n 7S
Late in the afternoon, in the street, moderate
business was done, New York Central selling at n
a -. Erie at 3l1a, Pacific Mail at 92A Toledo at
1926. Galena at Al, &C., &c.
The European mails are full of complaints at the
state of things in this country. Not only do Eng
land and France require every bushel of wheat
that can be shipped from this country during the
ensuing year--paying for it in gold-but they find
themselves, just as they are realizing their short
harvest, deprived of market fer sl0o, eco COO Of
goods. This latter is the grievance most acutely
felt When the rebellion first broke ont it was ig.
norantly supposed by the South that Great Britain
and France would be SO distressed by the want Of
cotton that they would be compelled to break our
blockade. We perceive that it is not the
want Of cotton which distresses Europe nor even
the drain OF gold: for of both cotton and gold they
have quite much as they need under the crcum.
stances; the real trouble is the loss of mar.
ket for q hundred million dollars worth
of manufactured goods. How can this mar
ket be regained is the inquiry which almost
every British and French merchant makes of his
correspondent here. We can answer the question.
Foreign manufactured goods are excluded from
our markets by thesMorr tariff in the first place
by the Southern blockade in the second and in the
third by the economies which the war has COM
PEELED every one to practise. SO long as the war
lasts these causes will continue to operate. Fo-
reeners may as well at once dismiss from their
minds the idea that any reduction will be made in
the tariff so long the lasts. For the sake Of
retaining our gold in the country, and preventing .
general suspension of specie payments, all parties
are agreed that, pending the war, the duties
on foreign manufactured goods must be pro
hibitory, or nearly so. Nor is there any
prospect that, so long as the war lasts.
there will be any relaxation of the Southern
blockade or any general increase of ex