The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-09-14
Specie List per steamship Africa.
FINANCIAL AND COMMERCIAL,
FRIDAY, Sept, l3-G p. \

| FRIDAY, Sept. 1916 p. M.
| Considerably over q million dollars was again
paid into the SubTrcasury to-day by subscribers
| to the national loan. The better the subject is
understood the more general is the conviction that
the people owe it to themselves to subscribe and
| that they cannot do better even in mere bust.
ness point of view, with their money. The letters
by the Africa state that large amounts of foreign
capital will be placed in securities as soon as our
| financial policy is understood on the other side
From present indications the last corners will have
10 pay premium to get any of the seven and
! threetenths per cent notes.
The money market continues moderately active.
with less inquiry for paper. The banks, which
have paid up forty-sx per cent of their loan of
$50 coo, 600 to government, have not vet used one
dollar Of their lean certificates, and hence are
somewhat cramped in their means. They have not
among their available assets anything as vet to
show for the SIC 100, 600 they have paid into the
Sub-Ireasury. In the couue of day or two
they Will begin to the certificates at the Clear
ing House, as agreed upon when the loan was
taken and they will then have SIC eco 900 mere to-
lend. Meanwhile private bankers are making the
most OF the turn in the market, and screwing up
borrowers to six per cent. The indications are,
however, that the market will aot bear the ad-
vance. This afternoon the supply at six per cent
was in excess of the demand, and % safe offer of
five would probably have been privately accepted
by more than one institution. The Improvement in
business has undoubtedly quckcned the inquiry
for money; bat there is too little business doing on
credit to justify apprehensons of any material dis
turbance of the market.
Foreign exchange took sudden start to-day.
Bills on London rose from 1917 to 1887 for
bankers, and on Paris from 5.321as to $50 The
sudden advance is generally believed to have
arisen from heavy remittances of Southern funds to
the other side in order to prevent attempts to con-
Gscate them here. Commercial bills range from
1927 to 1851. The mail is heavy one for Satur-
day.
Stocks were irregular to-day ana the market was
generally unsettled. Government stocks were bet.
ter; the coupon skies of 1881 rose u and the fves
Of 1874 IS; tie per cent Treasury notes continue
in lively demand, without change of price. Mis-
souri, G's were very active indeed at an advance of
Is per cent. The course of events will probably
lead to revulsion of feeling with regard 10 these
securities, which will be likely to regain public
favor ere long. Tennessees were steady, and Vir-
ginias-the worst Of the whole State stock list-21
lower. Railway stocks were Irregular Erie i'm
| proved Is and so did Hudson; Illinois declined Il
| and SO did Rock Island. Central Galona, and the
other speculative shares were generally steady.
! The new Developments in the Galena, and the
| prospect that the money which was pro-
| vided fOr the payment of the first mortgage
! bonds will now be divided among the stockhod-
| ers, have attracted quite number of purchasers
| lately After the board and at the second board
| the market was very dull The following were
the last quotations:--United States G's regis
tered, 1851, 9oI a 9o4; United States 6's,
coupon, 1884, 9014 e01a; United states5's, 1874,
500 "a Indiana SIS, n 70; Virginia 6's, SO 1$s
Tennessee G's, 439S -; North Carolina G's, CT a
6lH Missouri 6's, 1875 "a; Pacific Mail, s214 a
New York Central, T2a4 q; Erie, 1873 q; do
preferred, AZ a -; Hudson River, 3311a %; Har
| lem, 1917 q; do. preferred 2514 a q; Reading
S5A So; Michigan Central, ll1s AZ; Michigan
| Southern and Northern Indiana, 1873 a; do
| guaranteed, 3C14 "a; Panama, ITO a ll2; II.
linos Central, G614 a q; Galena and Chicago, 6s14
"A; Cleveland and Toledo, 297s 3O Chicago
and Rock Island, 4S1a "a q; Chicago, Burlington
and Quincy, 81 62; Delaware, Lackawana and
Western, IS; Milwaukee and Prairie Gu CHEN, s01l
q; Illinois Central bonds, 7's, 93L 94 Delaware
and Hudson Canal, s511a 81; Pennsylvania Coal
75I 7cT.
| The increasing inquiry for United States demand
notes is an important feature of the financial situa
ton. The cashier Of the Sub-Treasury finds it
impossible to keep any on hand, and states that he
could readily dispose Of at least $40 coo a day if
he could get them. All the leading money brokers
report that they receive numerous applications for
these notes from their customers. Some of these
| apphsatons are from parties who are going West
to buy produce, and who find these notes the most
convenient shape to carry money in. Others are
from persons at the head Of factories or other large
establishments, who would like to make their dis
oufscments in this medium; and many are from
people who would prefer to carry such notes in
the'r pockets instead Of bank notes or specie. Tie
government is understood to layo dsbu.sed about