The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-06-06
HERALD, THURSDAY
FINANCIAL AND COMMERCIAL.

FINANCIAL AND CONNER GAL.
WEDNESDAY, June 5-6P.M.
The street has been very quiet to-day. We hear
of some transactions In very choice paper at per
cent. Loans on call range from s q g. Jobbers
paper sells at all kinds of rates up to per
cent month. Many jobbing houses, which have
been doing business with the West, are In hopes
that the establishment of a sound currency in ILL.,
nois, and continuance Of fair prices for bread
stuffs, will enable them to provide for their fall
! payments.
Nothing was done in exchange to-day. There
is still profit on importations of specie, az re.
turns for bills sold here at 1867; but il foreign
insurance companies adopt higher tariff of rates
to cover risks from European pirates sailing I'M
! der pretended letters of marque from the rebel
Dnsts-a it is intimated they may-this profit will
be consumed, and gold will cease to come for the
present.
stocks at last appear to be giving way under the
pressure of general want of confidence, and a
general stagnation in business At this mornings
beard Illinois Central, which has been the most
active speculative stock of late and in which
the latest news from England reports fall
Of per cent, declined ~; New York Central de.
clined a; Erie, rs Hudson, 70; Michigan Cen.
trail, rs Galena, "a; Toledo, a, and so on. State
stocks were supplied by the Western Bank Audi
tors and they, too, fell of; Virginias declined l,
North Carolinas, "a, and Missouris, "a. All these
stocks seem destined to feel not only the general
effects of disastrous business season, but more
particularly the competition with food of new
State and federal loans which will be placed on the
market in the course of few weeks. People
who have money to invest will, in all probability
be enabled to get perfectly safe investments in
the stocks of the federal government and the free
States, which will pay them from to 10 per cent.
Under these circumstances it is hardly to be ex-
pected that they will put much money in railway
stocks which, since 1857, have hardly averaged
per cent per annum; or that they will buy slave
State stocks, with the terrible contingency of q
general stampede of slaves impending over them.
The operations of street spectators, assisted on
the one hand by the ease of money, and on the
other by over sales by the bears, may for q time
bolster up the Market but the ultimate result
seems none the less certain. Between the
boards the market was dull; in the afternoon
it declined still further. Illinois Central was
done at 641Ha-a decline of 31l per cent
since yesterday. There is still profit
On importations of Illinois Central stock from Lon
don for sale here. The following were the closing
prices of the day, the market closing heavy -
United States 6s, registered, 1881, S41 s411s do
6's, coupon, 1881, s41 s42s do. SIS, 1874, 7sa-;
Indiana SIS, i sl; Virginia 6's, As 46; Tennessee
6's, 4o14 401s; North Carolina es, 81 SIX; Mis-.
souri, 6's, 40 a 4O11s Pacific Mail, 63 631&; New
York Central, IN 722s; Erie, % 2211s; Hudson
River, SO 1874; Harlem, 1014 1879; do. prefer
red, rs 251s; Reading, s114 s111s; Michigan Cen
| trail, 4lss 4l1Hs; Michigan Southern and North
ern Indiana, IL 1l11a; do guaranteed, 241 24s44
Panama, 1857 q LOG; Illinois Central 65 G5A
Galena and Chicago, 5711 3d. Cleveland and
| Toledo, 2lH 1926 Chicago and Rock Island,
| 33H a 33A; Chicago, Burlington and Quincy,
| 544 q IS; Delaware, Lackawana and Western,
"a II; Milwaukee and Mississippi, II IA; Illinois
! Central bonds, rs, 90N 90A; Delaware and
! Hudson Canal, 80 a sOH; Pennsylvania Coal,
! !7as9,
Letters from Chicago express the hope that the
! establishment of specie currency there may
lead to the Introduction of New York and New
England bank notes as currency. We can
hardly promise that the hope will be fulfilled. A
very large proportion of the New England banks
are so implicated with the factories Of that sec
tion-which the war mas almost runed-that ths1
cannot expand their circulation. The same is
true OF the banks in the interior of this State. As
to our New York city banks, their circulation
| barely sufices for the business wants of this me.
| tropolis and its connections Our friends in Chi
cago will labor more usefully and more practi-
cally for their own permanent interests if they
abandon the idea of importing local currency
from here, and direct their whole endeavors to-
ward the creation Of a new currency, to be issued
| by great bank to be established here under the
auspices of the general government. Such cur
rency would forever free the merchants and farm
| ers Of the West from the swindes that have
been perpetrated at their expense by bank
! moDgers. 1t would be at par everywhere, and
would save the West the enormous tax which
| it has hitherto paid to its bankers in the
shape of discount on exchange on New York.
| 1t would at once establish our inter-
nal trade on sound basis, and would
place it out of the power of knavish State LegSla-
| lures to plumber farmers and traders by the pas
sage of fraudulent bank charters and banking acts.
It would do for this country what the Bank of Eng
| land has done for Great Britain, and the Bank of
| France for France; with benefit so much the
! greater as our internal commerce is more active
1 than theirs
The following was the business of the Sub. Trea-
/ sury to-day
Receipts $1a5 991 IS
For customs. 20 900 90
Pay ments 296 Ill 10
Balance 10, 3227 SO
| The following were the Hudson River Railroad
earnings for May, 1860 sl56 2sl %
May, 1861 160 S07 90
Decrease .................... So 473 46
Earnings in the month of hay, last four years.
IS5s......... 1872 q 1860......... 1t6 2s1 09
1850. l41 26S % 1S61.... 15o,s07 50
The earnings of the Michigan Southern in May