The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-12-11

u
that very few of our rich men have invested in
Treasury notes; the forty-eight millions which
have been taken have gone into the pockets Of
men Of small means.
Stocks open this morning rather lower on the
&c eral list, the advance Of yesterday having in
cuced many operators to realize profits. The
| ocotSndns story is vehementy assailed by the
| pears and Southern sympathizers; some Of the
bodest among the latter put ont their options with
freedom on the prospect of its proving hoax.
Pacific Mail at the first board fell off "a per cent.
New York Central "a, Erie Il, Erie preferred Il
and the Western shares about "a "a each. Govern
ments and State stocks were firm. After the board
the market was better, but business was limited. At
the second board Pacific Mail fell off 1s Erie "a, Ga
lena u, Toledo "a Rock Island Ia, other stocks be-
ing generally steady. The market closed steady at
the decline, the following being the last quota.
tons-United States 6's, registered 1881 800 90:
do. 6's, coupon. 1881, 93A 9354; do. SIS 1874
s234 SO; Virginia 6's, AZ a4s1l; Tennessee 6's, Al
43; North Carolina 6s. 50 a 60; Missouri 6's,
1917 Al Pacific Mail, s7s4 a So; New York
Central, 1871 1884; Erie, 80 321S; do. preferred,
SO 5314; Hudson River, 3714 3734; Harlem,
II l2l4; do. preferred, 80 "a; Reading, 1914 a
81; Michigan Central, 4914 1915 Michigan South
ern and Northern Indiana. IL o lS14; do. guaran-
teed. 1874 u 3S1a; Panama, ia a ll414; Illinois
Central, 6lH 6l94; 'Galena and Chicago, 7OI a
II; Cleveland and Toledo, 335S 331l; Chicago
and Rock Island, 535s 53s4; Chicago, Burlington
and Quincy, 5sL 591a; Milwaukee and Prairie
du Chen, 10 l91I; Illinois Central bonds, rs,
81 S7a4; Delaware and Hudson Canal, 81 a 81 u;
Pennsylvania Coal, rs 1870.
The report Of the Secretary of the Treasury is
the exclusive topic of conversation in mercantile
and financial circles. Ofcourse persons interested
in existing banking institutions do not relish the
idea of having to redeem their present circulation
in CON- and then send more coin to Washington to
buy stocks to serve as a basis for new issues. In
New England the northern part Of this State, and
other sections Of the North Mr.. Chases plan will
meet with as determined opposition from the bank
ers as the Free Banking law encountered at the
hands of the Safety Fund banks in this State a
quarter of a century or more ago. In course
of time, however, the obvious advantages of a
uniform and perfectly secure paper currency will
outweigh all the objections of existing banks, just
as the palpable merits of the free banking system
overbore the arguments of the safety fund bankers
As, however, the contest will take time considera-
BILE anxiety is felt with regard to the methods by
which Congress will. meanwhile, provide money to
carry on the war. Mr.. Chase requires, in round
numbers, 5000 900 O00 between this and the 1st of
July. 1868. In his report he merely states
that this money must be obtained "by loans.
He does not indicate a preference for any
kind of bond or Treasury note over any other says
nothing about the interest which the government
should pay-in word, leaves the whole subject to
Congress. Many Of our leading bankers seem to
think that Congress will find it difficult matter to
borrow 5000 900 000-say $50 900 900 month for
eighteen months--before July, 1868, at any ordi-
nary rate of interest. The associated banks of
New York, Philadelphia and Boston have already
lent the government $l4l 900 900, and are under
encouragement to advance $50 900 900 more in
January. Of this amount they have sold to the
public, in the course of four months, about
s4s 900 900. How much more can they take?
Will Congress offer United States stocks so low as
to invite competition from abroad? Or will the
exigcncy be met by the passage of a very simple
bill authorizing Mr.. Chase, at his discretion, to
pay the creditors of government in Treasury notes
bearing nominal rate of interest, and rendered
legal tender by law? These are problems which
are engrossing public attention in Wall street.
The banks to-day paid into the Suh-Treasury
s4,056,s34 in gold and demand notes, being their
first payment account of the last loan nego-
tiated by Mr.. Chase. The aggregate proceeds of
that negotiation were $44 056 1884, and to-day's
payment leaves $40 900 900 subject to the draft of
the Secretary. Orders have been received at the
sub-treasuries of Boston, New York and Philadel-
phia to sell no more Treasury notes bearing date
August 10, the public having absorbed about
sis 900, 900 Of them. The following was the bust
ness of the Sub Treasury to-day
receipts. I'll O34 46
-ror CUSTOMS .......................... 99,O0O W
On account OF loan 1888 497 "A
Payments, including redeem per CT notes $685. 49 81
balance. 9,S42Sl6 Al
The exchanges at the Bank Clearing House th
morning were SIS, 1853 ,266 49, and the balances
81 $50 1927 CT.
The Boston T,'oceler Of yesterday says:-
Tho Boston Clearing House to-day reports the specie
holding by the city banks to be s. $50 600 in gold svers
and copper coin, which is much the largest yet
attained by these institutions this year AT least
million more is dlefrom New York The Sub Treasury
also holds five millions, which will be paid FOR
the public service.
The weekly statement of the Philadelphia banks,
made up on Monday afternoon, presents the fol-
lowing aggregates as compared with those Of the
previous week.
Dec. q Dec. q.
e. n-n