The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-08-10

r FINANCIAL AND COMMERCIAL
FRIDAY, August Sc =. NJ.

The money market is quite dull; first class
paper is not to he had, and second class names
are sold with difficulty. A failure of grocery
house is reported; the disaster is understood tn
have been unconnected with the war, and to have
arisen from special causes. The brokers are Dor
rowing at per cent, and there is more money
offering at this rate than they are able to employ
Exchange is lower, but the market continues
extremely dull. Bankers ask 1921 but sell at
l07 a n first class mercantile bills go at 1867
q. Francs quoted, for bankers, $50 5.3aN
The leading drawersi say tssti iottxshg their rate
does not increase tn II sales There is no demand
whatever for bills among the Importers, nor is
there likely to be much demand AeFRstep xisJsisg
from the volume of our f i1hb5ftatIoSts. Yihe M
portatios of dry goods for the week ending to-day
is only 1854 SCI, against 81 627 $50 for same week
last year, and s3.s4O,42s for same weAdSfahaes.
At this rate our exports of food will pay for all
the foreign goods we consume.
Stocks were dull this morning, but prices were
better. The bulls are arguing that the Treasury
note expansion must benefit stocks, and the bears
seem to be offering but feeble resistance. An
issue of Treasury notes will hardly increase railway
traffic. render the people of yire MIA better able
to pay their debts than they arc a. present; but.
govern the movement of prices. At the morning
board to-day government skies (coupop) were =,
better; the registered were steady. The two year
Treasury notes rose Il; people arc already buyirg
these as a currency. Tennessees were quite
active, and rose q; Missouris also rose "a; Virgil
Mas and North Carolinas were steady at yester
days prices Among the railway shares very little
was done, but New York Central improved ~
~ a. " MI. l.
fully bought speculation by the street operators
and if no accident occurs they look for smart
advance in them. Illinois Central, Rock Island
and Erie were steady at yesterdays prices. After
the board the market was firm at the highest
prices of the morning. AT the second board quite
buoyant feeling prevailed, partly owing to ru-
mors OF successful government negotiations with
the banks The market closed firm, the following
being the last quotations:-United States G's re
gistercd, 1881, IS ss14; do. 6's, coupons, 1881,
IS a SSA; do. SIS, 1874 80 so1h; Indiana SIS, IS
Il II; Virginia Gs, So a 81; Tennessee 6's, 4534 a
~; North Carolina 6's, 20 II; Missouri G's, 44H
4i1&; Pacific Mail, 1874 &c; New York Central
74I 7434 Erie, 2G1s 2G''44; Hudson River, 3aH
80; Harlem, 1917 H. do. preferred, 1914 %;
Reading, 365s 36s4; Michigan Central, AZ a AZ:
Michigan Southern and Northern Indiana, 1871 Il
Ia; do. guaranteed, 2ss4 so; Panama, l07 los;
Illinois Central Gi1a Go: Galena and Chicago,
G5H 6594 Cleveland and Toledo, sO1l 3OSs;
Chicago and Rock Island, 4Oa4 Al Chicago, Bur
lington and Quincy, So a $50; Delaware Lacks
wanna and Western, 20; Milwaukee and Prairie
du Chen, Is lG; Illinois Central bonds, rs, $50
a 90; Delaware and Hudson Canal IS.
The Secretary Of the Treasury arrived from
Washington this morning. and met number of
leading bankers at the Bank of Commerce at one
p. NJ. lie explained his financial programme to
them and elected their views with regard to the
disposal of the various classes of Treasury notes
which he is authorized to issue by the recent act Of
Congress- The conference broke up at four p. NJ,
without any formal understanding having been
reached. We believe that the bankers are invited
to meet Mr.. Chase for further conversation at the
residence of Mr.. Sub Treasurer Cisco this evening,
and tomorrow, possibly some definite shape may
be given to the Secretary's plans.
The following is an extract from letter ad
dressed by leading banking house at Mobile to
their correspondents in this city, under date of An
gust 2:--
Under government orders all letters super
vised by officer at each point preventing renttances
Except abroad) out of the confederacy.
This is q very fitting sequel to the acts of repu-
diaton passed by the Confederate Congress and the
various Legislatures of the rebel States. The Post
Office under the management of the rebel govern
mcnt, is to be converted into an organized spy
department; and, by the aid of discoveries made by
spying into private letters, the honest men of the
rebel States are to be punished for paying their
Just debts. 1t does not appear likely, however,
that such prosecutions will bo common.
As general rule, the merchants of the South have
acquicsced cheerfuy enough in the repudatng
policy of their government Whatever the cause
may be- the fact is certain that the Southern peo-
pleas a wLoe--eTincc very little scruple ut
cheating their Northern creditors, and very little
shame at the degradation which they have brought
on themselves. Letters arrive here daily via
Louisville, from Southern debtors to Northern
creditors declining, in various phrase, to pay their
debts. One man will pay when the Glholy war'
ceases: another has uscd bis creditors money to
2. out regiment against Lincoln aboto4ists.n