The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-01-29
62s ,s42 1888 III 1902 $50
Dec. ;. 5000 1857


Dec. s2Oss, 1857 62s,s42 1922 1902 $50
The heavy decrease in the loans and in the depo-
sits is in accordance with the policy indicated by
the last three or four bank statements. The loans
are now pretty well down; it is probable, however,
that a further reduction will be effected, in order
to enable the banks to live up to the rs per cent
standard The reduction in specie is of course the
effect Of the ub-Treasury gain, equal to about
three millions during the week. Our banks have
gained specie since last Monday, and will continue
to gain for few days; their accumulation OF gold
drawn from Europe will, however, soon be check
ed now.
The money market continues dull; quotations do
not vary much. A few choice names pass at
seven per cent and fair names, not connected with
the Southern trade. at 8 IL. There is now just
as anxious an inquiry for Western names as there
was for Southern in 1857 and 1868. On call q fair
demand exists at a Z per cent.
There is very little doing as yet in foreign ex-
change. Bankers ask LOT, and the indications are
that tomorrow they will get it. At this rate, with
money worth seven per cent in England, there is
loss on the importation of bullion from the other
side.
The stock market opened dull and heavy, but
| improved after the first board. In the afternoon
| things were steady, and the market closed firm
Very little business is doing and operators gene
rally are waiting the course of events. There
seem to be some sales of Erie going on, appa-
rently for foreign account; and Illinois Central
drops about one per cent day, seemingly from the
same cause. Pacific Mail also keeps declining,
and the street is full of rumors about opposition
&C. We have no reason to believe that there is
~, u<nr oh tho
ply Of stock in the street has evidently increased
of late. These downward movements affect the
whole market, and depress even the shares of
Western roads, which otherwise would, in the
present condition Of the money market and of
railway traffic, attract the attention of operators
1t is hardly likely, however, that these causes
will continue to operate for any length of time
The following were the closing quotations of the
day:-Tennessees, Is "a; Virginia 6's, 7sH a rs;
Missouri s's, GO rs Canton, Is l6; Cumber-
land Coaa preferred, 10; Pacific Mail, 86 a;
New York Central, sO1S Il; Erie, SO u; Hudson
River, 45 a ~ Harlem, 1871 Is; Harlem pre-
ferred, s71s q 49, Reading, 45A q As; Michigan
Central, sly. So; Michigan Southern & Northern
Indiana, 1917 "A; do. guaranteed, 1874 "a; Pa
mama, 1877; Illinois Central, 70 x; Galena and
Chicago, 72a4 49, Cleveland and Toledo, 3424
35; Chicago and Rock Island, 58H H Chicago,
Burlington and Quincy, 1871 rs.
The steamship Etna, with four days later from
Europe, arrived this afternoon She brings
81 500 900 in SPECIE The financial embarrassment
in Paris still continued when she sailed and fur
Their advance in the rate of interest was antcipat-
ed. Some of the newspapers continue to specu-
late on the probability Of q suspension of specie
|, payments by the Bank but nothing had occurred
10 warrant the expectation Of such an event. The
news of the difficulties with regard to the ship
ments of cotton had caused quite excitement in
the liverpool cotton market; the sales Of the four
days preceding the sailing of the Etna were
80 600 bales and the market closed steady at an
advance of HaH. Breadstufs were rather easier.
The British funds were a fraction lower, the cause
assigned being the financial condition of the Bank
of France Money in London was offered below
the Bank rate. For the latest quotations of Ame-
rican securities see the news pages.
The Now York and Erie Railroad Was sold at
noon to-day by Mn Anthony Blocker, the auc-
tioneer, to Messrs. Dudley 8. Gregory and J. G.
Bancroft Davis, trustees under the new organiza-
ton. The sale was on the foreclosure Of the fifth
mortgage bondholders, under an order of Philo T.
Ruggles the price 1920 900, the balance of the
interest due on the fifth mortgage. The property
was sold subject to the lien of all the mortgages,
and to the arrears of interest due thereon. Messrs
Gregory and Davis became the purchasers az above
stated subject to the conditions of the contract Of
reorganization. Theirs was the only bid offered.
Payment Of the price is to be made on or before
3lst December next between this and then moneys
derived from the net earnings of the road are to
be applied to the payment Of interest on
the mortgages. BY this sale the payment
of the mortgage interest in arrear and
the organization of the new company are insured.
The unsecured creditors and stockholders of the
company who have not assented have now six
months in which to assent to the plan Of reorgani-
zation. after which their rights will be cut of by
this sale. The amount Of mortgage interest in ar.
rear at this time the fourth and fifth mortgages,
the payment Of which is now necessary to secure
the road is about $796 400; but this amount will
probably be considerably reduced before Decem-
Der 81 by the operation Of the road the net earn
ings being applicable to the payment of it after
payment Of interest on prior mortgages. II is also
probable, as We stated the other day. that the new
company viii have to make some assessment under
the contract, in order to pay whatever may re-
main due on the bid when they take posses
sion of the property. Under the new organization
the bonded debt is about $40 900 OoO the preferred
stock about SIC, 600 900, and the common stock
about 81 900 ,0O0 making an aggregate Of about
$40, 000, 900.
The business of the Sub Treasury was as follows
to-day
heceIpts $4f5 $40 90
l-FW ZSOO0 10
hyHens.... .............. sol OO6 III
Nhnc0.s
| The exchanges at the Bank Clearing House this
mcning were $25,424,s56 AZ, aud the balances
SHAFTS "a.
| Mcvrs. William and John O'Brien offer for sale
S000New York State skies Of 1878.
| Gov.Sanks has arrived at Chicago, and has en-
tered ubn his duties as Vice President of the
Illinois Cutral Railroad.
The copons Of the bonds of the City Of Mem
| phis, due January L. guaranteed nv the qtafc of