The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-07-12
FINANCIAL AND CONNER CtAL

''ie money market il very duh. Gilt edge pa
per ia growing very scarce; The right names, on
short accepiances, 90 readily az per cent.
Second cIass paper continues 10 be avoided by
capitalists, and no quotations can be given, The
recent sale Of { 10000 United States Treasury
notes is tie prevailing topic of conversation.
Several houses and institutions complain of not
having been offered chance OF taking share. 1t
is probable that hey VIII al have an portun'ty
of buying Treasury notes before many weeks
eiapsc. Aumor asserts that under the $3.50 000,CC0
loan act Mr.. Chase will AT first Try the pub
Tic pulse by an offer of small Treasury
notes, and many think that they viii at
once be adopted az a currency, and will
supersede the bulk Of the bank notes now cur
rent. No,hingis yet known Of the intentions of
The government. Nj. Cisco is satisfied, from what
be hears tina, tie Urea .ury viii get al the money
needed, and al a reasonable rate.
Nothing is yet doing in foreign exchange. The
market locks firm. hankers are buying CONNER
cal bills at fBG1I q lor sixty days. and 1907
u for short sight. There is no demand from The
trade, and bankers The only buyers in Tie
market. There are some Southern bills in mar
ket accepted in advance by British banks. They
command o high price.
stocks were again better today. An impress
sion gains ground among SPECTATORS that the
forthcoming award Of large amounts Of Treasury
notes viii have the same effect az an expansion
of the currency or Of b8nk credits, and that il will
tempt speculation. On TIE strength OF this theory
some leading bear operators covered their con-
tracts this morning, creating quite demand for
the leading speculative stocks. Thus Pacific Mail
advanced a, Central "a, Hudson !, Reading "a,
Michigan Southern ~ Illinois Contra. !, Galena
y, Toledo -, Rock Island n. With such
tendency in The market il is Of course idle to re-
mark that all Increase in the volume Of Treasury
notes in circulation cannot increase the value OF
either merchandise, or stocks or land, and that so
far as railroads are concerned the new issues can
not affect them otherwise than irjurously. But
the current just now rms the other way, and it
must take its course. State stocks were also bet
ter to-day. At the morning board Tennessees ad-
yanced "A per cent, Virgnas n, North Carroll
mas ~ and Missouris -. There is a steady
absorption OF these stocks going on mainly, We
presume, by people who expect the war to end in
the acceptance by he North of the Crittenden
compromise, with the additional clause stipu-
lating that the Confederate bonds shall be
paid by New England. Governments were
"a, and the fyes Of 1874 2 per cent. The
Presidents Message and Mr.. Chase's manly report
have strengthened the cause of the government
vastly in financial circles Between the boards
stocks were firm at q small advance. At the
second board the market was rampant and stocks
closed firm, the following being the last quota
tons-United States 6's, registered, 1881, SIS Ss;
DO. 6's, coupon, 1884, ss1s $50; do. SIS,
1874, sl1& 49, Indiana SIS, 76 a. II; Virginia 6s,
4734 4s; Tennessee 6's, Al ~; North Carolina
G's, "a So; Missouri 6's, AZ 4214; Pacific Mail,
Az IS; New York Central, 1914 75I; Erie,
1874 1874; Hudson River, 35l4 1874; Harlem,
10 l0l4; do. preferred, 20 a 1914; Reading.
371% 372.; Michigan Central, Is a 4514; Michigan
Southern and Northern Indiana, l3i4 Ia; do.
guaranteed, 29l4 29%; Panama, 1927 a 10;
Illinois Central 6s1lI es34; Galena and Chicago,
esq G52s; Cleveland and Toledo 265s a 26&.
Chicago and Rock Island, 81 3714; Chicago
Burlington and Quincy, So a 49, Delaware, Lacka
wana and Western 10; Milwaukee and
Prairie du Chen, Ia I4554; Illinois Central bonds
rs, 90t a -; Delaware and Hudson Canal
81 a s211l.; Pennsylvania Coal, 1874 70.
We have received the following communica-
tom
TO THE EDITOR OF THE HERALD.
bonde would Ike to have the views .: the herald upon
the enclosed act OF the Tennessee legislature Southern
Legislators radical and In TIA present revolution
have taken so few seps backward thai fear the danger
s that they will not only do ali they have said in ths
act, but that they VIM 30 further, and even repudate
like Nssssi pp and Florida It seems 10 that by
COLLATION. the Tennessee legislature deduct the
Of the from her Northern bono debt and then
pay the balance, II there be any balance lett. Your
upon the future Of these bonds will be read with
interest by at least bondholder may of ser
vice TO Others who have confidence 10 your judgment
The business Of the Sub Treasury was as fol.
lows to-day
RecelpN.. SS4,4s0 IS
oZo "a %
bAiance'' ooAU lao %
The Lamar Insurance Company has declared
semiannual dividend Of four per cent, payable on
demand. The Bank Of Savings Blocker street,
will pay interest at the rate Of FIVE per cent per
annum on sums under FIVE hundred dollars and at
the rate Of four per cent on larger sums; the
civ Eop1 ~ tI,a coxo 20 C..