The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-04-12

| the Bank OF Commerce at Eai past four, Ii order
to subscribe the 81 100000. AT five p. NJ. it was
| generally understood by gentlemen present that
everything was settled, and that bid for that
amount would be sent off by telegraph this
morning. When this morning came il
was discovered that, in fact, nothing
was settled, and that few, if any.
of the bank managers, private bankers or capt.
talists were willing to subscribe. Consequently
no bid was sent by telegraph as had been intend
ed, but Mr.. Chase was advised to postpone open
ing the bids till four p. M. Meantime, Mr. H. p.
Vail, Cashier of the Bank of Commerce, efficiently
aided by Mr.. Sub Treasurer Cisco, set out with
subscription list, and spent the day in endeavor-
ing TO obtain bids. By three P. NJ. they had
succeeded in obtaining bids to the amount of
s2,5O0OO0, and it was then understood that pri-
vate individual had agreed to take the balance at
par These bids were teegraphed to Washington
at once. At the hour we write nothing further is
known on the subject.
The history Of this negotiation will teach Mr..
Chase that the advisers who counselled him to re-
ject all bids under 81, when he offered his six per
cents, were wanting either in judgment or in know
ledge of finance. The Treasury notes awarded
to-day could not have been sold at all but for the
immense exertions of parties who have no con-
necton with politics, and not the least influential
OF whom is leading member of the party OPP
posed to the present administration. What they
did they did purely out of regard for the
credit OF the government The fact that
such exertions were needed has inflicted
as severe blow on that credit as anything
that has occurred since secession began. Ever
since the retirement of Mr.. Thomas and Mr.. Clay
ton from the Treasury Department the public
credit had been steadily improving until the
stupid mistake of April 2 was committed. Fl
nanciers and capitalists in Wall street, regardless
ofparty predictions, were ready and willing to
sustain the government with money on the broad,
general ground that it is the first duty of the ct-
zen not to let the republic rot to pieces. They
showed that readiness by offering Mr. Chase
$50, 900, 900 when he only asked for SS,000,000.
When he arbitrarily rejected their bids, and
did so in manner which threw a flavor
of corrupt favortism over the rejection, he cooled
their patriotism in a surprisingly rapid manner,
and created prejudice against himself of which
to-days negotiation is the first evidence. 1t is
asserted in some of the administration journals
that Wall street is enraged with Mr.. Chase be-
cause he would not suffer the brokers to make
money at the public expense. The brokers whose
bids Mr.. Chase rejected are on the contrary, very
much obliged to him for what he did. He has
saved them about - per cent on the amount
of their bids. They can now buy his stock in open
market at about "a per cent less than they offered
for it in the bids which he rejected The journals
which sheer at the general indignation felt at
Mr.. Chase's proceeding on I'd of April exhibit
equal ignorance of the facts and misapprehension
of the motives of our moneyed men. That ndig-
wa cal tha uiofHo
that Mr.. Chase had thrown away an opportunity
of making good negotiation for the govern
ment, and had inaugurated his official career by
making enemies of nne-tenths Of the capitalists
of New York. To-days event justifes the feeling;
we must now see whether Mr.. Chase will contrive
to redeem his character.
The money market continues dull, stless and in
animate. Nothing is doing worth mentioning.
Very little paper is to be had and no banks are
earning dividends except by extreme good fortune
or good management.
Little nothing was done in exchange to day.
Rates have not varied.
The stock market was lower this morning aud
quite panhcky on the Western shares. Between
the boards, however, the scarcity of stock caused
pretty general rally, which continued through
out the second board At the morning board
Central q Galena L, Toledo IA, Burlington |,
Reading 21a, Hudson ~, Harlem preferred l,
Panama /, Erie II, New York Central 4. State
stocks were generally lower: Tennessees fell u,
and Missouris l per cent United States bonds
of 1881 were generally steady. In the afternoon
there was recovery of about "a per cent all
round, and the market closed steady at the 6l-
lowing quotations. States SIS, 1874, IS a
or. IV..4n CtoSa n
9l; United States SIS, reg, 1851, SO 93 Virginia
6's, 6s1S &C., Tennessee 6's 20 a 7014 Missouri
6's, 591a 5924; Canton, 1871 Az; Cumberland
Coal preferred, 8 a 61l; Pacific Mail, IA Tx;
New York Central 1881 o 1875; Erie, 241s 2i24;
Hudson River, 40 401a; Harlem, 1917 1881; do.
preferred, So 3511aa; Reading, 3G% 36s4; Michi
gan Central, 491a so; Michigan Southern and
Northern Indiana, 1879 IA; do. guaranteed, 3l1s
a 3l14; Panama, 1881 lO91a; Illinois Central,
6s1S a 6sss; Gaena and Chicago, 6s1s 6s4;
Cleveland and Toledo, 1873 80; Chicago and
Rock Island, 4s24 4914; Chicago Burlington and
Quincy, 6s14 6s1l; Delaware, Lackawana and
Western, 81; Illinois Central bonds, rs 9i1a 95.
The business of the Sub-Treasury to-day was as
| foows:-
Receipts. sl2i 500 II
For customs. zoo w
Payments. 2027S2 80
Balance ol9o,9oa IL
The exchanges at the Bank Clearing House this
morning were S25,92l,745 50, and the balances
sl,47O, 343 20.
The Manufacturers Insurance Company of Bos-
ton has declared q semannual dividend of fifteen
per cent, payable on demand.
The Chicago Press of the Sth inst says, re-
| speeding the currency troubles at that point
The brokers buying the rejected at rs cents and
hear OF outside parties paying small fraction higher.
Seventyfve may be regarded the 'current rates"
Tho volume Of currency has been reduced about
half by the thorough revision bankers have given IT,
The Illinois list embraces s. 665 002 and that OF wscon
SIN 81 0S3 52S. The foongs 81 1ls $50 The bros-
ers row buying the stuff at rs cents but II