The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-11-19

$500 900, being the fourth ten per cent on the
second fifty million loan; the disbursements, how
ever, are going to be very heavy this week. and
the prospect is that the banks will show gain
instead of q loss next Monday. Altogether, the
position of our banks is very solid, and their pro-
fits under the arrangements with government must
be very large; they present remarkable contrast
to the melancholy condition of the banks in the
rebel States, which are all suspended, and general
ly utterly bankrupt.
The money and exchange markets were quite
dull to-day. Paper of the highest grade is
passing at per cent and call loans can be had at
the same figure. Exchange looks a. though il
might drop tomorrow. The spectators in bills
do not fancy the idea of fund of $50 900 O0O in
London against which our banks here can draw in
the event of exchange rising. We presume that
1881 would not be refused by many bankers for
the best bills.
The stock market was sharply attacked by the
bears this morrin~ the strength of the expected
trouble with England about the capture Of the
rebel Commissioners, and few timid holders were
frightened into selling their stocks. Hence decline
81 "a "a per cent on the whole list took place at
the morning board. The decline, however, brought
in fresh buyers in the afternoon from the ranks of
those who are not believers in England's going to
war in the teeth of the Queens proclamato a, and
the plainest principles of International law, and
sharp reaction ensued, prices generally rising to
the points at which they stood on Saturday The
bears have been getting out pretty large line dur
ing the past day or two. Should any favorable uews
give stocks another upward turn another stampede
would be witnessed. Pacific Mail fell l1s per cent
In with mr. Ia calo ;,
of the first stocks to feel the evil effect of war ru-
mors, as the boats on the Pacific are defenceless
Erie Of both kinds declined Il q per cent the
preferred was hammered in the afternoon. Az
general rule the Western shares were
pretty well sustained; they closed at about
Saturdays prices. The market at the close
was firm, the following being the last quota
tons:-Unted States 6s, registered, 1881, 93sS
~; do. 6's, coupon, 1881, "a a u; do SIS, 1874
IS a a; Virginia 6s, M 40; Tennessee s's
43s A; North Carolina 6's, 60 q; Missouri G's
i41 "a; Pacific Mail, 90 a 90; New York Cen
trail, sos a "a; Erie, a39S a "a; do. preferred
1914 Il; Hudson River, 3914 40; Harlem, 3994
a 49, do. preferred, 1224 49, Reading, 334 10;
Michigan Central, 1914 4 Michigan Southern
and Northern Indiana 1879 1917; do. guaranteed,
1874 1874; Panama, ll9 "A; Illinois Central,
6234 SO; Galena and Chicago, 1874 a "a; Cleve-
land and Toledo, $685. q; Chicago and Rock
Island 571S Il; Chicago, Burlington and Quincy
81 So; Milwaukee and Prairie du Chen, q %;
Illinois Central bonds, rs, SO 4; Delaware and
Hudson Canal, s54 Sc; Pennsylvania Coal, 70
q so.
The negotiation by the Treasury Department of
s50,OOO,COO United States skies at about 92s4 per
cent has directed attention to the value of these
securities in times past. A review of the course
of the stock market for the last eighteen years
shows that the average price of United States
skies during that long period of time has been
aooat l16 per cent, though during most of that
period money has been worth on the average in
New Yorn . to 10 to II per cent per annum. The
folio wing table shows the average quotations for
United States skies during the years mentioned