The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-11-26

| ping point, the banks would hypothecate portion
| OF the new six per cents in Europe and draw
| against them. The new bonds are not ready, and
| will not be for some time to Gomez but We have
reason to believe that private individuals likely
| to obtain credits in Europe on the deposit of 730
notes, and thus to place themselves in condition
to supply the demand for bills here should it con-
tinue. We incline to the belief however, that the
sudden advance of ~ per cent in bills in week
is more directly due to the operations of specula
tors in exchange and probably likewise in
stocks, than to any other cause and that
it will be followed by speedy collapse.
So long as we can export between three
and four millions worth of produce per week, while
we are not importing, on the average, over two
millions worth Of foreign goods, il is easy to see
that an advance in exchange is unnatural and must
be forced movements aud that, without taking
into account the supply of bills which can in case
ofneed be obtained by the hypothecation of United
States securities abroad, by the seizure and ex
port Of cotton from the Southern ports the laws of
trade must sooner or later assert their legitimate
sway, and the difference between our purchases
from and our sales to foreign countries must be
paid to US in gold, or placed to our credit in Eu-
rope by our foreign customers.
The stock market opened this morning with some
degree of firmness, and rather tendency to ad-
vance. But as the call progressed, fierce de-
monstration was made against one or two leading
speculative stocks by the principal bears and, at
the same time, rumor was set afoat that ex-
change had risen to the specie exporting point,
and that gold was about to flow outward Inquiry
proved the falsty Of the latter story as exchange
must rise "a per cent at least-say to l0994-be-
fore gold can be shipped without loss. But
it had done its work in frightening some weak
buyers, AID general decline ensued. The bulls,
adhering to the policy they pursued last week, op-
posed no resistance to the downward movement,
but let the bears sell all they wanted. The de-
cline continued throughout the day, the bears
hammering the market ut the second board with
increased boldness. Comparing the quotations of
this afternoon with those of Saturday, we note
decline of 81 in Pacific Mail, 2 in Mis-
souris, l in Central, l in Erie, in Hudson River,
q in Panama, T. in Toledo, IA in Galena, "a in
Rock Island, q in guaranteed, ~ in Michigan
Central; governments were steady and bank
stocks; everything else shared the decline. At
the close the following were the quotations
United States 6's registered, 1881, 92] 50; do,
SIS coupon, 1881, SO 931a do, SIS, 1874, SO "a;
Indiana SIS, IS a 70; Virginia s's, Al ~; Ten
nessee 6's, HA AZ; North Carolina 6's, SO co;
Missouri 6's, 4l14 Az; Pacific Mail, S6M 81;
New York Central, 7714 77ss; Erie, 292S 2911ss;
do. preferred, 5l1I 81; Hudson River, SO 3G1l;
Harlem, ll11a y; 10. preferred, 2s11 81; Read
ing, 331a 34 Michigan Central AK q As; Michi
gan Southern and Northern Indiana, l7sS a Tx;
do guaranteed, SO a61aa; Panama, lib ia; H.
linos Central, 6014 a Co.'s Galena and Chicago,
69s4 a 10; Cleveland and Toledo, 1914 3314; Chi
cago and Rock Island, 52114 522s; Chicago, Bur-
ington and Quincy 60 81; Milwaukee and Prairie
Du Chen, 10 20; Illinois Central bonds, Is SIX
88; Delaware and Hudson Canal Company, 81 q
IS; Pennsylvania Coal Company, IS so.
The new six per cents, of which the banks have
taken fifty millions at 9294, are now selling in
open market in small lots at 93L. The advices
from Washington justify the belief that the com
bined operations of the Union armies under Gene
raj Mcclellan viii render it impossible for the re-
bells to protract the struggle beyond this winter;
that in thirty days all the best seaports on the At
lantic coast will be in the hands Of the United
States forces; that well appointed army Of
100000 men with a powerful and heavily armed
feet is about to descend the Mississippi, while
another army equally irresistible will shortly as
cend that river from the Gulf; and that, thus en-.
circled the rebellion must perish of atrophy, even
without great battle. Under these circumstances,
it is almost certainty that by March or April
next, investors will be running after these bonds
at premium, and the banks will make hand
some profit by their negotiation. On the other
hand, the prospect is fair that the bears who have
tried to make money by selling these securities
short, viii not only find themselves the objects
Of general scorn and indignation-as men
who tried to make money by the ruin of their
country, but will be taught by the severity of their
losses the impolcy of their constructive treason.
Events are now passing before US with such ra-
pidity that the public have no time to dwell upon
trifes. But a time will come when people will re-
member that in the darkest hour of the counry's
peril there were men in Wall street who devoted
their whole energy and ingenuity to the endeavoI
to destroy the public credit, to spread alarm in
the public mind and to deprive the government O
The means of carrying on the war;
The recent successes of our army and the pros
pect of further triumphs have stimulated the pub
lie within the past day, and caused an increase
| in the subscriptions to the popular loan. To
day half million was subscribed at the Sub-Trea
| sury in this city. Mr.. Cisco has called upon the
banks for the seventh ten per cent Of the second
! fifty million loan, payable tomorrow. The follow
| ing was the business of the Sub Treasury =
Receipts. 81 Sol sol j.
For Treasury notes AT 500 &C
Payments including redeemed CT notes 042 106 u
BALANCE. 400 ,35o "
/ The exchanges at the Bank Clearing House this
| morning were s26, s52 ,533 a., and the balances
| 1905 ,764 10.
The Cleveland and Toledo Railroad earned the
| third week in November:
$780, 1880
increls6. 81 ,41o
! The receipts at tide water Of -four, wheat corn
and barley, for the third week Of November, 1860
| and 1861, have been as follows
Flour, Wheat, Corn, Barley,
Ml bushels Bushels 6usheis.
! 1901. 74,7oo l,5594oo 2ss,loo 2ss,e 900
! 1861. .....131 500 1865 900 93l 500 1914 500
Increase. 81, 100 395 GOO CTS, 700 Dec. "a 400
The aggregates Of the receipts of the above ar
tices for the wears 1860 and 1861 have BEEN