The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-11-15
FINANCIAL AND COMMERCIAL.
THURSDAY, Nov. l4-6 P. NJ

lHtHsBAf, NOV I'D L. NJ.
Mr.. Secretary Chase arrived in town last even
ing, and this morning met the Committee Of Bank
Presidents, at the Bank of Commerce, to confer
upon the subject Of the forthcoming loan. Re-
representatives. of the banks of Philadelphia and
Boston were present The meeting lasted all day.
and at the close the business in hand was still IN
adjusted. 1t is understood that difficulty exists
with regard to the third fifty million loan; but the
banks are anxious tn settle at once the question of
the 500 900 900 of funded stock. Mr. Chase is un
derstood to he opposed to an issue Of seven per
cents; the present six per cents are selling at dis
count Of five per cent. The question is, what
rate of interest shall the new skies bear?
Money is dull at six per cent on call The
banks are receiving so much money from the Sub
Treasury, in reimbursement of their subscription
to tife popular loan and in payment of drafts of
disbursng officers, that their deposits are heavier
than they can use. First class paper is much
wanted. At the discount houses tie best names
pass readily at a 611a per cent, and single names
of the highest grade at 7 as.
Foreign exchange is frmer again. The leading
bankers ask 1887 for sterling and 5.25 for francs
combination is said to have been formed among
some of the leading drawers to put up exchange,
way to defeat al schemes OF this kind is to open
a cotton port and send cotton abroad. Importers
and others who need bills should be in no hurry
about buying at present prices. A few shipments
Of cotton will make the bankers much more rea
sonable in their views
The stock market wss, on the whole, much
steadier to-day than might have been expected
after the advance Of the past few days. There
was good deal of realizing in Pacific Mail, New
York Central, Rock Island and one or two other
speculative stocks; but, general rule, the or
ders to buy fairly balanced the orders TO sell. The
irmest stock the list at present seems to be
United States SKIES which advanced, the coupon
stock "a and the registered "a to-day. These skies
are being taken for the nse Of the Bank Depart
ment, and will doubtless be largely used through
out the country as banking basis. They used, a
year or two since, to be favorie investment with
foreigners at l20. As soon as the news of the
Beaufort affair and of the prospect of reaction in
Tennessee reaches Europe they will not be like
ly to be offered much longer in our market at q
discount. Mssours were hrmer to-day, and
touched 46. Quite considerable amount of these
securities are said to be finding their way into the
pocketbooks Of wealthy men, who calculate to
keep-theI couple vi years, ana tbea sen tHeth ~
their ola price-s5 to 90. They are, as is known'
a first mortgage on railroads which have cost
$35 600 900 to build; the whole issue is about
$25, 100 600. Erie securities were active to-day,
The preferred rose q per cent, the common stock
rose q at the first board and fell back in the after
noon 80 yesterdays price. The bears appear tc
be deyo;ing an unusual amount Of attention TO Erie
OF late Galena is very firm at yesterday ad