The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-09-19
FINANCIAL AND COMMERC GAL

Liz recent excitement IN The money market mas
altogether subsidized, and money is freely offered at
per cent, though many loans continue to bear
interest at 6. Paper is not SO readily sold as it
was; when the United States bid $40 for
money merchants can hardly expect to sell their
obligations at 6, though call loans may be one per
cent lower. The various financial institutions of
this city always require TO keep on hand enough
money to establish difference in dull stock
market, of per cent between call loans and the
best paper.
1t transpires that some of the spectators in
foreign exchange burnt their fingers yesterday,
and were unable to dispose of all the bills they had
purchased. They made money, however, as a
general rule; they sold at 1857 q what had cost
them lO734 los.
Stocks were better to-day, though the business
transacted was small, At the first board virginas
rose II q, Mssouris a. New York Central q, Pa
cifc Mail a, Erie Is, Galena ~ the only exception
to the market being Illinois Central, which declined
a. Stocks continue very scarce indeed, and the
general tenor of the news Is not favorable to the
bear party. Nothing short of an overwhelming
defeat of the United States forces can cause ma
teral decline in prices in the present condition of
the money market and the present temper Of the
public mind. The reports from the West are more
favorable for the Western railways. The stoppage
of traffic on the Mississippi is driving all the grain
grown in the States adjoining that river to Chicago.
The roads which traverse the State Of Illinois have
more freight offered than they can carry, and,
as matter Of course, their passenger bust
ness will improve in consequence by and
by. fair illustration of the movement
is afforded by the increase in the earn
ings of the Galena--s249245 in the
last eight months-4H per cent on the capital
stock. We hear that there is reason to believe
that the New York Central and Erie are about to
agree upon fair tariff Of freights and so terminate
the recent competition. After the board the mar
ket was quite steady. At the second board stocks
were all better, and the market closed steady the
following being the last quations:-Unted States
6s, registered, 1881, 90 9O1s; United States 6's
coupon 1881, 9O1S 9OaS; United States SIS, 1874,
So sou; Indiana SIS, n 10; Virginia 6's, 5l24
SO; Tennessee G's, 427s 4311S; North Carolina 6's
6IA 62; Missouri 6's, As 43S; Pacific Mail s2s4
SO; New York Central, 72124 72Js; Erie, 25s4
26; do. preferred, 46 AZ; Hudson River, S3L 81;
Harlem l014 1915 do. preferred, rs 26; Reading,
IS 351s; Michigan Central, AZ a 421s; Michigan
Southern and Northern Indiana, 1917 q 1877; do.
guaranteed, 30A 3024; Panama, 1887 a 100; II.
inols Central, 651s 6514a; Galena and Chicago,
6914, 6a3s; Cleveland and Toledo, 2911s a 295s;
Chicago and Rock Island, 4311 4s54; Chicago,
Burlington and Quincy, CT CO; Delaware, Lacka.
wana and Western. 67 6s Milwaukee and Prairie
du Chen, III ls1a; Illinois Central bonds U.s. go
90; Delaware and Hudson Canal, SO s31s.
The article from the London Times which is
copied elsewhere, shows that that journal deems
it unsafe to continue to oppose purchases of our
national securities in England. Its endorsement
OF American credit, extortcd as it Is by the force
of the facts, will not be without its effect in
England. In the course Of few weeks the CON
sumption of United States Treasury notes will |
probably be greater in Great Britain than here, !
though 1t is possible that foreigners may have to !
pay premium for them
1t would be well for the Secretary of State and
the Secretary Of the Treasury to have an occa.
slonal interchange Of views, as the recent pro. |
ceedngs OF the one are seriously interfering with
the policy OF the other. Within the past few DAYS |
the agents Of the Secretary of State have been !
constantly running up and down Wall street in |
chase of Southern money. They have seized |
$40 600 in one place. IS 900 in another, 800 900 in
third box of papers in one bank, a roll of !
notes in another, bundle of bonds in an |
other, a trunk of vauables in fourth-thc |
whole belonging or supposed to belong to
citizens OF the States now controlled by |
the rebels. The consequences of these coniisca-
tons are q gain to the United States of perhaps |
sj0, 900 $50 600, and loss of several millions to
The city of New York; for the moment it became |
known that Mr.. Stewards agents on the track |
of Southern money, every bank and banker made |
haste to remit all he had to Europe for safety |
rightly deeming his duty to his client paramount to
every other consideration. The consequence of !
this sudden transmission Of moneys to Europe has |
been considerable reduction of the bank deposits
here--a rise in exchange TO within % per cent of
the specie rate--and general disturbance Of the
money market which, with other causes, has re-
luced the popular subscriptions to the national
oan fifty per cent. 1t may be very right and
proper, perhaps, to despo the Southerners who,
relying upon our honor, sent MS their moneyto
keep, when they could not trust the rebel govern
ments whichhad usurped authority over them; but
surely it is fatal error to crafty patriotic zeal in
this way, when the effort conyulses our money
market, disturbs the foreign exchanges and checks
to the popular loan.
The business of the Sub Treasury was as follows
to-day
Receipts OBSERVATION-DISCLOSURES. s459,446 30
For Gus toms. NEUTRALITY-SUSPICIOUS.. 5000 co
Treasury hotes 44oOUo w
Payments. $50 1855 81
Balance ID ,265 T52 AZ
We understand that the directors of the Panama
Railroad Company voted yesterday to invest their
surplus funds in $40 per cent Treasury notes.
They have already taken 500 900, and propose to
also call home their balances in London, which,
together with what has remained idle here, reach |
nearly a half millisn dollars.