The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-07-30

This statement reveals the enormous strength OF
the banks. They paid into the sub-Treasury last
week four millions of dollars and received very
little of the disbursements of that institution which
went mostly to Washington. Yet the receipts from
the Mint and the gradual dripping of coin from tho
interior than balance the drain, and the sps-
Gle average shows increase. as also does the ave-
rage of deposits. 1t is indeed understood that the
actual amount of coin in bank to-day Is very con-
sderably over $47 900. The small increase in
the loans and discounts in the face of discount Of
over $4OOO,0OO for government, indicates .
rapid curtailment of business paper. Had it not
been for the government loans, the bank discounts
would now have been below one hundred millions.
There is nothing new in money, and rates do NOT
vary. A heavy dry goods failure occurred on g.
turday. The main topic of conversation is the
war, and, despite the downheartedness of some
leading bankers, the prevailing opinion among NOR
camille men is that if the government will now act
with energy and prudence, the recent disaster will
soon be forgotten. The shameful ineficiency Of
the Navy Department is the subject of loud COM
plant. 1t is remarked that Mr.. Welles' incapacity
and inertness have already cost the. country more
than all the army thieves could steal in ten years.
war.
asking 1919 and buying at 1921; but business II
limited both ways.
Stocks were ybetter to-day, but the market was
dull. New York Central was done as high as rs,
an advance Of one per cent since Saturday and tho
morning board Illinois Central rose y, Rock Island
guaranteed a, and GalenaN IS. Governments wers
wanted at 81, an advance of a per cent since Sa-
turday; and all the State stocks were higher
ginias q, Missours "a. There are indications
Of the formation of new bull party, on the basis
of the irrepressbe energy of the Northern people,
and the excessive sales of the bears. Between the
boards the market was dull but firm; in the after
noon prices were q fraction lower, and closed
heavy, rumors in relation to the evacuation Of
Harper's Ferry having affected the market unfa-
vorably. United States 6's, registered, 1881, SO
u; do. 6s, coupon, 1881, S61l 81; do. SIS, 1874,
70 a 80; Indiana SIS, IS; Virginia SIS, 49H1s so;
Tennessee 6's, ~ u; North Carolina 6's 60 81;
Missouri 6's, Az 4l2s Pacific Mail, M a n;
New York Central 1871 q; Erie, "a rs; Hudson
River, 3334 81; Harlem, 1917 "a "a; do. preferred,
25 a; Reading, So a Il; Michigan Central, Az q
q: Michigan Southern and Northern Indiana, 1874
a IA: do. guaranteed, % n; Panama, los l0s;
Illinois Central 62% "a; Galena and Chicago.
ola 10. (leNelanu anu lOleuO ZOie ~ ~, SuCdB0
and Rock Island, 39s4 40; Chicago, Burlington
and Quincy, 81 a IS; Delaware, Lackawana and
Western, 6T q 70; Milwaukee and Mississippi, IA Q
l5I1s Illinois Central bonds, rs, s9N 90; Della
ware and Hudson Canal, IS a So; Pennsylvania
Coal, &c a so.
Senator Fessenden's supplementary bill to the
Loan act is understood to have passed the Senate.
and to have passed the House with an amend
ment It has now gone back to the Senate
10 have the House amendment cOncurred in.
It's chief points are the power gives to the
Secretary of the Treasury to issue 9 per cent
Treasury notes for limited amount, and change
rendering the $40 per cent Treasury notes con-
vertible into six per cent funded stock. The
Senate will improve the bill vastly by permitting
the Secretary OF the Treasury to pay per cent on
all his Treasury notes. if he cannot borrow ut less
and by striking out the ridiculous proviso IN the
original act which prohibits him from receiving
bids below par for his per cent stock. Senators
mnst hear in mind that authorizing the Secretary
of The Treasury to borrow at per cent, or to re.
ceive bids below par, does not necessarily imply
that he will avail himself of the authority. II
me,ely provides against the possible contingency
of a depreeiation of government credit resulting
from, disasters in.the field, trouble with European
, nations, or any adverse occurrence. If all goes
an smoothy if Mcclellan retrieves the for
| tunes Of our arms; We drive the rebels from