The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-07-31

Tor call loans, and a I for choice short accept
anees. Rates for second class paper continue TO
vary 700 widely for quotation. The opinion oil the
best informed financiers in Wall street is that the
government will not get the money it needs at
$40 per cent, or at par for per cent bonds and
that Congress will have TO be convened afresh in
september or October TO remedy the blunder. Mr.
Fessenden and Mr.. Chase can iora their own
opinion as TO tie moral effect of such necessity
They are responsible.
Foreign exchange is very 6ull again. We hear
Of some sales Of mercantile bills of the highest class
al 1917 a "a and of bankers bills at 1927; also
of francs q, 5,27% a $50. But there is no demand
for bills and pressure 10 sell by the leading
drawers, some Of whom are asking 1919. los. II
the mportatoIs continue as Light as they have
been of late IL would seem that tie rate Of ex-
change mrst ialI IN he course Of the next thirty
days.
Stocks continue dull, and to-day the tendency of
prices was downward, especially in the Western
shares. Rock Island dropped off q, Toledo q,
Galena "a and Illinois 4 at the first board. These
stocks are unfavorably influenced by the traffic
reports, which are understood to compare unfavor-
ably with those Of the corresponding period last
year. Still, the supply of Western stocks on the
market is not large and holders are not selling;
the bears may thus find themselves again caught
as they were lately on the Illinois Central and
Galena. Central was fraction lower this morn
ing, and Hudson fell off "a per cent. Both roads
happen TO be doing light business, and their
stocks feel the effect Pacific Nail was sold snort
this morning on the theory that the treasure ship
may have been taken by privateer; the cash
price fell of "a per cent. Less than usual was done
in federal and State stocks to-day: the new govern.
ment skies improved a per cent from the closing
price Of last evening; Missours declined a. The
supply Of State stocks from the Western banks
seems to be nearly exhausted; those which have
been sold seem 10 have found resting place, pro-
badly among parties whose faith in Virginia and
tennessee credit is more robust than ordinary.
After the board the market was dull and heavy.
At the second board the market was dull but quo
tatlons were rather better. The closing prices
were as foows:-- United States 6's, registered,
1881, s61I s6a4; United States G's, coupon 1881,
s64 81; United States SIS, 1874, 70 a 1871;
Indiana SIS, rs IS; Virginia 6's, 40 a so; Ten
nessee SIS, 4?14 421Ia; North Carolina 6's, 6O%
81; Missouri 6's, AK Az; Pacific Mail, 7O% a
70a4; New York Central, 1874 1915 Erie, 231%
24 Hudson River, 321I SO; Harlem, 1917 lO5t;
do. preferred, 241a 245.; Reading, 352S 3614;
Michigan Central, Al a Az Michigan Southern and
Northern Indiana, 10 IA; do. guaranteed, u
III; Panama, Jog a 1927; Illinois Central 62 a
6214; Gaena and Chicago, 601l 6l1+; Cleveland
and Toledo, 26H 261I; Chicago and Rock Island,
1871 80; Chicago, Burlington and Quincy Sc a So;
Delaware, Lackawana and Western 81 20;
Milwaukee and Prairie du Chen, IA l41L4; Illinois
Central bonds, rs, s91l 80; Delaware and Hudson
Canal, s5% Sc; Pennsylvania Coal, &c so.
The lveliest indignation continues to be express
ed against Mr.. Welles for the inefficient manner in
which the naval operations of the war are carried
on. So far as we can ascertain, he seems to be
taking up vessels at the rate of one a week. The
public service would require the purchase or char.
tex of doHon vossels 6av for two or three weeks
to come. Rumor asserts-with great plausiLili+y
that the chief reason why the government does not
buy more vessels 10 that the lobby has not yet
made its arrangements with the owners. A ship.
owner of this city had ship which was suited for
government purposes, and which he was willing to
sell. He made it known that he would part with
her. Instantly half dozen members of the lobby
called upon him, and sounded him as to what he
would be willing to allow in the way of commits
sions or bonus He replied that he would
not allow one cent, and, Fastening to Wash
ingten, presented himself at the Navy Depart
ment, offered his vessel and stated his price.
He was told that his ship was suitable, and
his price reasonable; but the matter was
now out Of the hands Of the head of the depart
.ment In other words, the lobby had exclusive
control. It is probably to the influence of the
same lobby that the country owes the fact that
the fastest American steamers aaoat are not in
no Of no p0v Won.
derbnts feet of ocean steamers are by far the
most suitable vessels a6oat for the blockad-
ing service, and for the chase Of privateers. Yet
they have not been purchased, though offered to
the government at their own price, simply because
Commodore Vanderbilt has resolutely refused to
negotiate with the lobby. Surely there should be
limit to Mr. Wenes' capacity for mischief His
resignation and the appointment Of Commodore
Paulding or Governor Banks, or some other new
man of known energy, to the head Of the Navy De-
partment, would be worth feet Of ships Of war
to the country.
The business Of the Sub Treasury was as follows
to-day
-ror customs .-.''.........''''.'.".. 5000 0O
~iIeasury ho'es'''' s33o0 w
Balance. p
The Leather Manufacturers Bank has declared a
semi annual dividend Of five per cent, payable
August /.
The exchanges at the Bank Clearing House this
morning were $l0,344, lGl "a, and the balances
1882 $50 80.
We understand that the affairs Of the Staten
Island Railroad have gone into the hands G. 1fe:
csiyer, W. H. Vanderbilt ESQ, being appointed to
that position.
The amount of bids for the State Of Maine loan
for s250,00o was 100000. 1t was all taken at a
premium.
The Boston Trdyeuer states that the amount sub
scrbed in that city towards the temporary loan Of
S., 900 900 called for by the government is not far
from 81 900 ,000
..A.IA.-ls.. l.. aAa4A..A.4 &c Al,