The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-07-13
FINANCIAL AND COMMERCIAL.

FRIDAY, July l2--G p. NJ.
The day has been Tn active one, both in mer-
Cbapdise and stocks. The confidence created by
the tone OF the Message and Report OF the
Treasury is producing it's effect. Grocers are
buster than they have been for many day, and
there ls come inquiry for new paper. People now
seem to see their way clear 10 the suppression Of
this rebellion, AMI, as usual, in their eagerpess
they do not stop TO look at the difficulties and
troubles which must intervene even if the result
prove all that is wished. The news Of the cap
tnres by The priyateer JEFF. Davis startled our
underwriters this morning and will probably lead
60 an advance in the war risk again. It seems to
be supposed that she was fitted cut at some New
England port, though this is strennonsly denied.
More gold was sent off to Washington to-day
Es0 600. No further failures are reported.
Foreign exchange is firm without much activity.
Bankers ask LOT, and buy very first class mercan-
Vie bills AT 1907 a. Documentary bills are
scarce and not very easily sold, in the present
Sestain condition of the produce markets.
The stock market was very active to-day; there
MAS more business done at the board than for some
lays past. From all that we can hear, however,
with the exception Of State stocks, the public APP
pear to be buying nothing. All the railway stock
which comes upon the market is bought by specu-
lstors for the rise, whose operations are based on
and assisted by the ease Of money. The stocks of
the Southern States are being freely absorbed-in
many instances by wealthy residents of the South,
who contrve to transmit money to this city for the
purpose. Orders this morning causeJ an advance
of per cent in North Car0linas, "a in Missours,
n in Tennessees, and - in Virginias. The argu-
ment as TO the future of these stocks has been so
often stated that it is almost idle TO repeat it.
Parties who buy take the risk Of the issue,
IN enormous amounts, Of war bonds by the re-
VOTED States; Of the reputation Of State debts
which would he likely to follow the complete
overthrow OF the rebels; and Of the general ruin
which would be the first consequence of gene
raj emancipation of the slaves Virginia, for In.
stance, without commerce, with decaying sys,
tenn Of agriculture, and comparatively without
manufacturer owes forty Millions she is to be the
battle field and she contains over half million
Of t]aves 1t is with these facts before them that
people are buying Virginia skies at an advance
within a few weeks-of 10 y per cent.
Governments were not quite so firm to-day. The
new skies were freely offered at yesterdays ad
vance; The fives were also stationary. Among the
railway stocks Illinois Central and Galena were
declined respectively and q per cent. New York
Central advanced 4; Reading, a; Toledo, 4, and
Rock Island q; Erie Hudson, Harlem, guaranteed,
TO-, were steady. Pacific Mail fell OF Il from tie
suddsn advance of last evening. Bank stocks con.
tluue depressed and do not participation the gene
Sal upward movement. After the first board
everything had rather a downward tendency,
though there was no news Of Importance to affect
maintained. The market closed weaker, the fol
lowing being the last quotations:--Unied States
Cs, registered, 1851, s7sla IS; do. 6's, coupon,
1881, SIX q; do. IS, 1874, sl11s 81 Indiana
IS, IS 1914 Virginia SIS, 4e a49; Tennessee S's,
AN ~; North Carolina SIS, 81 So; Missouri
S's, A3s4 rs Pacific Mail, 721l 49, New York
Central, 7sssas4; Erie, 2a 4; Hudson River, Gi,s
. IS; Harlem, 10 Il; do. preferred, 2414 a x;
Reading, 37A x; Michigan Central, A a.
Michigan Southern and Northern Indiana, l315 a
X; do. guaranteed, 2s14 a Il; Panama, 1925.
40; Illinois Central, e7ss =; Galena and Chi
esgo, e4% Il; Cleveland and Toledo, ?es4 a u;
Chicago and Rock Island, 3s1l a q; Chicago, Bur
Nngton and Quincy, 81 60; Delaware, Lackawana
spd Western, q u; Milwaukee and Prairie du
CHEN, IA IA; Illinois Central bonds, 7's, slL a
-; Delaware and Hudson Canal, 80; Pennsylvan
Csal, 10 a7s.
The following is the act of the Tennessee Legis.
tature TO which allusion has already been made in
this column
~ Acr 10 ArrHon2A rBK BANKS OF TESSrssEr Nv.
sscrs PAY orr TREASURY NorEs OF IRK CoAsxps.
RATE SrArxs AND roR 0TRsR PrRPosxs.
Hcction l. Be II enacted by the General Assembly OF
tne State OF fenneesee That it shall be lawful fer the
hanks Of this State to receive anu pay out the Treasury
seees Of she Confederate States or America Issued In
ps1snanoe Of An ~ passed by the Provisional Congress
Gsc Be Il farther epacted That ali officers Of the
mate are authorized to accept said Treasury IN
reymeAt Of moneys due the State and the several
te thereof and that they authorized 10 receive
psymeat Of moneys due the state and the several
es 1bePsor the circulation Of the banks OF this Sa,e
which conform to the bank code Of Tennessee and the
acts amendatory thereof.
which subject 70 the provisions Of the oanh
code fthe Bank or Tennessee being pcuded) shall Ye.
VaMe specie payment simultaneously and ii 10 hereby
s1preesy declared thst shall not be lawful for o,
the banks 10 resume specie payment In advance Of
sActber.
Sec. a. Be II further enacted That the policy Of the
banks Of Tennessee retiring and diminishing their cir
cuktion Detrimental 10 the public interest, and that
shear circulation ~ to the public want pro
sdsd however that such increased circulation shall not
eassed TWO dollars for one Of paid capital stock.
sec 30 II further enacted That much Of section
OF ac passed on the Slst day OF January, 1884,
fSes Vie time fo! BE- banks therein named 70
.rsce sy the Isl Of July, 1852, be and the
Sec. Be further enacted, That shall not b Law.
f for any bank In this State either directly or ipd
Seety, 10 pay dividends due 70 stockholders who are
6Aes o. America. This prohibition shall eontIppe Owing
aht extence Of the war which the federal q
0h Hsee OF America waging against the Confederate
1ase o. America arc any ocer Of any bank 10 mis-
ae, " We sesns Mto.psy AereoS, shall violate ths