The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-02-09
FINANCIAL AND COMMERCIAL !:

IL
Paper moves slowly at previous quotations. The
failure of two dry goods houses and q grocery
house within the past few days has led to still
closer scrutiny of paper, though ~ houses in
question were not Of the first standing.
Foreign exchange is very dull. The leading
bankers not drawing; the rate for bankers bills
is about los "a. Produce bills sell at lO3 . 1O4,
and Southern bills, representing cotton shipped in
vessels with State clearances, rather lower.
The stock market fell off this morning, partly on
the political news and partly in consequence Of
the advices from Europe. After the board the
market was steader, and better in the afternoon.
closing firm. The heaviest decline which took
place this morning was in Erie, which fell off ~,
but afterward rallied per cent, closing at de-
cline Of q from yesterday; in Illinois Central,
which declined IA then rallied % per cent, and
in Pacific Mail, which declined 2, and did not rally.
All the railway shares were lower, though they
closed better than in the morning. State stocks
were steady; Virginias advanced 4 per.
cent, on the belief that that Stats
would remain in the Union. Federal stocks
continue to decline The best bids at the close for
the.fves of 1874 were IS. The following were the
last quotations of the aay:-Tennessees, 691% q q:
Virginia SIS, "a "a; Missouri 6's, 641s 60; Cam
ton Company, IA a "a; Cumberland Coal pre-
ferred, las; Pacific Mail Steamship, 81 82ls:
New York Central Railroad, 7614 2s; Erie, 3111SS
80; Hudson River, 42A 43; Harlem, l51L q "A;
do. preferred, 3s1a a 80; Reading 42A "a; Nj!
chigan Central, "a 55 Michigan Southern and
Northern Indiana, Az Is; do. guaranteed, 81 q
"a; Panama, liz ll3; Illinois Central, 7551 a 76;
Galena and Chicago, 691S q; Cleveland and To.
ledo, 1924 a "a; Chicago and Rock Island, 65a1 q
&c; Chicago, Burlington and Quincy, 20 a; nH-
nois Central Railroad bonds "a 95; United States
SIS, IA, s. 80.
Government skies Of 1862 sold yesterday, ON
European account, at 80, and the skies of 1868
could have been bought at 90. This fact onght to-
be warning to the majority in Congress. If the
present political situation lasts much longer it
will avail nothing that Congress has authorized
loans of thirty forty millions of dollars for the
use of Mr.. Linsoln's administration. Voting mo.
ney is not raising it. And when Mr.. Lincoln's Sec.
rotary of the Treasury comes into Wall street to
ask for money, if no settlement Of the controver.
~ Of the day has been effected he will not get a
dollar. People who want TO invest money in gOs
vernment securities will enjoy plenty of opportu-
mites Of buying government stocks at and below
ninety cents on the dollar. The banks do not
want then-nobody will want them--if the go.
yernment is to be broken up and civil war is to
ensue. 1t is understood that number Of our
leading capitalists have come to an informal un.
derstanding on this matter, and that strong re.
presentation is likely to be made to the political
leaders this week. 1t is likely that they viii
be seconded by a deputation Of merchants,
who will represent to Congress that, in the event
of the passage of the Morrill, tariff the merchants
will be quite unable to assist the government by
subscribing to public loans, whatever their wishes
may be on the point. This is practical subject,
which Mr.. Seward and his friends should be able
TO grasp quite readily. 1t is evident that the srd.
nary revenue Of the government will not defray its
expenditure this year. The deficiency must ba
supplied by loans. And Mr.. Lincoln and Mr..
Seward can satisfy themselves in few hours that.
If no adjustment Of the present difficulties bo
reached before March T. no United States loan can
be placed in New York this season. European.
holders Of American securities, terrified by the
secession Of the cotton States already supply
ing our market with United States bonds faster
than they can be absorbed. They viii buy no
more-until our present troubles are settled.
Where, then, can Mr.. Lincolns government obtain
money?
We understand that the President OF the Board
Of Metropolitan Police Commissioner succeeded
to-day in borrowing from the Shoe and Leather
Bank $4,000 wherewith to pay the policemen.
whose salary is not forthcoming in consequence Of
the hitch in the passage of the tax levy. We
hear that Mr.. Bowen made one or two unsuccess-
full attempts TO borrow the money before he an.
piled to Mr.. Stout. II will be remembered that in
1859 the Shoe and Leather Bank lent the city
$40 900 under somewhat similar circumstances.
We arc requested to state that the Mr.. Kozlay
whose name has been mentioned in connection
with certain frauds ut the Custom House was
nes er in the employ Of Messrs. August Belmont &c
Co., az asserted in the reports.
The business Of the Sub Treasury was as fol-
lows to-day
Receipts. sl02,t34 65
For customs .......................... 1900 90
I AZ men's...'''.. .'.''..,............ 15,417 %
Baancc..''''' ,I13 04S 10
The Lorillard Fire Insurance Company has de-
clared an interest dividend Of three and half per
cent to its stockholders, payable on demand tho
United States Trust Company semannual divi-
dend Of four per cent payable on the lth inst.
At meeting Of the Directors of the Pacific Mail
Company, yesterday there was one majority
against declaring quarterly dividend Of five per
cent.
The vigo, which arrived to-day, has $4,000 is
specie on board.
The following is q comparative statement OF tho
imports Of foreign dry goods at New York for the
week and since January / -
For the ,ceet. 1850. 1860. 1851
Entered at the port. $17lo,14o s,5e3,327 2O22o7s
Thrown on market. 1888 ,o0l 2,l5O,73I
Entered at the port 14,2se,75e l5osa,a3a l2ss.sss
Thrown market. l4,7s1 .2sa lS,53so9a sIas 900
The London Times Of the 9th OF January
says:--
In the discount market there has again been only a
moderate demand Tho last price from PARIS this even
ing was GIf 4bc, showing fractional decline Ths nnan-
cal letters from Paris continue with a more favorable
tone. No gold was taken from the bank today. II 10
stated mat The expected India per loan of 60 000,
Ooo VIII MOI be brought out this week but little doubt ~
entertained That It viii not be delay I'd much beyond Mon
The same paper thus notices anS quotes Ameri.
can securities
Colonial Stoke have been generally steady. Grest