The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-11-22
FINANCIAL AND COMMERCIAL.

FINANCIAL AND CONNER GAL.
oo~>~~>~~>~oo~~~~~c~~~
! THURSDAY Nov. 2l-8 p. M.
The money market is very dull. Paper is ex-
tremely scarce; first class names pass readily at
per cent and six is the general rate for call loans.
The banks have large amounts to lend at seven,
but find few borrowers.
Foreign exchange Is a shade frmer. The bank
ers are asking 1887 for their bills and refusing
1857. We hear of sales of mercantile bills at l0s.
The market is in that uncertain condition which
may precede sharp decline or an advance.
This has been field day for the bears. Pursu-
ing their success of yesterday with boldness and
Skill they offered stocks down this morning sell
ers' options, until they succeeded in causing de-
cline of ~ TX per cent on the general specula-
tive list. 1t was noticeable that they unwil-
ling to sell stocks in large lots for cash. They
were willing to contract for almost any
amount for future delivery but they did not seem
to have much Of "the property" itself to dispose
Of To what extent the maneuvre may have
frightened timid holders into selling it ia difficult to
say. The commission brokers generally report
that their customers have not parted with their
stocks and with the single exception Of the prospect
of diplomatic imbroglio with England, they seem
to consider the data for prognostic as to the
market as being calculated rather to encourage
| buying than selling. The railroad earnings show
large increase over last year; the money market is
easy, and bids fair to contiue so the financial and
military position of the government justies the
belief that the rebellion will shortly be crushed
out. To these elements may now be added the
fact that there is a very large bear interest
indeed, which has been much needed by
the market for some time past. It is pref
ty well known that the outstanding bear
contracts at the present time could not be covered
without causing an advance in prices. Pacific Mail
and Panama-both representing properties which
would be exposed to ruin in the event of war with
England-were greatly depressed to-day. Pacific
sold at 9O-a decline of ten per cent in about
week. At the first board Erie fell one per cent;
Erie preferred, "a; Central, "a; Hudson, u; Michi-
gan Central, l. Rock Island, ~; Toledo, n; ILL
nois Central Il; guaranteed, "a and so on through
out the railway list Bank stocks were better:
Park advanced 2 per cent; American Exchange
was firm at the recent advance. The fact that the
profit on the government loan alone will give the
banks yearly dividend on their entire capital
seems to be attracting attention to bank stocks,
| which are nearly 20 per cent below their usual
| price. Governments and State stocks were ne
| elected, without change in price. At the second
board stocks generally rallied "a II per cent,
| and the market showed more strength. At the
| close stocks were firm, the following being the
| last quotatons:-United States 6's, registered
| 1881, 92Z 93 do. 6s, coupon, 1881, 95L q 4.
| do. SIS, 1874, S3a q 8414; Indiana SIS, rs 70;
Virginia 8's, Az 40; Tennessee 6's, 42A 4311x
Missouri 6's, 43A Il; Pacific Mail, 81 n;
New York Central, 7sH 81 Erie, 3lH a n;
do. preferred, 56H 81; Hudson River, 37Z a;
Harlem, 12L "a; do. preferred, 81 q N Read
ing, S4Ta "a; Michigan Central, 1917 a SO; Michi-
gan Southern and Northern Indiana, 171% IS;
do. guaranteed, 36A a 81; Panama, lis lie; ILL
nois Central, 6lA u; Galena and Chicago, II
II; Cleveland and Toledo, SAX q 50; Chicago
and Rock Island, 54H n; Chicago, Burlington
and Quincy, 50 u. After the board stocks were
all better, the Western shares having risen n "a
per cent.
Government stocks have not shared the decline
of the past day or two on the Stock Exchange. A
real danger would apparently have affected them
at least as much as other stocks. That United
States skies have not fallen perceptiby since the
announcement of the capture of Mason and Slidell
is q matter of general congratulation. Whatever
Island the price Of government securities should
be maintained for, during the present crisis that
| price is the measure of public confidence in the
| government of the country, and the gauge of the
public credit When the rebellion first broke out,
the Board of Brokers, with patriotism which did
them credit, did not suffer United States stocks to
be sold short Within the past month or two this
rule has been relaxed, and time sales Of govern
ments are frequently effected by the operators
whose fortunes would now be made by the ruin of
the country. This is not right. Every offer to
sell United States skies short is a stab at the pub
lie credit, and tender of substantial aid and com.
| fort to the rebels
The Galena and Chicago Railroad has declared
| dividend of five per cent payable on lst of
January, out of the earnings of the past year.
The receipts are increasing at the rate of about
$500 per week.
The exchanges at the Bank Clearing House this
morning were s2l ,522 100 e5 and the balances
81 ,22l $50 03.
The Sub-rreasurer has called upon the banks
for another instalment of ten per cent upon the
second $50 900 900 loan, payable tomorrow This
will make sixty per cent OF the loan paid up. The
business of the Office to-day was as follows:-
Total receipts, 81 ,O36 o79 10
For customs. ......'....'.......... 122 600 90
Payments including redeemed pr 81 742 I3
Balance 7,443 7sl 10
A convention of the banks of Wisconsin wa.
held at Milwaukee last week, at which about fifty
Of the country banks of the State were represented
The following preamble and resolutions were
adopted
Whereas few of the bankers Of this State have failed
to provide for the voluntary redemption OF their notes
in cot fhan ,,.t
citation in september last and have given no indications
Of their intention to comply with the amended BANKING
law which takes effect on the 1st of December PROV
Resolved That the bankers committee shall proceed
to wind up such banks fail to make agreements for re-
demption, according to law the OF December next
as to retire their circulation at par aud that the cost
| of making up any deficiency Of expense that NAV 40
arise be paid out Of funds the hands Of sad com,
mtee ant out Of funds to be provided by an assessment
the other current banks, and that assessment Of
per the capital Of said banks be now required
TO be paid into the hands Of said committee for the pur
| pose Aforesaid. .-..,-sAr,. es>.,
Resolved, That the notes or all banks now current be
received and paid out currency equal footing nm
e.nI atnTn 11,arp AMI AZ,