The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1862-07-04
FINANCIAL AND CONNER GAL.
THURSDAY, July SEP. M.


This has been very blue day in Wall street.
One Of the most sweeping panics that We have
ever witnessed prevailed during most Of the day.
Rumors Of the most exaggerated character were
sfoat, and, owing to the refusal Of the War De-
partment to allow the truth to circulate, gained
some credsnee.
Money was active at 6aep per cent, the latter
being the general rate. A large number OF loans
were called this morning. and, "a general rule,
were promptly paid. The banks notified the
Board Of Brokers that they would call all their
loans to-day il there was no session of the Board
on Saturday. The resolution adjourning over to
Monday was consequently rescinded, and there
will be morning session, as usual, on Saturday.
Certificates of public indebtedness were offered at
discount this morning.
AT 1.-THE first board this morning the market de-
clned heavily. The decline Of government skies
was 2, ON 7.s0 notes SIX. on Tsnnessees 81, on
Missouris ~, ON Pacific Mail 1, on New York
Central 31I, on Erie 2, on Erie preferred ~, on
Hudson l, on Harlem 8, on Michigan Central 8, on
Southern old ~, on guaranteed 2II, on Panama
s, on Illinois Central 8, on Cleveland and Pitts
burg ., ON Galena 311, on Toledo ~, on Rock
Island ~, on Prairie du Chen ~. Railway
bonds were greatly depressed, and declined from
8 to per cent. At the close Of the first board
people began to reflect little, and some one dis
covered that government bonds and Treasury
notes could not well be worth less than govern
ment scrip, which il the chief currency Of the
country. A reaction naturally followed this dis
covery, and 7.30 notes rose to lO3, and United
States skies rallied to premium. New York Gen.
trail likewise rallied per cent, and people generally
began to realize than, however dsheartening the
state of affairs in Virginia may be, it cannot i'm
pair the currency value of Northern railway shares
and bonds. Toward two p. NJ. some more stock
came into the street from frightened holders, and
another downward plunge ensued. At the second
board the market took an upward turn again.
prices being generally from J to TX per cent
better than in the morning Stocks closed firm, the
following being the last quotations limited
States IS, registered, 1881, 100 1907; United
States 6's, coupon, 1881, 100 1907; United
States 5's, 1874, "a 81; Treasury notes<s7 $40
per cent, l02 1927; Tennessee 6's, 81 a62HN;;
Virginia 6's, 551I q 661<>; North Carolina 6's, "A
II; Missouri SIS, 46 A61I; American gold,
ITO 1l0Z; Pacific Mail, lllZ liz; New
York Central, $50 ss11l; Erie, s4s4 . "a; do.
preferred, 6lA 6lH Hudson River, As q 40;
Harlem, IA l41ll; do. preferred, IS 3514; Read
ing. 55L 81; Michigan Central, 571S s6711; Michi.
gan Southern and Northern Indiana, 23s4 a "a; do.
guaranteed, 52A ass; Panama, $50 1905; Illinois
Central, 671< . 5711a;; Galens and Chicago, 66A
81; Cleveland and Toledo, 451 . 1915 Chicago and
Rock Island, 81 6lNI; Chicago, Burlington and
Quincy, 74H 76; Milwaukee and Prairie du
Chen, s02@ 81; Erie third mortgage, 90;
Michigan Central SIS, first mortgage, lO2 o LEG;
Illinois Central rs, 30 soH
After the second board the telegram announcing
the successful fight of General Mcclellan on Mon
day was received, and the market improved. At
the close ITO was bid for gold, liz for Pacific $685.
for Central, s41 for Erie, 6l for Erie preferred,
AZ for Harlem old, So for preferred Sc for Read
ing, 57ss for Michigan Central, &c.
As was expected, the news Of the disaster in
Virginia caused further advance in the price Of
gold to-day, and likewise in the rate of foreign ex
change. Gold sold at 10Y, closing ll0H "a;
exchange on London rose to l22, closing 1917
n; francs closed 4.65 AGO. The buyers are
chiefly importers; there il very little demand at
present from the parties who have been sellers Of
American stocks for European account.
The scarcity Of currency becomes more marked
daily. Rumor states that some banks have not
enough government or bank notes to pay checks.
Deposits at the Sub Treasury have ceased alto
gether from the want Of paper that can be received
on deposit. The business of the Sub-Treasury
was as follows to-day
hecopts. 80. lbs W
-for customs ..........."............. Zyo.Oo0 20
baancs 20
The exchanges at the Bank Clearing House this
morning were $50, 677, 1873 20, and tho balances
sl,s42ss7 IS. The Butchers and Drovers Bank
has declared . semi-annual dividend Of five per