The New York herald., 1862-01-03
FINANCIAL AND COMMERC RCIAl.
THURSDAY, Jan.

THURSDAY, Jan. 2-6 p. N.
A bank meeting was held to-day at the American
Exchange Bank, and various points of Importance
were discussed. The chief subject before the
meeting was the course to be pursued by the
banks with regard to United States demand notes.
report from committee was read on this point,
but the meeting not being prepared TO act, the
subject was referred back to the committee, and
the meeting adjourned.
The money market is rather close, though no
one seems to be getting over seven per cent for
call loans. Paper goes at seven to eight per cent
for the best names and ten and upwards for second
class. The money market is kept unsettled by the
suspense which grows out Of the non-action o.
Congress, and the disputes between the banks.
Exchange is not active, but we quote sterling at
ll2 and francs at $685. bankers bills in both in
stances. There are some commercial bills in mar
ket at 100 ITO a Ill; the range of quotations is
very wide. For gold the brokers ask lH per cent,
and buy at !. The America to-day took out s5G,-
sec in coin.
Stocks were rather lower this morning, with
fair amount Of business The decline at the first
board was equal to "a on Missouris, ~ on Pacific
Mail, "a on New York Central, e on Erie old, on
Erie preferred, on Hudson, "A on Reading, q ON
on Rock Island. The number of buyers on time
continues largely in excess Of the Sellers and the
general belief in an upward movement is unshaken;
but the money market is in an uncomfortable posi-
ton, owing to the nom action of Congress upon the
financial question, and few operators are willing to
be placed in position where they may suddenly
be called upon to take up heavy loans.
At the first board the market closed
weak, but between the boards o rally
took place and the leading speculative shares ad.
vanced "a "a per cent. The advance was sus.
tanned at the second board, and the market closed
steady, the following being the last quotations.
United States 6's, registered, 1881, 81 a "a; Uni
ted States es, coupon, 1881, ss a "a; United
States 5's, coupon, 1874 1871 "a; Indiana 5's, -
as; Virginia 6's, 4s q so; Tennessee 6's, 4214 a
43; North Carolina 6's, 5s1s co; Missouri 6's,
Al q "a; Pacific Mall 931s saH; New York Central,
1917 so; Erie, 321S "a; do. preferred, 53s4
"a; Hudson River, 371s ss; Harlem, l254 u;
do preferred, 30H 81; Reading, $50 ~
Michigan Central 4s1S a 40; Michigan Southern
and Northern Indiana, 1871 ~; do. guaranteed,
40 10; Panama, Ill Ill; Illinois Central, 61Js
62; Galena and Chicago, &C &C; Cleveland and
Toledo, 345s "a "a; Chicago and Rock Island, 81 q
"a; Chicago, Burlington and Quincy, 56A L
Milwaukee and Prairie du Chien, Is 10; Cleve-
land, Columbus and Cincinnati, 1O4 =; New
York Central rs, 1864, os11 a 99%; Eric third
mortgage bonds, So q SS; Michigan Central SIS
first mortgage, ooA a; Illinois Central bonds
rs, so q SO.
good deal of feeling has been manifested in
Wall street by the holders of Michigan Centra
Railroad stock, on account Of the non-payment of
the expected dividend. In looking over the state
mcnt of The Boston directors appears that large
sum earned, which should have been paid to the
shareholders, has been loaned out to individuals
who doubtless know how to use II to advantage in
these hard times. The entire amount of the shares
of the road is sixty thousand, of which forty odd
thousand registered in this city; and il is most
likely meeting Of the holders will be held with
view of transferring the direction of this splendid
road and valuable property to this city, where
its moneyed operations will be more directly under
the observation of the owners. Boston managers,
Of late, do not command that degree Of confidence