Year: 1861

There natural reaction this morning in the snecu
atiye stocks from the extreme advance of yesterdaya
sgnt cause there was for the advance. The abandon.
ment OF Fort Sumter is military necessity nJ
@ S ~ bearing upon the great question of the right Of
regular session there but little doing but te marat
was steady Government stocks have been very firm to-
day. and in good demand. The Registered sold LARGELY
at 9os and the Coupons at 934 showing an improve
ment of per cent The demand for these bonds for in
Vestment Is very large State stocks were also active
anu sustained the advance OF yesterday Missouri 6's
sold at 6I Tennessee at 754, North Carolina at 81 &c
There is constant feeding of the market with tbHo
stocks from Western banks. One Louisiana bond sold AZ
49, the hrst sale, we Think for three months This is a


ume o aDoqs ~ per cent, the result of being bad
company In Railroad bonds there is a moderate bnsi
ness doing at steady rates The few bonds in the
are neu very nrmy The supply of money seeking en-
ployent on call continues in of the demand a


al per cent and in as low as per cent has
been accepted on Government stocks Giltedged panrr
is very scarce and the discount houses complain Of ba
lack of material to work with This class of names
passed easily at Gas per cent Other descriptions are


The private letters by the Niagara allude to the


IN regard to Messrs. Overend Gtrney Co. but do not
cophrm them That eminent house appears to have been
oscountng commercial paper rather too freely and also
TO be mixed up with Mires, the French bankrup Great
confidence however is felt in the ability of the house 10
sustain itself Some of the letters aude to the nroba
Dy OF an advance of the Bank rate of interest pcr
cent me Bank shows an increase of bullion for the
the last advance of the rate of interest:


The public throughout the whole of the past ten dav
nave been kept in alarm from the assumption that as The
rate had Deen put to point entirely unwarranted bv
comparison of the figures of the return with those f
any former return there must be some hidden dancer
Impending, which in due time would be revealed


The idea was ridiculous because all persons should he
aware that the Bank Court can have no information
gardng the foreign exchanges and the of money be.
yond such as accessible to the whole world but It
erheess prevailed extensively, and has wrought con-
siderable alarm and inconvenience The return now
published should efectuay dspe this feeling but il NAV
De usefui also to point out that there has rarely been
time when there less reason to fear the nossibIt
try. " 'Ao 'ouh'


The expectation of bullion for the last three months
mas oeen almost entirely in exchange for foreign produce
We nave therefore, something show for IL cottnn
ana grain are as good gold in their way; and if the
same cannot be said of American securities there is at
all events no reason to doubt that those which we
purchased lately in such extraordinary quantities can
in case of need be realized in the New York viii
out any ruinous depreciation,


As regards foreign loans we are actual}v vitbou+ q
single commitmen-an almost occurrence.
and for foreign undertakings generally our liabilities are
smaller than at any period within recent memory
Never, therefore, could precautionary movement
have been taken at moment when it was less directly
needed 1t would however, have been harmless and
nave LED to no result except that of essenng bust
ness OF the Bank but for the fact that currency is being
absorbed by that establishment not merely through the
regular influx of the revenue but also from paymen
hto ls golfers OF 47OOOOO or 9SoOO0 account of the
Indian loan.


Under such circumstances the public have but very
limited remedy and must after few weeks resistance
pay Whatever is demanded That the Banks do not seek
to take advantage of events grasp exortionate rates
fully understood and their course of late wears
mas peen such as to show that whatever disgrace may
attend some OF our public concerns this at least is man
aged with sincere sense of responsibility


But mistake is mistake, whatever its cause; and
looking at the vague anxietes with which the commercial
puolc nave been oppressed during the past weeks by
the crisis in the Levant trade and the commercial conf
sion in America there few among the mercantile pub
lie who have rot felt that the midty and
OF the policy of last week operated
ton of dsquetude which called rather for the exercise
oteVery legitimate means for its suppression