The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-03-03
FINANCIAL AND CONNER GAL

A
FRIDAY, March 2-6 p. H.
The Sub Treasurer received this morning, from
he department at Washington, authority to nego-
late two millions Of six per cent Treasury notes at
,ar The letter was received at halfpast nine; at
quarter-past ten the whole two millions were
old, and by noon half the money was paid into the
Sub Treasnry. This rate of doing business con-
Iasw singularly with the leisurely proceedings of
he circumlocution Office at Washington; we do not
duagine however that any injury will result to the
v'blic service. The ub-Treasury disbursements
hive been heavy to-day, AZ well as the receipts
lvices were received of some three or four hun.
ed thousand dollars more Post Office drafts, and
me of the banks presented their overdue drafts
payment; so that, Notwithstanding the receipts,
balance this evening only stands at 81, l97, t2S,
inst $7,607 $50 at the close yesterday. Another
,asury draft, in favor of the Post Office Depart
7 ut, for 81 100000 came to hand this morning;
king the total sum placed to the credit of the
It Office in the Sub Treasury at this point, since
Deficiency bill passed about $e,2oo,000. If,
refore, the Post Office does not pay its debts
7, the responsibility rests with it's officers, and
those of the Treasury.
is supposed that Mr.. Cobb has exhausted his
rve of Treasury notes, and that the whole TWEEN
billions, or nearly so, are now alost. Il now
Olives upon the Chairman of the House Commit
on Ways and Heans-Mr. Sherman-to decide
hher it be safe to leave the government with
other resources than the customs revenue.
Sal personages of high authority are under.
\ to have advised him that he can do 40 with
tSisk; that the importations are likely to be
HI throughout the year, and that the customs
rsue will, consequently, suffice for the expendi.
tgprovided no extravagant appropriations are
nd by Congress. These advisers calculate upon
antinuance of ease in the money market, at
ID until Congress meets again. II is for Mr..
Slnan and his colleagues to say whether this
eulation be well founded. Before the next ses.
sis begins some ten millions of Treasury notes
wi mature, and if money be then worth over
BIZ per cent, the holders will want the
goS No one expects the customs revenue this
ye4o supply means to nay off these notes, as
webs means to carry on the government If,
thefore, the House Committee should be of opin-
ion hat the returning activity of business, and
theevival Of enterprise and industry, combined
witlhe peculiar action of our banks, are likely to
walt above six per cent in September or October
mex it will devolve upon them to protect the pub
lie edit by reporting to Congress bill either au-
thoting reissue of Treasury notes at higher rates
Of ierest, or the negotiation of new loan. The
futu, 50 far as can be seen at present, looks Sc
renenough. But there is no reliance to be placed
on i wisdom of the New York banks; those institu
tonlnay, by alternate expansions and contractons,
ereas panic this fall, as easily as they created
one 1857; and it behooves Congress to see to it
that be national credit is beyond the reach of dis
grac,in such an emergency.
Asey to-day is perceptibly easier, and we are
mclird TO quote call loans 81 to 6 per cent, and
first tass paper 6. The signs Of decline in rates
are wy marked. Mr.. Cobb win probably have the
credi of having effected the last large transaction
a. hip as six per cent Several of the smaller
bankihave been vanly endavoring to lend money
at tday; with the brokers money is left on call
at 5, / large amounts. A couple of small failures
have ately taken place in the drug trade they are
net ofconsequence enough to affect the market.
Forsgn exchange exhibited no recovery to-day.
The lading bankers are holding at 100, but the
narks is supplied with first class bills at 1884, and
very air mercantile bills are offered at 1854 q {.
Franc range from SIS to 6.l73-the demand for
them being trife more active than for sterling
bills The working of the exchange market is ex-
treme unsatisfactory to drawers. This time last
year ankers bills were worth 1909, and we were
shippg specie at the rate Of nearly q million q
week The Arago, which sails tomorrow, will take
ont aout 100000, part of which will be in
Mexin silver. Most of this arrived here in
transit for Europe. No one can, of course, sell
bills anst specie payments at the present rate of
exshge.
ThGock market was not quite as active or as
stronias yesterday; there was, however, a fair
busin,. Some descriptions showed marked ten
dencye advance, and the whole market closed
firm. anton, which has been dragging at Is or
10, aanced to 222, closing % bid. The sudden
advan in this stock is partly ascribed to the ef
feet horse railroad which is being built at
Bal!ine, and which win intersect one
mile the company's property. Mystic
rious nts of other reasons for the advance
are ewise impaired by the friends Of
the opany. Michigan Southern, guaranteed
and obtock, were both in demand at an advance.
II see to be occurring to people that, notwith
standi the shameful Encouragement of this pro-
perry I'D the disgraceful operations of directors
and otrs in it, stock, it ID not going to die out
entirel In other descriptions business was limit
ed, bu little was done in almost everything.
Hudss River was firm at yesterdays price. The
earnin February were $2os 49, against $3.50, 5ss
in sanmsnth last year-increase, $lS, 1888. Illinois
Centrswas held higher; it's February earnings
were $3.50, against $l33 1873 last year-ncrease,
@53,O0l The business in State stocks and
Yailwatonds continues fair. Nissouris are sold
short othe reassembling Of the Legislature; but
there ems reason to believe that the conserva-
tive SPIT which led them to reject the proposals
Of Ex-Governor for fresh issues will again induce
Ahem tadjourn without passing any Of the rail-
road bb. This afternoon the market was active,
and snks closed firm at the following quota
tions:- frginis 6's, 90 /; Missouri 6's, S04 !;
Capton{yomnanv % a %: Cumberland Goal l6 4