The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-02-24
+ FINANCIAL AND CONNER CiAL.


Yesterday having been observed a. a holiday
by the clerks in the Departments at Washington,
no drafts came to hand this morning in favor of
the creditors of the Post Office, who are, probably
by this time, accustomed to disappointments. No
farther inroads upon the specie in the Sub rrea-
sury have thus been made, and. mean wne, the
receipts for duties continue heavy. Money tends
downward, though the rates which have latterly
ruled cannot be said to have been relaxed as yet.
We cannot quote call loans below 81 g. the latter
being the standard quotation; and the best short
paper, with two first class city names, does not
move below 6. There is, however, scarcity of
good paper, and when the banks get richer there
will be more competition among lenders, and con-
sequently decline in the value Of money.
There is not much doing in foreign bills, as no
favorite packet sails before Wednesday next. Most
Of the bankers adhere to the late advanced rates:
Aessrs. Belmont 4 Co. ask 5l2A and 5.i5 for their
francs, and 1904 and 10 for sterling bills. The
general rate is about SIS l6l for sixty day bills
on Paris, and 100 for sixty day bills on London.
The supply Of cotton bills continues fair, and the
demand from the importers is moderate.
The stock market was lower to-day, with heavy,
dull feeling. A rumor-which we An trace I, no
reliable source-to the effect that the trunk lines
were about to renew the contest for traffic at nom
paying rates, was used with good effect agans. the
Central; aided by this, prominent bear house
hammered the market with success enough to cause
a decline of one per cent from the closing price
Of yesterday, and u per cent in two days. The
closing bid of Central to-day was 702 against ~
at the close yesterday. There was fair business
in the Western shares, which were likewise lower,
iii,
fell off per cent, closing 57t bid against s7i
at the close yesterday. Pacific Mail was pretty
steady at 91a 90. For State stocks the demand
continues fair. In the afternoon the market was
quiet, and stocks closed dull at the following quo
taiions:-Virginia 6s, 92a Z; Missouri 6's, sos
I; Canton, II /; Cumberland Coal preferred, Is q
8; Pacific Mail, 922 a ]; New York Central 70s a Il
Erie, Sc {; Hudson River, 40 a ]; Harlem, a Il
do. preferred, 50 81; Reading, 40l a {; Michigan
Central. 374 Z; Michigan Southern and Northern
Indiana, 60 = J; do. guaranteed, lag 4; Panama,
1874 3; Illinois Central, 564 Il J; Galena and Chi
cago, b74 J; Cleveland and Toledo. lss a 10; Chi
cago and Rock Island, 624aa
The Chairman of the Investigating Committee
on the letter denounced by Speaker Mttejoha has
not, we believe, discovered any trace of the docu
ment We believe, however, that an informal meet
ing of railway managers took place few days
since at Albany, with view to consider Ways and
means to carry on the war against the forwarding
interest and the Clinton League. At that meeting
it is said that the receiver Of the Erie explained
that in his position as officer Of the Court, he
lad no right to expend moneys which came into his
hands except in paying the expenses and the debts
of the Erie Railroad Company; so far as he was
concerned, therefore, he could contribute nothing
to fund to be used 70 protect railways. We are
led to believe that the subject was then taken mp
by leading manager of the New York Central,
who, after abiding to the large sums which had
been raised by the forwarding interest to be used
on the Legislature at Albany, observed that, what
ever might be achieved by the use of money in the
interest of the railways, it did not to him to
be good policy for the companies to establish the
precedent of taxing themselvesfor such purpose.
If cost $4,000 this year to buy off the forwaders
and their friends in the Legislature, it would
cost $4,000 next year, and 100000 the
year after-it would, in fact, become an es-
tablished and regularly increasing tax, which
the railways would be expected to pay
every winter. He, therefore--feeling that in the
present depressed condition Of business his road
could not afford to assume new liabilities-thought
that it would be best to fight the matter out on its
merits now. II it was the intention of the Legisla.
ture to break down the railways for purposes of
plumber, they would be sure TO do so sooner or
later and the they did so, the farer it would
be to the public and to the innocent persons who
have invested their means in these properties. de
was opposed to raising any money to fight the pro
rata or the tolng bills We led to believe that
these views were adopted by the other railway
managers who were present, and that i. was mu
tually understood among them that they would
not contribute any money for the purpose
Of resisting the bills now before the Legislature.
The following table will show how the banks IN
four leading cities of the Union have worked since
January /, 1885,
1859. Loans. Deposits Specie Circ,lstoa.
Jan. l. scS5 s4 900 1856 b5s S. 900 q 900
Feb 5-4. 236 $50 900 l49 Ops 2s9al 900
Mar 6l2 234 2a3 eco 1893 900 900 3oo7l 400
Apr 2-. 23s $4,000 l5l ,4S 900 81 asl 900 81 +43o0
May 7-5 235 Os60oO ISL 900 3d. slS 81 3S7
June 4-3 226 202 900 1876 Sn50Oe s3 30 600
July e-S 22 AZ 900 12S. 600 40 20 e2S 600
Aug 6-l3 N7 s56 900 40 4Sl 00t A. COZ 600 q $1,000
Sep lt-lg. 900 l23 Loco Is q
Sep17-I6. IA 237 900 l234l9000 600 q O7S 900
Sep c4-Uc 2o4 G62 0C0 l226iS GOO q O6 COO