The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-03-02
FINANCIAL AND COMMERC lAL
THURSDAY, March II


The depletion Of the Sub Treasury goes on slowly;
week ago. Advices of some 100000 of Post Office
drafts came to hand this morning, besides some
other drafts on account Of other branches Of the
public service. Such, however, is the dnlness in
the money market that many holders of drafts do
not present them; one bank is understood to hold
nearly three-quarters of million, which are pro.
badly counted as specie.
There is no change IN the money market, though
the amount OF money seeking investment increases
daily. The rate Is still G, CALL and the same for
the best short aeceptances; @ for longer paper
Of the highest grade; 7 a for single names aud
lower grades of double name paper. Choice paper
is scarce, the banks being Obliged ia order to kee
their line mp, to take all the fair paper that is offered
them. No specie went abroad in the Bornssia To-
day; the steamer on Saturday will probably take
parcels which arrived here lately in transitu
from California.
The foreign exchange market is very dull, and
rates are barely sustained. For sterling GO day
bills the rates are 1851 l09t, but we he Ar of 10
business at the latter figure; francs are qno.ed
5l5 to l64. There will be more business done TO-
morrow, but the heavy shipments of cotton, as
well as the increased shipments of produce from
this port, create bills enough to supply the wants
of remitters. The foreign bankers are doing a
worse business than usual.
There was a better business on the Stock Elk.
change to-day, and higher prices were obtained
for nearly all descriptions. Several commission
brokers report an increase of orders, and better
feeling prevailed generally. The passage Of the
PRO Rata bill in the House, under the circumstances,
Sc ~SnA, A.
canal party; many shorts awaited themselves of the
occasion to cover their contracts The price was 70
at the opening, 70s in the middle of the day, and
7os at the close against 70 at the close yesterday
Pacific Mail was also better: it sold at 93f, and
closed that bid. The Western stocks were all
frmer-the demand for some of them seems
active; Michigan Southern, guaranteed and old
stock, is steadily advancing in price, which leads
some operators 10 fancy that there may be some.
thing in the negotiations Of the Grand Trunk for
lease of one Of the lines of this company. The
closing bid for guaranteed today was ist. State
stocks and good railroad bonds are in great re-
quest. The Southern planters are investing freely
in Southern State stocks and such railroad bonds
as are recommended to them by their friends here
Hudson River bonds are wanted; 30 are Fries and
the first mortgages of all the well established lines
This afternoon the market was active, and stocks
closed firm at the following quotations:-virgini
6s, s3l; Missouri 6's, s0t /; Canton, 195 a 20;
Cumberland Coal preferred, l5a le; Pacific Mail,
93i IL; New York Central, 705 II; Erie, 81 . 8;
Hudson River, 3sA a j; Harlem, 81 a 8; do. pre-
ferred, 80 J; Reading, 400 /; Michigan Central,
36a 4; Michigan Southern and Northern Indiana,
1; do guaranteed, 1871 {; Panama, 1921 1873;
Illinois Central, 574 !; Galena and Chicago, 57s
a D; Cleveland and Toledo, 1sg 10; Chicago and
Rock Island, 622 at.
The following table will show how the banks in
four leading cities of the Union have worked since
January l, 1867