The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-02-28


The variations in fact are hardly worth attention
This evening the banks probably hold nearer
s22 500 900 in coin than the amount shown above;
the l,393,579 received yesterday from California,
together with the amount drawn from the Sub
Treasury to-day, will nearly swell their reserve to
that figure. Several bank managers have been
seeking paper to-day; it is greatly to be feared that
the impending plethora of money will lead to an
extravagant expansion of loans.
The Sub-Treasury received notice this morning
of Treasury drafts drawn on Saturday amounting to
over million and quarter from which it is inferred
that the Post Office certificates will be speedily
converted into cash. Some parties look for a dis
bursement of two to three millions this week. The
money market, however, is not affected thus far.
Money continues to be borrowed by the brokers at
6per cent, and this is still the rate for the best
short paper. Several lenders came into the street
late in the day, and left money with the brokers
below these rates; but the quotation in open mar
ket is still as above
The foreign exchange market opens with less
frmness than was expected The lea ding bankers
ask 1854 100 for sixty day sterling bills and lo93
for short sight, at these rates the demand is quite
moderate. An impression prevails that more
business may be done tomorrow, and that the in
quiry may be more active, as the supply of bills
must be falling short of the wants of importers.
Thus far, the bankers have been disappointed in
the season; cotton has enabled the importers to
pay their debts without drawing upon the bullion
resources Of the country. This may last week or
two longer.
As usual on Monday the business Of the Stock
Exchange was light, and there material vari.
alton in prices. Pacific Mail is the frmest stock on
the list; there are quite number of buyers on
time. The price was S32 at the opening, 943 be-
tween the boards, and 944 at the close against 93a
at the close on Saturday. There is nothing further
known Of the progress of the changes at work in
the affairs of this company, nor are the public ap-
prsed of the intentions of the directors with regard
to a dividend. New York Central was active
to-day, at small decline. The bear jobbers
took advantage of the dulness of the market
to press their options, and were likewise
assisted by the intelligence of the reopening of the
debate on the Pro Rata bill at Albany; the price
fell of from II at the opening to 70a be-
tween the boards and closed 705 bid. The
Western shares were without change in price, but
inactive. We understand that the last weekly state
ment of the Rock Island Railroad traffic was erro-
neous, the receipts of one day-something like
81 ,2O0-having been omitted. State stocks and
good bonds continue in request, Missouris especial
ly. In the afternoon the market was rather better
though dull and stocks closed steady at the follow,
ing quotations: Virginia 6's, 92A 80; Missouri
6s, so . /; Canton, 17a 1s; Cumberland Coal pre-.
ferred, l5l 8; Pacific Mail, 94i 1; New York
Central, 70s II; Erie, 81 a Q; Hudson River, 394
q /; Harlem. 9 /; do. preferred, 50 a /; Reading
Railroad, 402 Al Michigan Central, 81 1; Mich.
gan Southern and Northern Indiana, 81 Z; d.
guaranteed, Is !; Panama, 1881 1874; Illinois
Central, SGT 81; Gslena and Chicago, 81 /;
Cleveland and Toledo, lss a 10y; Chicago and Rock
Island, 62}as.
The amendments to the Pro Rata bill moved to-
day at Albany by Mr.. Fagler the leader of the for
warders' party, certainly imply the defeat of the
clique which seeks to levy toll on the commerce Of
the State in order to benefit few millers and for
warders It is gratifying to perceive that even at
Albany public opinion can still make itself felt, and
the great interests of commerce are not wholly in
the hands Of the party politicians But it is due
to truth to add that Mr.. Flsgers new bill is scarce
~ less Objectionable than the old one. The prin-
ciple ID the same in both, and is radically,
irretrievably, irredeemably bad. To the people Of
this city, and Of the State at large, the question
is not-how much profit shan the Central Railroad
be allowed to maker The people Of the State of
New York, az whole, don't care straw about the
profits the Central Railroad and would not be over.
whemed with grief even il it fell into the slough of
bankruptcy in which its rival, the Erie, ID gasping.
What the people do want is that the Central shall
be left free to compete for business with its rivals
North and South and that act shall be passed by
the State Legislature which shall render it more
profitable for merchants at Chicago and Cincinnati
to reach the seaboard by way of Pennsylvania
or Canada than by way Of New York. It is
generally believed here that the natural advantages
of this State, combined with the energy and en-
ternrise and wealth of our naonle. will enable NeH