The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-03-07

coffee, spices and other groceries, which viii M
tnraly relieve our market. The export Of cereals
is now merely nominal neither -four nor wheat
can be shipped hence to England at profit
The inquiry for money, which yesterday caused
rates TO stifen up fraction, subsidized day, and
the decline may be said TO be established On 60
vernment or State stocks, favorite bonds Of any
kind, money can be borrowed in Wall street at five
per cent. For loans on fancy stocks the rate
asked by bankers is still six per cent; but most OF
the money loaned at present is at or 81. At bank
the applications for discounts are moderate at the
discount houses, (Which in many cases includes
brokerage) is the minimum rate for first class
short paper; heavy paper--i. e., 4 a G months to
run-goss at 81 "a for first class, and "a 10 IL
for names less known. Some very choice single
names are selling at seven per cent The
movement at the Sub. Treasury continues to be Ian.
guild; the Post Office Department is evidently in no
hurry to pay its debts and in the present state of
the money market holders Of drafts are in no hur.
ry to present them for redemption.
The foreign exchange market closed dull and in.
animate. Early in the day most of tue leading
bankers asked 100 for sixty day sterling bills but
before the mail closed leading house put down
the rate to 1855 without attracting purchasers
We quote city bankers bills 10st q I, and good
mercantile bills 1884 J. For fancy there is rather
better demand; the authorized quotation is SIS
5l6l. From present appearances the foreign
exchage market will not recover until the ship
ments Of cotton decline.
There was Q reaction in the stock market to day
and lower prices were realized for most descrip
tons; but the opinion of most of the commission
houses appears to be that outside business is in
creasng, and that the tendency Of the market is to
increased activity. Central sold this morning at r.
declined to III, and closed that bid against III bid
at the close yesterday. The impression in the
street appears to be that the Legislature will pass
no bill which can have the efct of permanently in
juriDg the receipts of the road. Galena was active
on the strength ofthe report; the stock declined,
closing at ST., against 5s4 bid at the close
yesterday. The report, though uncommonly con,
fused and obscure, and evidently drawn by some
Impractical hand, shows better state of things
than the price of the stocks would lead one to ex-
pect Illinois Central and Rock Island were both
fraction higher. Michigan Southern guaranteed
and common stock) was lower; the earnings for
February were $ll9,s32, against $l06,s27 same
month last year-increase $l3,005, wholly in the
freight business. Canton was active at a small re-
action from yesterdays decline. Pacific Mail was
quiet at last quotations; Panama was . shade
lower. The demand for State stocks and
first class bonds continues active; Mis-.
souris are rather higher, which indicates
. conviction in the public mind that the Missouri
Legislature will adhere to q conservative policy.
This afternoon the market was very quiet and stocks
closed inactive at the following quotations:-vir-
ginia 6s, 93l o.; Missouri 6's, sOi q 4; Canton,
l93 20; Cumberland Coal preferred, l5t 16; Pa
cifc Mail, 90 /; New York Central, III Z; Erie,
81 {; Hudson River, SO /; Harlem, 81 q a; Har
lem, preferred, SO /; Reading, 4oB Al; Michigan
Central, $50 Z; Michigan Southern and Northern
Indiana, 70 o 8; do. guaranteed, 173 ls; Panama,
1873 !; Illinois Central, 594 }; Gslena and Chi.
cago, 57s 80; Cleveland and Toledo, 1919 /; Chi.
cago and Rock Island, 63l al.
The following was the business of the Sub. Urea.
sury to-day