The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-02-29

months paper was made today at six per cent, and
lenders md It difficult TO place their means on call
on security that is satisfactory at six per cont
eu Inc reported rates continue a. before, six for
or very snort nrst class paper, and seven for the
same qusIity with more time to rum The amount
OF drafts ADVISED at the Sub Treasury this morn
ipg Is only about 100000; but the drafts cd
V'sed yesterday are coming in freely, and the
Danks are gaining specie. heavy failure Is re-
pofted at -Rathbone a. Co., hardware
dealers. Their liabilities are not known, but are
mentioned AZ likely TO amount to between 5000 900
and 100000. They were in the domestic hardware
line. ge n
The exchange market is reported dull The
leading bankers are asking 1909 for sixty day bills on
London and Sis for bills on Paris, but at these
rates the demand is limited. There is good sup
ply Of Southern bank bills which have been
put on the market, with endorsement,
at l0s2, and some excellent mercantile
bills at 1883. So long as cotton continues
to go forward it is doing at present, the sup ply
OF exchange will prevent the bankers from doing
any great business. Francs were little iirmer
this afternoon; sales of Southern bills were made
at 5l6l II must be borne in mind that ut the COR
rent rates of exchange it is not possible to cover
bills with specie without loss. Whatever gold goes
abroad must therefore be considered as shipped on
| account Of bills to be drawn hereafter-a!ter an
advance shall have taken place in rates.
The feature of the stock market continues to be
dulness, and the absence of outside orders for spe
culation or investment. The clique of jObbers
which, for some time, has been taking advantage
Of the dulness of the market TO depress prices
made demonstrations to-day against Panama and
Hudson River, causing o decline of 4 per cent in
the former, and per cent in the latter. It was
freely stated in the street that the decline in Pana
ma was due to the article in this mornings He
RAID on the prospects Of daily overland mail;
the offerings of the jobbers were, how
ever, the more direct occasion of the fall
The closing bid was 1919, against 1881 bid at the
close yesterday. Hudson River was attacked on
the ostensible ground of a probable competition
between it and the Harlem. The facts of the
justify no such apprehension. The Hudson River
Company, approaching the Importance and the de-
velopement Of the milk trade, have resolved 70
foster it on their line--which they have not been
able to do thus far, as they run no Sunday night
train. They now propose to follow the example of
the Harlem and Erie, and to build up milk bust
ness; and, in order 70 do so, they propose to
carry milk to Thirtyfrst street, after 1st March,
for &c. gallon By this means they hope to make
the milk traffic, which now yields s75 $50 day.
yield $500 5000 a day by this fall. This move
ment is of course displeasing to the Harlem; not
SO much from any fear of competition (the milk
region which the Hudson River proposes to drain
being now without any outleD, but because the
existing rate for carrying milk on the Harlem is
one cent gallon-twice the proposed rate on the
Hudson River. There is, however, no reason to ex
pect that any hostlites will ensue from an
event which was inevitable sooner or later.
Least of all is there any ground for expecting that
the Harlem Company, which now carries passen.
gers to Albany for 81 less than the Hudson River,
and pays fifty cents a head to the Western road,
viii make any further reductions in its tariff The
managers Of the Harlem have too much sense and
too little money to undertake any silly proceedings
Of this character. The closing bid for Hudson
River was $685. against 39i at the close yesterday
Central was inactive at yesterdays price. The in
telligence that the Governor is about to send in
message in favor of the tolls bill confirms
the opinion that it viii pass The Western
shares were steady; Michigan guaranteed was
higher Pacific Mail was wanted at the
opening of the first board, but afterward fell off,
and closed 922 bid, decline Of one per cent. Some
holders, it is said, have been selling out. The
point is made in the street that formerly when the
Pacific Mail Company declared the large dividends
which made it favorite investment it was in re-
ceipt of rather more than 100000 month mail
money from the government, whereas now it re-
ceves nothing; and ii the new scheme of daily
overland mail be carried out il will receive nothing
hereafter. At the close of the day the market wore
very dull aspect, and a further decline
ensued in the descriptions most sharply assailed
by the jobbers. The closing quotations were
as follows:--Virgnia 6s, 92s 50; Missouri Gs, so
a 4; Canton Company, LIS a {; Cumberland Coal,
| l5l }; Pacific Mall 92l 30; New York Central,
70s Z; Erie, 50 0; Hudson River, $50 sly; Har-
lem, 81 3; do. preferred, 3el "a; Reading 4Oi
Al Michigan Central, 500 81; Michigan Southern
| and Northern Indians, /; do guaranteed, l5i
4; Panama, 1919 1872; Illinois Central, 81 /; Ca
lena and Chicago 56a 81; Cleveland and Toledo,
Isl 10: Chicago and Rock Island GA J; Illinois
! Central 7's, Ssh $751;
The following was the business of the Sub.
| Treasury to day nrr
Total receipts sl9a,2sl SO
r, customs. oSVW e Uo
loai Fay menus ooSVof 80
Cailorn drafts 80, 200 90
Balance S027 100 09
The exchanges at the Bank Clearing House this
morning were s92,5iG,75l % and the balances
| 81 ,5i0jS7 40.
The statements of the Philadelphia banks for the
past two weeks compare as follows:-
| Feb 90 N5 o.
Capital. ..su 100 llees6so Inc. $3.50
Loans. ......... 22,5e4,6i0 IS 9lS Dec. lo722
! Due from other b'ks lios03o 3oa al3 Inc l3o IA