The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-03-30

The stock market continues to show marked in.
crease of business and an improved tendency. The
feature Of to-days movement was sudden ad-
vance in Pacific Mail, which from l0lI last evening
jumped up this morning to 1868, and closed l043 bid
This stock has been becoming very scarce of late,
large amounts having been absorbed by investors;
this, together with the rumors of large dividend
in April May, sufces to account for the advance,
New York Central sold as high this afternoon as
rs, and closed 75l bid, against 74l yesterday. The
story today is that compromise bill, taxing the.
Central 100000 year for five years, but without
the q cents mile proviso, is likely to be accepted
by both parties in the Legislature. The Western
stocks were all fraction better, except Michigan
Southern, which fell off /, while its bonds were
all in demand at small advance. Holders of these
bonds need not alarm themselves about the current
stories in reference to reorganization by reducing
the debt of the concern. That is not neces-
sary, and will not be done. State stocks
were quieter to-day, bul me demand continues fair
and the price steady. This afternoon the market
took further upward turn and closed, after
large business, firm at the following quotations.
Virginia 6s, 93 Il Missouri 6's 81! a. Canton, 2O5
81; Cumberland Coal, l3a q IA; Pacific Mail, l045
~; New York Central, 75l a IS; Erie, Io4 a Z;
Hudson River, 39i . Z; Harlem, % 10; Harlem
preferred, $50 SO; Reading, All al; Michigan
Central, 42l !; Michigan Southern and Northern
Indiana, l0l IL; do. guaranteed, % a 4; Panama,
1854 a 1876; Illinois Central 81 1; Galena aud Chi
cago, Gig /; Cleveland and Toledo, 2iI a Is:
Chicago and Rock Island, 65l 3; Illinois Central
rs, 91aas.
The House Committee of Ways and Means nj
Washington, which has already won distinction by
reportng-for political effect-an impractcable
and monstrous tariff BILL has FOLLOWED up this stem
by cutting down the annual estimates of the Secre
tary of the Treasury for the public service the sum
Of 81 ,l3s,sl5. The Treasury misunderstanding of
special appropr iations of a specific character made
by former acts Of Congress-was SIC ,27s 1893; the
Committee on Ways and Means proposes to appro
pirate only SIS ,l40,07s. The chief reductions pro
posed are in the army appropriation. which is re-
duced s640,977, and in the "sundry civil service,
which is reduced s24ssl4. Our Washington cor
respondent very properly denounces these reduc
tons as absurd. They do not amount to enough to
relieve the treasury and it very doubtful whether
ifthey are finally adopted, the government win be
able to pay it's way. Defective as Mr.. Cobbs ad-
ministration Of the public finances has been in MANY
respects, his fault has never been TO ask for too
much money. The truth is, that the Committee Of
Ways and Means is devoting itself-not to the bu-
siness OF regulating the financial concerns of the
countrybut to the petty political trade of making
political capital for the republican party. Mr..
Morrills new tariff was not intended to beco ne
law, but mer ely to buy over Pennsylvania and Sc
cure Massachu Setts and Connecticut to the repub-
Iicans; and Mr. .Shermsns budget isa similar trick
to gain for his par the credit of seeking to reduce
the expenses of gov, rDment-
The exchanges at I've Bank Clearing House this
morning were s2i,s4s, .12i, and the haiaBess
u ,o30l7s 81.