The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-03-23
FINANCIAL AND CONNER CIAL
FRIDAY, March 2s-s P.

| uNAVOtAL ANU COMMEnOiHL,
FRIDAY, March rs P. NJ.
There have been some sales of merchandise
lately, and there is rather more paper in the mar
ket to-day. All that is first class goes readily at
| a per cent. We hear Of single names going a.
seven. Doubtful names, or paper which is be
ieved to represent claims in the Southern States
! is passed with great difficulty and at high rates
| Stock brokers' are borrowing all they want at
per cent on railroad and per cent on the stocks
| of the border slave States.
| Foreign exchange advanced again to-day. Bank
asked 1921 for sterling and 6.25 for francs, and
fair business was done at these rates. There are
no mercantile bills to be had; and at the South the
banks have put up the rates even above ours It
seems to be expected, in consequence, that fur
Their advance in bills is not unlikely, and importers
who have means are Fastening to avail themselves
of present rates to remit. With money at per
cent here and per cent in England, specie could
be shipped from New York to London against bills
at about 1887 with ont any loss. As, however, the
London money market viii ease up, and the Bank
will reduce the rate of interest as soon as the
news Of the improvement in exchange here
reaches Europe, it is not likely that there will be
any shipment from this side for some time to come.
The Arago, which arrived here this morning,
brought 1892, the produce Of bills drawn when
exchange was down to l04 q los.
The stock market continues dull, but prices at
the close to-day were uniformly better than they
| were yesterday. At the opening this morning a
| rather better feeling began TO manifest itself,
when the news per Arago, announcing a decline
in American securities and consols, operated to
check business; the transactions az the morning
board the highest that have been recorded for
some time. United States securities continue In
fair demand at full prices. Missouris and Tenues-
sees taken for investment about as fast as
they come from the West for sale. Erie improved
"a from the depression Of yesterday, but was quite
dull. We understand that several thousand shares
OF this stock have been sold out by holders, partly
foreigners, within the past few days. From the
tone Of the market, it looks as though could not
stand any further supply of stock. Central is in
active at q small advance. The Western shares
including Illinois Central, which appears to have
declined in England in face of the report, were
all fraction better this morning. After the
board the market was firm though dull. In the
afternoon stocks were generally better, but very
little was done. The tone Of the market was
equally dull aud firm. The following were the
last quotations of the day:-United States 5's
1874, 90 a %; United States 6s, 1881, registered
95s{ "a; Indiana 5's, sc q ss; Virginia 6's, 1877
a 10; Tennessee 6's, 747s 70; Missouri 6's, 657s
a 66h; Canton, l4l q 49, Cumberland Coal pre-
ferred, as; Pacific Mail, 86A "a; New York
Central, 7sL o u; Erie, 3l4 q 81; Hudson
River, As a; Harlem, l51la l6; do. preferred,
50 a; Reading, 43s4 IA; Michigan Central, 579s
ass Michigan Southern and Northern Indiana,
1895 "a; do. guaranteed, 3714 "a; Panama, llG1l
a ll7la; Illinois Central, sls4 80; Galena and
Chicago, 72ha1; Cleveland aud Toledo, s5asSaH;
Chicago and Rock Island, 5sH q; Chicago, Bur-
lington and Quincy, 72h 70; Delaware, Lacka-
wanna and Western, S3 So; Illinois Central bonds,
as, 1907 l001l Delaware and Hudson, s9la O
90; Pennsylvania Coal, 70 . 80.
The necessity for an extra session of Congress
for the purpose Of repeating the Morrill, tariff is
now apparent to every one, and IL is TO be hoped
that the President will lose no time in acting in
the matter. OF the republican journals in this
city, all but one concur in the opinion that the
tariff was blunder, and must be repealed. That
il viii yield no revenue must now be obvious even
to such statesmen as the Hon. John Sherman, Of
Ohio, who threw away the reputation he had
earned by two years faithful service on the Com
mittee Of Ways and Means by urging the passage
OF this monstrous law, on the ground that the go.
vernment must get more revenue. From the day
this tariff goes into effect large quantities OF TO-
reign goods will cease to be imported altogether,
the duties on them being prohibitory. Other
goods will be warehoused on their arrival and left
In warehouse till q purchaser can be found. Such
purchasers will be rare, for the increased duty will
raise the price Of every article imported and peo
pie viii naturally wait and see II by and by they
cannot purchase the same goods more cheaply in
Southern markets. The consequence will be that
instead Of receiving $3,5oo,oo0 to $1,000, 900 q
month at this port in April May, June and july
IL Is doubtful whether the government will get an
average Of $2,000,000; and whatever poll
cy Mr.. Lincoln may pursue with the South,
he win run the country in debt from thirty to forty
millions the first year OF his administration. SO
much for lcgislating for the special interests Of
Senator Woodscrew Simmons, of Rhode Island
and the other representatives Of the manufacturing
mronopolics Of New England and Pennsylvania.
Had the old tariff remained In force the govern
ment would probably have received from duties at
this port over 100000 900 between the lst of April
and the LIST Of December. Mr.. Lincoln has now an
opportunity Of repairing the mischief done. Let
Congress be called, the abominable Morrill, tariff
repealed, and the tariff Of 1867 re- enacted. The
consequence q THE win be- Grst .la' the govern.
Drcnt viii receive ie-~s----s~~-rSSvis sunni
bat IN 4