The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-03-15
FINANCIAL AND COMMERCIAL.


THURSDAY, March l4-6 p. N.
The money market n quite dull. Money is left
with the brokers at per cent, and lent all round
at Six Choice names are current, as before, at 9
T. The large receipts of gold from Europe
though expected-produced . good feeling. The
Etna brought 81 ,265 0O0 about half million came
on last evening and this morning from Boston, be-
ing the specie per the Canada. The Arabia, which
will be due on Saturday, win have from 81, 900
to 81 800 900 on board.
There is rather more firmness in the foreign ex-
change market, but very little activity. We quote
as before, bankers bills at LOG for sterling, and
5.321l q IS for francs. There are some Southern
bills in market at 1861 u. But importers are
very backward in buying, and bankers cannot
afford to purchase freely in consequence.
The stock market was steady this morning. and
fair business was done at something better than
the best rates of last evening There was a re-
mlrkably active demand for United States securi-
ties, which are being freely taken for invest
ment by parties in various parts Of the country.
The ives Of 1874 are held at 49, and the skies,
registered, at 95H The 70 per cent Treasury
notes are now worth l04, and the 1917 notes, 1902.
State stocks were steady; virginias advanced a.
Among the railway stocks the principal advance
was in Panama, which rose q, and Erie, which
rose Il; New York advanced r. Galena, "a; Rock
Island, "A; Toledo, "A; Michigan Southern, a;
Harlem, u; Illinois Central, which was unfavora-
bly, affected by a lower quotation from England by
the saxona fell of "a per cent. After the board
the market was steady. In the afternoon
further slight advance took place, and
the market closed steady at about an average
of a per cent over the morning prices. The
| foil 1acf
States SIS 1874, SO a ss11ss; Tennessee es, 74H
q rs; Virginia 6's, IS 70; Missouri 6's, 6e%
q 665s; Canton, l414 q l414; Cumberland Coal
preferred, o s; Delaware and Hudson, SO
S91a Pennsylvania Coal, 70 . 1917; Pacific Mail
S511 &c. New York Central, 1871 1871; Erie,
32H 3224; Hudson River, As As; Harlem,
1873 1879; Harlem preferred, 80 3914 Read
ing, "A 441s; Michigan Central, 57A So;
Michigan Southern and Northern Indiana, l6 q
1917 do. guaranteed 36ss 36ss; Panama, ll6
ll6; Illinois Central, SOA 81; Galena and Chi
cago, 7OA a II; Cleveland and Toledo, 341l
34s4 Chicago and Rock Island, 5724 So; Chicago
Burlington and Quincy, 721l 70; Milwaukee and
Mississippi II ny; La Crosse and Milwau-
kee land grant bonds, Is q Is; Illinois Central
bonds, 90 981I.
If President Lincoln does not call Congress to-
essentially the Morrill, tariff, his administration
will prove the most disastrous to the North of any
of the administrations which have teen in power
since the time Of Van Buren,. As we stated when
this tariff was before the House, it will ruin
the merchants, afford the government no revenue,
and finally destroy the manufacturers, in whose
greed it had its origin. 1t would be easy to fill
this column with mere enumeration of the incon-
IA.
sions. These, however, are of less consequence
to merchants than the difference which, in the
course of few weeks will exist IN the rates of
duties levied at Northern ports and at ports in the
cotton States. No New York importer who pays
a revenue tax on his goods offorty or sixty per
cent, can compete with a Savannah or New
Orleans importer who only pays fifteen or twenty
per cent; and it stands to reason that,
when the two tariffs get into working order in
opposition to each other, not only will the people
of the Gulf States do all their own importing, but
they will drive Northern importers out Of the
Western market also. 1t will be cheaper for st.
Louis and Cincinnati to import their goods via
Savannah or New Orleans than via New York.
1t is mpertinently stated that this unequal ri
valry will be checked by blockade of Southern
ports by the government. No such event can oc
cur. NO power IS gwen 10 the Iresldent, either
by the constitution or by the laws, to blockade
any port Of entry anywhere. He could not do so
If he would. Under the jealous provisions of the
constitution Of the United States, the Presidents
hands are so firmly tied that he has neither the
legal right nor the physical power to engage in
civil war without special legislation; and that
legislation was expressly withheld by Con-
gress at its last session. II New York
and the other great cities Of the North are
to be saved from very grave injury, special ses-
sion of Congress should be summoned without
delay, and the importing trade Of the North placed
on at least as favorable footing as the importing
trade Of the seeded States.
Messrs. w. Schall & Co., Of Exchange place,
have received, per Etna, letters from Paris to the
26th, which make no ausion to the firm Of A.
Marcuard & Co. 1t may therefore be taken for
granted that our London correspondent was in
error when he reported their suspension The
credit of their bills in this market has not been in
jured by the rumor.
The outstanding bank notes fthe Artisans Bank
will be redeemed at par by Messrs VIM. and John
O'Brien, 20 Wall street.
The following was the business of the Sub
Treasury to-day
Receipts. Slot,ZoS 70
For customs ........................ ssVW w
Payments zoo,os3 os
Balance .....,''.....''... .o,'soos ~
The earnings Of the Erie Railroad for the follow
ing months were:-
February, 1861 1891 100 81