The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-02-01
FINANCIAL AND CONNER GAL.
THURSDAY, Jan. 3l-6 p. M.

THURSDAY, Jan. 3l-6 Pm.
The money market is easy and dull On caH,
money is worth about five per cent, and very
choice names 60 at seven. Names less esteemed
pass at all rates from to "a per cent, those being
the least popular which are supposed to be con-
nected with Southern trade
Foreign exchange is dull, and in the absence of
demand rates tend downward. Some leading
houses have no sixty day bills to SELL but are Of
fcring their sight bills at 1881 and 5.2l14 Mer-
camille bills, based on produce, go at LOG u.
The stock market is almost stagnant, the trans
actions growing more limited from day to day.
As the new Conference of the States meets on
| Monday at Washington, operators think that
by waiting a week they can buy or sell
with some certainty Of profit. This morn
ing Treasury notes declined "a per cent.
and Tcnnessees 2. Missours also fell Off Il q
Is. Pending the secession excitement, the
stocks of States which may secede can hardly be
recommended as an investment and many holders
will doubtless dispose of them. The general rail-
road list advanced this morning, but there was
very little business done. The most buoyant Of
the Western shares were Toledo and the Michigan
stocks; the large earnings of the Gslena Also are
leading TO an increased absorption of its stock.
closed inactive. Pacific Mail advanced to-day.
We informed that there is truth in the story
that the company has sold its Oregon line, though
IL would, II is said, save money by doing so. The
following were the last quotations Of the day
United States SIS 1874, 90 a o. Virginia 6's, 75I
20; Tenncssees, 724 "a; Missouri 6's, So
Il; Canton, 141lS "a; Cumberland Coal preferred,
Sac; Pacific Mail, $50 "a; New York Gen.
trail, 1919 a so; Erie, SO a "a; Hudson River, As
a Il; Harlem, l5s4 l6; Harlem preferred, 80
q; Reading, 4511 40; Michigan Central, 57ss
"a; Michigan Southern and Northern Indiana, l55<
. "a; do. guaranteed, 331I q a; Panama, 1l3 .
III; Illinois Central, 797A so; Galena and Chi
cago, 7414 a "a; Cleveland and Toledo, 345S q;
Chicago and Rock Island, So IL Chicago, Bur
lington and Quincy, 70 ass4.
II is stated on good authority that Congress will
shortly pass the famous Morrill, tariff. The seces-
sion of the Gulf States has left the protectionists
in an apparent majority in both the Senate and
the House Of Representatives. This fortunate ae-
cidcnt the agents Of the manufacturers Of Penn
sylvania and New England are about to turn to &C
count by enacting the most odious, oppressive
and clumsy tariff that ever found place on the
statute books Of the United States. II Is urged By
republican leaders that the United States revenue
falls short of the expenditure, and that conse-
quently-in the absenc &C Of any feasible scheme
for the collection Of direct taxes-the duties on
foreign products ought to be raised in order to
protect the government from insolvency. Admit
ting this proposition, the Morrill, tariff does not
meet the end proposed. II is not revenue tariff.
II j. purely protective tariff contrvcd in the in
tercst Of few manufacturers in Pennsylvania apd
New England 0ftea and coffee, the United States
imported last year about $50 600, 600, fra Of duty
These importations could afford to pay fully i've
millions revenue; the Morrill, tariff does not touch
them. But on manufactures competing with tho