The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-03-30
FINANCIAL ANo CONNER GAL.


FaIsAv, March a9--6 r. A.
Contrary TO expectation, x':hange ard MT ad-
vance to-day. Bankers are stubborn at los. bat
there Is no demand TO speal of, and for this week
the hope Of an advance 10 n specie shipping point
must be abandoned. y the next arrival ifom
England we shall prob Ably hear Of reduction IN
the Bank rate of inter est which will probably re-
Quire bills here 70 ri ~ to 100 before specie can De
probably shipped rom this side. The million in
gold which came by the yigo is understood, as we
mentioned yestf rday, to have come here on ac-
count Of the Ank of Louisiana. Other New Or
leans banks are supposed Co have ordered Sosu
likewise, in anticipation Of the turn in the domes-
Tic exchan kes. IL will be curious to notice how
secession will affect the domestic exchange mar
Set this nnmer. Every April, Is the cottonre-
eeipts decline and the notes of the country Her-
chants mature, exchange on New York in New
OreaH- advances until sight drafts are worth %
per cent premium. which price permits gold to
flow North. At present sight drafts on New
York are quoted "A per cent premium at New
Orleans. Exchange must continue to rise
until specie begins to flow North--H
the Southern merchants pay their debts to the
North. II is in anticipation Of this contingency
that the New Orleans banks nre Strengthening
thrir accounts here. II, however, the merchants
of New Orleans, many Of whom are in embar-
raised circumstances, should postpone or refuse
payment of their debts to Che North, the usual
Gourse IF the domestic exchange market will be
reversed this season. The Stay bill which was in
trodnoed into the Louisiana Legislature is under
stood TO have had many friends.
The money market continues extremely easy.
The current rates for call loans are 8 &C, and
the same fgures for first class paper, with few
rare exceptions at A a ~ The complaint is still
Of the scarcity IF paper. There is great deal OF
conversation about The loan, and the takers OF
the last loan evidently anxious to get it about
as cheaply as they did that one, with view to
make the same profit on subsequent rise. Views
ranged to-day from 90 to IS; the skies Of 1881
coupons-declined a this morning.
The stock market opened with some weakness
this morning but recovered strength between the
boagds, and closed steady. The amount of bust
ness done continues moderate. The feature of the
!. morning's business was o decline of per cent in
vireinias and / per cent in Tennessees; whether
the decline had anything to do with political
movements did not appear. 1t is certain that
untl the b, rder State Conventions have adjourned
sine die The stocks Of these States will fuctuate
in our market and prove insecure property to
bold The speculative stocks-New York Cen-
trail, Erie, Hudson, Harlem, 6esding, Illinois Gen.
trail, Rock Island and the Michigan shares-a fell
of "a a% per cent at the morning board, but
covered afterward, and osed better. At the close
OF the day Illinois Central was %, guaranteed
"a, Toledo - Michigan Central 4, Reading "a,
New York central q better than at the close yes
berday. The market left of steady, the following
beng the last quo atons:-United states SIS, 1874
90 s9s.; Tennessee S., 751s 1914; Virginia SIS,
761a 76s44; Missouri 6's, 669s 66ss; Canton, I41a
a i6 Cumberland Coal preferred, "a 7s4; bella
ware and Hudson, ss114 ss4; Pennsylvania Coal
80 a 81; Pacific Nail, $50 ss; New York Central
7ss4 1875, Erie, 80 s214 Hudson River, ASK a
46; Harlem l6 l61z; do. preferred, ala q 4ls44
Reading i494 as; Michigan Central, $50 5s144
Michigan Southern and Northern Indiana, 17L n
I7s4; do. guaranteed, 3s7s q 80; Panama, III q
u71d; Illinois Central, siss sla4; Gaiena and
Chicago, 1917 1885; Cleveland and Toledo, SO .
3sh; Chicago aud Rock Island. 57s4 $50; Chi
sago g.. .;agton and Quincy, 1917 rs; Milwaukee
and Mississippi, IL II; La Crosse and Milwaukee
land grant bonds, ii IL; illinois Central bonds
10l q l02.
Tie 70 lowing was the business of the Sub
Treasury to-day
Re- pts slt5 033 "