The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-01-31
FINANCIAL AND COMMERCIAL.


WEDNESDAY,, JAN 500 p M.
The money. exchange and stock markets have
al been dull to-day. Money il very abundant,
bat the range Of namss which pass is gsite limit
ed. No paper connected with the Southern trade
Is easy Of sale; collections continue to he imp0s-
sble. and Notwithstanding the more active move
ment Of cotton, the indebtedness Of tina South is
not materially rednced. Foreign exchange is
very dull. and quotations are barely maintained.
We are still sending 81 900 900 per week. in
bullion to New Orleans for the purchase Of bills;
but since the secession Of Louisiana this move
ment will probably be checked. The best bills
are quoted at New Orleans at los.
The stock market is dull, though without any
stock offering, and consequently without any de-
cline in prices. This morning there was general
advance Of about "A per cent in. the railroad
shares and in State stocks, but Pacific Mail do
clined three per cent on the strength of
the rumor alluded to in this mornings
HERALD, and Tennessee skies declined q on the
the disunion Developments in that State. This
afternoon the market was quiet, and stocks closed
steady, the following being the quotations
United States 6's 1874, 90 "a; Virginia 6's. 1914
rs; Tennessee 6's, 1871 IA; Missouri 6's, 6s1a
q SO; Canton, Is a 16; Cumberland Coal preferred,
sI q Q; Pacific Mail, s4A a r. New York Gen.
trial. SOss "A; Erie, 3674 81; Hudson River, Asa
"A; Harlem, l6 n; do. preferred, 3s2s %; Read
ing, 45L q; Michigan Central, SO q "a; Michi-
gan Southern and Northern Indiana, l51 "a; do.
guaranteed, 33A "a; Panama, Il31 q ll41l; ILL
nois Central 7994 80; Galena and Chicago, 72N
"a; Cleveland and Toledo, 34Ts a So; Chicago
and Rock Island, 6sH . q; Chicago, Burlington
and Quincy, 1871 76.
We have reason to believe that negotiations are
on foot which may lead to the establishment of
steam communication between orfolk, Virginia,
and Europe, via New York. The establishment of
q direct line Of steamers between Norfolk and
Liverpool or Havre has often been suggested. but
various obstacles always prevented the accom-
plisbmcnt of the scheme. 1t is believed that by
calling at New York on the way the most formida-
BILE obstacle may be surmounted and another OBJ
jeotion which has always been urged with marked
efiect-the want of traffc-is in a great measure
removed by the completion of the Virginia and
Tennessee Railway, with its connections to Mem
phis. A steam line from Norfolk, running in con-
nection with this railroad, would give to the PEG.
pie of the border slave States and to the
people of the Mississippi Valley what they
have always ardently desiied--an ocean SER
vice of their own. Not only Virginia
and Tennessee, but New Orleans, Natchez, Vicks-
burg on the south, and all the towns far north
as St. Louis on the other side, would if such line
were established, import their goods in its ships
direct from Europe, and in return would send
their produce out to Europe by the same route
The completion of the unfinished link of road be-
tween Covington and the Ohio river would feed
the line with share of the produce of the West
as WELL But the Southern traffic alone ought to
suffice in course Of time, for the support of the
enterprise We submit that this is scheme
which deserves, and ought to obtain, the support
| Of Congress. No time should be lost in granting
| mail contract to the new line; and, in view Of
the novelty of the enterprise and the difficulties
with which it will have to contend at the start it
| would not be extravagant to grant subsidy-in
the shape of mail pay--of $4,000 o round trip.
The establishment Of such line would work q
revolution in Virginia and Tennessee such as the
people Of those States can hardly realize.
The agents Of the various trunk railroad lines
are vigorously competing with each other for the
transportation of cotton from the South to various
Northern ports. Contracts are being made by
the Baltimore and Ohio, the Pennsylvania, the
Erie and the New York Central roads, We learn
to-day that an agent of the Grand Trunk line of
Canada is about proceeding to New Orleans and
Memphis to contract for the transportation Of cot
ton to Liverpool, via Cairo, Chicago and'Quebec.
If this secession business lasts, the trade Of the
Northern ports this summer will be unprecedent-
edy large.
The leading marine insurance companies have
advanced the rate Of INSURANCE. from seeding ports
from Ia to "a per cent.
The Adriatic Fire Insurance Company has de-
clared dividend of four per cent, payable on de-
mand.
The following is NELL Brothers statement Of the
movements Of cotton for the last week and since
the lst Of September last, compared with the five
preceding yeais-