The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-03-09
FINANCIAL AND CONNER GAL.
FRIDAY, March Sc p. M.

are doing quite fair business 1t Is evident that
there will be no surplus goods left in this market
VIII n the wants Of the interior have been satisfied,
and as the importat'ons continue light prices are
not likely to fall much lower. Most leading articles
Of general merchandise are now selling considera-
bly, below the cost Of importation. The private
advices from Washington and the South to-day
confirm previous statements with regard to the
pacific intentions of the rulers of the two confede
racies. 1t is understood that informal negotiations
are going on between Mr.. Seward and the
| Southern Commissioners, and parties who
appear to know say that plan will
| be devised whereby the possibility Of q
| fight about the forts will be obviated Letters
from the cotton States assert in the most positive
terms that President Davis will exhaust every pa
cifc effort before permitting fight. As this is
obviously the policy of Mr.. Lincoln also, and as
both confederacies have much to lose and nothing
to gain by fighting, the fair presumption is that
peaceable negotiations will last for many months,
at any rate. The effect of this upon the general
trade of the country cannot fail to be very marked.
Money continues to be very abundant without
change Of rates. The news from England is more
favorable than was expected, and rather tends to
strengthen confidence.
Foreign exchange is firm but dull, the rates for
bankers bills being 1867 log for sterling, and
$685. a 50 for francs. The demand for bills from
the importers is quite light.
The stock market was active and buoyant TO-
day, at general advance. The rise was predi-
Gated upon general belief in the tendency Of
peace negotiations at Washington. Several lead
ing operators have lately changed their front, on
the strength Of advices from the South, and un
less some accident occurs, the prospect seems
fair for pretty substantial rise. At the morning
board Virginias rose l; Missouris, II; Treasury
notes, "a; Pacific Mail, ~; Erie, ~; Harlem,
rs; Reading, IA; Michigan Central, /; Illinois
Central, Ia; Burlington and Quincy, l; New York
Central, 70; Hudson River, r. The exceptionst to
the market were, North Caronas, which fell OF
Il, and Gaena, which declined a. Between the
boards the market was firm, and closed steady in
the afternoon, the following being the quotations.:
Tennessees, 721d "a Virginia SIS, 7614 "A; Mis-
souri, 6's, 65H q; Canton, IA q Is; Cumberland
Coal, preferred, 8 as; Pacific Mail, "a "a; New
York Central 1871 5s;Erie, asa "A; Hudson Ri
yer, 45114 x; Harlem, 1874 l6; do preferred,
| 394 "a; Reading, 43s4 A. Michigan Central,
| 574 "a; Michigan Southern and Northern Indi-
ana, l511s . "a; do. guaranteed, 3514 . q; Pana.
| ma, ll41s ll6; Illinois Central, s0% q; Gale
M and Chicago, 7o5s q; Cleveland and Toledo,
34La "a; Chicago and Rock Island, 571s "a; Chi
cago, Burlington and Quincy, II "A; United States
6s, 1881, 9l7s so.
II is known that the United States Assistant
Treasurer at this port, Mr.. John j. Cisco, has re-
signed his Office. II will devolve upon Mr.. Chase
to appoint his successor. 1t is hoped that, in max
ing selection, Mr. Chase will exhibit more regard
for the county than for considerations OF party
politics. The Office Of Assistant Treasurer Of the
United States at New York is the most important
financial post in the country, without even except
ing the Treasury Department at Washington.
Seven-eighths Of all the money belonging to the
government passes through the hands Of the
Assistant Treasurer here: seven-eighths Of
the payments made by the government are
in the shape Of drafts drawn directly on
New York, or drawn on repositories which
are supplied with funds from here. The
whole Of this money, in bars and coin, is
in the sole custody Of single man
the United States Assistant Treasurer here.
Some idea of the amounts which occasionally
accumulate in the Sub Treasury may be formed
fronrthe fact that Mr.. Cisco, during his term Of
Office has more than once had over $l7 900 900 In
gold and silver under lock and key, besides six or
seven millions belonging to depositors in the
Assay Office. The government takes security for
the honesty Of the Assistant Treasurer in the shape
of bond for 100000, executed jointly and
severally by four persons, each Of whom is obliged
to qualify for the whole amount. But this security
10 obviously a mere FORM There is nothing to
prevent a dishonest Assistant Treasurer from
stealing three four millions, and going of to
Havana with the money. II is to be hoped that
MIR. Chase will replace Mr.. Cisco by person who
shall not give us second edition Of the
Floyd-Baiey affair in New York. Homes
~, however, is not the only requisite for the
Office Of Sub Treasurer at New York. As he
is the only financial agent Of the government &C
credited 10 the only great financial centre in the
country, the negotiation Of government loans
must be in measure under his control. The Sc
cretary Of the Treasury residing in an inland
town on the Potomac, cannot possibly form re-
liable opinions with regard to the money market.
he must either be guided by the Sub-Treasurer at
New York or make unsuccessful negotiations. II
Mr.. Cobb had followed the advice Of ar. Cisco
the government credit never would have been
ruined, and millions would have been saved TO the
country. Mr.. Chase should see 70 IL that the new
Sub Treasurer Is q man upon whose financial ex-
perience he can rely for sound advice. To APP
point mere politician TO this important office will
be nearly fatal TO the public credit as Mr..
Cobb's treachery proved.
The following was the business Of the Sub Urea
sury to-day
Receipts. s63s $40 50
-For customs. ......................... $4,000 90
1HShehs os0o3o -
Balance T7l00j2 IL
The exchanges at the Bank Clearing House this
morning were sls,o44,267 IS, and the balances
81 ,O2S 1893 IS.
Advices by the Bremen show conclusively that
the reports about Overend, Quincy Co. arc en-.
.trey unfounded. The private letters Of the lead.
ing bankers do not even allude to the subject aud
II Is evident that the concern alluded to was the
Commercial Bank, and not oyerend, Quincy
a co.
IT, A.io.ai. L.. r....a... ~, na.,nn.. II nrnnlr