The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-02-07

so largely upon political movements that it Is
hardly possible to predict anything with certainty
II, by any chance, the present political cloud
should be removed, business will revive suddenly
and except in those Southern States where stay
laws have been enacted or proposed the year
1861 will be one OF marked prosperity. The coun-
try possesses every material element Of pros
perity-if it were only at peace.
There is no change in money matters, and rates
remain as last quoted. Money is abundant at q
on call, and per cent and upwards for paper.
Nothing was done in foreign exchange to-day; the
market has declining tendency.
We note further advance in the stock market.
predieated on the favorable news from Washing
ton At the opening Of the session this morn
ing stocks advanced with buoyant feeling.
At midday the advance tempted spectators to
realize, and prices declined. In the afternoon
again buyers recovered courage, and the market
closed firm at about the prices Of the morning.
The most buoyant stocks of the day were vir-
gnias which rose 2A, on the prevailing belief
that the State would remain in the Union; Mis-
souris, which rose 2, on the same theory; Michi-
gan Central, which rose 314 Toledo, which rose 2;
and Chicago, Burlington and Quincy, which rose
per cent-a on the strength of the large earnings.
The following were the last quotations of the
day:--virgnia e's, IS . u; Missouri 6's, &C n;
Canton Company, l41I l51S; Cumberland Coal,
TX s1ls; Pacific Mail, s4l "A; New York Gen.
trail. 79H a "a; Erie, 3214 "A; Hudson River,
A3A "A; Harlem, l6 q "a; do. preferred, 3s%
"a; Reading, 43A "a; Michigan Central. 554
a 70; Michigan Southern and Northern Indiana,
l4A q; do. guaranteed, 30 a a; Panama, liz
49, Illinois Central 7G1s II; Galena and Chicago
II u: Cleveland and Toledo, 1924 Is; Chicago
aud Rock Island. 81 q; Chicago, Burlington and
Quincy, G9L 20; Illinois Central rs, 96 a 81.
The business Of the Sub Treasury was as follows
to-day =
Receipts s92, 1902 50
Tor customs OBSERVATION-DISCLOSURES. 4gWo w
balance. 1882 $50 0s
The tunnel through which the trains Of The Erie
Railroad Company are to reach the Long Dock
Company was to-day formally opened-a train
filed with invited guests having passed through it
this afternoon. 1t is work Of stapendous magni-
tndc--thc tuurei being nearly 4 mile long, cut
through The solid rock. It has been three years in
progress. The connection thus established be-
tween the Erie Railroad Company and the Hudson
river must prove extremely valuable to the former,
and must tend to increase its business in very
marked manner
The subject Of steam service from Norfolk to
Europe is now engaging the attention Of practical
steamboat men in this city, and In conjunction
with we'll organized system of through freight
delivery TO points in the interior of the Continent,
promises fair to prove successful. Norfolk, by
its position on the Chesapeake, and Memphis,
by it's position the Mississippi, offer,
through the Virginia and Tennessee railroads,
solid inducements to the capital to be enlisted
in the proposed freight service. Nor do we
see at present any practical objection to
new feature lately brought forward to mag
nifty the advantages Of Memphis, and that is,
the establishment Of direct steam service
between that city and Galveston, in Texas.
There il now line of river boats plying, we be-
lieye, between New Orleans and Mobile. The
halbor of Galveston will always prevent it from
having line Of steamers direct to Europe. But
we really see no reason why steamers adapted to
Gulf navigation may not ascend the Mississippi to
Memphis, as there is plenty Of water to that point
The Virginia and Tennessee roads would, in shch
case, form the overland link connecting the steam
service from Europe to Norfolk. All such efforts
and trade Developments can meet only with favor
in this metropolis because, one way or the other,
New York is benefited just in proportion as the
general prosperity VI INC Wuuic Cuuuly 20 PRIV
noted. What say our Norfolk and Memphis
friends?
The City Chamberlain controversy is atlast con-
claded. The city funds, amounting to about
81 600 COO, were transferred to-day from the Park
Bank to the Broadway Bank.
The exchanges at the Bank Clearing House this
morning were s2l ,O33, 79s Al, and the balances
81, 1856, O32.
The following dividends have been declared
The Exchange Fro Insurance Company has declared
dividend ef three ard half per cent, pay abls tho
goth inst The New York tre and Marine lnsur Com
pany has cred sem annual dividend OF SIX per cent
payable on cemsnd
The Cairo Gdsette Of Thursday says
Business boro continues very btisk and Immense
quantities OF scieht principally being shipped
south Cairo Is now, and has been FOR time, pfsc
ticaly the head OF navigation on the Mississippi Cotton
has again changed It's route, aud " going North
through Caro- and the Illinois Cent al Railroad We
dersti1d thai a heavy contract bas been made With
Messfs Gfaham Halliday 90 for shipment OF cotton
by this route All 81 Louis boats turning back from
this point and they Ind no difficulty ia getting loads
The Philadelphia Bulletin of last evening says
There IL IL the demand for money, and tho
the best short aeeeptances arc 10 cont
and tor not wsll or fayorahy known IL a Is
per cent. There Is lnn.enae mount Of idle capital
aoat o. which In tha absence or safe and profit
allie employ meni is seeking Investment in bonds aud
mortgages upon real estate
Tie total shipments Of copper from Lake Supe-