The New York herald., 1862-03-01
FINANCIAL AND COMMERCIAL.
FRIDAY, Feb. 2s-6 p. M.

capitalists to withdraw their funds from the
market until the effect of the Treasury Note act
Is more clearly discerned A few days ago money
could be borrowed at per cent on call, provided
the borrower would take United States Treasury
notes. To-day these notes are in demand at a
premium of "a Il per cent. The banks are
greatly embarrassed by the want of circulating
medium; great relief will be felt when the 60
vernment begins to pay out the new notes freely.
1t is not supposed that money remain tight for
any length of time; meanwhile the brokers are
paying seven per cent call, and first class paper
is selling at a per cent. A heavy failure in the
breadstufis trade is announced. As q general
rule, trade is very sound, and there are fewer
failures than usual at this season.
The pinch in the money market has had the ef-
feet of compelling some of the speculators in
foreign exchange to sell, and bills are lower to-
day. At the close first class bankers bills were
bought at ll3, and ll3A "a would have probably
induced the leading houses to draw. At second
hand we hear Of sales of bankers bills below 49,
Francs are quoted from 500 to sos. The de-
cline in gold and the increased activity in
money are fatal to exchange, while the improved
prospects of the national cause ndspose the lead
ing bankers to draw more than they can cover at
once. The imports of dry goods for the week end
ing to-day amount to 81 o97 $751; against 81 1897 2O2
same week last year, and $3 ,77s 034 same week Of
1860. If the imports continue on this scale ex-
change will not advance; but if Congress does not
levy additional duties on British silks, linens,
woolens, worsteds and cottons the first indications
of peace will lead to large increase in our i'm
ports of these and other foreign goods, and
change will rise to point which will insure heavy
shipments of coin.
The stock market to-day presented a healthy as
pect, with fair amount of outside business. The
operations ofspeculators to have been checked
by the increased inquiry for money and the un-
easness created by the absence of news from the
seat of war. In the meantime the public are
tempted by the large increase in the earnings of
the leading roads, and also by the general impress
sion that the forthcoming issues of paper money
will augment the traffic on the Stock Exchange, to
invest in some of the railway shares. New York
Central and the various classes of Erie securities
are naturally the favortes among large class. 1t
is believed that the former has paid its last per
cent dividend and that in August it will resume its
old figure per cent semi-annually. Erie is popu-
lar with many who argue that the news of our
successes viii lead foreign holders, who have sold
out their stock within the past year, to replace it
as soon as possible. The condition of the COM
pany is better than it has been for many years.
Other persons prefer the Western shares, and are
tempted by the unprecedented increase in the
traffic on the Michigan and Illinois lines. The
Michigan Southern will show for its last fiscal
year net earnings over and above interest
and expenses equal to about 100000.
the second mortgage bonds rose per cent to-day;
the sinking funds were active at 9OH "a, and
the two classes of stock were both in demand at
last quotations. Michigan Central fell off frac-
ton this afternoon. 1t is not known whether the
company will pay midsummer dividend; but the
increase ia the earnings encourages holders to
hope foe one. Rock Island closed "a lower tuan
yesterday; Toledo was steady, Galena * lower,
Illinois Central 4 lower. All these roads, except
the last mentioned have fully as much to do as
theycan manage. The business in Southern State
stocks has fallen of, as might have been expected,
and prices rather lower. Tennessees declined
q and Mssouris 11a; virginias were steady.
The advance in these stocks was too ra-
pid to last. Both the coupon and re-
gistered stock of the United States de.
clined Il per cent to-day. The absence of
news operates unfavorably upon specu-
lation in these securities. The market closed
United States SIS, registered 1881, 925S 921s; do
SIS, coupon 1881, 92as a e211ss; do. SIS, coupon,
1874, SIS IS; Indiana SIS, Il sO;virginia 6's 59a
=; Tennessee 6s, 593s 591ls; North Carolina 6's,
6s 20; Missouri SIS, so 52Is; Pacific Mail, s31.
93A; New York Central. s3's salI: Erie. 345I a
345s; do preferred, 5sss 5s94; Hudson River,
3714 37lia; Harlem, IL a l2H: do. preferred,
2sA a 29s4; Reading, 435s a.; Michigan Cen.
f~aI A.. oIs
Indiana, 1874 "a; do. guaranteed, AZ As;
Panama, ll9 a 1901; Illinois Central, 63 a 63114;
Galena and Chicago, 6sH 6ss4; Cleveland and
Toledo, "A a 459s; Chicago and Rock Island
56la 56ss; Chicago, Burlington and Quincy, 63
a 81; Milwaukee and Prairie du Chen, 2O14 a 2l;
Cleveland, Columbus and Cincinnati 100 lO91s;
New York Central rs of 1876 lO3 los; Erie
third mortgage bonds, 9014 9o'z; Michigan Gen.
trail SIS, first mortgage, 1929 1929 Illinois Cen.
trail bonds, rs, "a a 9i14; gold, 1927 1929.
After the second board the market was rather
BETTER Illinois Central sold at 6l.
The exchanges at the Bank Clearing House this
morning were sl6,47s ,727 SO, and the balances
81 ,l9s ,Sl7 "A.
The Secretary Of the Treasury invites proposals
until March for furnishing 800 900 900 of Trea.
sury notes and 5000 100000 of bonds, as fol.
lows:-
Thirteen millions each OF United States notes or the
denominations @ SIS 10's 2O's sos zoos and Zoos
and twelve millions Of the denomipation OF ! 600 W.
REGIsTERED BuSps.
Five millions Of the denomination Of. ....... sso
Fifteen millions Of the denomination of........ leo
Fifteen millions OF the denomination of....... 300
Forty millions of the denomination Of ........ 600
Fifteen millions OF the denomination OF .., 900
Ten millions Of the denomination OF 10 900
or COUPON BONDS.
Eighty millions OF tho denomination OF. f........ 900
Twenty millions Of the denomination Of .......... 600
The following are the returns of the Providence
banks for the week ending Saturday, February 2l,
1s62.--
Capital. ,464 500
Circulation. ......................... 1879 100
Deposits. 2,7e2700
Due other banks. e93 200
Loans Is, 500 500
Spece. eQG'