The New York herald., 1862-04-05
FINANCIAL AND CONNER ciAL.
FRIDAY, April 4-6 r. NJ.


The money market s without change; money
rules at 6 per cent; seven-thirty Treasury notes
at e9s< "a; certificates of Indebtedness at s6 "a.
None Of the legal tender Treasury notes have yet
made their appearance in the market, though the
engravers are forwarding them to Washington at
the rate of several millions day. The old demand
notes have almost disappeared from circulation.
Mr. Cisco sent $500 900 of them 10 Louisville
to-day, having sent similar amount to the same
point yesterday. in fves tens and twenties for the
payment OF the army. OF the Treasury notes sent
West none ever return to the East the probability
is that the Western States have absorbed the bulk
of the demand notes now aRoat. Their scarcity
here, and the evident willingness and capacity
of the West to absorb all the Treasury notes
wh.sh ere sent thither, render IL more
than probshle that the issue of the 500, 600 900
ksai tender notes authorized by the act
of March win have to be followed by another
issue Of at least 500 900 600 more. Wherever
the people have the choice, they prefer these
notes to all other currency. And II needs no argu-
ment to show that $50 GOO 600 of currency is in
sufficient for the wants of so extensive populous
and industrious nation as the United States.
Three hundred millions of government paper, rest
ing on basis of thorough system OF direct and
Such an issue would be a boon to the people, who
would never consent to have the notes called in
and cancelled. 1t would do no harm to any one
except to the wildcat bankers, who make living
by issuing bank notes which they do not propose
to redeem. And it would practically amount TO
loan for an indefinite period, without interest, to
government of three hundred millions of dollars,
at time when the public treasury requires all the
assistance it can get.
Foreign exchange is dull Bankers bills are
selling at ll234 for sterling, and about 5.03A for
francs. The regular quotations are l12 "A
and 5.021a a sos. Gold was lower to-day. 1t sold
at the first board at 1919, but was done after
wards in the street at 1913. The spectators are
apparently willing to increase their short line to
any extent and to take the chances Of getting the
specie to deliver when their contracts mature or
they can no longer borrow coin.
The stock market continues very dull indeed, in
consequenc of the absence Of news. An attempt
was made to-day to get up panic or cdnard
about defeat Of Heintzelman; but it did not sue
ceed The public have been 30 often deceived
that they are cautious about believing street ru-
mors. good deal Of dissatisfaction is felt, how
ever, at the supposed withholding ofnews. At the
drst board to-day government skies fell of Il.
We are led to believe that the banks are not sell
ing any more Of these bonds, but that the present
supply comes from the bears, who are selling them
down in the hope of affecting the rest of the mar
ket. Central, Erie and Pacific Mail were fraction
better but the Western railway shares were all Il
. Il lower, and Missouris were =, lower. The
general list is believed to be pretty well oversold
by parties who probably look for unfavorable
news from the army. An important victory would
create quite a stampede among the bears, and
would probably lead to an advance Of some magn-
tude in Central, Erie, Toledo, governments, &C.,
&c. After the first board the market was dull.
At the second board the same feeling of dul.
ness and weakness prevailed, and further
decline Of * a "A took place. Michigan
Central fell of to 64 on the report Of the
destruction Of their locomotives and buildings
by fire. At the close the market was heavy
and the following were the last quotations -
United States 6's registered, 1881, 922s 921; do.
SIS, coupon, 1881, s22s 9211 do. SIS, 1874, S6s4
81; Tennessee SIS, 53& 81; Virginia 6's, So 81;
North Carolina SIS, 81 e71s; Missouri 6's, 4s1I
As4; Pacific Mail, 81 a 9s; New York Central, s21l
. s21s; Erie, 36s4 81; do. preferred, 60L 81;
Hudson River, 35 a 35; Harlem, l2H l25s; do.
preferred, 80 81: Reading, 4ls. 4211a; Michigan
Central, 541S 5t14: Michigan Southern and North
ern Indiana, 22ss 22s4; do. guaranteed, 45H
s5a; Panama, ll914 ll934; Illinois Central, 59H
59s.; Calena and Chicago, 81 6714; Cleveland
and Toledo, 45 a 451z; Chicago and Rock Island,
SEA- 54s4; Chicago, Burlington and Quincy, 81
So; Milwaukee and Prairie du Chen, 23 241I;
Cleveland, Columbus and Cincinnati, ll2 ll21z;
New York Central re Of 1876, l02 l03; Erie Sd
mortgage bonds, 9211s 93 Michigan Central Sc,
lst mortgage, 9s1l 991a; Illinois Central bonds,
7's, SO a s911%; gold, 1919 l02.
The importation Of dry goods for the week end
ing yesterday was 81 1899 os2, against 81 ,5o6,723
same week of last year, and 81 ,4974 40 same week
of 1850. The aggregate for the first quarter of
1862 is sl4 7s2 e67 against s2s, sse for the cor
responding quarter of Is6l and s34 6s O9l for the
same quarter Of ls6o. The reduction, large as it
is, Is less than the reduction in our means Of pay
ing for the goods in consequence Of the total stop
page Of our exports of Southern produce. We
shall be compelled to pay for every dollars worth
of foreign dry goods imported in gold. II is this
prospect which renders the speculation for the
fall in gold SO dangerous. Any day sudden de-
mand may cause the precious metal to advance
and create a panic in the market, under the infu-
ence of which an attempt to close the present
heavy short interest in gold would cause it to rise
to an unreasonable premium.
The business Of the Sub Treasury was as follows
To-day
Recei IL ~ Observation-Disclosures. ss6s 05s IL
FOR cuktons looVoo w
Payments ...s''s.''..'s'..'.-'' ~ oot W
Baancs ... .... ................,..... o6l 375 81
The Shoe and Leather Bank has declared divi-
dend of four per cent. Mr.. A. V. Stout has been
re re-elected President by unanimous vote, and Mr..
josiah Oakes Vice President. This is one Of the
best managed banks in the city, and has never
failed to pay semi-annual dividend Of four per
cent II would be well for some Of our Wall street