The New York herald., 1862-02-27
FINANCIAL AND COMMERCIAL.
WEDNESDAY, Feb. 26-6 p. M.


There is quite spasm in the money market.
Bankers lending all their funds at per cent
and even more was paid to-day in some instances.
The pinch is Of course merely temporary in its
character: money cannot well remain tight when
government is about to pour out $50 900 900 of
Treasury notes made legal tender, and there is
no inquiry for money among the merchants. First
class paper remains scarce, and is quoted lower
than call loans. The uncertainty which prevails
with regard to the shape in which the Treasury
Note bill has passed gave rise to much discussion
to-day. At first it was doubted whether or no the
bill had actually become law. This point being
settled by positive dispatches from Washington
asserting that the President had signed the b
questions arose as to whether the demand notes
now afoat were receivable for duties, and also
whether the clause making the duties payable in
coin had been retained in the bill. The gene
raj impression is that the demand notes now
afoat receivable for duties and ON the
strength Of this impression sales of them
were effected to-day at lOO1%. 1t is also
believed that all duties not paid in these de-
mand notes will have to be paid in coin The pub
lie generally seem TO be coming to the conclusion
that this provision in the law will not, as was at
first apprehended, enhance the premium on gold.
on the one hand, and the disbursement of specie in
payment of interest On the public debt on the
other, will give circulation to the precious meta
and prevent its being boarded away, the genera
belief is that after time, especially If the war is
speedily brought to a close, the premium on gold
will fall to mere fraction, and the 5000, 900, 900
which are in the hands Of the loyal people of the
North will be restored to general circulation.
-1ay of Onld ra idaro lv in
Of the demand, and the price at one time fell
to 1929, closing at 1929 1903. Parties who have
large amounts boarded for the sake of selling at
premium had better not wait too long. The Asia,
which sails tomorrow morning, only takes
$269 1855. Specie shipments are not likely TO be
heavy until some change takes place in the ex.
change market.
The public inquiry for federal and State stock
and first class bonds continues very active indeed
the commission houses have had another very busy
day. Sales of skies Of 1851 were made this morn
ing at 93 and at the close SO was bid for the re-
gistered, and 925s for the coupons. Mssouris and
Tennessees were lower, some Of the spectators
having concluded TO realize profits; but the de-.
mand for both continues extremely active. As q
general rule, the leading railway shares were also
va A lower to-day no other cause for the decline
ID drsibnsu Uut tht Vi bpcCulatOrB.
commission brokers report an increase of orders
from the public, and the reports of the earnings
of the roads show steady increase of traffic. The
reports OF the third week In February show an in.
crease of $l2,322 on the Michigan Central, IS $3.50
on the Gaena, 81 ,3l5 on the Toledo $500 on the
Michigan Southern, $5,4i7 on the Rock Island
The Erie and New York Central are known 10 be
doing the best business they ever did at this sea-
son. At the close to-day the market was dull,
the following being the last quotations:-United
States 6's, registered, 1881, 90 q 70; do. 6's,
coupon, 1881, 92H 80; do. 5s, coupon, 1874,
s4I s5; Indiana SIS, 76; Virginia 6's, 81 q 81;
Tennessee 6's, e2A "a; North Carolina e's, ";
Missouri e's. 5il "a; Pacific Mail, 9IS a "A;
New York Central, s31l q; Erie, 342s a IS; do.
preferred, 5sN "a; Hudson River, 35ss x;
Harlem, IL; do. preferred, 2o1I a q; Reading,
A. Il; Michigan Central, 5414 *; Michigan
Southern and Northern Indiana, 241s o "a; do.
guaranteed, 4s1l "a; Panama, 100 q 12l; Illinois
Central. 64H II; Gaens and Chicago. ss