The New York herald., 1862-02-21
FINANCIAL AND CONNER ClAL.

The money market continues moderately active
at last quotations. The brokers are free borrowers
at per cent The new bull movement naturally
gives employment to large amount OF capital.
A fair business is being done in 7-3O Treasury
notes at 90 a =. Moaey wilt probably remain
easy unless the United States government enters
the market as a borrower. From one to two hun
dred thousand dollars continue to be received at
the Sub Treasury daily on deposi. at five per cent.
Foreign exchange fell of again to-day. We hear
of sales Of first class sterling at li34 "a. which
is considerably lower than leading bankers ask for
their bills. Francs are held at 4.97%a sos. The
market has not fairly opened yet. and transactions
are limited. Gold dropped this morning to per
cent, then rallied to 81. at which figure there
were sales. and finally closed at 31s bid. II the
Treasury Note bill fails gold will fall.
The stock market opened with some buoyancy
this morning. and many of the speculative shares
advanced a fraction. After the board the upward
movement was assisted by purchases by the lead
ing spectators. and further small advance took
place. At the second board this advance was
well maintained. and the market closed firm.
though without any appearance OF outside busi-
ness. The Southern state stocks continue to be
freely bought speculation. Tennessees rose
2l4 this morning. and more this afternoon: Mis-
souris 4 in the morning and more in the after
noon. Tennessee owed before the SIG 900 900,
and was well able TO pay the interest on this COM
paratiyely small debt Last spring she began to
issue war bonds, and one knows how much
money may have been borrowed in this way. In
what condition the may leave the resources
OF the State il is impossible to say. 1t seems
tain. on the one hand that it will not have the
effect of removing slavery altogether, may be
the case in Missouri. and. OIL the other, that il
will cause immense losses to shareholders
through the escape of slaves. The large ad-
vance in Tennessees to-day was no doubt
partly due TO the wild rumors of proclamation
by Governor Harris, calling upon the citizens Of
Tennessee TO lay down their arms. The mornings
advance was equal to u in Central, q in Erie, "a
in Michigan Southern old. - in guaranteed. % in
Illinois Central. q in Galcna, in Toledo. An
attempt IS being made by the spectators in Cen
tral to corner the market: but we presume that,
a. usual, twill merely have the effect Of bringing
out stock for sale. Al s2s4 dividend OF Central
seems dear enough comparatively with the price
of government securities and first class bonds.
The Tolling bill. understand, will shortly be
brought forward at Albany. The corner in To-
ledo il understood to have given way: some of the
spectators have been selling privately. Pacific
Mail declined 95 per cent. The business Of the
company is very light: the last trip from san
Francisco was the lghtest ever made since the
company was established II is reported that
the government has notified the company that
the Baltic will no longer be wanted as
a transport. At the second board the
market was firm at the prices which
ruled between the boards. The closing quota.
tions were az follows:-Uned States 6's, register.
cd 1881, 90 a u; do. 6's. coupon. 1881, 90 a a;
do SIS, coupon, 1874, so "a: Indiana SIS. 7511t:
Virginia 6s, so q 6l; Tennessee 6's, sol, 60;
North Carolina G's. 69,4 7O Missouri 6's, 5Oes
a "a; Pacific Mail, 951. a; New York Cen.
tral, s2a4 a u; Erie, 80 35 do. preferred, 5s34
50; Hudson River, 80 a; Harlem, l21. a "a; do.
preferred, 3Oa "a; Reading, 42111 43; Michigan
Central, 53T 81; Michigan Southern and North
ern Indiana, 221s a 20; do. guaranteed, 4j1s q
| 4; Panama, 1le1s 12O Illinois Central, GA S.;
Gslena and Chicago, 6ssS q; Cleveland and
| Toledo, Az q q; Chicago and Rock Island 55
"a; Chicago, Burlington and Quincy, 641& "a;
Milwaukee and Prairie du Chen, 20 q "A; Cleve-
land, Columbus and Cincinnati, loo1<'a ITO; New
York Central 7's 1876, 1O3 l05; Erie third mort.
gage bonds, sc q 81; Michigan Central s's, first
mortgage. l02 a lO3; Illinois Central bonds, rs,
92s4 931s.
After the second board the news OF the passage
OF the Treasury Note bill through the House and
the cheering intelligence from Clarksville impaired
fresh courage to the bulls. and further advance
ofH az per cent was realized on the speculative
| shares.
The recent victories in Tennessee and North Caro-.
lima have deprived the financial measures before
Congress OF the importance they once possessed
IT, a. We oil believe, the rebellion can be crushed
out in the course OF ninety days, IL matters very
little what course Congress may pursue with re
GARD 70 the finances, When IL seemed uncertai,