The New York herald., 1862-02-25
76l,s44

| -" m a fathcr 0Vtter statement than was eX-
rected. in vicw Of the heavy export of gold. The
arrival from California this afternoon will still fur.
ther swell the bank reserve, and if Congress acts
promptly and vigorously in regard to the tariff so
as to lay heavy tax all woollens, linens, cot
tons and silks of foreign manufacture, the demand
for gold for export will soon fall of. The bank
discounts continue to decline. They are now
within nine millions Of their highest point during
the year 1860. The volume of mercantile paper
under discount at bank is very small indeed. The
banks received to-day from the Sub-Treasurer
three more millions in six per cent bonds. Several
| of the banks are understood to be supplying the
market with these bonds. They can be highly re-
commended as an investment.
! The money market is very active to-day. The
brokers are paying seven per cent for loans on
call, and not finding all the money they would like
| even at this rate. Tho pending speculation in
stocks is fortunate thing for the money lenders.
| who are likely to make more out of it than the
| spectators. Mercantile paper continues very
| scarce. The British money market is quoted easy
| in the telegraphic report from Halifax; but the
quotation is higher than it was by the previous ar
| rival. The wants Of France are exercising dis
| turbing influence on the market.
| Foreign exchange opens very dull for the
steamer. Buyers bid LA for sterling, but drawers
seem disposed to hold off for ll414 X. As gold
is declining however, further fall in exchange is
anticipated Gold sold this morning at 1O314-a
decline of "a since Friday. This afternoon it was
dull at 1855 "a.
The stock market was again very active indeed
this morning; the volume Of business transacted at
the morning board prodigious. To-day the
New York Central and Pacific Mail books opened
There was not, however, any scarcity Of either
stock, as was apprehended in certain quar-
ters. Central fuctuated all the morning
at about Saturdays price, and closed
in the afternoon at 20 decline. Pacific Mail de-
clined "A. The general market was irregular
All kinds of bonds and State and federal securities
were better. The coupon skies of 1881 advanced
y. the fives of ls7A l1, the Illinois war loan s
| Tennessee and Missouri Z each, and California
sevens /. Among the bonds we notice an advance
of l in Rock Island bonds, and ! in Michigan
| Southern sinking funds The latter are still
cheaper than any corresponding security of the
same class. One or two of the railway shares
were better to-day. Panama advanced Il, and
Southern guaranteed X; X; but most of them were
lower Erie declined "A, Hudson River l. Rock
Island n Toledo 1s, and Illinois Central Il. The
Indications are that the powerful and sagacious
bull operators, who have bid stocks up to their
present high prices, are trying to transfer their
load to the public shoulders. They win doubtless
succeed to Q certain extent. and then the market
may fall of. If, we all expect, victory succeeds
victory, and the rebellion goes from disaster to
disaster the public mind will retain cheerfulness
and buoyancy enough to prevent decline being
rapid or panicky. But if our arms should sustain
a reverse, or if the British tories-exasperate
at the disappointment which our successes will
cause them, should avail themselves Of some fresh
prstext to endeavor to force us into war, a col
lapse in the stock market would ensue which could
not fail to be very disastrous. There not
much business done this afternoca. The market
closed steady the following being the last quota
tions:-United States 6s, registered, 1881, 9ls4
90; do. 6's, coupon, 1881, 9lHs11; do. 5's cou-
pom, 1874, 50 4; Indiana SIS, 76 so; Virginia
| 6's, 63 "a; Tennessee 6's, 62s So; North Caro-
lima 6's. ~ "A; Missouri Gs, 5411I q; Pacific
Mail, s21< 90; New York Central sSss q; Erie,
| 34sS "a; do. preferred 5s1s "a; Hudson River,
| seH "a; Harlem. l21H. q ss; do. preferred, 80
| u; Reading. 4sA ~; Michigan Central, 541l
| q; Michigan Southern and Northern Indiana, 23
| a; do. guaranteed 4614 e; Panama, 12l l2l;
Illinois Central, 641s 65; Galena and Chicago, SO
"a: Cleveland and Toledo, 457s a As; Chicago and
Rock Island. 55s+ 56; Chicago, Burlington and
Quincy, 64H q; Milwaukee and Prairie du
Chen, 20 a u; Cievelana, Columbus and Cincin-
natl 100 ITO; New York Central rs of 1876, lO3
los; Erie third mortgage bonds, 96H a 81; Mich-
gan Central SIS, FIRST mextgage, lo2 103; Illinois
Central bonds, rs, "a 95. After the second
board tae market improved and closed 1saZ
| higher all round.
Merchants engaged in the California trade com.
A
| the Overland Mail. The steamers now very natu-
rally decline carry the mails for San Frsncisco
which have heretofore been made up at the Offices
of the express companies: they do not care to do
| the work while others get the pay for it. Thus,
between the two, merchants suffering great in
convenience. They hope that Congress will take
Che matter in hand at an early day. TIE following
extract from letter from Of the first houses in
! San Francisco, dated January q, ought to rouse
| the California members to acton:-
wo Informed you by las, mail that Wells Fargo h
Co doing by steamers the bulk OF the mail service
hence the East The letter and paper mails delivered
to the agent of the Overland Company yesterday by
Postmaster think, forward to-day by express The
Postmaster thinks so also. lie told to-day that he
day. The Overland Mail Is perfect iaere; letters
from thirty 90 forty days from New York, and fire.
quently have mail for week together The Overland
ret enormous pay and the steamships do the
eopo quiet than might be expected simply be-
they have ha steamers Tor all important mater
We understand that notice has been given by the
Atan &C and Pacific Steamship line to the govern
ment that after the expiration of the present
quarter the steamships of that line will carry no
more mails for Central or South America. II was
discovered that parties who could not trust the
Overland Mail were sending their San Francisco
letters TO parties at Aspinwai and Panama. and so
getting them carried by the steamers without the
knowledge Of the company. II is evident that the
postal relations Of our Pacific States and Central
and South America are approaching crisis.
The business of the Sub Treasury was as follows
to-day
Receipts .............. t345,Ol0 ~
Cn'tOios luJ,VpO ",
Paymsnts .....s......... 6lS,6IZ 81
Balance 4,JS5 liz ~