The New York herald., 1862-02-26
buy- so the supply of bills will be increased and

We have again To report very active stock
market, with large increase of genuine business.
The public certainly taking hold' with
vengeance, though yet State and federal securi-
ties, bank stocks and first class railway bonds
command the preference over other stocks. The
specuators-who few days since controlled the
llk of the floating stock in the marketa-re re-
ported to have sold out, at least in part and the
commission houses appear to be taking
more active share in the dealings at the
board 1t seems to be supposed on all
sides that the disbursement of one hun
dred millions of paper money by the Treasury De-
partment within few days will exercise favor
able effect the stock business, and the leading
commission firms speak sanguinely of their pros
poets. rumor was current in the street to-day
that the Treasury Note bill had become law. 1t
is well understood that it will become a law with
in day or two, if it has not been signed already
by the President, and the money granted to the
Treasury Department under it will be paid out to
the creditors of government as fast as IL can
be supplied by the engravers. Government
stocks were all in demand to-day. The
coupons of 1874 (ives) rose 3 per cent;
the coupon skies of 1881 "a, and the registered n.
As the banks hold large quantities of these secur
ties, the advance in them is benefting their stocks
There was general advance of 3 a4 per cent
in the bids for bank stocks this morning; Bank of
Commerce has risen eleven and American Elk.
change Bank ten per cent within a few days. All
first class railway bonds are in good demand. The
Erie thirds are held at 97; the Michigan
Southern sinking funds which have only
lately appeared to attract the attention of
capitalists, rose l per cent. State stocks
continue active and buoyant. Tennessees
rose l per cent, North Carolinas "a, and Mis-
souris 1H. TheS6uyers of Tennessees say that
any war debt issued since the secession of the
State would be unconstitutional on the face Of it,
and that the State will reenter the Union with the
old debt of SIG, 900 900 only The leading railroad
shares were all very active. New York Central
rose d, Erie %, Erie preferred g, Reading ~
Michigan Central 9 Michigan Southern ", guar
teed 21a Toledo d, Rock Island l. Illinois Central
H. These Western roads are said to have more busi-
ness to do than they can manage. Their earnings
show handsome increase over last year. The only
exceptions to the market to-day were Pacific Mail
which fell off ~ per cent; Panama, which de-
clined /, and Hudson River, which fell off 20. The
market was buoyant at the close, the following
being the last quotations:-United States 6's, regis
tered, 1881, 921 921; do. 6's, coupon, 1881, 92H
921; do SIS, coupon, 1874, IS S51a; Indiana SIS,
1914 "a; Virginia 6's, 63 64; Tennessee 6's, 63a
g.; North Carolina 6's, 72H 73; Missouri 6's. sc
561<; Pacific Mail, 9l% 90; New York Central,
s3A a s3T; Erie, IS 351S; do preferred, 5915
594; Hudson River, 35T So; Harlem, l211a
125s; do. preferred, 80 o 30H; Reading, Az
441I; Michigan Central, SAX IS; Michigan South
ern and Northern Indiana, 242s 24sS; do. guaran-
teed, 48Z 40; Panama, 120 q III; Illinois Gen.
trail, 65M a 65sS; Galena and Chicago, 50 q 60;
Cleveland and Toledo, 46 46; Chicago and Rock
Island, 56% 81; Chicago, Burlington and Quincy,
64% 65; Milwaukee and Prairie du Chen, 20N
2O1%; Cleveland, Columbus and Cincinnati 100
ITO; New York Central rs, 1876, 1O2 1921; Erie
third mortgage bonds, 96 a 81; Michigan Central
s's, first mortgage, l02 1927; Illinois Central
bonds, rs, 94s< 95; gold, 1O3]% 1887.
The subject Of the new tariff is engrossing atten
tion in commercial circles. Among our most en-
lightened mercantile men it appears to be con-
ceded that it should be SO framed as to yield
large revenue, by heavy duties upon articles of
prime necessity, such as tea, coffee, sugar, hides,
lead, Spices &C., &C.; and that it ought, for the
present at least, 80 to operate to exclude from
our markets altogether the leading articles Of
British manufacture, of which we have heretofore
consumed about SIS, ,000, 900 . year, viz:-Cotton,
woollen, worsted, linen and silk goods, and manu-.
factures of iron and steel. We cannot, under
present circumstances, afford to pay for these
foreign goods; and with every wish to reciprocate
toward Great Britain the friendly feeling which
her statesmen express toward this country, Con-
gress cannot, in justice to our own people, con.
tinue to encourage q trade which is calculated to
drain the country of gold at a time when IL cannot
be spared. Even if we succeed in altogether
supressng the rebellion within a few weeks,
our banks and our merchants will, for long
time to come be heavily burthened in con-
sequence of the enormous expenses which have
been incurred in the war. More than this,
all experience shows that, if measures are not
taken to guard against it, the restoration Of
peace will at once be followed by an immense
over importation of foreign goods, which, in the
present condition of the country, would infallibly
cause q disastrous commercial revulsion before
two years were over. At some future time it may
be practicable and expedient to reopen our ports
to British manufactures; to do so now would be to
invite a repetition of 1857 in 1864, and there
fore hope that Congress will guard against the
danger by imposing such additional duties on all
British wooens, worsteds, cottons, linens, silks
and hardware as shall efectualy prevent their i'm
portation.
Gold was feverish to-day, in consequence of ru-
mors that the duties under the new tariff would be
payable in gold. Opinions were divided as to the
effect of this rule the price of god but the rule
itself commended itself to public approval. This
morning gold fell to lO3; trallied afterwards and
closed about 1887 "A.
The business of the Sub Treasury to-day was as
follows:-
For customs. ......''............'' 39vo0 o0
Balance ............. s26 ,022 81
The North Star arrived this morning from As
pinwall, with California nstalment of s759, ,246 o.
The exchanges at the Bank Clearing House this
morning were very large, amounting to s25, 49,
2O5 "a. The balances were 81, ,207 ,Os1 20.
The Lawrence Manufacturing Company has de-
clared semi-annual dividend of forty dollars per