The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-07-16

June, 1906, were as iollows:-
From passengers. $500 20
Total .$N 74 81
Same month last year Observation-Disclosures. 1857 ~
lnCFease.. SsoOi ~
By the arrival of the steamship Canadian at Quebec
from Liverpool, have four days later intelligence.
The news is unmporant. Quotations for cotton show
advance of about u, with fair amount of business.
Breadstufs dull and declining. The weather in
England and France particularly fine for agrcu-
tura purposes. Consols quoted at 95H 95x per
cent for money. We have later returns from the
Bank Of England The next steamer will bring the next
weekly report. From the Improvement in consols We
should judge that specie going into the bank and
that the money market was daily growing easier.
The position Of financial affairs in Great Britain is cacu
lated do towards initiating the market value Of
stock securities than any condition Of things this side
likely result from accumulation in the ney
market. An increase Of bullion in the Bank Of England
is much better for than increase Of bullion in
own banks. low rate Of interest in London will give
US greater supply Of capital than any expansion
the part of banks. We therefore look upon the
financial movements In London Of the utmost mpor-
domestic interests, and anticipate demand
for first class railroad bonds and such stocks
well known in European markets, that will put them
Indiana, Goshen first mortgage Michigan Southern Sink
ing Fund.- Erie bonds and State stocks generally must
feel the effects Of the abundance and cheapness OF
money in London. British capital will look to this
try Tor outlet, much and perhaps TO greater extent
tnan before The dangerous condition OF the CONT
nent Of Europe from its speculatons growing
Of the Credit Moblier will turn the attention OF
capital from London to the securities Of the
United States, and have no doubt will
induce the more cautious and prudent moneyed men
Of the Continent to look to the United States for the
pioy OF their surplus meaps instead of involving
,nselves the speculative operations Of the Credit Mo
bilier The probability of financial collapse in France
and throughout Continental Europe too great to arac
invc .ments from the Cham and there.
fore likely be the gamers and absorb the bulk of foreign
capital seeking permanent employment in sound safe
curtes. This country Is happily free from any genera
speculation. The prosperity which pervades every sec
ton and every interest has healthy basis Is real and
substantial and rests upon the industry Of oil classes and
upon the immense results which will have been realized
from that industry Every Interest Of the country has
for many years been highly productive Our crops which
in fact the basis Of all property have been enor
NOUS and every year must add largely 70 the surplus
Such extent Of territory now unser cultivation, and
the Of transportation so abundant that nearly
all danger of short supplies has disappeared With
nothing TO fear. With . surplus Of breadstuffs
equal to any ordinary foreign demand, We must
annually draw millions upon millions from foreign con-
This Of prosperity, trust never win
flow In Ices volume but the contrary pray that II
may At all times prove equal 10 tho wants Of tho civilized
world, In any extremity. The prospect OF an active
foreign demand for our breadstus throughout the pre-
sent year at this moment very datering With har
vest which bids fair TO be greater than that OF last
year. this is particularly encouraging, and will give the
producing classes the power Of becoming greater con-
Of foreign manufactures and products. Oar cot
ton crop Is likely to be larger than usual and the Eu
ropcan demand in Of the present year. II, with
these elements OF national wealth full activity we have
the demand anticipated for State stocks and railroad
bonds we can safely calculate upon state OF internal
prosperity never before realized.
The intimate connection existing between this country
and Great Britain. In all their financial and commercial
relations, must make the recipient Of vast amount
Of British capital during periods of abundance. In
The fal OF 1854 very disastrous panic occurred
IN this country, from the sudden demand made
upon from abroad, for the payment OF claims which
had accumulated during the previous four or i've years
Of prosperity and plethora These claims were In the
shspc Of temporary investments from money which had
accumulated here in the way frade and was employed
here at better OF interest than ruled In London or
the Continent The prosecution OF the war with Rus
sa the contraction commercial operations an increas
ed value OF money, compelled the withdrawal Of empora
~ investments on this side Of the Atlantic, and created
. demand In our own markets which, for the time was
equal to anything Of the kind knowa Fortunately
we were In condition 10 meet the crisis although not
shout serious sacrifices Within period OF ninety days
we returned more foreign capital than was received in
any previous twelve months and the effect Of such
sudden and drain upon resources was felt Tor
some time after. Large amounts Of our public stocks
returned and the proceeds drawn from US In spsce
III the spring OF 1855 we at about the lowest point in
he OF foreign Indebtedness Of character dstnc
from stock securities From the fall Of 1854 10 the summer
Of 1885, steady contraction In the general bus
Of the country During that time vs. were engaged
the liquidation Of all debts in the contraction Of bust
ness and in the practice Of every species Of economy
necessary to extrcaie ourselves from pccunsry embar
easements. Having paid on all foreign claims, revva
commenced In our domestic affairs. The contraction Of
business caused accommodations Of capital In the hands Of
tho mercantile classes and In the Of 1885 the
money market became easy again. after nearly twelve
months Of stringency The supply Of money was greater
thaAthe demand simply from the absence OF business
engagements In the month Of August last year. the first
indications OF revival Of business appeared Tho har
vest proved abundant after year or two Of scarcity
a new impetus was given 70 commercial operations.
Everybody out Of debt, and money was a drug.
About that time the Bank Of England commenced putting
up the rate Of interest, and advance reported
nearly every thirty days. Fortunately for u.s.
not indebted abroad and therefore in q measure
independent Of European financial endorsements
Tho contracting OF large loans by the govern
men,s Of Gres, Britain and France raised the value
Of money materially. In October we had moderate
panic in the stock Market for which Satisfactory cause