The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-07-14
FINANCIAL AND COMMERCIAL.

Europe, reports no change in the money or stock
markets. except that the causes in operation when
the Fulton lief, were being still more decidedly felt.
Thus money, which was in slight demand at three
per cent, is now active at that rate; aud couse-
quently upon the decrease Of bullion in the Bank of
England, consols have declined /. American stocks
continue dull. The Illinois Central shareholders,
after holding meeting and appointing committee
TO look into the business of the company have again
decided to send reporter to.this country to the
real state Of affairs The stock was quoted at q
discount, say 70, lower than the market prize here.
We may remark here, en- passant that there never
was an instance in which an Englishman came here
To examine roads that he didn't report the most
astonishing nonsense Captain Cations report, and
his opinion OF Michigan Southern and Cleveland and
Toledo are yet fresh in the memory of railroad men.
Commercially considered the news is favorable: an
advance OF over Id. on cotton and 3D. per barrel
-four, in spite of excellent crop prospects, is more
satisfactory than was expected.
The late British papers contain the usual trade
and revenue reports. With their aid we are enabled
to compare the effect Of the Revision of last fall
on the two most active commercial countries of
the world In the United States, it has told most
heavily on the federal government. The govern
merit being dependent the receipts from Gus
toms for its support, and he only articles which
yield large revenue being for the most part arti
ces o. secondary necessity the first consequence Of
the retrencbmebt which followed the revulson has
been curtaiment OF imports, and falling Off in
duties. We have that in the six months which
have elapsed since January the falling OF in the
public revenue from customs az this port alone ex
ceeds fourteen millions Of dcers At this rate the
entire falling of throughout the Union for year
would exceed thUtysix millions of dollars. Now
icck abroad. During the quarter which ended
March 81, 1855. the customs TeveIhe Of England
actually increased SO 900. 900 compared with the
Ike quarter of 1861; and the year ending March
81 1853, only shows falling of ~ lbout ~ 900 900
rs compared with the previous year. In the same
w,y, continuing 30 compare the first quarters OF
1867 and 1855 there is increase in the latter
der the several heads excise stamps, and taxes.
The only telling of is in the return from the proper
" tax which, in consequence Of tee reduction last
spring of the income tax from sixteen 20 seven
pence in the pound, yielded seventeen millions of
dollars less in January. March. 1853, than II had
yielded in January March. 1857 In fact, there Il
an actual Increase in the British revenue since the
revulsion: while The revenue Of the United States
bss fallen away 70 next to nothing. Toe pbenpme
non msy well suggest deliberate reflection on tho
~ pcdiency OF changing the method by which the
United States revenue is raised. revenue exposed
TO collapse At any moment Is dangerous resource.
The clief feature Of the stock market this morn
ing was the resumption Of lear operations by the
steamboat party whose broker has for day or two
been absent from the street His return this morn.
ing was signal for the reno wal Of the war upon the
lesding speculatives and New YORK Central. Read.
ing Rex Island. and Hudson River were freely sold.
Whatever the aim Of the party was, the effect for
the time 10 some depression In the gene
raj market New YORK Central declined 4 a. com
pared with last evenings prieO; Reading, 4; Ha.5on
River. a. Rock Island. !: Cleveland and Toledo I;
Galeua, 4; Michigan Central 4; Illinois Central
4; Pacific Wall I, 90, 81. Erie does not move; it
is unde.tood that row thai IL + too low 20 sell
safety, The parties who have the glory Of having
ruined II consider II fine property. better than the
Central Harlem Is steady al 10; the road seems
from tbe following certificate. so be doing better
business iban usual--
RwKiPrs oy H1uss RAILROAD
June, lsb1 ...,............ ISL soc II
June, 1853. bosS 81
IBc-.sas. .....................il5s7 70
The cloarinrs NJ the Clearing House this morning
were els 5G4 $40 16, and the bsances ;79qO3 rs.
Tie Metropolitan certificates reduced % els 900.
The following was the business Of .he Sub Treasury
this day.
'otl ~ fs1Ih9 ~
or Etih ffor customs. ~, 900 o.
Total pawn Isl0l -
To- NaiAtce b3bIs ~
Among the bonds the Tennsssecs acre in good le.
msrd ~ 40 fdvTrce of one per cent over yester.
days =, -. Ibe credit Of the State 81 Tennessee
u becoming more generally appreciated ami ts se.
oTits- arc regarded With more favor in consequence
Aia-orrs, which are chiefly dealt in fcr speculative
rurp, e. are steady. The la Crosse land ran.s
lost The a6vpnce Of last evening, and settled down
to 3Og, at which price they cosed firm. IL js under
stood that Governor Randall will be here in a few
cars 20 meet the directors Of the company and
t1at at least an fort viii be Hade 70 adls. mat
teIs fiat tie company may obtain the certificate on
y ich their land grant depends.
I,iac.r 'he boards the market was firm. There
U. a parti7.ar change in prices OF the scco2d
Ha-rl but the market was dull The storm exer
-1 tome influence on the outside operators, whose
0a,lf foIm quite a proportion Of The business Of
q end board. fanaue Railroad fel OF from
t1e l.. nr Nc. York central, Erie, Michigan
{ tsr estlclf. Galena, Rock Island and Toledo
we've ftthemorDings prices the market closing
ater ~ board dull, Without change in market
,-iass.