The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-05-07
FINANCIAL AND COMMERCIAL.


FRIDAY, May 6-SP. n.
rhe war news the engrossing topic 'Change and
In Wall STREET TO day and prces well OF stocks as OF
cotton breads,us affected. Opinions as to the
effect of wr varied as was be expected, accoreng I"
the heyess Of their authors Heavy capitalists who have
money lend and weary Of three or -four PSF cent
money market, clear that war was going 10 cause
very active demand for money borrowers were ANXIOUS
TO be shown the quarter in which European war 10 III
jurs the United States.
In truth 4, ia not easy TO discern how inns County WAN
be serously affected one way the other by war von
fined TO the plains Of Lombardy. Such war wouio'
true create somewhat increased demand ior o'r oreaa
stus and pro lis ons like all wars, woua ehnce 'ne
current value Of WOOL guppowder, ana o'ner aruoeS
which the military consumption ID mrge' Dut %
AustrIa has no navy and as we have little or no traao
with Trieste could make the slightest difference 70
our commercial intercourseh Great Britain France, or
the other European naonsswith which we trade Asson
ing therefore, that the war will not spread beyond
Northern sly-and every thing tends To sho~ that the
great Northern Powers OF Europe have resolved to conhne
1. within those mts-there is really reason for sup
ing ha, II could affect commercial interests, save
N the par ticulars We have mentioned.
iii spread beyond Italy-f Great Britain became in
yoyed- Of course, tho would be different. And
though the general principle is clear that commerce ou
rshes best when all cal nations at peace, in
this case there be little doubt but the effect OF such
would be TO stimulate vast expansion Of credit and
IN immense developement Of industry AID enterprise
throughout the United States For OF the points OF CON-
mercial contact between this courry and Europe, ali
save one would be directly benefited by war, aud
that would not be injured. general European war
would create such demand for American breadsus and
provisions as has never been known before Other art
-. a halo IN tha
our great staple exports would likewise rise 10 value and
be freely exported. American ships would be the only
safe aoat and would necessarily do all the carry
ing trade Of the commercial world American securities
would be the only public stocks which such would
not render preosrious. United States securities, State
stock best bonis would be eagerly taken by
prudent men throughout Europe. Finally, cotton which
s sensitive TO rumors consos co lid not be ma
teraly Affected for whether the Europeans 60 10
stay at peace they must have clothing and they must
keep their mills going to avoid riots at all their manofac
turing centres Nothing really diminish the demand for
A.'eaa cotton in Europe but dnioution Of the people
Of European absolute ind large decrease in the number
Of bodies to be clothed and families TO b, employed By
the spinners. Cotton has become decided necessity
in England and on the Continent grain, water air
In word then, while the effect of war confined to
the plains of Lonbardy would simply be increase the
demand for American breadssaGs aud provisions the
feet Of general European would be TO stimulate q
genera! expansion here such this country has
witnessedo drive the United States forward at an un
precedented rate, and, in the absence general bank
rupt law, to render inevitable a reaction which would
shake the country 10 its base The prospect should pre-
pare the minds Of Congressman W lose time, when
Congress next meets, TO pass bankrupt Law.
Some uneasness is expressed in commercial circles
with regard to specie shipments. Tomorrow between
efs, making the t,tal shipment OF the week about
day bills, and 11oS for sight. People are
already ercadpg exhaustion OF our bank
reserve by drain Of specie 10 Europe These fears
premature. 1t quite that Of the first effects of
the will be TO bring borro into the European
markets. and 10 some lenders out hich will
an advance in the price Of money But all experience
shows that that advance will be anticipated at all events
responded 10 directly this side, and that the moment
money needed here for the movements Of the crops
the price will rise to figure which will bring it here.
The best opinion is, that shall have very tight
ney ket here, at ell events till October We shall o
course continue to ship Specie is usually the CASE for
the next sixty days. but this seriously embarras:
the banks at least ten to twelve millions of gold will
arrive in New York from the South and Weet between
this and the middle of July; between and eight
millions will arrive from California; the government dis
bursements at various points will exceed the receipts by
about six millions more Altogether, New York
afford to ship from two to three mil
lions week without eDdangeripg the banks.
It 10 not at all likely that any such shipments will be
made. We have already sent abroad more gold than
usual ard the cotton has gone forward freely
such high prices that the importers cannot much to
Europe few weeks the boards Of breads.u through
out the Weswhch are much more considerable than ia
will be shipped Europe fast they reach the
board Altogether, while is reasonable look for
higher rates for money than those which prevail at pre-
cent there good TO apprehend anything like
stringent market or curtailment part of
the banss.
Stocks felt the severely to-day. Missouris
fell off q, and all State stocks aud bonds were de-
pressed. The new government loan in demand at
previous rates. in the event Of war, this will be placed
without difficulty IN Europe. Among the speculative
stocks New York Central the active. opened
at 71H, and was very active at the price; between
the boards ruled at s. in the afternoon closed
at IL bid The prospects of settlement with the rivaI
roads very slim as yet Michigan Southern was much
depressed by the news the guaranteed fell per
cent, closing at 3l The earnings CT April will show
falling off about equal to SOS 600. Galena lower Il
earned last April o4l agains. Sal 1888 in April 1853
decline, s5l 2S2 Toledo fell off per cent Its
ngs for April were s62 o5O against sS4 last year1e
cline SO nes Rock Island lower at the opening of
the board but recovered strength subsequently, and
closed at SON. There is no change in Harlem or Hudson
Pacific Mail sold at TO- decline Of one per cent Panama
steady. In the afternoon stocks rather lower
and the market closed weak the following being the last
prices
Missouris, se3< az; virginiss, e74 IA; Canton ls
10; Delaware and Hudson, 9sH 81; New York Central
Tx N; Erie, IN q; Harlem, TX II Hudson
River, Blk 81; Reading, 80 NJ Michigan Central Al a
A Michigan Southern, 9x TO- do. preferred, 3lX a
80; Panama, 1924 NJ nnois Central, ea g. Galena
and Chicago, e31l AZ; Cleveland and Toledo rs n;
Chicago and Rock Island 593s III Illinois Central bonds
s7a 70; Pacific Mail, 7ek So
The following was the business Of the Sub Treasury TO-
day
ivy SS7O,Z00 GA
o,.sn ''''-''''.'............. Il9,000 %
1otAi 49,, 509 80
The exchanges at the Bank Clearing House this morning