The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-03-18
FINANCIAL AND coMMERc GAL.
THURSDAY, March l7-6P. ]

THURSDAY, March l7-6PM.
me news by the City Of Washington, thoroughly digest
cd tended 10 strengthen the belief Of brokers in the i'm
mnence Of war; and stocks freely sold at the morn
ing board In anticipation Of sudden decae on the out
break Of hosities This the place to discuss the
probabilities Of war; II is known however, that the Eu
ropean correspondents OF some Of the largest bankers
here believe that peace will be maintained and the
Eeono"s one oil the soundest financial organs Europe,
enter'ans the same view. But II war were declared,
wnetner the consequences would be Immediately or per-
nsnenty injurious 10 this country is question admitting
of good deal of debate. AS general rule, war is in
furious not only to the nations directly involved but
likewise TO all other nations engaged In commerce Win
hem, and buying from or selling to them The richer
nation grows the more valuable its trade becomes to all
the nations which do business with IL; and rice persd
the poorer it becomes the less valuable It's ems
tom is to the nations with which trades. War
is costly, unproductiv and wasteful pursuit;
tends to mpoverish all concerned in IT, Hence, on the
face of it, the consequence of European would be
injurious 70 the United States We bring the question
home by observing that pending great European war
should sell less cotton Europe and at lower prices
than during time OF peace.
But another side 10 the picture War in Europe,
Rprosecued any siderable SCALE would necessarily
reduce the of cultivated land, by taking laborers
mand for breadstufs Tt is probable too considering the
waste which marks military operations and the exrava
gance Of national commissaras that the consumption Of
breadslufs during war would be greater than during
peace This also would help Western country. Again,
could not fail to impart buoyancy TO the provision
Market and the demand for beef and porkgreat Western
esaples-would improve War would give employment
70 shipping IT, by any accident France and England
were involved in the on opposite sides, the whole
carrying trade of the world would be thrown into the
hands of the of American shipping and while the
low prices of European stocks would naturally increase
investments them, it is likely that the peace and tran
guilty prevailing in the United States would tempt many
tmid Europeans to buy freely the best class Of
American securities.
There is NO change in our money market. We quote,
before call loans at 5-tne former being the at
which money offered to brokers by parties who have
for it. There change in the discount market
In exchange there is very little doing. Prices
unaltered
The stock market very blue to-day, and with the
exception Of government loan, and other do
scriptions, prices uniformly lower There
sstnce the steady decline The bears rule undsputa
bly, over the market, and day by day stocks recede
fraction. At the first board attack made
on Cleveland and Toledo, which declined rather more
than per cent Michigan Southern guaranteed
were y per cent lower; while Southern common
stOck), Michigan Central and Illinois Central pretty
steady. No can be assigned for these movements
they produced wholly by the operators at the Board
Who in the absence of outside business, enjoy complete
control Of the market. Thus far il true, the business
the Western roads shows Improvement, and all ad
NIT that the roads which in the improving
conditonas for instance, the Michigan roads the To-
Iedo-have yet considerable leeway to make up.
the crop being even average-which, last years
crop very poor ons, quite probabe-there
f 10 be large increase of business the grain bearing
roads, and that those roads which have turned the year
good account by reducing their floating debts and their
working expenses will again DO we'll The bears the
contrary argue that there can be relief from the de-
precision, which has lasted for over eighteen
secutive months, and that economies, improv
cd management and general revival of business,
cannot retrieve property which and three years ago
largely lucrative. Public indifference and pros
poets may defer the settlement of question at issue
between these two parties for weeks months but be-
fore next fall it will be settled way the other AZ
tbs close of the day, the market weak the following
being the ne prices: Missouri 6s $50 q: Canton
1875 20; Cumberland, 2a2s =; Panic Mail max;
New York Central Ta3I IL Erie, II a; Hudson, al,4
NJ Harlem, II z IL; Reading, 4s a. Michigan Cen
trial. 5lIs q; Michigan Southern, 1921 Il; Southern
guaranteed, Asa =; Panama. ll11s q; Illinois Gen.
trail, esS "a Galena 6s6 a q Toledo 2614 "a Rock
Island, sos e, Milwaukee and Mississippi, So z.
The business of the Sub treasury to-day, was
Total receipts sl6o,o94 SO
For customs 15s0s0 90
Total llT,Oei 10
Balance. e,316,4os 63
The exchanges at the Bank Clearing House this morning
were large amounting to s25 633,5lO So Tie balances
were 81 ,72l eco &c.
Stock Exchange.