The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-04-21
FINANCIAL AND COMMERCIAL.


.n ..s WEDNESDAY,, April 9o-eP.M
yhs arrival Of the Cunsrd at Halifax early this
morning placed In possession OF weeks later news.
AZ was natural after Of peace the intel
heence warlke. There said 70 be ga criss In Aus
Eia, and the armsments OF both France and Austria
proceed 90 vigorously that the public are iupeed 10
believe that 10 impending, Notwithstanding the Peace
Congress. Hence have to note decline Of per
cent In both the English Funds and the French Rentes'
and slight decline in cotton. Bresdstus continue TO be
dun Other items Of viii be found under the proper
head.
Advises from Tennessee and Ohio refer in glowing
terms the appearance Of the wheat crop in those
Ates. Never within the memory Of "the oldest inhabi
>aAt has much land been planted with fall wheat,
has that staple been SO forward at this date a. s
sh year. The weather is said to be extremely favorable
for planting spring wheat correspondent says that
he West enjoys few weeks Of foe weather II
has had lately, and breaks out in Europe the flush
times Of 1886 and 1856 will return in 1850.
Money ia easy ever. The country balances
beginning to in, especially from the South. 1t s
clear that shall have easy money market till
August though, in the fall quite likely that the rates
viii rise TO the old average. Money freely offered 70 the
brokers at four per cent and the discount brokers cannot
md paper enough At the lowest reported quotations
Exchange dull though there lie concession In prices
The stock market has been all day In state OF collapse.
Amer the printed lists yesterday leading bull spscu
AtOr, who somewhat remarkablefor the comprehensive
nature Of his operations, threw quantity Of New
York Central into the market He continued tho
process today, supplying the bears with Central and
Ne Western stocks in large quantities. and thus relieving
them from the embarrass Dent caused by scarcity or
seek. few Of the Independent bears seized the op
portupy 10 close their contracts but the majority avail
al NJ a.
and thus caused still further decline in prices After
this statement II hardly necessary TO add that there
facts to justify the panic which reflected In the
hist Of stock sales. urged in the street, against New
York Central, that 1t will pass the August dividend
ther premature prediction considering that only
Of the six months out Of whoCe earnings the dividend will
come has yet elapsed Against Michigan Southern and.
the Western stocks there precise arguments the
bears generally content themselves with pronouncing
them "vaueless" because during eighteen months Of
general prosraon they earned little nothing and
Absve their interest and expenses.
We are desired by prominent holders Of railway proper
" 70 denounce "the gamblers who, without any real
Interest In the enterprises Of the day. and without the
means 10 respond their contracts in the event of se
use Stock Exchange great lever for the purpose
Of depressing stocks and throwing obstacles in the way OF
the general recovery Of industry and prosperity We de
cline The Stock Exchange IL open 10 bears Is
well as bulls and under he existing Law short sales
legal AZ purchases for the In every point of view
he bears have perfect right to pursue the course they
arc doing. If they wrong it is for those who differ
from them TO meet their offers 70 sell with offers to buy
Where there any doubt about the responsibility Of the
seIerand We are bound 70 admit that considering the
reckeeness Of most Of the BEARS their contracts should
be taken with great cautonthe buyer should exact ten
per cent up Thoee who believe that the country is re-
covering and that this fall and next year will witness
large traffic the principal Western roads, ought instead
Of denoupcDg the bears, TO be grateful to them FOR the
opportunity they enjoy Of buying cheap stocks without
the man of the bear gamblers" the public would
never have had chance Of buying New York Central,
which has always paid per cent dividends per
STA Cleveland and Toledo, which used TO- range from 10
20 CO. for $685. Rock and which in four years pretty
sure Of earning 10 per cent for $780, Michigan guaran-
seed ten per cent stock which nearly $40 share are
now due, for $36.
We express no opinion with regard 10 the Stock Ex-
change ITSELF or upon the practical utility Of an insttu
on originally founded for the transaction Of Legitimate
commission business, but now converted into mere
rambling house for Wall street jobbers. That s sub
ject which may call for some discussion hereafter At
present merely desire that while the course OF
the bears undoubtedly injurious to the railroad nte
rest and 10 the revival OF business generally the true
way Of correcting the evil is, not by denouncing tbem
bus by taking their contracts, ten up.
The business Of the Stock Board This morning was
moay confined TO Pacific Mail, New York Central Mich
gan guaranteed, Galena and Rock Island. Pacific
Mail opened firm at Yesterdays prices but attacked
by tho bears and declined per cent closing in the &
ternoon s7H Central opened rather stronger than IL
closed last evening; but the bears being supplied by
leading operator who has been large buyer lately the
price receded, and the stock done AZ low 73X 1t
CLOSED in the afternoon at 7s%aX Ills understood that
the operator In question sold, snce the closing Of the
board yesterday, 10000 shares OF stock. Guaranteed
closed last evening s about 3oX 81 the frat this
morning was made at 36 apparently in order affect the
market The price 10 80, and aftcr some fluctuations
closed at 34Hax Galena and Rock Island held their
ground better than the stocks we have enumerated;
though severely hammered the decline Of the morning
was only u u per cent. Some stocks were quite drm
such were Cleveland Columbus and Cincinnati Hudson
River, Harlem preferred, Reading, Michigan Southern
common stock and Panama. Tho business In bonds and
State stocks light but prices maintained Ia the
afternoon prices again lower and the market was
weak The following were the closing quotations:-
Nksours, SIX SO; virginias, 90 9sK; Canton, 19ka
NJ Cumberland preferred, 20 81; New York Central,
7sx Ak; Erie, 9a9K; Harlem, l2KaX Hudson River,
32k y; Reading, 50K n; Michigan Central, S7ksK;
Michigan Southern, l2h Is; do. preferred, sax Nj
Panama. l2ok l2l Illinois Central, 8ix e5; Galcna
And Chicago, eeX "; Cleveland and Toledo, Is X;
chicago and Rock Island, b7K Nj Illinois Central bonds,
SSX X; Pacific Mail, s7ak
Tho business Of the sub Treasury was a. follows TO-
day
IOssi Tooeipss. $S55 439 n
FOR customs .......................... $4,000 90
DHAsnVo 6,98l 04S 81
The exchanges at the Clearing House this morning
amounted TO s23 200 S. and the balances 10 q 49,
40e "A.
m