The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-05-21
FINANCIAL AND CONNER ClAL.

FRIDAY, May 2O-6P M.
BY the despatch from ST. Johns, N. F., Of the City OF
Baltmores news, have four days later from Europe.
reaction had taken place from the excessive move
ments of the previous ten days, and find consols Is
better cotton higher and breadstus lower and dull
II evident that people beginning TO find out Eng
land that between France and Austria In LombardY
is not going put end TO commerce and civilization.
details the will be found in another column.
The money market is rather quieter to-day, and ex-
change Europe lower. The leading drawer asking
ITO for sixty day sterling bills and business has been
done 1101S for to-morrow's steamers Il is likely
that the improved accounts Of the Liverpool cotton
market will operate to depress exchange here By the
Ocean Queen, the Vanderbilt steamer which leaves
morrow, about million of specie will 60 out; the Kapga-
will take $500 900 100000 The prospects are fair
for heavy shipment by the Persia after which there
chance that the present furry will subsde somewhat.
We hear Of first class paper sold to-day above per
cent and from the tone Of bill brokers the amount Of
money seeking investment in this way exceeds the de-
mand. On call there is far money than s needed
seeking employment at five per cent. War or war,
there be permanent advance in money here until
there arises large demand for IT. at present the demand
is nominal We sorry, however, to see the mporta
tons Of dry goods continue large scale. Tho inn
port to date s $ 1885, against sls 876 last year.
and $40, 1856, s45 the year before.
The stock market influenced this morning by tho
announcement in the HERALD that negotiations had been
broken off between the leading lines OF railroad, and
stocks opened heavily AS soon however, as the newa
from Europe known, rally took place. and the de-
mand for stock for delivery by the shorts steaded prces
till the close Central opened at 72, at which price the
bears sold very largely rallied between the boards to
7s sold in the afternoon at 72& and closed at Tx bid.
Rock Island opened at e2 between the boards the shorts
extremely embarrassed by the want Of stock for
livery and much higher prices were privately paid; at
the close % was bid. Galena was lower, and were
the Michigan shares and Toledo. Illinois Central is
dull at last quotations. Hudson and Harlem are
steady The State Stocks especially Mssours freely
sold short by the jobbers, in anticipation Of
stringent money Market and in the absence outside
demand, the price recedes Our people, il seems, have
not the faith in public securities which the British
have in consos when the false rumor Of the Russo
French treaty caused consos to decline five per cent the
public rushed in to buy and the price four per cent
in week but here Mssouris and virgnias ara
knocked down on very vague and idle apprehen
sons aud the public stands aloof In the afternoon the
market was irregular, but the amount Of business done
was fair Stocks closed dull at the following quotations.
Missouri es, 1914 NJ Canton, 1917 10; Cumberland,
la r.; Pacific Mail, 70 NJ New York Central, 721s
x; Erie. TX " Hudson River, a1H N Harlem, 1ok
IL; Reading, 451z "; Michigan Central, AN u;
Michigan Southern, OK a e; do guaranteed, 3iz 32s
6a14 u; Toledo 27 n Rock Island eo "; Milwau-
kee and Mississippi, 41aa6.
We announced last Issue that the conference be-
tween the Eric and Central Railway had been broken off,
for the present at an end we'll
between them between the Central and the Southern
roads, Stockholders in these companies may not perhaps
be aware OF the effect Of this last rupture Az mat
tiers stand present. the Erie and Central carrying
cattle and passengers at rates which they been ac-
customed to consider insufficient reimburse them for
their outlay all the four roads carrying freight very
much below the lowest heretofore used; and ia
highly probable that the Pennsylvania will presently re.
duce the passenger fares To point which win insure am
actual oss on every passenger carried The OF
10 each road involved by this competition will vary OF
IN proportion TO the amount Of business done.
Where every passenger and every Of freight causes
ICES instead OF gain, the less traffic, the less
loss; and, in this view, the present time is
well chosen for the suicidal strife. But busnesa
is revving; heavy crops rpening; the West /
s getting ready to buy freely in short while there will
be large business between the West and the sea.
board The opinion Of experienced railway authorities ID
that when this business begins each road will lose by tho
competition at least Sl25 900 month the aggregate losa
Of the four will be s5oooOo month"; being at the Of
$4,000 900 year-thrown away by the quarrels Of rail-
way managers.
full knowledge Of the facts renders u difficult TO jug.
ty the unbending policy pursued by Mr.. Richmond and
the New York Central 1t has been shown that tho i
amount Of business which might be diverted from New
York to Philadelphia and Baltimore by tho differences