The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-05-31
FINANCIAL AND COMMERCE.
WEDNESDAY. May 30--sP. N.


anses; 81 a 81 for 4 months paper Of the high
Get grades. The eldeavor to ind n advance in
the rate Of interest here on the strength of Carl
bAidrs movements in Sicily rests on too remote
came to be successful. Nothing will permanently
saise the value Of money in New York but an NJ
osessed demand for accommodation. There are no
signs Of any such increase at present. The mer-
chants never needed less aid from the
haAhs or the money lenders than they
- at the present moment There Is no
speculation in stocks worth mentioning; the
amount Of money needed by brokers IL compare
ossly small. Few OF no new loans of any con-
sequence are coming on the market. No new
railway bonds or stocks seeking capital. Under
Asss circumstances it needs but little reflection to
decide that, for The present, whatever may happen
n Europe, there can be no material advance In the
mites Of money here.
As usual, there was no business done to-day in
SsSeign exchange. The market promises to be
active for the Saturday steamers, but without any
advance in rates.
Tie stock market opened very heavily this morn
hs, but gained strength the business of the day
progressed. In the afternoon, however stocks fell
81 again. There was quite recovery in Pacific
Nail which sold at SOL closing at $50 bid, against
81 az the close yesterday; and in Panama, which
soId at 1885, closing at l34 bid, against 1884 a the
s,oee yesterday. There Is nothing further to CON-
mUnicate with regard TO the Pacific Mail mystery.
A few shares over and above the 40 900 have been
Uesepted ut the Office, recognized by the company
and stamped gen uine; but the other hand il ap-
pears that some parties who hold certificates on
Which the dividend has been paid admit that
obey do not belong to them The exact amount
Of she overssue will not be ascertaiped until
m the bank entries in the stock ledger for the past
year or two have been checked of. 1t is hardly
possible that the fraud can amount to much over
lteo shares, though Of course nothing i certain
iust yet New York Central and Erie were both |
lower today; the latter was sold at l91, closing
tAat bid against 20l at the close yesterday. These
stocks are influenced by the foreign news Both |
beads are doing splendid business 1t is said that
The Central will show an increase OF $4,000, and
ths Erie Of $4,000, for the month Of May. The
Western shares followed the example Of the
rest Of the market, and declined q triie. Hud-
son River declined per cents the rise in
tie stock from 40 TO so was 80 rapid that
moderate reaction would only be natural. The bu-
siness done in State stocks and bonds to-day was
saite moderate; prices, hewever, were very firm.
This afternoon the market not active, and stocks
closed heavy at the following observation-disclosures
ss, 93i a d Missouri 6's, s3I 81; CagtoD, 20 4;
Cumberland Coal preferred. IL IA; Pacific
Han SCI 50; New York Central, 81! !; Erie, lsa
al; Hudson River, 473 a A.; Harlem, l2A 4; do.
preferred, 3ss I; Reading, 4lt 2; Michigan Cen
trail, SO a 4; Michigan Southern and Northern In
dana, liz a I; do. guaranteed, Is = 1; Panama
ia 3 q; Illinois Central, Fe2i I; Galena and
Chicago, 63t a A; Cleveland ard Toledo 20 I;
Chicago and Rock Island, 69i T.
Considerable anxiety exists in certain quarters
with regard to the Tariff bill which was some
time since reported to the House of Representa-
tves from the Committee of Ways and Means, and
has lately passed that branch OF the federal egis-
hslre. Cspies Of the bill. as passed have reached
ne city II may suffice to say Of it that, prepos-
tsrous as are many Of the provisions Of the tariff
Of 1857, the new scheme is far more absurd and
@praci icable-besides being q retrograde step
Some articles are classified under three different
names, and subjected to three different rates Of
duty Under pretepce Of favodug the msnufsc-
tarers, the new bin proposes to levy taxes on
articles which are essential TO the successful
prosecution Of the manufacturing business. The in
creased duties which are laid upon the commo
dimes which 1t is proposed to protect are described
90 clumsily that il will be very easy for rogues to
evsde them, and very difficult for fair traders TO
decide how much they are bound to pay. In dry
goods, some articles have threefold duty TO pay
duty per lb., duty per square yard, and an ad
valorem duty. Even then the provisions Of the
hill are SO loose that the classification OF articles
cannot be determined without long and expen-
sive litigation. In word. the bill whose paternity
10 shared by Mr.. Morrill,, Of Vermont, and Mr.. sher-
man, Of Ohio Is so loose, SO clumsy, and so illog
cal, that, II il became q law. 1t would be source
Of endless contention and difficulty. \
But the main objection to the bill arises from its
being unnecessary. During the period Of stagna-
lion which interviewed between the Crisis Of 1857
and the recovery OF 1850, the customs revenue fol-
short Of the public expenditure. This was to be
expected. Countries whose national income de-
ponds exclusively on taxes upon commerce must
expect TO zee that income duciuate with the huc-
tusiioDs Of trade. When commerce Is active and
bank expansions large the national income will
increase beyond expectation; when trade is de-
pressed, and the bank movement moderate, that
income WIN probably fall below 10 figure
ut which IL bis been estimated. This has
been the experience Of the United States. In
1854, 55 and 'S6. the foreign commerce Of the
Uhred states was.-nmulated into un ontei actvi-
~, and the natioosl income increased fast that
there csme 70 be a surplus Of twenty millions in
the Treasury, aud the government undertook to
buy up IT. bonds a 81 per cen; premium. In 1858
AID 80 tia, commerce fell away 20 mere nominal
figures ard the national income was much re-
duced that TIE government was forced TO borros
forty millions OF dollars to paw its way.
veAre no~ on the returning immigration
has been revived; agriculture has been successfully
prosecuted 10 the Nor;hwes and the surplus OF grain
10 that section is hrger than anything that has been
kuovr etvrp lsrf Tho cptftn croD Is flliv ffty
millions Il collars IA excess oi the average; money
accuuu'atng o, the great centres, and every
hing indicates a revival Of commerce on a new
sud expanded las~. Should no disaster befall the
county The imp1rtsuOns-a year or two hence |
- L.. ~.