The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-05-16
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FINANCIAL AND COMMERCIAL
WEDNESDAY, May l5!6 p. M.


brought Ier Europa and Parana show that
Europe had not, at the time these vessels sailed
realized the nature of the contest in this country;
though enough had been seen to induce general
decline in American stocks and much agitation in
the cotton market In the course of a mail or two,
as soon as Great Britain realizes the hopelessness
of the Southern rebellion, the English letters will
be written in different spirit, and England will
see that the shortest way for her to get cotton
is, not to recognise the Southern rebels as bel
ligerent Power, but to assist the North in crush.
ing out the rebellion as quickly as possible.
There is, of course no danger that foreign Powers
will disturb our blockade, when made effectual.
The letters from manufacturers in England and on
the Continent are very complaining; the want of
remttances from this side must cause some heavy
failures.
There is nothing new here to-day in money or in
paper. Rates fuctuate very slightly. In ex
change nothing was DONE
The stock market was better again, notwith.
standing the decline in American stocks in Lon
don. Our market is not governed just now by
considerations of intrinsic values or quotations
abroad. 1t is regulated wholly by the relative
wants of the bears and the supply Of stock on the
market The bears have sold more stock than
they can deliver, and few shrewd spectators,
operating on the knowledge of this fact have
cornered them successfully. A rise predicated on
such basis must Of course be temporary, even if
there were no general reasons for reaction At
the first board to-day Missouris advanced Ia on
General Harneys proclamation; New York
Central rose "a; Erie, %; Harlem, "a;
Illinois Central u; Tennessees declined
"a; Michigan Southern, u, and guaranteed, a.
There was no change in Hudson, Galena, Toledo
or Rock Island. Immediately after the board
prices improved, and the improvement was main
tanned at the second board to the extent of 4 a
per cent. The market closed steady, the follow
ing being the last prices United States SIS, 1874,
76 a n; Tennessee 6's, 421l 4224; Virginia 6's,
4414 a 44s4; Missouri 6s, 37H a 3724; Canton
Company, a 91ls; Cumberland Coal preferred,
5 a g. Delaware and Hudson Canal 81 So; Penn
sylvania Coal, rs II; Pacific Mail, $50 Ga New
York Central, 72ss 727s; Erie, % 2214; Hudson
River, $50 351l Harlem, llH ll24; do. pre-
ferred, 2s %; Reading, 81 3l14; Michigan Cen
trail, As a 451111; Michigan Southern and Northern
Indiana, l21a l3; do. guaranteed, 27L 2814;
Panama, 80 100; Illinois Central, 655s 657s; Ga
lena and Chicago, CO.'S CO.'S; Cleveland and Tole-
do, 1871 1874; Chicago and Rock Island, SO q
364; Chicago Burlington and Quincy, So 5911ls;
Milwaukee and Mississippi, 0 "a La Crosse and
Milwaukee land grant bonds, Q; Illinois Central
bonds, 81 81.
More confidence appeared to be felt in CONNER
cial and financial circles today, and in some quar-
tiers bets were freely offered that there would be
no fighting, after all. We fail to discover any
basis for these cheerful views. Because the city
of Baltimore, surrounded on every side by United
States troops. submits sullenly to military occupa
ton, il does not in any degree follow that the
cities of Richmond, Charleston and New Orleans
will be equally submissive. All accounts from the
South agree in stating that the war spirit is as
general and as hot in that section as in this, and
that every is volunteering for the
war. 1t is believed that over $4,000 men
are at present in arms in Virginia. THAI
the rebel leaders are short of money, ant
will be embarrassed by the impossbity of OBJ
tanning loans, is obvious enough. But, in the pre-
sent temper of the South, her people will fight a
year at least without money, and their desperate
circumstances will render them all the more for
midable antagonists. We shall make great mis-.
take if we delude ourselves into believing that the
work is over before it has fairly begun. We are
embarked in war which may, perhaps, not last
over year or two, but which is certain to be
severe, bloody, and very expensive. All enter
prises which such q war will ruin must prepare
for that fate. To blind ourself to the truth will
only insure future disappointments OF the ulti.
mate result of the war no one who rightly appre-
ciates the resources, the people and the circum-
stances of the two sections can entertain mo.
ments doubt. But it is equally certain that, be-
fore that result can be reached, the North must
in har do barc tiaq
and her financial interests generally. At least a
hundred millions of government bonds must he
thrown into the market during the next twelve
months, and sold at any price that people
will give for them The character Of
wars change as they progress, and so
does the temper of those who wage
them At the outset our generals seek to pre-
serve property in the rebel States; when blood
has begun to flow they will destroy rather than
preserve. At the outset our banks and bankers
are so deeply imbued with patriotic feeling that
they offer to take government stock at ten per
cent above its market price; by and by they will
be governed by sounder business principles. Let
no one be deceived by delusive sembances. We
are embarked in great and disastrous war.
II is a necessary war, and will in the end be pro-
ductive of great benefit to this and future genera
tons. But while IL lasts it must cause immense
injury to all classes.
The earnings of the Erie Railroad for the month
Of April were as follows
1861 'sell oil ~
1850 .................. 49,, SIS 90
increase. Soioeo oz
The following is a comparative statement of the
exports, exclusive Of specie, from New York to
foreign ports for the week and since January -:
1859 1850 1861.
For the week. 81 397 39j $50 509 2,l66, 1855
Previously rcptd. 22,154,sos 2s,75l ,se4 44,s7,152
Since January l. SIS $50 2o3 3o,s9l ,l03 472l38ls
The following was the business of the Sub Urea.
sury to-day -
Receipts slo.4lo 90