The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-06-05

So long as the money market remains easy enough
TO permit holders to carry what they have at Ave
per cent and the bears sell enough stock to
absorb all that comes on the market, the present
state of things is likely to continue. disaster
to our forces, or any other unforeseen accident.
would probably cause Q stampede. State stocks
were all wanted this morning for delivery. vir-
ginias advanced per cent, and Tennessees were
also shade better. Certain Southern houses are
believed to be buying these border slave State
stocks. There was little change in the railway
list. Toledo declined "a, and Rock Island
"a; everything else was steady, without
activity. The market closed heavy, and was dull
between the boards. At the second board stocks
were shade better, and closed steady the fol-
lowing being the last quotations. States
6s, registered, 1881, s4H a q; do. 6's. coupon.
1881, s41s %; do. 5's, 1874, Tx 49, Indiana
SIS, 70 3d. Virginia 6's, 4511I 49, Tennessee SIS,
40 "a; North Carolina 6s, 81 50; Missouri 6's,
i014 %; Pacific Mail, Ga "A; New York Central,
72T rs Erie, 22s4 a "a; Hudson River, 33X
"a; Harlem, l0A "a; do. preferred, 2511 &c;
Reading, 3lH "a; Michigan Central. 4lH AZ;
Michigan Southern and Northern Indiana IL IL;
do. guaranteed, 2611 a 26; Panama, l04H -; Lii.
nois Central, 67A 6s; Galena and Chicago,
SO a n; Cleveland and Toledo, 2l1 22S; Chicago
and Rock Island, 81 "a; Chicago, Burlington and
Quincy, IS "a; Delaware, Lackawana and West
ern, "a III Illinois Central bonds, rs, 901I OIL;
Pennsylvania Coal, 76.
The remarks made in this column few days
since on the subject of general bankrupt law
appear to meet the views Of many Of our leading
merchants. 1t is plain that by October next
very large prop0rti0n-some people say five
sixths-of our merchants will have gone to pieces.
The question u.s. whether Congress, which meets
on this day month, ought not to devise some relief
for this large and useful body of men, whose dis
asters have occurred, as a general rule, without
any fault of theirs If Congress does nothing,
large proportion-perhaps, fve-sixths, as ABOVE
Of our best business talent and energy will be
paralyzed, and will be incapable of taking mea-
sures for the restoration of the trade of the coun
try. Whatever shape the war may take, tho mer
camille interests of the North will, in this case
be crippled and destroyed for many years.
Valuable citizens will be crushed under hope
less load of debt, incurred without imprudence or
fraud on their part; and the only men who will
preserve any commercial vitality will be knaves
who have contriyed to get their claims placed on
the preferred list of their debtors. The passage
Of judicious bankrupt law, on the other hand,
will liberate all honest merchants from their La
bilities and will set them their feet as free men
to labor for the restoration of our national COM
merce. Whatever opinions may be entertained
with regard to the policy of general bankrupt
law in ordinary times, it does seem that this is q
crisis in which no sound argument can be used
against it, and in which, indeed, it seems indispen-
sable. We trust that the subject is engaging the
attention of members Of Congress and of the
Cabinet.
The following was the business of the Sub Urea
sury to-day
Receipts. $3.50 69s OF
-kOf Cu6tomS lAVvV w
AVA,1eo on
BALANCE IL 9fVi Al
The following is the official statement Of the
earnings of the New York Central Railroad for
the month of May, 1851, as compared with its
earnings for the corresponding month Of the pre-
vous year.
May 1901 $67S 695 "a
May 1910. ooA,oSS %
Increase .$l2e, s95 Il