The New York herald., 1865-05-06
FINANCIAL AND COMMERCIAL.

me stock market has been very dull day the ancer
ainty attending the operations Of the bull and bea
tenders In Erie having the effect OF semi parayzng spe
cuiaton. There sundry conecures with regard "a
the ten thousand shares OF the stock sold In single
transaction by tho prominent bear on Wednesday Tho
stock delivered yesterday to certain parties supposed
TO be acting conjunction with the prominent bull ope
rator who director of the Erie company and umor
has n that most of the stock borrowed for delivery
On the other hand It Is surmsed that the leading
had the hand and that he bought part of in
the London market The qudnuncs somewhat
puzzled understand the game but the contestants
evidently watching each other very closely for when
buys the other sells, and vix versa.
At the first board New York Central closed per cont
lower than at the second board yesterday Erie 81
Reading y, Michigan Southern az, Illinois Central n,
Cleveland and Plttsburg 2X, Northwestern X Rock
Island az, Fort Wayne III Ohio and Mississippi cern-
Gates y, Quicksilver e. Government securities we're
dull By msprnt in the stock list yesterday morning
coupon tenforties reported have sold at 97k
e7x instead Of s8H 9sx-the actual price.
AT the open board, at o'clock, pr.ces worc gene
rally per cent higher. At the second regular
board the market very dull New York Central was
higher than at the close OF the first board, Erie %,
Michigan Southern " Cleveland and Pttsburg 3s,
Northwestern q, Rock Island az, Fort Wayne 21z
Cumberland n. Reading was Y lower, Quicksilver H
Government securities were duH ana u shaue ioWer
At the open board at hafpast throe there general
Improvement New York Central sold at ok, Erie 70h
Michigan Southern 897S, Reading (s3) 1907, Illinois
Central (s3) 1l4 Rock Island l01, Northwestern 30H,
Michigan Central ILL., Cumberland Al a. Quicksilver 82s
Gold has been on the whole firm to-day The opening
quotation was 143'4 from which 1t advanced to 143A,
after which, at ave P. H., it stood at l42S The
volume Of business in the larger than yestcr
day, and more disposition shown to buy.
Foreign exchange is firm Commercial bills at sixty
days qioted 1857 l09 bankers 109 110, and
110X at short sgnt The supply OF produce bills is
lmited, and they are In active demand The steamer
Costa Rica brought s66t,2s1 in gold
The supply OF money shows diminution. Call loans
made freely at per cent, and owing to tho tom
poary dulncss The Stock Exchange the demand Is not
heavy. There has, however, been little more az
tyity to-day than usual Of late The prevailing sagnaton
will in all probability continue for some months at least
The discount limo is unchanged. The enormous sub
scrptions TO the thirty notes result in drawing
capital from the interior to the great centres The gold
Bearing securities fall into comparative neglect by tho
popularity OF tho currency loan but the former win pro-
badly to be the best security and after the latter
s withdrawn, the six per cent bonds will be at higher
premium than they are at present.
Government securities steady the street late in
the afternoon The news from Europe by the next and
subsequent steamers is anxouiy awaited in view of
the important and favorable influence events in
th country will be likely exert upon the price Of
securities held there.
There now appears 20 be less likelihood of serious
commercial arrangement and monetary stringcncy in
Great Britain consequent upon the termination Of the
than originally supposed In tn first place,
although the war over trado with the South has not
been reopencd and still uncertain to how far it
will be pending tho formal declaration Of peace and
reoonsruction II is also equally uncertain how large
the quantities OF produce the South may be, while 1t
b certain that the seed time for this years crop OF cotton
has passed. and that cotton s therefore, likely to b,
next year and probably the year after than
It Is The stock OF cotton in England the LIST
OF April last, 700 900 bales being equal to the
stock held on the 1st of January, 1881, since
which time it has been comparatively light and variable,
the supply at the beginning of 1902 having been 900
bales the time 1885, cos 900 bales and at the
timo in 1884, $4,000 bales The London Ecoaomit,
in recent article, while admitting that the present stock
ts larger than it has been for years. and that large
shipments are their way, argues that considerable
anxiety hangs the future supply and that the
poets Of the British cotton trade already creating
much uncasinoss all who look far ahead 1t is apprc
hended that there be great scarcity Of cotton In
1850 and 1867 as fall which has already taken place
in prices has sufficient II not materially to check
production, 70 at least greatly alarm pro-
.ducers and discourage tho vast efforts which
have been made to grow cotton wherever
II can be grown. 1t Is believed that China and Japan,
which last year sent TO England fytwo million pounds
viii ceasa to send any at ALL Bengal and Madras which
sent three hundred and fifty thousand bales will ship to
China - before, and stop unusual cultivation. The
Turkish supply will again become prccariocs and unm-
portan and Egypt and Brazil will fall back to the old
supply hundred thousand bales in 1850 instead
Of four hundred and sixty thousand, us in 1854 whc
tho Western Northwestern provinces Of India will
gradually relapse a supply Of three-qlarters Of a
million OF bales Tho argument is further pursued In
this wise
According 10 the most Trustworthy Information we
have been able TO collect no wise man will base his cal
cuations larger estimate OF the available stock Of
cotton now in the United States than one million OF
bales or late little has been grown, while much has
been destroyed much has been spoiled, ana
good deal has been used. Even after peace
Is restored, and making every allowance for Ameri-
energy and prorptitudc, IL will take consfde-
rable time rccocct the scattered population, to reor
ganizc labor repair and recreac the means Of trans
port We will assume-what however many persons
would refuse 70 atmt-.ha nearly all the sdua negro
population in the cotton States will again he get 10 that
special cultivation, either under compulsion in
ducsrs mt of some kind We win admit all the
suppostons most favorable to largo and
prompt supply stiil, in any case, no fresh cotton
than eight months after the next seed time subscqueDt
the restoration OF pea and ordcc The seed time OF
this yoar past Granting that tho Ia over in July,
that plantations restored to their owners that tho
healing and reorganzng processes are n once entered
upon WIFI inc marvellous crlcTifsc Nlkot Nliol
cbara transatlantic brethren--sl II Will DO
February, 1866 before the can bo sown, and
October November before IL reach England In cny
quantities And when II il ready TO may safely
calculate three thingsa of which ought to mode
rate expectations First tba the crop OF the first
year. perhaps OF the second viii not BE- like the
former ones, three three and hah millions OF bales,
but not than two millions nj the ortsdccnns.der-
ing how many of the plantations have been ruined, and
how large proportion OF tlc negro population has
been dispersed died. Secondly that OF this moderate
crop tho Americans themselves will want probably one
third at least And thirdly, that the cotton Will cost
grow than u did before the great convulson
and before reaches win be burdcncd by an export
duy OF three pence four pence in the pound 30 that
instead OF being laid down In Liverpool at six pence
pound, and yielding good profit at that price, VIII
probably cost from pence TO shilling II this bo
then there Ia why Surat at eight and
nine pence should not hold i ground and the present
panic Ia at once excessive and premature II Will be
great evil " new and dsan, countries discouraged
from growing and forwarding cotton earlier de-
IA