The New York Herald Newspaper, June 5, 1862, Page 9

axrWar Debt—Its Moral and Social Operation—Difference from the Debts of Other Nations. Precisely what was predicted a short time ago in this journal has already come to pass: ‘The power and elasticity of our financial sys” tem, and the prospect for the future, full of solid hope and confidence, are already in course -of being demonstrated. Our national securities, which a short time back were depressed and Manguid, have now risen, owing to the victori- ‘ous career of our armies and navies, to a high ‘premium, and, there can be no doubt, are des” ~tined to rise still higher. These securities con” :etitute our national debt, and the confidence with which investments are made in these “walues, is a signal proof of the high estimation xin which the United States government is held ‘by the great commercial world, and of the : strong confidence which prevails, both in our :@overnment and people, among those who best know. This confidence rests upon a sure foundation, and, whatever may be the final issue «of this war, will remain unshaken. But let us Inquire on what are this confidence and this :pecurity founded? The answer is plain and nimple: they repose not only upon our ante- -gedents in respect to former war debts, but also upon the wisdom and prudence of our present government and Congress in devising Buch a system of taxation as will both satisfy the country and secure funds for the regular \peyment of interest on our debt. ( In former trials and difficulties, when it was found necessary, as in the present war, to incur B national debt, the government has been able, with a comparatively moderate tariff, and with- -out resorting to any extended scheme of na- tional direct taxation, not only to pay regu- larly the interest accruing on the debt, but in 8 few years to extinguish and pay off the prin- ‘eipal, and then, after a few more years, to have Bsurplus revenue which it became a matter of some difficulty to get rid of. This great -event, the only one of the kind ever known in the financial records of modern nations, occur- ‘red in the last four years of the Presidency of ‘General Jackson; and it may confidently be predicted that the same will occur again— though of course not at so early a stage—with the present debt which this detestable rebellion ‘has obliged the nation to contract. + Itis true the proportions of this, our war debt, are gigantic compared with former debts; but the wealth and resources of the country Ihave also increased in what may be called a gigantic ratio, and it will be, there can be no doubt, as easy for us, with an increased tariff, an increased importation, and a moderate amount of taxation upon a few general articles of universal consumption, not only to meet the interest of the debt, but after some years to redeem and pay off the principal, as was done in the time of General Jackson above referred to. For, if our debt is much larger now, so ‘are our resources, and, if a small amount of indirect taxation then was sufficient to extin- guish the old debt, the same indirect taxation now, of nearly double the amount, with the mecessary direct taxation added to meet the greater exigencies of the condition, will soon ‘accomplish the same result again, notwithstand- ‘ing the magnitude of the debt incurred. Under this view of the case we have every feason to be in good heart at the prospect before us, and strong grounds for assurance that the value of our public securities will go on increasing till they reach a ‘premium as high as ever they did in the records of the last debt. Let us examine the proportions of the present debt, bearing in mind that, gigantic as they are, yet, viewed from the point and posi- tion we have just taken, we need not be afraid of staring it in the face. According to an esti- mate recently made by the Secretary of the ‘Treasury, the national debt to be created by the present war will amount to six hundred mil- Mons of dollars by July, 1862. We may take ‘this as the expenditure of the first year of the ‘war; and a similar war expenditure will doubt- less be required for at least two more years. For we may safely calculate that, even should the war be terminated before July next as to ‘actual hostilities, yet the expenditure will have to be continued at least two years longer; for our expenses and troubles will not cease when the last shot is fired and the last battle has been fought and won. After the rebellion has been subdued it will still be necessary to keep up our armies and fleets on a war footing for two more years at least, until the supremacy of the federal laws shall have been established in all the South, and the implacable and plotting enemies of the Union shall have been every- where put down and extinguished. The ex- nditures of these three years, according to estimate of the Secretary of the Treasury, ‘will bring upon us a debt of eighteen hundred tmillions of dollars. The interest upon this debt, according to the rate and conditions of the several securities, will average about six per cent, which will amount to the sum of one hundred and eight millions of dollars, which will be required to meet the interest of our @ebt alone. This sum of a hundred and eight millions lacks only a few millions to be equal to the whole amount of interest raised in Eng- land by taxation to pay the interest of her great mational debt; for the interest on the English national debt was, on March 31, 1860, one hun- dred and twenty-one millions of dollars. ‘Thus it will be seen that our debt, contracted in ‘only three years time, will cost us very nearly ‘as much as the whole English debt now costs the English people, for a debt contracted in a “space of nearly three hundred years, One’s mind is overwhelmed with amaze- ment at these figures. But it must not be ‘supposed that in three years time we have «made a debt almost as large as the great debt ~which it has taken England three centuries to ereate. The difference arises from the dif- ference in the amount of interest. We shall pay six per cent, while the British government -Only pays three per cent interest on its debt. ‘Yet, at all events, our three years war debt will ‘be nearly half the sum of tho British three eentury debt. The only way to account for this astonishing result is by a comparison of ‘the two countries and people. Theirs isa mall island; ours is a vast continent, able to ‘hold twenty of their one island. Then, again, ‘wenre a go-ahead people; they move more eisurely. We are fast; they are slow. We are great financiers, great fighters, great in every- thing; they are rather behind us in boldness and democratic audacity. There is, besties, another reason for the difference, which we had nearly forgotten: it is that we have had some great scoundrels among us, who, by speculating in contracts, have fleeced the government and nation of many millions; for, even in rascality, as in overything else, our rascals manage to beat the English. NEW YORK HERALD, THURSDAY, JUNE 5, 1862.—TRIPLE SHEET. So large an amount to be raised, partly by a new direct taxation, will have an immense ef- fect upon the minds and feelings of the people, politically, socially and morally. In the first place it will cause mere political questions and issues of mere local and sectional importance to be all merged in financial questions and dis- cussions, and in the consideration of what is not inappropriately called the almighty dollar. Hitherto the people, free from the burthens which the nations of Europe have had to sustain, have, for want of better employment, wasted their energies upon issues of a purely moral or sectional character. Hence it has been that, in default of more general and more national questions, they have at one time been split into parties upon such a question as Masonic or other societies; at another time they have been divided into violent parties on the question of a United States Bank; and last of all they have, as a final hobby, amused themselves by taking up @ moral question as an incen- tive to political animosities, and have some of them gone mad on the abstract question of the morality or immorality of slavery in some of the States. Henceforward a new question will arise—that of the dollar— which seems destined to swallow up all the others, The original holders of government securities will become wealthy, both by the great rise of those values in the market and the immunity they will enjoy from taxation. The holders of them will make seven, eight or ten per cent on their capital, without risk and with- out labor, while other classes, who have em- barked their capital in trade or manufactures, subject to no little risk, and requiring exertion and labor, will hardly make more, if, indeed, so much. Here will be a subject for jealousies and emulations. But these passions are the seed and origin of political and social feuds and parties, The question, then, will next arise, if this is quite fair, and, after some years of ferment and discussion, will, perhaps, bring up the question before the national councils, whether the examples of France and England ought not to be followed, and some reduction be made in the amount of interest on the debt. It will take, however, many years before the people will come to this conclusion. The value of real estate and rents, &c., will necessarily fall to some extent under the new system of taxation, and the people who have to pay per- haps ten per cent of their income in taxes will see the necessity of curtailing their expendi- tures and of moderating that luxurious and os- tentatious display and outlay which have made Fifth avenue so gorgeous and the pompeus scions of a parvenu aristocracy so ridiculous. A new and more sober minded class of citizens will spring up among us—fundholders—people who live at ease in a moderate, quiet manner, upon small incomes derived from investments in the public funds or national securities, These will form a large and influential class of mode- rately independent men, whose expenditures will form, as they do in France and England, a congiderable item in the promotion of the in- dustrial arts and: productive employments, and whose freedom from the cares of trade and the toils of labor will create such a social class among us as hitherto has been jacking to our civilization. In a word, society will be remo- delled, as it were, under the new aspect of af- fairs produced by the silent revolution of a large debt to meet by taxation, Seriously considered, the liabilities which we shall have to undertake and the burthens to bear in order to maintain our national credit, although apparently so enormous as to equal in amount half the national debt of England, which it has taken centuries to create, will be a light burden to us compared to what. the English debt is to England. Our country is greater in extent, in resources, and even in population, than England—at all events, our taxpaying population exceeds theirs in the ratio of at least ten to one. The masses, the millions, in England are miserably poor com- pared to our flourishing and well paid popula- tion. It would be no exaggeration, therefore, to say that we could raise among us even the whole amount of English taxation more easily than the English can do; much more then we can raise the half. Few among us are very Tich; but the masses are well ‘off; whereas in that country a few are immensely rich and the masses are very poor. Not only there they have much more to pay in taxation: than we shall have to do, but they are at leasta hundred times less able to pay it than we are. It is worthy of consideration to reflect upon the difference existing between the two people, as to the object and purposes for which these several amounts of taxation are required. The English debt is the result of wars carried on for more than two centuries and a half—wars in which the peeple had no interest and took no rational part. Theirs is a debt for the wars of the dead, and for wars, too, begun and car ried on by kings and cabinets for frivolous causes, and terminating without any beneficial results. The same difference holds good with respect to the debt of France and all the other European nations. But our war has been a war for life, a war for our existence as a free and republican people, a war waged by the people themselves for the very life and ex- istence of popular institutions. It is the people’s war against a gang of false, traitorous, selfish and base politicians—men sold to Eng land and France, and in haste to adopt their kingly and oligarchic form of government, in a hurry even to receive a king from one or other of those two empires—men who have misled and driven our Southern brethren to follow their deceptions for their own political gain, and for the purpose of seizing upon the government to model it so as to suit their own ambition and further their own glory and ag- gtandizement. The difference, therefore, be- tween our debt and that of the English and other European nations is enormous. We, the people, ourselves, have spontaneously urged on this necessary war, and the patriotism which first promoted and then bled freely for it, will not be found wanting when the time arrives to pay for it. uma were awarded by the judgos yesterday :—Premiums from one to three yoars—First prize, $50, Hannah Mc- Govern, No, 28; second prize, $15, Venola Jarboe, No, 76; third prizo, $10, Otto Bishtamann, No. 8; fourth prize, $5, Nos. 11, 8, 66, 46, 100, 59, 70, 25, 76, $2, Nos. 64, 6, 73, 60, 46, 108. ‘Oddity, ity tec Th ppbws | $0, Premiuia ee. ne ve years—First prize, 0 Wurzburg, No. 57; sooond prize, $16, Louise Vorsa, No. 24; third prize, $10, Caroline Duss, No. 4; fourth prize, $5 each, Nos. 65, 14, 15, 48, 26, 60. Premiums for twins—First prize, $50, Eliza and Hortense Boh, No, 22; second prize, $18, and Ada Davis, No. 79; third prize, $10, Cora and Alma, Tompkins, No. 114; fourth ae $5 each, Nos. 2, 22, 30, 87, 39, 40, 43, 62, 62, 71, 70, 85, 86, 89, 98, 99, 102, 110, 114, 118, 119, 191, 103. Premiums for trip: lets—First prize, $70, Witten James and Thomas Dar- 70 ting, No. = x x $26, Matthew, Armand and ‘eronop| 0. third Adam, Henry aud Upbelia Howser.) o's P88» #29) Adam, FINANCIAL AND COMMERCIAL. Wepnespay, June 4—6 P. M. There is ne change in the money market. On call money is worth 3a65 per cent, most of the call loans in the street being at 4. Paper sells at 445 percent; certificates of public indebtedness at 10034. There is no prospect of any change in the money market for the present. Nothing was done in foreign exchange to-day. The stock market was buoyant to-day. Stocksare now, in the language of the “‘jobbers,’’ taking care of themselves. The powerful operators who have exercised so potent a control over the course of the market of late are understood to be standing aside, and neither aiding the rise nor the fall. Any ad- vance which takes place now will be purely the work of the public. To-day the buyers were chiefly commission houses, acting for parties who have money to employ, and who can find no other use for it than on the Stock Exchange. The most active stocks of the day were New York Central, the Eries, Hudson, Toledo and Rock Island. At the morning board government sixes ad- vanced %, Missouris 14, New York Central %, Erie %, Erie preferred %, Toledo %, Michi- gan Central 2, guaranteed 4, Rock Island %. There was no change in Pacific Mail, this being almost the only one of the active specula- tive stocks which did not move with the rest of the market. After the board prices were still higher, and, notwithstanding the storm, a consi- derable amount of business was transacted. At the second board the market was unsettled. Central rose to 9134, then fell back to 91, closing that bid. Erie and Erie preferred were both % & ¥% lower. The general list and govern- ments were about the same as in the morn” ing. Pacific Mail advanced % per cent, and was active at the advance. Specie closed at an advance of 34 per eent. The following were the closing quotations:—United States 6’s, registered, 1881, 102% a 102%, ex dividend; do. 6’s, coupon, 1881, 205% a 106; do. 5’s, 1874, 95% a 95%; 7 3-10 Treasury notes, 105% a 106; Tennessee 6’s, 5934 a 5914; Virginia 6’s, 57a 574; North Carolina 6’s, 73° a 74; Missouri 6's, 52% a 5254; Pacific Mail, 115% a 116; New York Central, 91 a 9144; Erie, 387% a 39; do. pre- ferred, 6594 a 6574; Hudson River, 47 a 4734; Har- lem, 14% a 1444; do. preferred, 3534 a 36; Reading, 49% 050; Michigan Central, 6324 a 63%; Michi- gan Southern and Northern Indiana, 265% a 2634; do. guaranteed, 57 a 5734; Panama, 131 a 132; Illi- nois Central, 627% a 63; Galena and Chicago, 70 a 704; Cleveland and Toledo, 45% a 46; Chicago and Rock Island, 6414 a 642%; Chicago, Burling- ton and Quincy, 7444 a 7434; Milwaukee and Prairie du Chien, 28 a 2834; Illinois Central bonds, 7’s, 95 a 9544; American gold, 10334 a 10334. Nothing has yet been determined with regard to the issue of small notes by government. A strong influence, mainly proceeding from the army and acting in the interest of the troops, has been brought to bear upon Mr. Chase, with a view to induce him to ask Congress for the authority to issue fifty millions of ones, twos and threes. The project meets with no opposition, except in circles which have been opposed to Mr. Chase’s financial policy from the start, and from parties who have done their best to break down the government by depriving it of the means of carrying on the war. There can be no question but an issue of small notes which shall be at par everywhere is imperatively required. Troops who are paid off in fives, tens and twenties cannot do without change for them. If the government will not supply small notes, banks will, and our soldiers will inevitably be robbed by shinplaster-makers. Sutlers and speculators in the West have been writing to New York for months begging for bank notes of small denominations, and offering to put any quantity into circulation. The question sim- ply is whether government will pursue to its legiti- mate lengths the policy it has so successfully inau- gurated, or whether it will now hold back and make way for operators in currency? The great subject of inquiry among capitalists at present is for safe and lucrative investments. The market has been thoroughly cleared of first class bonds, nearly every description of which is now selling at a premium. Governments are ata price which makes them yield only about 5% per cent to their holders. Many people are buying non-dividend paying railway shares on specula- tion. For the benefit of parties who are in search of investments that pay a regular income we sub- join a list of the most prominent dividend paying shares bought and sold on our Stock Exchange:— Stocks. Rate of Dividend. Present Price. United States 6's of 188) 6 106 Bank of Commerce. . 6 93 Galena and Chicago 6 70 N.Y. Contral Railroad shs.:. 6 90% N. ¥. Central 7’ 7 108 Erie firsts...... 7 1093 Delaware and Hudson. 7 oT Cleveland, Columbus and Cin. 10 120 Buffalo and State line 132 Panama Railroad sb: 132 Pacific Mail.. 116 Chemical Bank. py 400 Government securities, of course, occupy a dis- tinct rank, as they possess elements of security which are not enjoyed by the stock or bonds of any private company. Bonds and bank stocks, again, are frequently preferred as investments to shares in railway or steamship companies, The market value of the latter seems to be governed by some capricious law rather than by the amount of income which they yield. For instance, if New York Central, which yields 6 per cent, is worth 90, Panama, which yields 12, should be worth 180; of the two roads the latter has, perhaps, the fairer prospects. So if Panama, which yields ‘12, is worth 132, Pacific Mail, which yields 20, should be worth 220; and this is without reckoning any extra dividends which the government charter of ithe Baltic, Atlantic and Constitution will enable the Pacific Mail Company to pay. It seems singular to see the first mortgage bonds of a company like the Erie, which has been so lately in a condition of bankruptcy, selling at 109%, when the 7-30 Treasury notes of the United States government are only worth 106. This, however, is susceptible of a much simpler explanation than the anomalies noticed above. We have to acknowledge the receipt of several communications on the subject of our recent re- marks upon the system adopted by several insur- ance companies, of never paying a loss till they are sued for it, in the hope that the threat of a lawsuit will induce the claimant to abate some- thing from his claim rather than go to law. “An Insurance Officer!’ demands that the companies which pursue this dishonest course be specified, and observes that our remarks were calculated to reflect upon companies which conduct their busi- ness on more equitable principles. We should be very glad indeed to name the companies, if parties who have been fleeced will supply us with the evidence. “‘A Sufferer’’ states that some of the Connecticut companies have been prone to this method of swelling their dividends, and cites the case of a steamer which was recently burned at Fortress Monroe, and seve- ral of the policies on which are now in suit, as an instance in point. In one of these cases a jury did not hesitate to find @ verdict for the owners for the fall amount, with interest. We can only re- peat what we said before:—Wherever an insurance company resists payment of @ loss without a good prima facie case, the name of the company should be conspicuously published, in order that merchants may not make the mistake of doing business with it. There are plenty of honest insurance com. panies, which are prepared to pay losses without delay, and without attempting to defraud. ‘The exchanges at the Bank Clearing House this morning were $22,116,876 16, and the balances $1,557,000 04. The Sub-Treasurer received to-day over a quar- ter of @ million deposite at 4 per cent, and about half as much legal tender currency for conversion into 5.20 bonds. The business of the office was as follows to-day:— ++ $1,161,192 51 106 000 00 1,248,388 90 ‘oat “7 3)'5u0'078 47 The following table will show the amount at the several depositories of the United States, subject to the draft of the Treasurer of the United States, on the 26th of May:— Drafts drawn Subject On deposit. anil not paid. to draft. Treasury U. 8.,Wash’n.$14,065,309 2,097,560 11,967,742 Ass, Treas’r, Boston... 1,958,057 641.823 1,416,234 Ass. Treas’r, New York, — 1,282,873 _- Ass. Treas’r, Philadel’a. 2,146,277 712,164 1,434,113 Ass, Treas’r, St. Louis.. 906,201 813,568 92,632 Ass. Treas'r,S.Francisco 686,076 661, Sod Baltimore, Md, 825,131 214,451 110,679 a oes fi osio a 160 161 1,300/029 jocinnati, . 1,542,71 5 "220,138 2,828,241 = 117,514 1,200,911 od 125531” 9,279 116,252 25,071 28,008 2,968 Falls of St. Croix, Wis. 328, _ ‘938 FallsSt.Croix (Bavmert 6,000 - 6,000 Omaha City, Neb oe 145 2 116 Omaha City (Gilmore). 9,210 =- 9,210 Olympia City, W. T. 516 _ 516 St. Paul, Minn, , 1,460 250 ©1200 1,118 56 1,032 2'410 oss 1ytaT $22,714,244 10,637,757 16,556,301 Assistant Treasurer, Now York, Now York. ..$3,157;730 Assistant Troasurer, San Francisco, Califor: 15012 Depository at Louisville, Ky. 2,698,602 Depository at Pittsburg, Pa 423, Depository at Baltimore... Total....... see eeeeeeees sn eeceeeese + $6,854,761 Bullion Pund. Assay Office United S:ates, New York. Mint United States, Philadelphia. Mint United States, San Francisco Bnavail m ona E Branch, Charlotte, N.C, $82,000 2,832 (29,167 Branch, Dahlonega, Gs. 27,950 — 27,980 Branch, N Orleans, La. 889,267 — — 389,267 Ass. Treas’r, N Orledns. 146,226 22,703 (123,522 14,097 2)389 11,708 11,795 1062 10,732 Wilmington, N. 6,088 737 5,351 Savannah, Ga. 4)374 1151 8,722 Mobile, Ala. 18,225 3/384 14,840 Nashville, Tenn. 4,330 261 4,618 Galveston, Texas 2811 1,006 1,805 Little Rock, Ark: 58,692 64,505 4,187 Tallahassee, Florid: 679 ‘679 — Total unavailable..... $717,590 90,714 625,875 $24,384,001 10, Total. ...... 02.0005 Add Total. ..-s.eseceresee 575 434 Less amount of overdraft. 6,854,761 Amount subject to draft. $15,720,673 Total balance to the credit 15,720,673 Total unavailable. 1,679,042 Unavailable balanco. + $14,141,630 The transfers ordered are:— From Treasury of tho United States, Washt’n $9,100,000 From Assistant Treasurer, New York, N.Y... 40,000 From Assistant Treasurer, St. Louis, ilissouri. 400,000 Total.. To Treas , Washi To Assistant Treasurer at New York, N. To Assistant Treasurer at Philade/phia, Penn. To Assistant Treasurer, St. Louis, Missouri... 2,400, To Assistant Treasurer, San Francisco, Cal... 270,000 To Depository at Louisville, Ky... To Depository at Pittsburg, Penn. To Depository at Santa Fe, New M Total.. The annual meeting ie New Jersey Railroad and Transportation Company was held at Newark to-day. We extract the following from the re- port for the year ending December 31, 1861. The earnings for January, February, March and April foot up $271,000, a gain of $18,100:— The ‘gross receipts wore $121,114 42 less (or 11 per cent) than for the year previous,and the expenses were $30,374 83 less (or 7 per cent), showing a decrease in the net earnings of $90,739 59. The increase in the ratio of expenses to earnings this year over last is owing to the Joss of a portion of our business by the withdrawal of connecting railroads (the New York and Erie, and Hackensack), requiring both the road and ferry, tho in- come from which was earned with a less proportiouate increase of expense, thus proving that our road is capa- ble of a much increased business without a relative in- creaso of expense, and also to the diminution of business on our own road; for, although we carried about ono-fifth less passengers and one-seventh less tons of freixht, the miles run for their accommodation were only one-fif- toenth less. In Rapngs Speer of the payment of the bal- ance (50-100) due on the scrip stock in the early part of the year, and of the stock dividend (10.00) apportioned in March, 1861, both drawing dividends on the 1st of Au- gust, theamount required for dividends was increased $64,770, and the tax on the capital paid the State of New Jorsoy was increased $2,744 25. The total amount paid to the State of Now Jersey in tax, transit duty, interest and dividonds for the year was $46,190 89. Notwith- standing these greatly increased amounts, there was added to the profit and loss account, after the payment of two semi-annual dividends of 5 per cent each, surplus earnings amounting to $61,102 72, being nearly 1% per cent on capital, and pep the whole amount of surplus earnings on the Ist of January last $323,258 38. The ex- pense per mile for 1861 is 84 6-10 cents—a fraction less than for 1860. The gross receipts of the first four months of the present year, as compared with those of 1861, are presented. It will be seen that our prospects for this ear are much improved, the amount received being 318,154 81 in excess of last year, and a slight increase over that, of the corresponding period of any previous ear. In 1860 tho receipts were $270,762 25; in 1861 Hsaiasa 12, and in 1862 $271,006 43. The expenses for the same poriod are slightly decreased as compared with last year. On the Ist of May $6,000 of the bonds of the company maturing, were and cancelled by the trea- surer, reducing the funded debt that amount. Tho total funded debt of the company is now $682,000. ‘The Galena and Chicago Railroad earned the fourth week of May:— May, 1862 May, 1861. Decrease... The whole month foots up May , 1862.. May, 1861 as follows:— show a large gai May , 1862. May, 1861. INCTOARO.... 22.04 eeeee scenes seeeeeeesees $41,034 78 The Panama Railroad earned in April:— April, 1862. April, L The Boston Post of yesterday thus notices the market for Lake Superior copper stocks:— Copper is firm at about 21 cents , and an improvement in priee is looked for. The only important variations in the week have been in National and Central. Tho April product of the National was but 33 tons, owing to a dis- arrangement of the machinery, and the stock has de- chned from 32 to 28; Central has advanced two dollars per share and has been activo; the mine is spoken of as presenting & most promising appearance; Minnesota has been firm at 57 to 58; lividend of three dollars will probably be paid in July; Rockland has been dull and is not expected to improve much until the workings on the south vein present a better appearance; Franklin, Pewa- vic and Quincy are in good demand, and the mines are looking well with an pct hh Isle Royale is firm but inactive; the stock is held in large blocks by parties waiting for a rise. Stock Exchange. ‘Wepnespar, June 4, 1962. 800shs NYCenRR.s30 90 de 860 90 $18000 U 86's,’81,cou 106 19000 d0..sseeseee 105% ‘2000US6's810rwl Igy 104 $000 Tre 73-10 pc ns 108% 100 1100 100 21000 at 250 6000 MG's, tOH&StIR 50 +. 66% 5Q00ERR3mb'S3..810 98 6 Hudson River RR. 45 GOOOERRGmb.s10 85 150 . 2000 d0...6...., 8655 60 4000 Har Ist m bids. 108 6 1000 Har 3d m bds.. 85 50 1000 MiG8 pebdold 104 350 GOGOMICSpcIstmsfeb 105%¢ 250 1000 do 105% 250 oO 375 . 50 64 8000 do... 98 =: 100 Mich BOANIRR 26 7000 Tol& W istm. 1 60 MichSo& Nigs.b30 671¢ 1500 Tol & W 2d m. 65, 190 GO. ceceeee STG do.. 65% 200 Clev& Pit RR.b30 23 100 MO... s sess 2B 18 Clev, Col&Cin RR 119 216 do... 120 200 Gal & Chi 1” THE NEW JERSEY RAILROAD COMPANY. Annual Meeting of the Stockholders— Election of Directors, &c. The annual meeting of the stockholders of the New BOARD. 50 shs HodR RR.s10 ; w 47 | Jersey Railroad was held at East Newark yesterday, 150 arlene ait 8” 47,, | there being @ full attendance present. The mecting % 500 Harlem RR pref. 36 | took place in the new house of the company situated, in 200 do.....b60 3634 | that locality, which has bean recently fitted up with new 109 Mich Con BLOG O1's | machinery, &., for keeping the cars, and engines im order. Ateleven o’clock the meeting was called to order by Walter Rutherford, Esq., who was appointed chairman. Messrs. N. M. Halstead and H. J. Southmayd wereelect- ed secretarios. Thejmainutes of the last meeting were read and approw ed. Mr. F. Walcot JacFson, secretary Yand general su- Perintendent of the railroad, then proceeded to read the report of the directors, setting forth the condition and Prospects of the company, of which the following are the main pointe:— The report commences by alluding to the fact of the existence of the New Jersey Railroad Company for @ space of thirty years. During the ‘past year three directors had boen removed from their sphere of usef ul- ness by death. 10 64 50 do -830 100 Ill Cen RR serip. 100 Clev & Pitts RR. 227% 20 Cley, Col & C RR. 120 60Gai & Chic RR. a. CITY COMMERCIAL REPORT. Wepnuapay, June 4—6 P. M. Asaes.—The market was quiet, at $5 75 for pots and $6 for pearls. BReapsturrs.—Flour—The severe storm which prevail- ed nearly all day tended, more or less, to check opera- tions in nearly all departments of business. The market for flour was steady, the receipts being moderate. The low grades were rather firmor, while the higher class of brands were unchanged. The demand for export was jimited, while the salos footed about 9,000 « 10,000 bbis., chicfly to the home trade, closing within the following range of prices:— 10435 445.0455 4150435 » 4400610 Canadian. 44508610 Southern mixed to good superfin 500 a 5 60 Extrado.........+.++ 51 a6 75 Good to choice family do. 675 a7 25 Rye flour. .......+.++0++ 2700400 Corn meal, Jersey and Brandywit 2900315 —Canadian flour was firm, with moderate sales, which embraced about 800 bbls. at the above quotations. Southern flour was heavy, with @ moderate demand at our quotations, with sales of 900 bbls. Rye flour was steady at our quotations, with sales of 150 bbis. Corn meal was in good request at our figures, with sales of 8002900 bbls. Wheat was heavy and irregular for poor and common qualities, while good to prime grades were in moderate supply and prices firm. ; The sales footed up about 75,000 bushels at 87c. a $1 02 for Milwaukee club, 8c. a 97c. for Canada club, 82c. a $1 for Chicago spring, $1 0234 a $1 04 for amber Wisconsin, $1 10 a$1 14 for red Western , $115 a $1 18 for amber do. and $1 24 for whith Michigan, Corn was stiffer and in good demand, witn sales of 65,000 bushels at 463<c. a 48c. for new and at 493¢c. a 50c. for old Western mixed in store and delivered. Rye was firmer while small sales were ma- king at 60c. a 65c. for Western and at 72c. a 74c. for State. Barley was dull and nominal. Barley malt was quite firm and in good request, with sales of 13,000 bushels at $1 o $1 10, the latter figure for Canada West. Oats were firm and in fair roquest, with of Canadian and Western at 430. a 443<c., and of State at 45c. a 453¢c. CorvEs.—The only transaction reported was the auc- tion sale, which embraced 388 bags Santos (of the 3,500 Rio and Mantos advertised), at 20c. a 22%.c. The sales of the remainder was postponed. Cotrox.—The market was firmer, with sales of about pee hen still on the basis of 31 3¢c. for middling uplands. Freigats.—The largo number of vessels in port for Europe tended to depress the market. To Liverpool about 30,000 bushels of corn were engaged at 8d. in bags and 834d. in ship’s bags; 35,000 bushels wheat in ship’s Dags at 94 a 934d, and’ 8,000 bbls. flour were reported chiefly at, 2s, and 1,200 packages of lard at 27s. 6d. To Ipndon 7,000 bushels of wheat were engaged at 10d. in ship’s bags, and 1,500 bois. flour at 28, 9d. To Glasgow—500 bbis flour wore engagod at p. t.,and 800 packages of lard at 32s. 6d, Rates for wheat to Havre were steady at 20c. Hay was dull and nominal at 60c, a 65c. for shipping lots North river, and at 70o, a Tc. for city use. Hipes.—the market was dull and prices lower this week. Total stock of foreign and domestic embraced 284,000, against 463,200 in 1861 and 268,000 in 1860. ‘Leariien.—The market was heavy and prices were lower, manutacti purchasing more sparingly. Wo quote Rio Grande and middle weights hemiock sole at 22c. a 23c., heavy do. at 22c. u 22%4c., light do, at 20c. a 2ic., Ori- poco middie at 20c, a 2ic., light do. at 18c. a 193¢c., six months. Oak)side was dull, with a tendency towards Jowor prices. There was no change to notice in other descriptions. Navat Srores.—Spirits turpentine were at $1 5734 a $1 60, with small tots at the latter figure. Rosin was nominal. Tho chief supp!ivs at this port are heid b government, no sales of which have yct been announced. Provisione.—Pork—Thero was more doing at the recent decline, while prices were unchanged. The sales embraced about 1,000 bois. at $11 50 for mess, and $10 50a $10 623; for thin mess and $9 25 for prime.’ Beef was steaay with sales of 125 bbls. at $12 a $13 50 for plain mess and $14 a $14 8734 for extra. Bacon was dull andnominal. Cut meats were in fair request, with sales of 500 packages at 45gc. a 51gc. for hams, and at 35c. a 4c. for shoulders. Lard was firm and in fair sear with a of bid packages at 7i¢c. a 8c, tter ire for prime quauity. Seustcoe (openden aa ne i" nil ‘SvGars were unchanged, while domand, considering the weather, was fair. The sales embraced about 700 bhds, at 7c. a7%c. for Cubas, and at 8c. a 8%{6. for Porto Ricos, Winsxey.—The market was loss active but prices were firmer. Tho sales embraced about 450 bbis. at 243¢c. for State and at 25c. for Western. At the close the latter figure was asked for State, Arrival of a Prize Schooner. ‘The schooner Lucy C. Holmes, of Charleston, arrived at this port yesterday in charge of Prize Master Lawton Coggeshall. Sho was captured by the United States steamer Santiago de Cuba on the 27th of May, sixty miles cast southeast from the Santeo river, having come out of Charleston the night previous, bound to Nassau, N.P. Her cargo consists of 170 bales of cotton. This is thofourth prize taken by this steamer within four weeks. Prize Master Coggeshall passed very near a rebel steamer while passing the Santee river. Had the steamer known the schooner she would no doubt have been retaken, as they both belong to the same owners in Charleston. The Lucy Holmes is bound to Boston. Arrivals and Departures. ARRIVED. Liverroot—Steamship City of New York—Mr James F White, Indy, family and servant: Miss G C Carroll, Mrs 8 R Handy, Mrs ‘Wishart. Mrs Roberts and two children, Miss Jane Geraghty, Miss Hillier, Miss Anne Wood, Miss Muri Thacher, Mra D Hale, Miss Ernstein Lessure, Henry Ed- monds, P H Fay, Wm Saxby, G Maillette, M B Osgood, WB Osgood, H Jones, Julius Jones, Mr Perrycott, Mr Camerer. Mr Doumet, J Moore, Mr Nead, 8 M Zettelle, lady and five children; Sir Weeks Wynter, it Cackins'and lady, Peter Pruden, Fra Phillip Augusti Howe RCommelin, A W Hale, Geo Co- Plunkett, Hugh L Wilson, he, H Newlan losxeph Hodges, H Parmile, Edward Lessure, B Reeve, D Shaw, J © Westwood, HL Wells, J B Cone, B'B Cobb, ‘Francis H Brennan, J B Whiton, Con 0 Croft, and 625 in the steerage. DEPARTURES, Liverroo.—Steamship Scotia—Victor Plise, Panama; J Frederick Lohmann, Costa Rica; JC W. ding and Master F Wiimerding, New York; Mrs Crowther and daughter, To- ronto; Mr and Mrs W Cawthra, Toronto; E 4 Champlin, New York; Miguel de Sopern,’ Havana; Mr and Mrs Angus v two children and servant, Toronto; Miss Cameron. New York: Geo Christ, New York; Mr and Mra J , Montreal; W Mackenvie, do; T Franklin Du- rernt, Naw York; Fred Mackenzie, Montreal; Hector Macken: Mrs R H Winslow and maid, New York; Miss Men. New York; Mrs Wm Brurmer and child, Mrs M J Henriques, New York; Mr an , New York; WP Dewey, Eugene E Dewey, rs Edwin Hartlett, New York; Wm Haggerty, J Carruthers, Kingston, W; Misa Barton, M Madelphin: Mrand Mrs JJ Ba: i Brooklyn; Miss Adams, Massachusetts; rt Mew Yorks Licue Williants, Rifle brigades in, Toronto; Jas irs Ray, At ia Davies, New York; Miss Marion Ho} Wallace, Dien O'Connor, J O'Cor Lanier, nurse and child, New York; Mts Lai Mrs RN Tinson, New York; Mr Chatard. Baltimore; GE Tinson, WH Batlum, Master Baifum, Mrs Henry Jessop and ighter, M Ginet, H Savor, 8 G Church, New York; Bustin Equard, Havre; Henry Tucker, DS Wilson, Baltimore; John W Hamersley, 8 H Hamersiey, Mr and Mex § Brunner, Mr ana Mrs David Baffum, Miss Mary Baffum, Mies Anna Wal- Ter, Mr and Mra W Van De Venter, Miss Btizabeth Van De Venter, Mise Jonephine Van De Ve Venter, Miss Eatello Van De Venter, New York; 88 Clayton son, timores, 8 G Rowhy Wo oH Van” De ‘Mrs “Mann and. child, New York; © Boyd, ater’ of” dexpatchens Manhold Keyser, New York: Mr and Mra HL Routh, three Misses Routh, nurse and child, New York: Mr and Mra T W Phinney, two children arg, Pas ot ladelphia; Mi am friend, Me fr Be re ew York; Mrs sy doy Mr New h Miss Harriet Van De Lohse an ‘and Mra Andrew Scott, two children and sarvi ica; A Field, Jas Douglas, NG Chittick, Now York; Hhos Mellog and son. Mr and Mrs'R A Row and servant, Philadelphia, WT Murray, Hamilton; Goo J Buck - ail, New York: Mr and Mra Edmund Smith, Muss Carrio rth, Philadelphia; Mr and Mrs Geo Meck, ‘two children and infant, Havana; Mr and Mra. de M smn age Marien gg UU i’ Hughes, New York; jlion, Montreal; Ver 7 H gna Mrs OP Fischer, iniant and nurse, JG Averall, Xow ork; ¥ 7 Cpsringlcn, Dewy o; Mra and daughter, San Francisoo: Mi oa Hardeaate, Me and Mrs hia, We Loyd. and fol, We; Peter Hoag, ton, Jas B Day ' ir Williams, Ca! Rev ‘horton, York; M Moker and hve chiidren, Philadel an He Facen Duncan, J 4 Bainbelage, Nett Feet Wormald, Hngland Five Ui Collomore Mr and Mra Jol Dewsna New York; Thos Winkas, Ross Winaus, Winans, baltimore; J Q'Bariholomew, Het OW. H ieee. as nd Mrs A itimore; dr, Ne Miss Abel, N Averell, P gerry ir W Lid griale, Mr and Mrs RR Mo ‘m York; mith, Pittsburg; Geo Wedele Mrand Mrs St George Tucker Campbell, and'fve chiidren, Alex Campbell, Philadelphia; Mr Dr Wetherbee, Miss Pamiy, New Se sh Mr poe jand friend, te al 4 — rs porg, Pittsburg, Ba; Wim Bukelt, Hamilton, 0 W: Tete * Miller, Jr, N icy ew or: Edward voronto; DB Hermann, GV Meyer, AP ‘Montant, Vorsaw. Jr, New York; Ganurdo, Spain} N Berry, Paris; Sullivan, G A Morrison, New nd Mra Shas Campbell, B Sourebted, New Yorks specie $4. It then goes on to say:— Weare still enabled to report a continued exemption from any serious accident; nearly three million passen- gers, including commuters, having been transported over the road during the year, without loss of life os limb to any in the cars, making upwards of thirty-nine millions since our organization, to whom this same re: markable exemption from injury applies. It has been the first effort in the management of the road in the past, and will always be in the future to secure the pre- servation from accident of all who entrust themselves te our care, bas hitherto ing en the same kind Providence which joided us. The comparative statistics for the last four years; 1859. 1860. 1861. viz:— 1858. 5 . - Gross receipts. ae 1,026,682 1,113,881 992,767 Expenses. . 9,370 882,072 443,161 412,786 —Net earnings. .$554,087 643,610 670,720 579,981 —show thut whiie previous to the breaking out of ‘the civil war the receipts of our road were gradually in- increasing, yet we in common with others shared in the rt ral econeee caused by the rebellion. gross receipts were $121,114 42 less (or 11 cent) than for the year previous, and the et ete aaee $30,374 83 less (or 7 per cent), showing a decrease in the net earnings of $90,739 59. Our resources, if all taken for the transportation of troops, our regular business entirely set aside for the time, would enable us to transport 10,000 men over our road in one day, and in connection with other roads un+ der the control of the present companies between New York and Philadelphia, cars could be furnished to trans- port an army of 60,000 men, with their equipments, in twenty-four hours. We have six ferry boats, all in good order. During the year the J. P, Jackson was sold to the government. Although this boat could be spared at the time, yet the Girectors, confident that ere long business would again rovive, regretted the necessity of parting with her, the largest and most commodious vessel on any ferry, yet the application having been made direct from Washing- ton, they did not feel at liberty to decline it. The name has been retained, and having been altered to a United States gunboat, she accompanied Commodore Porter's fleet to New Orleans, where she now is in our country’s service. During the coming year it will be necessary to replace the J. P. Jackson with a new boat, A Jarge number of our regular passengers, as well as the more transient travel, requiring facilities to reach the upper part of the city of New York, the lease of a forry from Jersey City to the foot of Desbro: treet, Now York (the company having long since obtained property at that point for this purpose) , was purchased at a public sale from the city of New York, and thereby secured to the company for ton years. It's expected that a ferry will be in operation between these points early in July. The appeal from the decision of the United States Cir- cuit Court in favor of this company in the Newark Bridge case having resulted in the confirming of the same by the Supreme Court of the United States, the way is now clear for the erection of the bridge over the Passaic river at Commercial dock, Newark, straightening the route at that point, as soon asthe interest of the company and the public accommodation render it neces- sary. ‘the through travel between New York and Mery ton requiring quick time, may, ere long, necessitate thi improvement: and, with the contemplated arr: ts at Philadeiphia for the continuation of the cars leaving Jersey City by taking the whole train on board of a ferry doat, to run from Camden, in New Jersey, to Washington street wharf, in Philadelphia, the time occupied in the journey between New York ‘and Washington will be greatly reduced. Arrangements have also been made for the transfer of passengers and baggage to the East, through the city of New York, by Dodd’s Express, and connected therewith is an office for the deposit of parcels, relieving the owner from incumbrances during the day at a small fe The report alludes to various other departments of railroad, all of which appear to be in quitea Larger condition. The promptness with which it complied wit all the requests of the government in the transportation of troops, &c., are aly clearly set forth; and, on the whole, according to said report, everything in connection with the New Jersey Railroad seems to be in excellent order and reflects the highest credit upon its managers. The follow- ing appendix will give evidence as to the receipts of the company for the four first months a and soo — 1861. 1862. Way lines—passengers....... $107,533 05 104,873 88 Freight—Blirabeth, Rabway aud New Brunswick . Freight—Newark. Commutations. Miscellaneous . Philadelphia lin New York and Eri Morris and Essex passenge: Trenton freight.......... Total. Gain... The following are the receipts and expenses for the year 1861, according to the annual report furnished to the Legislature of the State:— Receip's From From freight. From U. 3. Mail, freight and other 5 Maintaining railroad, bridges and buildings Repairs of locomotives, cars and machinery... Fuel—cost $64,812 10 49,412 49 ing .. 70,400 85 Operatin porting passengers and freight. 215,892 78 Office expenses, salaries and con- Lingencies....+.-..606 eeeeeeee 12,268 O1 $412,786 23 $570,981 18 Intorest on bonas... «. $41,050 00 Transit duty on p freight... 16,669 14 Tax on capital 21,489 25 Dividends in cash, Ai February... ++ 439,670 00 Profit and toes, to surplus carn. ings...... 61,102 72 ————— $579,981 1% The total number of passengers transferred over the Now Jersey Railroad durin; Meet ong — 2,332,578 36 is ‘Total number of tons of Van’ and mails transferred 99,550, Number of miles run b; and other trains... 487,804 ‘The report of the directors, as read by the General su- rintendent, was unanimously adopted. The stock- rs? rt was read 5 a a Keq., which was algo adopted. Messrs. Ezra Nye and John Kean were sicaneen on the stockholders’ committee, in place of lossrs. G. R, Chetwood and Martin A. Howell. On motion of Mr. Nehemiah Perry, the resolutions of condolence in relation to the death of John P. Jackson, Esq., late Vice President of the road John A. Acker, &c., were read to the meetii Mr. Jobn 8. Darcy, Presi Ly of the railroad, spoke at length of the many good quali- ties possessed 4 the ted deceased. In the course of his remarks he eulogized, in very flattering terms, Mr. F. Walcot Jackson, the present Superintendent of the road, amd son of tho deceased Vice President. Mr. Dudiey 8. Gregory, of Jersey City, said that he held in his hand @ correet list of all the officers of the company since its organization, together with statistics: concerning the same, which it would be well to have en- grossed with the report. Tho proposition was aceedod to. ‘After some fiirther udimportant business being trans. acted tho stockholders went into an election for directors: for the ensuing year, when the following were chosen:— Jobn 3. Dare: . U. Zabiskie, Hamilton Fish, Honry R. Remsen, Wil Whitney, Dudley 8. Gregory Alfred Le Dounis, George R. Chetwoed and Martin A. Howell. ‘The stockholders thon adjourned, wh: n they proceeded to another portion of the building, where a sumptuows repast was spread out, under the guidance of the verita- ble Downing himself. Markets. PHILADBLPHIA STOCK BOARD, Fee aijues Provisions very aull. Dagat Ar Rio at 18540. @ . . - Whiskey 25¢. Lard steady. Barmmors, June 4, 1962. Flour very dull: Howard street, $5 a$5 50. Wheat dull ; prime to choice white, 67. @ G80. Corn dull: = Jow, 630, 2560. Pennsylvania oats, 300.8 410. Ryo, OTe, Whiskey steady: Ohio, 4c, a26ie, Provisions. lower. very dull. Bacon si, J =. Flour Joeal and interior demand, & shade easier. Sibess quiet: sales 16,000 bushels No, 2 Milwau- kee club, part at 85c., balance on cS terms; 3,000 pushels amber Michigan at $1 04 4 $105. Corn in good demand: sales 60,000 bushels, at 3c. for new, 300, |, 370. for old—demaud mostly confined to old. ‘iemand: sales 10,000 bushels, to arrive, at 353c. Whiskey tirmer: sales 300 bbls. at 22¢., but how So. Qo. Freights steady. Imports—18,000. bia. bushels wheat, 27,000 bushels corn, 33 , 12,000 bushels 8, Exporte—2,500 wheat, 161,000 bushels corn.