The New York herald., 1865-06-21


L.. Z...................l4Ots 1904
13. .li2T lq0x
f -. n...................l43 l43 '4IA
To- .l4iH i4ota
direct inference from this is that tho next several
steamers will bring lower prices for Ave etwenos in
sequence Of the rise in gold but this will operate TO
depress the price Of the bonds much to advance
tho gold premium tho Of the latter preventing the
TALL OF the othor by increasing tho rate Of interest in
paper money. q" g
Al the open board, at one O'Clock, quotations were
lower and large amount Of sales to realize made
Erie sold down TO 72k and New York Central to 81.
AT the second regular board the market was frmor
Erie l lower than the close Of the first board
New York Central x, Hudson River Il, Reading "
Michigan Southern y. Illinois Central X, Cleveland
and Pitesburg X Northwestern y, Rock Island y. Gov
ernment securities were dnll and lower Coupon fvc
twenties declined y Y. At tho open board, At half
past three, the whole market better. New York
Central sold At o2H, Erie 73H, Hudson River 1851,
Reading "a. Michigan Southern 90, Rock Island 06X,
Cleveland and Pittsburg e4H Northwestern FAX. Cum
berand o. Afterwards, the street, the market
dull, and prices we're q shade lower
The money market is very easy Exceptional loans at
call governments have been made at four per cent
and the general rate on railway coateals is vo The
discount line is inactive at per cent for the best
grade Of commercial paper and 7I for the second
ne gold market has been active and very unsettled
Tho opening price 13o from which It advanced to
1928. Soon aftor noon, however, II declined
TO 13fx, from which point it advanced steadily
TO 1907 140 at four O'Clock p. M. Afterwards
thsre q fractional relapse. Cash gold, which was
abundant and lent at thirty second early in tho day,
was Tent al eighth late in tho afternoon This indi
caes the rapid accumulation Of short interest yes
terday and to-day. Fl
Foreign exchange has beon quiet under absence OF
prices and an increased Offering Of mercantile bills
Bankers no for their sixty days sterling but trans
actions have been made at lO91s r. The expected
shipment of cotton from this port has had considerable
influence in lowering the rates Of exchange which In it's
turn has weakened the gold market the bea-s having
magniHed the prospective shipments TO suit their
purposes Freight has been engaged by one or moro
steamers for cotton but tho number Of bales 10 be
shipped will be limited at the utmost 70 from four 10 i've
thousand bales during tho entire summer according to
tho bost authorities the subject hore This will make
very small amount Of exchange, however, the average
weight Of each bale Of cotton being four hundred and nifty
pounds the present price OF low middlng, which is
about tho average Of all the qualities, thirty-sx
cents per pound In currency, Or twenty six
cents In gold, with the premium at ss Even suppos-
ing that 80 large a quantity - nve thousand
bales should go forward from this port during the next
few wceks specie value at the rate named would be
only Ave hundred and eighty i've thousand dollars or
ono hundred and seventeen dollars per bale.
The stock Of government cotton remaining unsold,
including that on Staten Island twenty thousand
bacs which may be added another twenty thousand
bales bcng Ae total stock held general account in
the New York market This is . vory small supply,
considering that own mills are spinning at the rate
OF Eve hundred thousand bales year and that they
formerly consumed eight hundred thousand bales
arc extremely lght-amounng only to q few days
or weeks consumption-and that tho markets
throughout the country almost bare Of domestic
as Of foreign fabrics The stock OF cotton in the south
varousy estimated by Tho most competent authorities
at from million TO million and half OF bales The
next crop Of cotton will be marketable till Septem
Der, 1864 period OF fifteen months from this time
during which manufactures will be likely to alb
sorb million bales The quantity available for ex-
port WILL therefore, be small Some estimate the present
years crop Texas and other portions OF the Southern
country half million of bales, but this is likely to
prove considerably in Of the actual yield 1t Is
the tendency Of the present TO exaggcre the future
10 favor Of national interests and, therefore,
Il Ia all tho necessary to calmly and dspassionatey
weigh facts and probabilities II correct judgment Is to
DO formed upon the course or our trade and finances
during the noxt year or two
Even supposing that million and half OF bales Of
cotton arc in tho South much Of the whole s remote
from transportation facilities that cotton will have TO
advance materially price at home and abroad before it
will pay 10 bring II TO market, OF the old railway and
river communications Of the Southern country will re-
qure to fully restored which Is not likely TO bc the
case Immediately although progress Is making in this
direction along the principal highways.
While our imports averaging about three and half
millions in specie week, those for the week ending
June IL having been valued at g., 3,2os 2l0 while our
exports are but little two millions In currency,
those for the week ending on the 18th inst having
amounted to 81 s7o tho export Of cotton exert
but very temporary influence upon exchanges for
there Is not enough Of IT, Just the tide Of fashion
able emigration Europe the adverse effect Of
our foreign trade for each traveller takes with him
OF least Is likely draw for large in gold which
we arc III able TO spare from the country. The loss
OF 81, 100 743 In specie from the banks OF
this city last week, In addition TO 81, s73
in the previous week, Is an ominous sign
OF the specie bankruptcy with which VIC arc ulti
s,ely threatened OF tho s16 s77 gold remaining
In tho New York banks largo portion say onsthird is
the property Of private indviduals who have 1t on
special deposit We exporting gold at the rate Of
from two To three millions a week. and with n scanty
store OF from forty TO ny millions in the country to
draw upon exclusive Of private boards, which are by
snis time reduced 70 slender dimensions, he hhtura
tendency OF the premium Is plain enough TO discerning
minds and speculation only thwart for day or
week We may natter ourselves that financially
strong but the truth is that we are the very reverse and
that time will be necessary TO convince Of the fact
"Forewsrncd, forearu,ed"
Tho Comptroller Of this city will open on Thursday
this 72d inst, at two p. NJ, tho bids for s60o,Oo
Volunteer sodiers' Aid Fund Redemption bonds This
ban n for the purpose of providing for the redemption