The New York herald., 1865-04-09

The shipment OF bar gold and specie amounted to
Sso2 2se Of which the steamer America took sass4a
end the city OF Manchester ss 300 making for the week
t4O0, I3S. E
Sress and - the nvss board quotations In some
instances lower, with downward tendency under sale
TO realize many being unwilling hold stocks over Sun
day Gold showed decline from the closing price at yes
ssrdays second board Of lx, Michigan Southern TX
Cleveland and Pitsburg " Rock Island i Northwest
sn " New York Central improved I, Hudson River lK,
Reading ". Illinois Central y, Cumberland O. Gov
srnment securities were quiet Coupon nvstwenes do
cuned \, SKIES Of 1881 x ten-forties were steady.
Amer the call the market DUH and At the open
board at o'clock Erie was lower, Hudson river r.
Michigan Southern ~, Fort Wayne !, Northwestern r.
Cleveland and Pittsburg u. Illinois Central advanced
4, Reading X Cumberland y. s.e
Afterwards the street the market weakened under,
further sales realize but subsequently recovered
part Of tho Decline At the close Erie quoted at
s5X, New York Central s7k, Reading 1924 Cleveland
and Pttsburg 90, Fort Wayne 90, Michigan South
sm cox. +t.q
few holders have been induced TO sell out. under the
apprehension that we shall have . close money market
pexs week. in consequence Of Treasury drafts upon the
national banks This, however,ts not wcl founded 80
Gar as least railway securities concerned, for the
national banks lend only upon governments, and the
effect Of sharp withdrawal Of funds from these insu-
lons would disturb margins national securities only
and could therefore affect but indirectly other securities
BY me holders Of one holders Of both There is at the
same time probability OF the Treasury drawing ncon-
venienty close upon the national banks in order to
keep the loan active at par the market price
Of the gold bonds protected and easy money
market is necessary to this end although tho stock of
governments held In the street s light Moreover tho
easier the monetary facilities at the great centres are the
moro subscriptions 70 the popular loan arc stimulated
We saw the effect OF the opposite condi-
tion Of things during the recent panic, when
Inscriptions the loan seriously affected as tho
same time that the funded securities were unduly
depressed. 30 long as the government expenditures
continue 10 exceed Its revenue by two millions three
hundred and thirty-three thousand dollars day. as
they have been doing the last half year. and Its only
resort TO meet tho deficiency Is loan at par contra
iou of tho currency take place, and skful nursing
of the money market b required By the Treasury The
pol cy Of negotiating par loans was mistaken one in
the beginning but have progressed too far In this
course 70 able TO back now without leaving the
public treasury empty and nhcting general injury upon
public stockholders aud therefore the only resource
open to US " 10 make the best Of n
h-ans are made freely at six per cent on CALL with
sxceptdnal ssaasAotions governments st IVA Com
mcrcal paper OF thsual srade is quoted at 10 per
cent; but the discc-nt f.ro = In actiya
comparison u The prices Of leading stocks nj this
1norpin's ooAs1 with isse qsots1 o. the second h7
the iAvs sag Of June shars aagnneo IL Gsse cr
2st New Ge5E t@u,rsi 1914, Kssairg i3N, &ichigsn
usAera ~. trlreis Central X asyenrG rnd ms
bury i4Js. e0rt Wayne a. Northwestern o. Hudson
River AK. 4.l 81 oHi ~
Foreign exchange has been dull az usual on steamer
day Bankers sterling at sixty days is nomnay quoted
at 1Ook and 110 st short ssht 9
Tho nrst auction sale Of tie Savannah cotton ID an
place Tuesday next at the Merchants
Exchange sassroom, No. Ill Broadway when three
thousand bales will be offered. The terms cash, In
gold coin gold ceincates TO be issued by the Assist
ant Treasurer this city in excnange for legal tenders
Tho First National Bank subscribed $500 900 to the
seven-thirty loan to-day, and the Ninth National
ele0100. atu
Tho business al the ub.Trsasury today WAS - fol-