The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-03-23

vera ,.o,
1890 M....lssH a a:GS MM..............iSYs
1900 M..............l5g oop ~ m''''''.''i5T III"
+ Loo M..........is., o's'
Tbe confirmation of the occupation Of Goldsboro, and
The reported movement OF the armies Of Grant and sher
man operated favor of decline during the afternoon
Al the rst session of the stock beard prices improved
slightly upon of yesterdays second board but the
mark was without strength Erie was IL higher,
Hudson River lx, Rock Island !, New York Central
ReadingI1s, Fort Wayne IN Michigan Southern "a,
Ohio aud Mississippi cert hcaes a. Cleveland and fi'ts
burg was x lower, Cumberland " Illinois Central was
steady Government securities fraction higher
but rather inactive Fiyetwentes closed at 1861; ten
forics 92ss
At the open board at o'clock the market
was weak and quotations declined Il . per cent
AT the regular board the market was further
depressed and Erie 2 lower than at the hrst ooard
Hudson River AZ, Michigan Southern TX, Cleveland ana
Ptsburg az Illinois Central "a, Northwestern ~ Rock
Island g. Fort Wayne 2, Ohio and Mississippi certificates
H. The heaviest decline in New York Central, un-
der the reported defeat OF the bill before tho Legislature
for the removal the restriction the rates Of fare
Cumberland improved N. Government securities were
heavy Five twenties declined y, new issue Y, ten
forties ~ skies Of 1881 "a.
At tn open board at halfpast three prices were
Ia per higher and governments we're lower on the
street
The money market Is somewhat unsettled owing to
distrus of lenders and this is likely to continue
Loans call still made at per cent but wide
margins exacted Commercial paper Is in dsavor,
undor apprehension OF numerous failures during the
next twenty days That of the highest grade quoted
at 9 a IL per cent The Treasury Department
has by authority Of act of Congress the privi-
lege of substituting six per cent compound notes
for per withdrawn from circulation, and
it is estimated that about thirty millions Of the latter
have subscriptions to tho seventhirty
loan which not been replaced In view therefore,
OF the diminished subscriptions It is highly probable
that will be paid out fast as necessary At
the same time drafts the national banks will be de-
ferred made light possible The decline In gold
has been more rapid generally anticipated and
than the government desired and IL Is the policy Of
the Treasury relieve the consequent pressure All
stock wholesale pr sympathze with gold moro or
less actively and therefore, the gold premium Is the root
OF the great evil Of uctuatng values Gold ought never
70 have risen high it did; but under bad hnan-
cal policy tn limit to the evil consequences 1t
may entail rapid rise In gold is great evil; but
rapid fall inflated currency is much greater one
Tho bank expansion which led to the panic OF 1887
temporary OF profit but it resulted in ultimate
and widespread disaster.
There is imminent danger Of a general commercial
crash and that event import duties will be likely
decline far below the requirements Of the government
for interest payments its gold bearing bonda The
great majority Of people speak II the lower the gold
premium sank the better II would bc; but they overlook
the great fact that the government income and
quently the public credit dependent to great extent
upon the general prosperity Of the country and sudden
contraction OF values Is incompatible with commercial
prosperity In order be safe IL must be natural
speculative.
The feeling among the commercial community has
hardly been respondent than at present Some
of the largest firms in the dry goods trade have already
been forced for renewal OF their notes, and prac
tcally large number Of mercantile houses In this city
are nsoiyent and they only be relieved by rally
In prices Only failures the Stock Exchange have
thus far been reported during the week.
Foreign exchange Is held with increasing nrmness
Bankers sixty days bills offered at 109k net, and
Ilot1 110H, at short sight.
There very fevcrish feeling to-day In the pro-
duce and general merchandise markets, and tho con-
dition Of affairs Is looked upon "squally" The
Legal Tender act Is likely to provo far hurtful TO
all than has BEEN beneficial To few OF the mercantile
community but until Ing after the conclusion Of
peace shall we feel the full effect Of IT, and only by
sweeping likely escape from the incu
bus has hcapcd upon the country. The spectators
who have precipated the recent fall in gold not long
since stimulated It's excessive rice, and they have
thrivcd upon fluctuations in the premium and the
qucnt arrangement Of values since, and will proba
bly, continue do for considerable period after the
terminal Of tho
The bears at the stock exchange predict further
dscline Of from fifteen twenty per cent in railway
shares and government securities In the former the
ipa,ed fall possible because railway stocks
within tue control OF the speculative brokers' govern
held extensively by the people that the fall
Is likely 70 be much less rapid although to certain
they 4 le nj ted he az he
rency dollar.
The subscriptions 10 the sevcn-thrty loan by Jay
Cookies agents have been nearly suspended this city
Cor the Last few days. but to-day the First Naona bank
reports $780, eco
The New York exports compare as follows with former
re.urns--
ris s S SsGs fc 20
Since January so i2a .o5 49, 7Oi, 200 81, i2c, o0a
The New York imports compare as follows:-
pry goGl Merchandise. zee Sss
Total ror The week. s4,a2l,p42 s,2s47es 81o7, SEA
Prcsioasiy reported. aS,ee3oi ss,loso97 2oa7o,54s
Since January $40 oss Ola 50 400, 7ps 2o,47s 4ia
The commerce Of Now YORK from july compares as
follows.
1923 1864 lSe4-5.
Impor.s ndse. $40 3el ST 426eoIse 100 o37 s45
Exports produce. 40 9i6 s 1i3303 1871 1T6 2o2 sss
Exports, specie. 46,520sjs 3ss25,oo2 2o345,sls
Tho Phila clpha Press Of this morning thus refers to
the decline In government 10 the subscrip-
tions TO tho thirty loan -
sp cuiative movement developed Itself yestor-
day In government bonda, witch had the effect for
while Of depressing them very materially. combina.
ton formed, Of Which the nucleus In New York
tho object Of when TO nd down those bonds an
extent thai designed shouId interfere with the sale
~ tie Oh rides at the regular subscription price,