The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-05-26
FINANCIAL AND COMMERCIAL.

tn. furhts rise oil gold the opening price was 10,
from whcL had advanced shortly after TO l3sH,
the highest point reached From this there reces
son to 1863, followed by recovery 1871, at which
it stood at five p NJ The market has been more active
than any since the capture OF Richmond and tho
regular operators, most Of whom we're 'short,
have been overwhelmed by the outside orders
to buy. Tho total shipment OF specie for
the week expected TO aggregate three millions and
the export demand is the controlling influence OF the
market The dealers In government securities, the
operators for rise In stocks and the mercantile COM
munity generally, are encouraged by the upward
turn OF the premium, and Is believed In semomciai
circles that the government would prefer that
1t should remain between forty and hny, rasher
than at lower point, 30 long as Is DOR
rover Now that the IL over at least east OF the
Mississippi and that the further increase OF the national
debt is limited, the price OF gold Is OF no ma
teriai consequence In estimating the public credit
The premium will be governed by the legitimate supply
and demand and there is Of any inmoderne
rise in the present condition Of affairs Spectators who
imagine that they regain anything like their former
power over the market win find themselves mistaken
To superficial observers the present rise 10 SURPRISE
and people ask each other "What's putting gold upf"
The be easily found in the previous spccua
tive depression and in the light supplies Of
breadstuns and provisions in both tho East
and Western markets, by which prices
are sustained al a range which has made shipment
Improbable with gold at recent figures. But the
tendency Of the recovery Of gold from the point TO
which it forced by speculation will be TO induce the
farmers of the West to send their produce TO market
and promote exports II will also operate in favor OF
orders for bonds from Europe but of this we are
quite independent and would have been better il none
OF our government securities had sent abroad
lao duIl
day, and prices havo shown marked va
Ration from those OF yesterday AT the first board
Erie was u lower than at the previous afternoon
board; New York Central 81 Hudson River y, Reading
y, Michigan Southern u, Illinois Central q, Rock
Island and Cleveland and Ptsburg were steady Fort
Wayne advanced 4, Ohio and Mississippi certificates ~
Cumberland ~, Quicksilver T. Government securities
moderately active and barely steady. Coupon five
tsenties Of the old issue sold at l0D< x, issue
l035s s. Tenfortes x lower.
At the open board at O'Clock. the market was firm
and quotations fraction higher At the second
regular board Erie higher than ut tho close of tho
Grs,, New York Central " Reading r. Rock Island q,
Fort Wayne a. Cumberland was z lower, North Western
a. Governments were neglected. At the open board,
at half past three the market Inactive. New York
Central sold on the call at 81 ~ Eric 7sal Reading o4,
Cleveland and Ptsb re e31s, Rock Island o5x, North
western 49, Ohio and Mississippi certificates 25H, Cum
berland 4OH Quicksilver 54sl. There continued
duness the street afterwards but the temper of the
market is in favor Of temporary rise
The money market reflects in its inactivity the
prevailing feature Of tho stock market. Call
loans made freely ut six per cent and ex-
ccp,ioaal transactions have taken place at Ave. large
amount OF unemployed capital il lying in tho banks.
The discount line Is sluggish and the best grade Of
mcrcia paper continues 10 be quoted at 6 per cent
Foreign exchange has been very firm and rather active
Bankers bills at sixty days have sold as high az 1l0X
but 10 the rate. Bills at three days
quoted at 1loh lloA. Merchants bills scarce
and rated at lOsAaA.
The steamer from Aspinwall brought s36s 600 in gold
Mr. Jay Cookies agents report that subscriptions to the
July issue of seven thirty notes coming in
rapidly. The advance in gold will tend to stimulate
hcac by cssenpg the importance in the estimation of
subscribers Of the Treasury rcscrvaonary clause pay
per gold instead OF and three euths in
currency.
There Is great depression in tho petroleum land and
stock markets. and the volume of business is very small
The public has lost confidence great extent in potro
lcum companies and therefore most OF them expert
encng mered neglect We observed in the proceedings
of the Court of Common Pleas at Philadelphia few days
since, case where certain parties who werc corncrcd'
In n certain petroleum stock-thc Walnut Bend
Drought SUI III equity against the cohefns Pay iof
conspiracy and invoked the protection OF the court for
their delivery Of the stock This carries back TO
the early history Of Wall street, when the Board Of
Brokers' In the Of certain canal stock which was
corncrcd, decided tina. IL Illegal But that decision
has been revoked and ''corner' since that time have
been regarded as legitimate transactions Men who
speculate in stocks supposed to take all the risks Of
speculation 'corncTs' included; and because they find
themselves 'corncred that is sufficient why
they should repudiatc their contracts.