The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-05-23
FINANCIAL AND COMMERCIAL.

MjSDAY, Nay 22-o r. NJ
There has been no relief to-day from the dizziness
which is becoming chronic the stock exchange, ana
even the nofessed balls begin to speak in adesponding
tone the prospects OF tho market The absence Oh any
considerable portion OF the public as buyers operates
AGAINST substantial rise while far as mere specua
ton the brokers concerned the bears appear 70
be gradually gaining ascendancy 1t not TO be &C.
MED however that if the bull party saw Mt temporary
rise could be engineered in the present easy con
ditlon Of the money market At the hrs' ses'
sion OF tho board New York Central closed 10
higher than at the FIRST board on Saturday, ETC
s. Hudson River ~ Rock Island r. Reading was
per cent lower Michigan Southern u, Fort wayne
~ Ohio ana Mississippi certificates ~ Cumberland a.
Illinois Central and Cleveland and Psourg were steady
Government securities showed more activity, but without
experiencing any Improvement and coupon nve-t"ehles
of the new issue declined y NJ Skies oil 1871 SOFA al
I0s 1907 tcnforties 95; nye-twenes OF the o'd ISSUE
1882 H. The fact that the last named securities werc
quoted at GA a x only in London the 9th inst is
adverse to their immediate Improvement ON this side,
as the difference against us not far wide OF ten per
cent AT tho date mentioned, however It was not
known in Europe that gold had declined 10 its present
range.
Tho quotations at the hoard for railway shares were
not fully maintained after the call, and at the open
board O'Clock Erie sold down TO 70x, win is
ing OF on the other roads OF 4 per cent. al the
second REGULAR board tho MARKET iahhe" "H''e' ~"
call New York Central q lower than oil the coseoi
the FIRST board; Erie u, Hudson River ~ Reading q,
Mchigan southern a. Cleveland and Pittsburgh ROCK
Island u, Wayne Is, Ohio and ssssppi cer'hca'es
Y Quicksilver r. Government securities were un-
changed and Inactive At the open board at hall past
three prices were lower, except for Eric, which
opened at 7lx and closed at IN Michigan
Southern was pressed for sale, under which
IL declined to So New York Central closed at S9H
Hudson River COX, Reading 92l4, Rock Island %,
Cleveland and Piitsburg g. Northwestern 25A, Fort
Wayne 90 Ohio and Mississippi certificates 20, Cum
berlaud 36, Quicksilver "a. Afterwards on the street.
there considerable activity in Erie, under which 1t
rose TO 72H, but subsequently declined fraction
fow other stocks partially sympathizcd with the improve
nent but tho general market remained dull
Gold opened at l31, advanced to 1914 and then re-
lapsed to l3OI During the afternoon 1t wasirm and
at hafpast 1--WE stood at 1919. Tho volume
Of business In the room Is limited, and the
market derives its strength from tho demand for ship
ment speculation being ct very low ebb. There APP
pears be very little disposition to anticipate tho drain
of gold to Europe Notwithstanding the indications
afforded by the special reports Of the last fortnight and
the large preponderanco of the imports over the exports
OF merchandise going forward.
Foreign exchange is firm and commercial bills con-
tnue extremely Bankers bills at sixty days are
quoted at 1927 ITO, and 1lOA u at short sight
Money is In excess OF the demand which is moderate.
Tho common for call loans is five per cent,
but six has been paid In cases The discount limo
shows change and its Inactivity reflects to some
extent the stagnation which is slowly creeping all
the branches OF trade and speculation. period OF de-
preston to be approaching which not all ninc
hundred millions OF currency will perhaps to coun
teract. The exhaustion which inevitably follows long
and costly must sooner or later be felt,
only to be followed, however, after recupcra.ion by
display of renewed energy and strength. It
would DO premature to that this reac-
ton will BIO felt Immediately; but TO ignore It's
ultimate possibility is to foster dciusion ami
court disappointment. Natures laws inmuiable,
and certainly calm follows storm must mora OF
less comparative pfostraton succeed extraordinary and
prolonged excrons War Is destructive OF the material
interests OF country according to its extent and dur
ton 1t wastes lives and property, the restoration OF
which time only accomplish; and although this coun-
try is more happily situated than any other in the
world for repairing the ravagcs of war, the tax
In too stupcnduous to be lightly regarded.
Since the overthrow Of the rebellion VIC have
been jubilant and sangune under the glo-
hons OF n great and righteous victory; but we
ire unwisc ourselves II TAIL that tho intoxica
lion OF the hour OF success Is over TO weigh seriously
md calmly the los OF men, material aud money which
sustained in the gigantic conflict which has just
passed into history Immigration we know, Is pour ng
vast multitude into our country; but 1t Is mainly re-
presented by unskllcd laborers, who do not imme-
dately contribute to the development Of Its re-
sources Tho war has reduced the South To
comparative desert. and the fallen cities cannot DO
rebuilt in a year than Romo was built IN day.
The new South will from the ruins OF the old South
under Northern enterprise; but meanwhile the systcm
OF labor has 10 be rcorganzed and political recons;ruc
tion has to take place From the grave Of slavery mil
lions OF negroes will arise ccmon to take their place
In the social scae, and labor for their livelihood; and
how they will work under the dspensaton remains
t. be All win doubtless go well in the end for we
blvo the means the might and the right 10 subdue oil
obstacles Bot meanwhile problems have to be solved,
and rush from the flush Of victory in TO
the high tide Of prosperity In peace without probation
AIRY PERIOD which may be probably employed in rcgcc
ton
The bank statement for the week shows decrease
legal tender notes Of about FIVE and half Millions
owing to subscriptions to the thirty loan. Tho
loans have increased about million and the deposits
half million. Tho subscriptions to tho third series Of
the loan slightly the increase In this city and Fisk
& Hatch took over sos, 500 to day.
The following figures compare tho last weekly stato-
mcnt OF the New York associated banks with the
turns Of the previous week.
Loans. s21s, SOL $50 219 80 $50
Deposits. 203, 800 $50 2o3, S54 725
Specie ............... rs, sos 2S1 % 49, 400
Legal tenders ............ Of, 052 537 55625, SIT
Circulation. .............. 4,SS9 502 5,032 944
The doviations from the of the previous week
follows
Increase In loans. 81, 307 800
Increate ID 10y