The New York herald., 1865-06-11
FINANCIAL AND CONNER ClAL.

There was moderately active stock market at better
prices at the first board today. New York CentrA
closed higher than at the second board yesterday,
Erie 11 Cleveland and Pittsburg TX, Fort Wayne 1H,
Reading NJ Illinois Central IN, Rock Island Atlantic
Mail was ~ lower. Government securities we're heavy.
Coupon Hve-twentes declined u. At the open board al
one O'Clock the market was strong and general ad-
vance took place New York Central sold at o2H, Erie
TN Hudson River 104X, Reading oSh, Mch
gan Southern 62X Michigan Central ITO, ILL
nois Central 1884 Cleveland and Pittsburg 63X, Rock
Island 9sX, Cumberland 4014, Quicksilver 61X After
wards the street the market shade lower but
closed firm The transactions were not large, owing 70
the heavy rain which set in The latest quotations
current here were Erie 77h, New York Central elk.
Reading 94K, Hudson River 104K Illinois Cen
trail 123, Michigan Southern 62h Cleveland and
Pittsburg 63X, Rock Island 9sH, Northwestern
24h Government securities rather weak and
neglected. For coupon 6vc-twenties 103 was bid
Opinions differ as to the future price Of thess
securities in Europe 1t is argued by that their
advance on the London Stock Exchange to 67K was
owing to purchases on American account aided by the
news of decline of gold TO 1854 That three or four
millions or have been returned here eady is cor.
tain and several millions more are expected to arrive
1t argued by tho parties that the European
holders of these bonds-who for the most part bought
them at very low price, comparavey-say forty cents
on the dolar-w be anxious to realize at present prces
and upon the of the advance In the gold pre-
MUM reaching Europe quotations there for the bonds
will be likely to sympathize On the other hand, soma
look for an Europe in consequence Of the en-
couragng aspect Of our political AFFAIRS and maintain
that as fve-twentics would show very smaA
profit on their importation at the presena
prices current here and then with gold at 1Sa
that therefore, there little prospect OF their FUR
ther return, and that market may soon spring up
for them the other side. What the country wants.
however to transfer its Indebtedness to foreign
bondholders-whch only exposes our finances TO dam
gerbut to encourage legitimate export trade, which
cannot be done till supplies Of breadsuffs and
provisions increase as to bring down prices
here, and make their shipment to foreign markes
profitable rise in the gold premium might temposs-
ry produce the effect as more abundant supplies
in rendering prices payable In specie. But If prices
here payable currency advanced in the same ratio -
the gold premium there would be no effect for the rise
in prices would neutraze the rise Of the premium But
It has not always happened that the produce markets
have closely with the rise and fall Of gold the
particularly and the probability Is that as the
prices produce have not fallen In proportion to tho
appreciation of tho currency that they would not &C
lively sympathize with comparatively trifing advance
Hence with gold At $50 exports Of produce might b
stimulated and at the time foreigners might b
more disposed 10 purchase our Don0s InS, uowoVots
would necessarily in any afford only temporary
relief by checking the drain Of gold to other countres
So soon however VIC have new cotton and tobao.
CO crop we SHALL with the increased crops Of cereah
which we may look forward to, be enabled to turn the
tide of trade in our favor. At the time may
calculate upon such steady development Of mineral
resources as will materially add TO the supply OF specie
the country, and pave the way for the resumption
of coin currency. When once wo have increased our
specie 10 point which will enable to change from
paper to hard cash, large preponderance Of imports
over exports will be immaeria to US, the former will
tend 10 the development Of industrial resources and
the increase of the customs revenue, while gold
producing country shall be favoraby situated
than perhaps any other nation But meanwhile We
have to pass through prolonged period Of embarrass
ment and, financially, shall have TO resort to the
mercst makeshifs and be prepared among other dan.
GERS to bear the of sudden Of secuh
ties from Europe whenever caprice necessity impeN
the foreign holders to do and herein lies Of the
great evils Of public debt being held largely abroad
Although the volume of business on the Stock Exchange
is very large likely to be 30 during the summer
months there Is general disposition TO operats
for a rise than has shown itself for some weeks. But
the rise cannot progress beyoud certaint point,
In the absence Of larger amount of outside specu-
laton
The gold market has been nrm to-day Dut duii Tns
opening quotation 137X, which was followed by
relapse to 1874 but It quickly recovered, and at i've
p NJ 137K was bid The shipment Of specie aggregated
g. 7s3 ,2o2 Of which the Heveta took $1S5, ,ooo the
Teutonia se93 $751; and the City Of Baltimore $es4 $751;
Foreign exchange has been firm but quiet. Bankers
ask 110< 110k for their sixty days bills
Money continues in abundant supply at i've per cent
on governments and other first class securities Excep
tional transactions have occurred at four and six.
The following additional national banks sutho.