The New York herald., 1865-06-24
FINANCIAL AND coMMERc GAL.
FRIDAY. June 2s-eP. N.


board this morning than the two previous days but
sill the volume Of business was very light and the specu
Iaiive feeling ut a low ebb The quotations showed no
material variation from those current at yesterday
second board Erie and Reading were unchanged New
York Central was n lower, Michigan Southern u, Glove
land Psburg r. Ohio and Mississippi certificates
n Government securities steady At the open
board at ono O'Clock there duh, steady market
At the second regular board general improvement took
place New York Central closed z higher than at the
FIRST board Erie e. Hudson River a. Reading l. Michigan
Southern ~ Cleveland and Pitisburg Is, Rock Island e,
Fort Wayne X, ohio and Mississippi certificates Il.
Quicksilver 4 lower The government six per cent
stocks were neglected The issue o. year cert-
ncaies of Indebtedness sold at 9SE On the street cou
pom i've -twcnties quoted at 1885 u.
The Stock Exehange resolved TO adjourn from Satur
day morning, July l. iii "Wednesday, the 5th The proba
biitcs arc IN favor of the intervening Monday being
very dull day in circles throughout the country
1t has suggested that the Governor should issue
proclamation declaring the Sd of July legal holiday
accord the authority vested in him by act Of the
Legislature but this Is hardly called for. II
would only enable the banks to shut their doors,
instead OF keeping them open to pay drafts, and
relieve those who had notes mt,urlng who were liable
Co sight drafts from attending 10 them OF that day Le-
gal holidays are uncommdny legal nuisances, and
without there arc special reasons for appointing them 1t
is idle TO do So Tie great OF the people make
holiday OF their accord On the day preceding the
Fourth il they choose to do So and If not let them
work on without Gubernatoral interruption.
At the open board upward tendency of the
market continued New York Central sold ut 93 Erie
ts.3 75A Hudson River 109A, Reading 941s, Michigan
Southern 63h, Cleveland and Pittsburg 6sh, Rock
Island 10O% Fort Wayne ss Ohio and Mississippi certi
Gates 24H The market closed steady the street The
appear stimulate the bulls to action is favorable
to an advance of prices; but OWING mainly to
the extreme scanness OF outside speculation there Is
very little disposition manifested to engineer rise at
present The general rate for call loans is five per cent
with exceptional transactions based upon government
oolatera at four The discount line is nearly stagnan
and class commercial paper is, rated at az and
Tao per cent.
The gold market opened at al IA decline from the
lowest point Of last evoningand steadily weakened to
40 from which il steadily rose to l42 tho quotation
at quarter past five p NJ. The decline was
owing to a further weakening in the rates
of exchange and exaggerated reports OF future
cotton shipments Cash gold also little
abundant but it continues to be lent at eighth,
which indicates the large outstanding 'short interest
and the speculation for fall Weak borrowers
have in paid u per cent per day for gold.
The banks reported to have lent largey-a practice
which Will involve the danger of their not having re-
turned pcisoycrcd in after the supply OF gold in the
country becomes much soarcer IL is further rumorcd
that tho gold certificates amounting to four or four and
q half millions, issued by the Bank ogNew York and
afterwards lodged with other banks also counted by
them as specie and included in their weekly returns.
The gold represented by the certificates being counted
by tho Bank Of New York. the certificates should be
omitted from the gold OF the other banks holding
OF hc
exaggerated Of the specie in the banks the
sequence
drain OF specie southward is apprehended to pay for
cotton and tobacco. The preference for specie over
paper currency was always shown by tho
people Of the South, and their prejudice against
paper money has boen csscncd by the fate Of tho
currency issued by the rebel government There is no
present danger of Of bonds from Europe but
suppose that large financial house, combination of
houses in Europe formed and executed the dgn of buy
ing up twonty thirty millions or more of our securi-
quietly there, and selling them gradually on oItions
here buying gold the time for the equivalent Of
the currency value OF the bonds and then exporting it,
or 30 much OF could be delivered tho result would
be disastrous to finances Other speculaiions,
looking 10 the rise of the gold premium, which would
quickly ensue would probably be made by tho same
parties before tho scheme maured that the specua-
ton would prove highly profitable If successfully exc
cutcd And this is one OF the evils Of having large
amount debt held abroad The prospect Of politi
cal troubles between this country and Europe the for
nation Of anti-taxatou party hero, would involve
similar danger
Tho tendency Of tho commercial and popular mind Is
TO exaggerate the quantity Of cotton in the South and
accordingly unduy large estimates put forward by
some parties but it is not well FOR US to deceive our
selves in this particular Whether the supply is mil
lion and hail or a million of bales, less, must not
bo forgotten that the temptations export the staple
during the war very great, and that strenuous
eIors made by planters and Others within reach OF
blockade running port to ship their cotton, ana this
especially the in the last year Of the rebellion
wncn the chances Of its succeeding were vsbly de
cllning
The foreign exchange market reported irmer
tho afternoon than gin tho morning and bankers bills,
which had sold down to l097S H. improved fraction
AT this rate, however thore was little desire to draw,
and of tho foreign bankers asked 109I ll01S
Short sight bills quoted at llo& * and mercan-
tile at l0oys lOoA. The steamer Lafayette for Hawe,
took out SIP 700 in specie.
Al the goycrnmcnt cotton sale yesterday 3,s32 bales
were disposed Of at the following prices payable in
gold Mobile good middliny. 31hc per pound; low
dnary 15c Charleston good mddng 3olzc per pound;
low ordinary 1870; Sea Island, clean aud Gne, G2c
ginned 4lc.
The unfortunate stockholders o. the Mlriposa Mining
Company are like Mcawber, waiting for something to
turn up under the management IL is stat d that
the OF $50 900 and interest in gold due under the
Garrison settlement on June 20 has becn met and that
the estate has been leased to Dodge Brothers Of San
Francisco TO be worked by them for tho purpose Of
ing of the California indebtedness which April q
amounted 70 $4,000 aud which added TO the arrears u
pay 10 The workmen amounting 70 about sos 900 makes
a total Of sl63 600 Tho annual meeting of the stock
holders for the election Of trustees will be held
July o and the transfer books will be closed from thc
Gath instant tilI after the meeting
Tho Michigan Central Railroad transfer books arc
closed and Tho stock Is selling exdi,dend The latter
for July four per cont In money and six per cent Ia
stock
The July bank dividends in this city will be very ortei
aggregang 1t is estimated, nearly four millions, free o.