The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-06-02
FINANCIAL AND CONNER ClAL.

FINANCIAL AND COMMERCIA
THURSDAY, juno 1-6P. NJ
To-day being the appointed by the President TO be
set apart for humiliation and prayer in respect for the
memory Of late and lamented Chief Magistrate, it
has been vigorously observed by total suspension Of
business Wall street has been deserted, and the Stock
Exchange and Gold Room matter Of course, have
been closed while group OF operators appeared
anywhere to disturb the solemn harmony with their
shouts Of discord.
Last night upon the receipt Of the Persla's news,
gold advanced to 1891, but subsequently receded
to 1879 13S The main Of this was
the fact that Avetwenties had not advanced on the
London Stock Exchange up to the Goth ns but closed
at 63S "a the afternoon Of that day-a decline Of
about per cent from the previous quotations re-
ceived this side. The steamer Africa which left Bos
ton the 10th ut did not arrive at Queenstown till
the 2ls She carried the Of the decline Of gold to
131H that day, AK having been the lowest price
reported by the previous steamer. II Is rumored
that q considerable amount Of nve-twenty bonds
have been returned by the Persia, on account Of
parties both here and in Europe, the difference
between the price in London and New York showing
a wonderful profit 10 the importer The two preceding
steamers said brought about half million
Of the bonds The next few steamers may bring some
Of securities but the receipt OF the news
Of Kirby Smiths surrender thus terminating the rebel
lion west a. well Of the Mississippi prices in
Europe will be likely to adjust themselves more closely
10 those current In our markets, as to leave
SPECTATORS for what ct present Is regarded
smart operation Orders for several millions Of Ave-
twentes under limits have been sent by bankers In this
city to their foreign correspondence so 1t is probable
that most of those returned to as will be American
and not European account.
Gold, which opened ct 1864 yesterday morning,
closed firm the stree at 1876 and the purchases for
shpm Saturday have for the most part yet to bc
made Cash gold H. however, abundant and freely lent
without interest The being ended, speculation can
do little TO control the premium; but the European
news win exert temporary influence upon 1t from
time 10 time, which speculation may assist some.
what. II is unfortunate in its practical conse
quences that securities found their way
into the European market, for the holders have
the power 1t any time to dcrange the course
Of exchanges and thereby affect the price OF gold,
while they already constant Of financial dis
tnrbance Eventually they must Influence tho course of
exchange against the extent Of their value, which
is present nearly double what II was whom large por
ton of them sent hence the difference between
their specie value ct the mo OF their export and their
return redemption will be much against us, and
dead loss to the country Many Of our securities
now in Europe purchased when gold was worth
from 81 TO 10 the dollar only. Supposing the
three hundred Millions moro less Of Ave-twenties
held abroad to have been bought here at with gold
average Of ZOO making the currency dollar worth
fifty cents II would just double three hundred
millions for what received only hundred and fifty mil
lions for to redeem the specie bnsis Where the
debt Is held homo this difference Is comparatively i'm
material because ns redemption would not affect our
foreign exchanges whereas contrary effect s produced
the other There other evils to which
exposed by having large OF national secur
ties held abroad of which is the possibility Of sud-
den Of heavy parcels Of them for sale hero This
Is certainly net contingency to be apprehcndcd under
ordinary circumstances but IL would be very possible
in the of being threatened with foreign
war; II antitaxaon party developed itself herr,
OF if commercial panic occurred In Europe; for the
latter would be likely force large number Of capt.
talists to realize upon their foreign securi-
ties, In which case this market would be
convenient TO draw upon. And with only fortysi
millions gold in the banks Of the legal States and the
Sub Treasury In this city how could meet the drainf
II an antitayation party arises IL will be likely 10 take
the form Of conflict OF labor against capital by the ma
ority calling fer every citizen to contribute to the re-
venue and the payment Of the principal Of the debt in
proportion his her substantial wealth. and the blow
will be aimed chiefly at real estate owners Labor, In
other words will strive 10 emancipate itself from the
yoke Of taxation by making capital pay the debit and IL
IL
Is Presidential election turned upon this issue.
The prospects Of the speedy conversion Of all but
Of the old banks of this city 10 the national sys
tenn points large Increase Of paper money by which
the aggregate circulation Of the national banks will
be raised to not far short Of the three hundred
millions authorized by the act Of Congress- The amount
OF currency issued TO the national institutions up TO the
9th Of the last month $ls2 472 eo0 leaving $780,
527,3l0 still TO DO issued.
The stock market closed rather inactive but steady
u the evening board yesterday New York Central sold
A SsH, Erie 70h, HUDSON River 97K, Read
Ing 81, Michigan Central e.3 1905, Mchi
gan Southern SIX, Cleveland and Pisssbsrg
ssX Northwestern 2S,l Cumberland SIX, Quicksilver
ASK. The bulls talk about making effort TO rally the
Market and calling In the stocks lent 10 the bears far
possible. The custom Of brokers lending their
TONER'S stock wrong, although sanctioned by the prac
tcs Of the street. The custom 10 equally common with
regard 10 god and differences high per cent per
day have been paid for loans Of the latter Tho morality
OF Wall street In not generally esteemed rreproschsoe
but matter Of law, well honor brokers haSe no
right 70 lend 10 other brokers gold and stocks wn'cn
theyare carrying margins for others stocss are sosscs
In Wall street. but notwithstanding the market droops
and long ~ the bears put on the fulnlment Of
their contracts by borrowing they will continue 70 DO So
and current prcss wall be criterion OF supply and
demand
AZ the government cotton sale yesterday The prices
ranged from II cents per pound, In scd for low od
mary to SIX cents for good middlins upland.
the interest 10 payable tomorrow at the subTreury
upon about ntssn millions Of Clearing House certificates
a also upon the year legal tender notes with
mons Tho disbursement account Of the former will
be not far from S3so,oo0 This will be likely impart
Increased to the money market this point as the
funds applicable TO the payments have been FOR some
iiltie time locked up In the Sub Treasury vaults.
EpwARDs --On Thursday evening, june ], Dr.. FRAyx
= TOWARDS, ron OF Charics Edwards. Esq. ~ ~ Il
Notice Of funeral hereafter
ifw oti0 Ledfls see Third Poo,.1