The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-05-02
FINANCIAL AND COMMERCIAL.

Ohio anA MssIAippi certificates ~. IN a.nf-
ouasument securities were strong active under the
fsxor.hs aspect of national affairs and the sharp
advance of vetwenties to o5x, ex-intsrest Europe
ina indications are al the time that they will
psrisnce further advance, under demand for invest
mont and tho which prevails and is likely to
tinuc in the money market. Confidence in the public
credit has mover been great since the beginning Of
the il Is at present. and the disposition to ad
vance tbs price OF national securities is general
Coupon hve-twenties sold at 1868 lo7 ex-nterest;
now 1857 lO6 The coupon is WORTH at the pre-
sent price Of gold, about AZ, which would make the
bonds llOH I1lf with the coupons attached The
Scotia which leave Liverpool the 22d ult, will
probably bring Of the effect Of Lees surrender
under which vetwenties would be likely TO advance to
TO- ex-interes Ten-forios advanced skies Of 1851 r.
1 Al the FIRST open board the market / az per
cent owor for railway and miscellaneous shares At the
second regular board there rather unsettled
ket Now York Central ~ lower than at the first
board, Eric ~, Hudson RverlK, Reading 2H, hichi-
Southern az Illinois Central az, Cleveland and
Ptsssb1sg ~, Northwestern ~ Rock Island y, Fort
Wayne Government securities quiet At decline
q x.SX. iai ala isl4l5t ~ bi = 'o'
At the open board At halfpast three, the market
pesssncsd fractional improvement but the volume Of
business light New York Central sold at lslx :
4, Ere slXs Reading lolk . u, Cleveland and Pitts
ssews5he 1ol, Prairie da CHEN - Canton Company
a, cpnpefiand TX. sg,,3 ef5
5 TIA heen Influenced BY the decline Of gold
tsy bat Ne speculative feeling IN favor Of higher
QuotA4hb co4tinocs and this ID aided by the facility
wttAwAAeh skepks can b carried 70 suppose however,
thsetAess win b permanent would DO to harbor
adstsson.
h Cold has bean DECLINING all day. and there speou
isassaso sustain H. Tho indications favor sti lover
quotations. The opening price l4bK after which it
steadily reccdsd 70 Al2x which stood at Eve p NJ
Te nercaatils and financial community have lost in
terss ID great extsnt the Of gold since the
ssenes OF the rebel armies, and merchants longer
cons1es necessary 70 sell short in order to
loses by decline in the market value Of their
goods, As while spsoulaton for the most part
prefer the moro exciting game Of speculs-
Non, on tho Stock Exchange Il viii not be
uht the question OF the national finances IL taken
ssrousIy into consideration that any material change
can be asked for except such may be influenced
By tho legitimate supply and demand. Al present
tho public mind 10 all way, and many people
are unable TO why geenbacks should not be at pre-
MUM instead Of that domonetzea yellow metal called
gold for which they unable perceive any
side OF . jewellers shop.
Tho money market continues abundantly supplied
although the demand is increasing Call loans made
at per cent and the best grade Of commercial paper
Is quoted at per cent The statement OF the
oated banks for the week shows Of nearly
nine millions In deposits and than eight millions in
lcgM tender notes The loans during the time have
decreased nearly half million. This indicates the
which has latterly prevailed in monetary
channels.
The payment Of the semi annual 6vc.twenty coupons
commenced to-day.
Tho interest In question amounts ST. 500 3o7 about
one.haf Of which Is due upon bonds held abroad The
total amount OF 6vewenties issued under the acts Of
February 35 1892 and juno go 1884 10 $780, Of
which hundred and ninety millions is estimated TO
b owned in Europe.
ysssign exchange steady at loeh for bankers'
ssiing ct sixty days and 1lox ct short sight Tho
imports have for long time been so light that the
asss Gro but scantiy supplied with foreign msrchan
dss and ID therefore argued that active revival Of
onr import trade must take place. which will mate.
rally Increase the demand for exchange, while viii
havs ths good effect Of increasing the gold revenue
pledged for the payment or the interest on the
funded debt. The customs receipts ct this port
nom the end OF June, 1884, 10 the end OF
March, 1864 period Of nine monahs-wers only |
sss 0ss against $40 for the corresponding
thrss-quartes Of tho previous nscal year. The gold
value Of the foreign imports including specie, during
che time lo,oS2657 against $3.50, 800 500
Tor the corresponding nine months In the previous year.
SITS ais against $40 900 for the same time
10 1855 but much Of not all the increase traceabe
10 tho se Of prices consequent upon depreciation Of the
currency During the foreign trade has alike with
shipping interest," suffered severely but the tendency
Of peace will be TO restore H. II 10 mistaken idea
the smaller imports the better for the country
but Il is o very general one the non-importation
movement among the ladies, who hoped to be able TO
turn paper dollars into gold leaving or wearing French
siis and taking kindly to Merrmac prints testified
veas ago The government is dependent upon its GUS
oms receipts for 80, 0lo o31 annualy-that being the
amount Of tie interest the gold bearing debt
esdy rcristered cnd with the conversions OF seven
hIrty notcs, commenci,sy within two years and
half, this sum will b largely increased.
The present unskifuily framed tarir will, before
hat time have give place better constructed and
productive schedule for many OF the duties under
he existns law are little less than prohibtory and in
cases entirely 30 The internal revenue taxes show
EQUAL ignorance Of political economy on the part OF Con-
yress and the Treasury Department and stand in urgent
need OF revision seeing that the from the LIST
,f July, 1904 TO the LIST Of April, 1895, was only
$3.50 SAC, and that II will probably fall short OF
Two hundred millions for the fiscal year ending
with June next The system Of collecting the revenue
the time ridcuously inefficient, enormously
expensive aud wholly free from the suspicion Of
corruption.
II Is an encouraging sign, however, that, the war
being practically at an end, the government Is
prompt order reduction Of expenditures but for
very long time to these likely to be far in ex
cess Of the receipts Meanwhile the payment of arrears
TO troops and others will cause an active
drain upon the Treasury Golfers for al the money u can
raise by taxes and loans and thus easy money market
becomes necessary TO Il.
A, the next meeting Of Congress the question Of the
han
has hitherto received and for several years will assume
greater prominence and importance than II has, per-
hsps had In any country 1t will be the rock upon
which political parties will split The republicans, for
instance, who chiefly own the debt. win be firm
In their determination TO lcvy heavy taxes to
meet the interest upon H. while the democrats with the
people OF the South, may be camorous for throwing